Selma USDA Loan Rates, Closing Costs & Stats

Selma, AL

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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.

    Selma's 5 lenders originated 9 USDA loans during 2023. The total origination value was $1,415,000, with an average USDA loan value of $157,222.

    Selma USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Selma averaged 6.27% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Selma's average USDA mortgage closing costs are $4,442.

    The average rate for the prior week (2024-12-06) was 6.5% and one month ago for the week of 2024-11-08, the average rate was 6.72%.

    The average rate one year ago was 6.99%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.4%.

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

    Selma 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 Selma level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Hamilton Mortgage Corporation 5 7.05% $6,286
    CROSSCOUNTRY MORTGAGE, LLC 1 6.49% $9,789
    GUILD MORTGAGE COMPANY 1 7.63% $8,019
    Northpointe Bank 1 7.13% $4,713
    Prosperity Home Mortgage, LLC 1 7.00% $5,079

    The top Selma USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 5 USDA loans originated. Their average total fees are $6,286, which is $3,503 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Selma (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 $87,875 (-10.5%) $123,967 (-8.0%) 0.00 194
    2018-02-01 $87,500 (-12.3%) $119,418 (-14.8%) 0.00 202
    2018-03-01 $87,250 (-5.0%) $119,007 (-12.0%) 0.00 208
    2018-04-01 $87,500 (-2.7%) $120,503 (-5.5%) 0.00 215
    2018-05-01 $87,500 (-7.2%) $123,107 (-6.9%) 0.00 214
    2018-06-01 $87,250 (-10.7%) $123,901 (-8.7%) 0.00 204
    2018-07-01 $86,700 (-12.6%) $124,665 (-6.5%) 0.00 205
    2018-08-01 $86,700 (-3.7%) $125,392 (-0.8%) 0.00 201
    2018-09-01 $89,450 (-0.6%) $126,830 (-1.0%) 0.00 198
    2018-10-01 $89,975 (-5.3%) $131,519 (0.2%) 0.00 188
    2018-11-01 $90,000 (-5.3%) $126,535 (-4.3%) 0.00 188
    2018-12-01 $90,450 (-0.6%) $122,688 (-5.4%) 0.00 183
    2019-01-01 $90,875 (3.4%) $120,513 (-2.8%) 0.00 177
    2019-02-01 $98,000 (12.0%) $124,335 (4.1%) 0.00 187
    2019-03-01 $102,429 (17.4%) $128,461 (7.9%) 0.00 184
    2019-04-01 $106,429 (21.6%) $130,191 (8.0%) 0.00 178
    2019-05-01 $103,750 (18.6%) $135,421 (10.0%) 0.00 170
    2019-06-01 $99,000 (13.5%) $135,185 (9.1%) 0.00 173
    2019-07-01 $99,000 (14.2%) $136,562 (9.5%) 0.00 179
    2019-08-01 $99,182 (14.4%) $134,911 (7.6%) 0.00 176
    2019-09-01 $99,080 (10.8%) $132,715 (4.6%) 0.00 176
    2019-10-01 $99,000 (10.0%) $131,007 (-0.4%) 0.00 175
    2019-11-01 $98,000 (8.9%) $129,262 (2.2%) 0.00 178
    2019-12-01 $96,250 (6.4%) $123,820 (0.9%) 0.00 184
    2020-01-01 $95,000 (4.5%) $120,157 (-0.3%) 0.00 171
    2020-02-01 $91,750 (-6.4%) $116,430 (-6.4%) 0.00 163
    2020-03-01 $90,375 (-11.8%) $114,248 (-11.1%) 0.00 163
    2020-04-01 $89,000 (-16.4%) $113,623 (-12.7%) 0.00 154
    2020-05-01 $89,000 (-14.2%) $117,012 (-13.6%) 0.00 150
    2020-06-01 $90,000 (-9.1%) $117,242 (-13.3%) 0.00 146
    2020-07-01 $92,100 (-7.0%) $123,733 (-9.4%) 0.00 130
    2020-08-01 $94,200 (-5.0%) $126,763 (-6.0%) 0.00 119
    2020-09-01 $98,250 (-0.8%) $127,912 (-3.6%) 0.00 121
    2020-10-01 $99,500 (0.5%) $133,529 (1.9%) 0.00 124
    2020-11-01 $95,625 (-2.4%) $127,029 (-1.7%) 0.00 118
    2020-12-01 $95,000 (-1.3%) $128,376 (3.7%) 0.00 105
    2021-01-01 $90,000 (-5.3%) $125,985 (4.9%) 0.00 97
    2021-02-01 $94,875 (3.4%) $126,460 (8.6%) 0.00 97
    2021-03-01 $100,750 (11.5%) $126,545 (10.8%) 0.00 86
    2021-04-01 $118,975 (33.7%) $136,129 (19.8%) 0.00 73
    2021-05-01 $118,900 (33.6%) $136,876 (17.0%) 0.00 80
    2021-06-01 $87,425 (-2.9%) $133,934 (14.2%) 0.00 88
    2021-07-01 $99,900 (8.5%) $141,330 (14.2%) 0.00 82
    2021-08-01 $94,925 (0.8%) $127,760 (0.8%) 0.00 90
    2021-09-01 $91,150 (-7.2%) $127,654 (-0.2%) 0.00 93
    2021-10-01 $85,000 (-14.6%) $117,934 (-11.7%) 0.00 88
    2021-11-01 $80,625 (-15.7%) $112,681 (-11.3%) 0.00 82
    2021-12-01 $76,150 (-19.8%) $101,985 (-20.6%) 0.00 81
    2022-01-01 $66,750 (-25.8%) $106,583 (-15.4%) 0.00 73
    2022-02-01 $70,900 (-25.3%) $115,780 (-8.5%) 0.00 69
    2022-03-01 $87,750 (-12.9%) $124,962 (-1.3%) 0.00 63
    2022-04-01 $80,000 (-32.8%) $123,871 (-9.0%) 0.00 64
    2022-05-01 $79,950 (-32.8%) $128,004 (-6.5%) 0.00 63
    2022-06-01 $87,500 (0.1%) $130,038 (-2.9%) 0.00 61
    2022-07-01 $80,000 (-19.9%) $124,520 (-11.9%) 0.00 70
    2022-08-01 $80,000 (-15.7%) $115,006 (-10.0%) 0.00 79
    2022-09-01 $77,450 (-15.0%) $105,785 (-17.1%) 0.00 84
    2022-10-01 $79,900 (-6.0%) $105,318 (-10.7%) 0.00 76
    2022-11-01 $80,000 (-0.8%) $108,878 (-3.4%) 0.00 73
    2022-12-01 $80,000 (5.1%) $124,582 (22.2%) 0.00 75
    2023-01-01 $95,475 (43.0%) $138,747 (30.2%) 0.00 65
    2023-02-01 $71,925 (1.5%) $125,797 (8.7%) 0.00 60
    2023-03-01 $74,375 (-15.2%) $130,024 (4.1%) 0.00 66
    2023-04-01 $75,500 (-5.6%) $140,482 (13.4%) 0.00 67
    2023-05-01 $71,500 (-10.6%) $126,583 (-1.1%) 0.00 70
    2023-06-01 $79,975 (-8.6%) $128,107 (-1.5%) 0.00 71
    2023-07-01 $79,900 (-0.1%) $117,350 (-5.8%) 0.00 68
    2023-08-01 $90,950 (13.7%) $122,887 (6.9%) 0.00 72
    2023-09-01 $84,200 (8.7%) $130,005 (22.9%) 0.00 75
    2023-10-01 $83,975 (5.1%) $143,030 (35.8%) 0.00 84
    2023-11-01 $82,500 (3.1%) $148,415 (36.3%) 0.00 84
    2023-12-01 $77,000 (-3.8%) $140,958 (13.1%) 0.00 88
    2024-01-01 $77,750 (-18.6%) $132,638 (-4.4%) 0.00 91
    2024-02-01 $80,075 (11.3%) $141,823 (12.7%) 0.00 82
    2024-03-01 $81,750 (9.9%) $214,039 (64.6%) 0.00 80
    2024-04-01 $77,225 (2.3%) $142,033 (1.1%) 0.00 84
    2024-05-01 $74,450 (4.1%) $136,290 (7.7%) 0.00 80
    2024-06-01 $83,750 (4.7%) $147,491 (15.1%) 0.00 85
    2024-07-01 $107,250 (34.2%) $146,367 (24.7%) 0.00 100
    2024-08-01 $115,000 (26.4%) $150,460 (22.4%) 0.00 101
    2024-09-01 $102,475 (21.7%) $140,850 (8.3%) 0.00 102
    2024-10-01 $95,250 (13.4%) $151,053 (5.6%) 0.00 105
    2024-11-01 $105,000 (27.3%) $154,319 (4.0%) 0.00 107
    Selma's median listing price for 2024-11-01 was $105,000, a difference of $22,500 (27.3%) versus the prior year and $9,750 versus the prior month.

    Selma's median listing price comes in at 0% of the national average.

    Selma's average listing price for 2024-11-01 was $154,319, a difference of $5,904 (4.0%) versus the prior year and $3,266 versus the prior month.

    For the 2024-11-01 period, Selma had 107 MLS listings, a difference of 2 listings (2%) versus the prior month and 23 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Selma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,800 sqft
    2018-02-01 0 days 1,765 sqft
    2018-03-01 0 days 1,754 sqft
    2018-04-01 0 days 1,798 sqft
    2018-05-01 0 days 1,807 sqft
    2018-06-01 0 days 1,776 sqft
    2018-07-01 0 days 1,756 sqft
    2018-08-01 0 days 1,807 sqft
    2018-09-01 0 days 1,807 sqft
    2018-10-01 0 days 1,872 sqft
    2018-11-01 0 days 1,837 sqft
    2018-12-01 0 days 1,840 sqft
    2019-01-01 0 days 1,857 sqft
    2019-02-01 0 days 1,879 sqft
    2019-03-01 0 days 1,869 sqft
    2019-04-01 0 days 1,862 sqft
    2019-05-01 0 days 1,904 sqft
    2019-06-01 0 days 1,906 sqft
    2019-07-01 0 days 1,865 sqft
    2019-08-01 0 days 1,893 sqft
    2019-09-01 0 days 1,880 sqft
    2019-10-01 0 days 1,871 sqft
    2019-11-01 0 days 1,857 sqft
    2019-12-01 0 days 1,837 sqft
    2020-01-01 0 days 1,820 sqft
    2020-02-01 0 days 1,796 sqft
    2020-03-01 0 days 1,745 sqft
    2020-04-01 0 days 1,780 sqft
    2020-05-01 0 days 1,845 sqft
    2020-06-01 0 days 1,814 sqft
    2020-07-01 0 days 1,916 sqft
    2020-08-01 0 days 1,916 sqft
    2020-09-01 0 days 1,922 sqft
    2020-10-01 0 days 1,964 sqft
    2020-11-01 0 days 1,916 sqft
    2020-12-01 0 days 1,903 sqft
    2021-01-01 0 days 1,891 sqft
    2021-02-01 0 days 1,828 sqft
    2021-03-01 0 days 1,863 sqft
    2021-04-01 0 days 1,875 sqft
    2021-05-01 0 days 1,861 sqft
    2021-06-01 0 days 1,859 sqft
    2021-07-01 0 days 1,881 sqft
    2021-08-01 0 days 1,868 sqft
    2021-09-01 0 days 1,885 sqft
    2021-10-01 0 days 1,869 sqft
    2021-11-01 0 days 1,850 sqft
    2021-12-01 0 days 1,824 sqft
    2022-01-01 0 days 1,840 sqft
    2022-02-01 0 days 1,824 sqft
    2022-03-01 0 days 1,791 sqft
    2022-04-01 0 days 1,868 sqft
    2022-05-01 0 days 1,764 sqft
    2022-06-01 0 days 1,758 sqft
    2022-07-01 0 days 1,728 sqft
    2022-08-01 0 days 1,730 sqft
    2022-09-01 0 days 1,648 sqft
    2022-10-01 0 days 1,524 sqft
    2022-11-01 0 days 1,586 sqft
    2022-12-01 0 days 1,633 sqft
    2023-01-01 0 days 1,708 sqft
    2023-02-01 0 days 1,669 sqft
    2023-03-01 0 days 1,655 sqft
    2023-04-01 0 days 1,682 sqft
    2023-05-01 0 days 1,711 sqft
    2023-06-01 0 days 1,759 sqft
    2023-07-01 0 days 1,715 sqft
    2023-08-01 0 days 1,760 sqft
    2023-09-01 0 days 1,715 sqft
    2023-10-01 0 days 1,694 sqft
    2023-11-01 0 days 1,700 sqft
    2023-12-01 0 days 1,663 sqft
    2024-01-01 0 days 1,617 sqft
    2024-02-01 0 days 1,649 sqft
    2024-03-01 0 days 1,715 sqft
    2024-04-01 0 days 1,681 sqft
    2024-05-01 0 days 1,669 sqft
    2024-06-01 0 days 1,708 sqft
    2024-07-01 0 days 1,688 sqft
    2024-08-01 0 days 1,700 sqft
    2024-09-01 0 days 1,755 sqft
    2024-10-01 0 days 1,700 sqft
    2024-11-01 0 days 1,764 sqft
    Selma's median listing age (time on market) for 2024-11-01 was 0 days.

    Selma's median square footage for active listings during the 2024-11-01 period was 1,764 sqft. One year prior, the average listing was 1,700 sqft.