Savannah USDA Loan Rates, Closing Costs & Stats

SAVANNAH, GA

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Savannah's 14 lenders originated 29 USDA loans during 2023. The total origination value was $7,175,000, with an average USDA loan value of $247,414.

    Savannah USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Savannah averaged 6.48% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Savannah's average USDA mortgage closing costs are $5,618.

    The average rate for the prior week (2024-04-12) was 6.34% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.06%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.92%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Savannah USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Savannah level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BANKSOUTH MORTGAGE COMPANY, LLC 4 6.00% $9,256
    BROKER SOLUTIONS, INC. 4 6.22% $7,876
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.71% $9,737
    Colony Bank 3 6.08% $6,871
    Mortgage Research Center, LLC 3 6.38% $7,245
    Renasant Bank 2 6.13% $8,304
    UNITED WHOLESALE MORTGAGE, LLC 2 6.15% $8,335
    Flagstar Bank, FSB 2 5.96% $7,637
    Magnolia Bank 1 6.13% $5,130
    GUARANTEED RATE, INC. 1 6.25% $6,988
    Plains Commerce Bank 1 5.25% $10,191
    CERTAINTY HOME LOANS, LLC 1 6.00% $7,302
    HOMESTAR FINANCIAL CORPORATION 1 7.13% $2,520
    Loan Simple, Inc. 1 7.38% $12,952

    The top Savannah USDA lender as defined by loan originations is BANKSOUTH MORTGAGE COMPANY, LLC, with 4 USDA loans originated. Their average total fees are $9,256, which is $1,380 higher than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Savannah USDA lenders (with over 10 loans originated) are .

    The lowest rate Savannah USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $266,650 (6.9%) $384,285 (12.1%) 0.99 2,367
    2018-02-01 $274,623 (6.7%) $387,796 (9.6%) 1.00 2,425
    2018-03-01 $279,000 (6.3%) $388,826 (7.6%) 0.98 2,526
    2018-04-01 $279,561 (5.5%) $388,248 (5.9%) 0.95 2,542
    2018-05-01 $279,900 (5.6%) $388,548 (6.0%) 0.93 2,563
    2018-06-01 $279,000 (4.3%) $381,338 (2.9%) 0.93 2,591
    2018-07-01 $279,900 (5.2%) $384,867 (3.2%) 0.93 2,529
    2018-08-01 $275,071 (4.6%) $382,995 (4.0%) 0.92 2,467
    2018-09-01 $279,250 (5.4%) $389,745 (5.5%) 0.94 2,417
    2018-10-01 $279,500 (7.3%) $393,779 (6.1%) 0.95 2,445
    2018-11-01 $278,975 (5.3%) $392,039 (4.1%) 0.95 2,542
    2018-12-01 $278,000 (4.9%) $395,523 (4.3%) 0.96 2,500
    2019-01-01 $278,200 (4.3%) $402,217 (4.7%) 0.96 2,427
    2019-02-01 $283,555 (3.3%) $410,377 (5.8%) 0.96 2,412
    2019-03-01 $288,186 (3.3%) $417,281 (7.3%) 0.94 2,434
    2019-04-01 $291,423 (4.2%) $419,903 (8.2%) 0.93 2,487
    2019-05-01 $289,950 (3.6%) $419,564 (8.0%) 0.91 2,484
    2019-06-01 $290,000 (3.9%) $421,639 (10.6%) 0.91 2,443
    2019-07-01 $290,363 (3.7%) $418,300 (8.7%) 0.91 2,438
    2019-08-01 $291,845 (6.1%) $416,150 (8.7%) 0.92 2,437
    2019-09-01 $293,564 (5.1%) $414,237 (6.3%) 0.94 2,449
    2019-10-01 $294,709 (5.4%) $412,962 (4.9%) 0.95 2,446
    2019-11-01 $294,000 (5.4%) $414,040 (5.6%) 0.96 2,356
    2019-12-01 $295,600 (6.3%) $422,490 (6.8%) 0.99 2,328
    2020-01-01 $297,445 (6.9%) $424,131 (5.5%) 0.99 2,195
    2020-02-01 $299,900 (5.8%) $430,805 (5.0%) 0.98 2,211
    2020-03-01 $304,888 (5.8%) $435,587 (4.4%) 0.96 2,182
    2020-04-01 $300,367 (3.1%) $430,237 (2.5%) 0.94 2,215
    2020-05-01 $309,000 (6.6%) $437,326 (4.2%) 0.94 2,120
    2020-06-01 $318,564 (9.9%) $445,897 (5.8%) 0.94 1,966
    2020-07-01 $322,350 (11.0%) $451,189 (7.9%) 0.93 1,850
    2020-08-01 $322,990 (10.7%) $457,713 (10.0%) 0.93 1,704
    2020-09-01 $325,000 (10.7%) $472,791 (14.1%) 0.93 1,618
    2020-10-01 $319,000 (8.2%) $469,196 (13.6%) 0.91 1,564
    2020-11-01 $304,360 (3.5%) $455,906 (10.1%) 0.89 1,537
    2020-12-01 $300,000 (1.5%) $452,665 (7.1%) 0.89 1,414
    2021-01-01 $305,000 (2.5%) $464,487 (9.5%) 0.91 1,204
    2021-02-01 $306,788 (2.3%) $482,200 (11.9%) 0.89 1,009
    2021-03-01 $312,060 (2.4%) $500,798 (15.0%) 0.89 832
    2021-04-01 $319,725 (6.4%) $496,215 (15.3%) 0.87 759
    2021-05-01 $321,308 (4.0%) $516,510 (18.1%) 0.85 737
    2021-06-01 $322,484 (1.2%) $526,045 (18.0%) 0.85 726
    2021-07-01 $329,000 (2.1%) $523,504 (16.0%) 0.87 791
    2021-08-01 $329,500 (2.0%) $526,566 (15.0%) 0.88 776
    2021-09-01 $329,248 (1.3%) $537,634 (13.7%) 0.88 768
    2021-10-01 $339,857 (6.5%) $546,272 (16.4%) 0.91 733
    2021-11-01 $339,102 (11.4%) $543,500 (19.2%) 0.91 654
    2021-12-01 $349,450 (16.5%) $560,952 (23.9%) 0.95 602
    2022-01-01 $349,610 (14.6%) $577,187 (24.3%) 0.95 494
    2022-02-01 $372,080 (21.3%) $616,999 (28.0%) 0.97 422
    2022-03-01 $383,128 (22.8%) $629,561 (25.7%) 0.96 436
    2022-04-01 $395,000 (23.5%) $640,365 (29.1%) 0.94 453
    2022-05-01 $394,725 (22.9%) $609,964 (18.1%) 0.90 603
    2022-06-01 $399,900 (24.0%) $607,843 (15.6%) 0.89 695
    2022-07-01 $404,783 (23.0%) $611,263 (16.8%) 0.91 833
    2022-08-01 $399,000 (21.1%) $589,445 (11.9%) 0.92 941
    2022-09-01 $399,900 (21.5%) $601,230 (11.8%) 0.93 953
    2022-10-01 $399,999 (17.7%) $606,430 (11.0%) 0.94 1,005
    2022-11-01 $399,642 (17.9%) $594,388 (9.4%) 0.96 1,046
    2022-12-01 $399,900 (14.4%) $595,112 (6.1%) 0.99 1,006
    2023-01-01 $399,495 (14.3%) $594,455 (3.0%) 0.99 900
    2023-02-01 $399,048 (7.3%) $612,638 (-0.7%) 0.96 757
    2023-03-01 $408,963 (6.7%) $625,703 (-0.6%) 0.96 758
    2023-04-01 $427,990 (8.4%) $665,390 (3.9%) 1.00 695
    2023-05-01 $432,475 (9.6%) $678,283 (11.2%) 0.98 744
    2023-06-01 $432,173 (8.1%) $855,227 (40.7%) 0.97 794
    2023-07-01 $425,000 (5.0%) $850,067 (39.1%) 0.97 797
    2023-08-01 $425,000 (6.5%) $840,638 (42.6%) 0.98 825
    2023-09-01 $429,941 (7.5%) $834,273 (38.8%) 1.00 879
    2023-10-01 $426,604 (6.7%) $819,183 (35.1%) 1.00 998
    2023-11-01 $417,000 (4.3%) $809,333 (36.2%) 0.99 1,055
    2023-12-01 $420,700 (5.2%) $796,283 (33.8%) 1.03 1,027
    2024-01-01 $420,250 (5.2%) $827,494 (39.2%) 1.03 938
    2024-02-01 $430,123 (7.8%) $871,661 (42.3%) 1.04 920
    2024-03-01 $439,900 (7.6%) $887,067 (41.8%) 1.04 939
    Savannah's median listing price for 2024-03-01 was $439,900, a difference of $30,937 (7.6%) versus the prior year and $9,777 versus the prior month.

    Savannah's median listing price comes in at 104% of the national average.

    Savannah's average listing price for 2024-03-01 was $887,067, a difference of $261,364 (41.8%) versus the prior year and $15,406 versus the prior month.

    For the 2024-03-01 period, Savannah had 939 MLS listings, a difference of 19 listings (2%) versus the prior month and 181 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 2,173 sqft
    2018-02-01 83 days 2,200 sqft
    2018-03-01 61 days 2,248 sqft
    2018-04-01 64 days 2,264 sqft
    2018-05-01 66 days 2,239 sqft
    2018-06-01 68 days 2,224 sqft
    2018-07-01 72 days 2,228 sqft
    2018-08-01 77 days 2,192 sqft
    2018-09-01 79 days 2,210 sqft
    2018-10-01 77 days 2,201 sqft
    2018-11-01 75 days 2,202 sqft
    2018-12-01 81 days 2,202 sqft
    2019-01-01 89 days 2,200 sqft
    2019-02-01 92 days 2,212 sqft
    2019-03-01 78 days 2,238 sqft
    2019-04-01 65 days 2,263 sqft
    2019-05-01 64 days 2,280 sqft
    2019-06-01 67 days 2,294 sqft
    2019-07-01 71 days 2,293 sqft
    2019-08-01 73 days 2,289 sqft
    2019-09-01 76 days 2,289 sqft
    2019-10-01 78 days 2,286 sqft
    2019-11-01 84 days 2,273 sqft
    2019-12-01 88 days 2,244 sqft
    2020-01-01 95 days 2,247 sqft
    2020-02-01 87 days 2,250 sqft
    2020-03-01 69 days 2,296 sqft
    2020-04-01 74 days 2,290 sqft
    2020-05-01 78 days 2,300 sqft
    2020-06-01 80 days 2,295 sqft
    2020-07-01 71 days 2,346 sqft
    2020-08-01 64 days 2,312 sqft
    2020-09-01 65 days 2,271 sqft
    2020-10-01 65 days 2,203 sqft
    2020-11-01 64 days 2,147 sqft
    2020-12-01 69 days 2,104 sqft
    2021-01-01 75 days 2,097 sqft
    2021-02-01 57 days 2,056 sqft
    2021-03-01 45 days 2,036 sqft
    2021-04-01 41 days 2,055 sqft
    2021-05-01 33 days 2,103 sqft
    2021-06-01 38 days 2,038 sqft
    2021-07-01 36 days 2,094 sqft
    2021-08-01 40 days 2,007 sqft
    2021-09-01 44 days 2,017 sqft
    2021-10-01 50 days 2,047 sqft
    2021-11-01 53 days 2,046 sqft
    2021-12-01 56 days 2,064 sqft
    2022-01-01 60 days 2,046 sqft
    2022-02-01 30 days 2,081 sqft
    2022-03-01 26 days 2,112 sqft
    2022-04-01 26 days 2,160 sqft
    2022-05-01 19 days 2,132 sqft
    2022-06-01 25 days 2,218 sqft
    2022-07-01 30 days 2,161 sqft
    2022-08-01 37 days 2,161 sqft
    2022-09-01 44 days 2,157 sqft
    2022-10-01 48 days 2,126 sqft
    2022-11-01 50 days 2,156 sqft
    2022-12-01 58 days 2,126 sqft
    2023-01-01 68 days 2,132 sqft
    2023-02-01 63 days 2,114 sqft
    2023-03-01 45 days 2,183 sqft
    2023-04-01 41 days 2,244 sqft
    2023-05-01 32 days 2,225 sqft
    2023-06-01 33 days 2,197 sqft
    2023-07-01 39 days 2,161 sqft
    2023-08-01 39 days 2,087 sqft
    2023-09-01 42 days 2,081 sqft
    2023-10-01 44 days 2,092 sqft
    2023-11-01 49 days 2,041 sqft
    2023-12-01 55 days 2,007 sqft
    2024-01-01 60 days 1,976 sqft
    2024-02-01 49 days 2,022 sqft
    2024-03-01 43 days 2,060 sqft
    Savannah's median listing age (time on market) for 2024-03-01 was 43 days. This is -4% shorter than the same period one year ago.

    Savannah's median square footage for active listings during the 2024-03-01 period was 2,060 sqft. One year prior, the average listing was 2,183 sqft.