Silver City USDA Loan Rates, Closing Costs & Stats
Silver City, NM
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.
Silver City's 4 lenders originated 6 USDA loans during 2023. The total origination value was $1,260,000, with an average USDA loan value of $210,000.
Silver City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Silver City
averaged
6.76%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Silver City's average USDA mortgage closing costs are $5,208.
The average rate for the prior week (2024-04-12) was
6.81% and
one month ago for the week of 2024-03-15, the
average rate was 6.79%.
The average rate one year ago was 6.23%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.86%.
Silver City 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 Silver City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| First American Bank | 2 | 5.94% | $4,973 |
| MID AMERICA MORTGAGE, INC. | 2 | 5.94% | $4,858 |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 1 | 6.25% | $7,475 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.13% | $7,184 |
The top Silver City USDA lender as defined by loan originations is First American Bank, with
2 USDA loans originated. Their average total fees are
$4,973, which is $115
higher than the next largest lender,
MID AMERICA MORTGAGE, INC..
The lowest fee Silver City USDA lenders (with over 10 loans originated) are
.
The lowest rate Silver City USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Silver City (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 | $203,650 (13.8%) | $273,290 (16.1%) | 0.00 | 201 |
| 2018-02-01 | $209,250 (13.1%) | $283,144 (17.6%) | 0.00 | 199 |
| 2018-03-01 | $212,750 (18.4%) | $283,335 (20.4%) | 0.00 | 206 |
| 2018-04-01 | $209,125 (15.6%) | $282,111 (18.9%) | 0.00 | 218 |
| 2018-05-01 | $212,500 (12.6%) | $286,596 (20.3%) | 0.00 | 217 |
| 2018-06-01 | $209,500 (10.9%) | $284,131 (16.6%) | 0.00 | 208 |
| 2018-07-01 | $209,750 (10.5%) | $285,756 (15.3%) | 0.00 | 215 |
| 2018-08-01 | $200,750 (1.4%) | $279,590 (9.8%) | 0.00 | 216 |
| 2018-09-01 | $199,000 (-0.4%) | $272,901 (4.6%) | 0.00 | 222 |
| 2018-10-01 | $199,700 (-4.2%) | $276,814 (3.2%) | 0.00 | 207 |
| 2018-11-01 | $219,950 (11.0%) | $283,957 (7.2%) | 0.00 | 202 |
| 2018-12-01 | $214,500 (2.1%) | $276,287 (1.1%) | 0.00 | 197 |
| 2019-01-01 | $213,250 (4.7%) | $283,460 (3.7%) | 0.00 | 188 |
| 2019-02-01 | $206,875 (-1.1%) | $280,170 (-1.1%) | 0.00 | 188 |
| 2019-03-01 | $211,857 (-0.4%) | $277,116 (-2.2%) | 0.00 | 192 |
| 2019-04-01 | $219,482 (5.0%) | $276,038 (-2.2%) | 0.00 | 193 |
| 2019-05-01 | $219,500 (3.3%) | $281,606 (-1.7%) | 0.00 | 195 |
| 2019-06-01 | $213,000 (1.7%) | $281,991 (-0.8%) | 0.00 | 204 |
| 2019-07-01 | $193,250 (-7.9%) | $272,474 (-4.7%) | 0.00 | 218 |
| 2019-08-01 | $198,182 (-1.3%) | $281,509 (0.7%) | 0.00 | 212 |
| 2019-09-01 | $199,205 (0.1%) | $285,818 (4.7%) | 0.00 | 202 |
| 2019-10-01 | $199,886 (0.1%) | $288,211 (4.1%) | 0.00 | 188 |
| 2019-11-01 | $185,000 (-15.9%) | $267,809 (-5.7%) | 0.00 | 173 |
| 2019-12-01 | $195,000 (-9.1%) | $277,436 (0.4%) | 0.00 | 164 |
| 2020-01-01 | $199,475 (-6.5%) | $289,579 (2.2%) | 0.00 | 148 |
| 2020-02-01 | $205,000 (-0.9%) | $309,204 (10.4%) | 0.00 | 131 |
| 2020-03-01 | $210,000 (-0.9%) | $309,477 (11.7%) | 0.00 | 139 |
| 2020-04-01 | $207,500 (-5.5%) | $301,545 (9.2%) | 0.00 | 139 |
| 2020-05-01 | $225,000 (2.5%) | $304,732 (8.2%) | 0.00 | 139 |
| 2020-06-01 | $231,450 (8.7%) | $313,832 (11.3%) | 0.00 | 130 |
| 2020-07-01 | $229,900 (19.0%) | $315,994 (16.0%) | 0.00 | 120 |
| 2020-08-01 | $228,000 (15.1%) | $322,970 (14.7%) | 0.00 | 110 |
| 2020-09-01 | $239,875 (20.4%) | $323,664 (13.2%) | 0.00 | 110 |
| 2020-10-01 | $257,450 (28.8%) | $321,007 (11.4%) | 0.00 | 108 |
| 2020-11-01 | $246,875 (33.5%) | $320,216 (19.6%) | 0.00 | 107 |
| 2020-12-01 | $242,250 (24.2%) | $321,372 (15.8%) | 0.00 | 101 |
| 2021-01-01 | $235,000 (17.8%) | $300,576 (3.8%) | 0.00 | 88 |
| 2021-02-01 | $237,250 (15.7%) | $305,358 (-1.2%) | 0.00 | 81 |
| 2021-03-01 | $264,875 (26.1%) | $320,395 (3.5%) | 0.00 | 74 |
| 2021-04-01 | $252,000 (21.5%) | $319,829 (6.1%) | 0.00 | 77 |
| 2021-05-01 | $259,000 (15.1%) | $350,684 (15.1%) | 0.00 | 70 |
| 2021-06-01 | $273,150 (18.0%) | $353,293 (12.6%) | 0.00 | 66 |
| 2021-07-01 | $295,000 (28.3%) | $364,367 (15.3%) | 0.00 | 70 |
| 2021-08-01 | $299,000 (31.1%) | $372,603 (15.4%) | 0.00 | 86 |
| 2021-09-01 | $299,000 (24.7%) | $369,314 (14.1%) | 0.00 | 79 |
| 2021-10-01 | $289,000 (12.3%) | $371,345 (15.7%) | 0.00 | 78 |
| 2021-11-01 | $293,125 (18.7%) | $384,821 (20.2%) | 0.00 | 79 |
| 2021-12-01 | $293,000 (21.0%) | $394,386 (22.7%) | 0.00 | 69 |
| 2022-01-01 | $299,700 (27.5%) | $441,811 (47.0%) | 0.00 | 56 |
| 2022-02-01 | $261,250 (10.1%) | $451,686 (47.9%) | 0.00 | 51 |
| 2022-03-01 | $258,750 (-2.3%) | $423,216 (32.1%) | 0.00 | 48 |
| 2022-04-01 | $254,500 (1.0%) | $404,266 (26.4%) | 0.00 | 58 |
| 2022-05-01 | $282,000 (8.9%) | $439,449 (25.3%) | 0.00 | 58 |
| 2022-06-01 | $328,750 (20.4%) | $590,241 (67.1%) | 0.00 | 57 |
| 2022-07-01 | $319,000 (8.1%) | $543,804 (49.3%) | 0.00 | 65 |
| 2022-08-01 | $303,000 (1.3%) | $534,637 (43.5%) | 0.00 | 65 |
| 2022-09-01 | $296,125 (-1.0%) | $526,230 (42.5%) | 0.00 | 73 |
| 2022-10-01 | $285,000 (-1.4%) | $470,119 (26.6%) | 0.00 | 85 |
| 2022-11-01 | $290,000 (-1.1%) | $468,901 (21.9%) | 0.00 | 86 |
| 2022-12-01 | $269,500 (-8.0%) | $447,451 (13.5%) | 0.00 | 83 |
| 2023-01-01 | $282,000 (-5.9%) | $460,921 (4.3%) | 0.00 | 79 |
| 2023-02-01 | $284,750 (9.0%) | $470,999 (4.3%) | 0.00 | 69 |
| 2023-03-01 | $289,500 (11.9%) | $500,797 (18.3%) | 0.00 | 62 |
| 2023-04-01 | $299,000 (17.5%) | $502,536 (24.3%) | 0.00 | 70 |
| 2023-05-01 | $311,000 (10.3%) | $421,391 (-4.1%) | 0.00 | 67 |
| 2023-06-01 | $296,500 (-9.8%) | $420,118 (-28.8%) | 0.00 | 70 |
| 2023-07-01 | $325,000 (1.9%) | $423,468 (-22.1%) | 0.00 | 84 |
| 2023-08-01 | $325,750 (7.5%) | $455,158 (-14.9%) | 0.00 | 88 |
| 2023-09-01 | $329,000 (11.1%) | $473,398 (-10.0%) | 0.00 | 96 |
| 2023-10-01 | $324,500 (13.9%) | $489,266 (4.1%) | 0.00 | 80 |
| 2023-11-01 | $312,500 (7.8%) | $458,263 (-2.3%) | 0.00 | 85 |
| 2023-12-01 | $289,500 (7.4%) | $488,362 (9.1%) | 0.00 | 74 |
| 2024-01-01 | $272,250 (-3.5%) | $448,017 (-2.8%) | 0.00 | 68 |
| 2024-02-01 | $284,250 (-0.2%) | $445,462 (-5.4%) | 0.00 | 72 |
| 2024-03-01 | $289,000 (-0.2%) | $454,530 (-9.2%) | 0.00 | 79 |
Silver City's median listing price comes in at 0% of the national average.
Silver City's average listing price for 2024-03-01 was $454,530, a difference of $-46,267 (-9.2%) versus the prior year and $9,068 versus the prior month.
For the 2024-03-01 period, Silver City had 79 MLS listings, a difference of 7 listings (10%) versus the prior month and 17 listings (27%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Silver City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,976 sqft |
| 2018-02-01 | 0 days | 2,000 sqft |
| 2018-03-01 | 0 days | 2,000 sqft |
| 2018-04-01 | 0 days | 2,003 sqft |
| 2018-05-01 | 0 days | 2,000 sqft |
| 2018-06-01 | 0 days | 1,962 sqft |
| 2018-07-01 | 0 days | 1,972 sqft |
| 2018-08-01 | 0 days | 1,912 sqft |
| 2018-09-01 | 0 days | 1,913 sqft |
| 2018-10-01 | 0 days | 1,891 sqft |
| 2018-11-01 | 0 days | 1,920 sqft |
| 2018-12-01 | 0 days | 1,884 sqft |
| 2019-01-01 | 0 days | 1,870 sqft |
| 2019-02-01 | 0 days | 1,832 sqft |
| 2019-03-01 | 0 days | 1,833 sqft |
| 2019-04-01 | 0 days | 1,819 sqft |
| 2019-05-01 | 0 days | 1,917 sqft |
| 2019-06-01 | 0 days | 1,814 sqft |
| 2019-07-01 | 0 days | 1,782 sqft |
| 2019-08-01 | 0 days | 1,784 sqft |
| 2019-09-01 | 0 days | 1,784 sqft |
| 2019-10-01 | 0 days | 1,784 sqft |
| 2019-11-01 | 0 days | 1,746 sqft |
| 2019-12-01 | 0 days | 1,822 sqft |
| 2020-01-01 | 0 days | 1,796 sqft |
| 2020-02-01 | 0 days | 1,758 sqft |
| 2020-03-01 | 0 days | 1,743 sqft |
| 2020-04-01 | 0 days | 1,807 sqft |
| 2020-05-01 | 0 days | 1,850 sqft |
| 2020-06-01 | 0 days | 1,912 sqft |
| 2020-07-01 | 0 days | 1,969 sqft |
| 2020-08-01 | 0 days | 2,024 sqft |
| 2020-09-01 | 0 days | 2,002 sqft |
| 2020-10-01 | 0 days | 2,031 sqft |
| 2020-11-01 | 0 days | 2,031 sqft |
| 2020-12-01 | 0 days | 2,013 sqft |
| 2021-01-01 | 0 days | 1,842 sqft |
| 2021-02-01 | 0 days | 1,830 sqft |
| 2021-03-01 | 0 days | 1,847 sqft |
| 2021-04-01 | 0 days | 1,800 sqft |
| 2021-05-01 | 0 days | 1,800 sqft |
| 2021-06-01 | 0 days | 1,760 sqft |
| 2021-07-01 | 0 days | 1,781 sqft |
| 2021-08-01 | 0 days | 1,817 sqft |
| 2021-09-01 | 0 days | 1,886 sqft |
| 2021-10-01 | 0 days | 1,860 sqft |
| 2021-11-01 | 0 days | 1,809 sqft |
| 2021-12-01 | 0 days | 1,817 sqft |
| 2022-01-01 | 0 days | 1,840 sqft |
| 2022-02-01 | 0 days | 1,763 sqft |
| 2022-03-01 | 0 days | 1,762 sqft |
| 2022-04-01 | 0 days | 1,708 sqft |
| 2022-05-01 | 0 days | 1,831 sqft |
| 2022-06-01 | 0 days | 1,914 sqft |
| 2022-07-01 | 0 days | 1,961 sqft |
| 2022-08-01 | 0 days | 1,895 sqft |
| 2022-09-01 | 0 days | 1,697 sqft |
| 2022-10-01 | 0 days | 1,654 sqft |
| 2022-11-01 | 0 days | 1,694 sqft |
| 2022-12-01 | 0 days | 1,659 sqft |
| 2023-01-01 | 0 days | 1,890 sqft |
| 2023-02-01 | 0 days | 1,823 sqft |
| 2023-03-01 | 0 days | 1,895 sqft |
| 2023-04-01 | 0 days | 1,856 sqft |
| 2023-05-01 | 0 days | 1,933 sqft |
| 2023-06-01 | 0 days | 1,862 sqft |
| 2023-07-01 | 0 days | 1,861 sqft |
| 2023-08-01 | 0 days | 1,859 sqft |
| 2023-09-01 | 0 days | 1,853 sqft |
| 2023-10-01 | 0 days | 1,853 sqft |
| 2023-11-01 | 0 days | 1,752 sqft |
| 2023-12-01 | 0 days | 1,749 sqft |
| 2024-01-01 | 0 days | 1,593 sqft |
| 2024-02-01 | 0 days | 1,706 sqft |
| 2024-03-01 | 0 days | 1,792 sqft |
Silver City's median square footage for active listings during the 2024-03-01 period was 1,792 sqft. One year prior, the average listing was 1,895 sqft.