Spartanburg USDA Loan Rates, Closing Costs & Stats

SPARTANBURG, SC

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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.

    Spartanburg's 62 lenders originated 236 USDA loans during 2022. The total origination value was $51,790,000, with an average USDA loan value of $219,449.

    Spartanburg USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Spartanburg averaged -0.53% for the week of 2023-06-02, compared to the national average (all USDA variants) of 0% for the same period.

    Spartanburg's average USDA mortgage closing costs are $5,501.

    The average rate for the prior week (2023-05-26) was 6.01% and one month ago for the week of 2023-04-28, the average rate was 6.09%.

    The average rate one year ago was 4.75%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.31%.

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

    Spartanburg 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 Spartanburg level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 25 4.79% $7,946
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 4.92% $7,422
    PRIMELENDING, A PLAINSCAPITAL COMPANY 19 4.77% $7,668
    Sierra Pacific Mortgage Company, Inc. 18 4.22% $7,353
    MOVEMENT MORTGAGE, LLC 18 4.97% $7,719
    NVR Mortgage Finance, Inc. 10 3.76% $7,181
    DHI MORTGAGE COMPANY, LTD. 9 3.40% $5,370
    Flagstar Bank, FSB 8 4.42% $5,744
    INSPIRE HOME LOANS INC. 8 5.08% $7,795
    Renasant Bank 7 3.93% $11,174
    GUILD MORTGAGE COMPANY 7 4.66% $7,444
    Ameris Bank 5 5.23% $6,694
    UNITED WHOLESALE MORTGAGE, LLC 4 5.27% $9,531
    APEX HOME LOANS, INC. 4 3.44% $7,496
    EAGLE HOME MORTGAGE, LLC 4 4.84% $11,097
    Allen Tate Mortgage Partners, LLC 3 4.88% $7,597
    ON Q FINANCIAL, INC. 3 5.08% $5,866
    SOUTHERN TRUST MORTGAGE, LLC 3 4.17% $6,094
    CALIBER HOME LOANS, INC. 3 4.50% $5,279
    HOMESIDE FINANCIAL, LLC 2 3.75% $8,244
    HOMESTAR FINANCIAL CORPORATION 2 4.50% $4,085
    First Heritage Mortgage, LLC 2 3.44% $8,413
    Countybank 2 4.62% $5,970
    Magnolia Bank 2 4.81% $6,769
    Alcova Mortgage LLC 2 5.06% $6,453
    CRESCENT MORTGAGE COMPANY 2 4.25% $6,103
    SUCCESS MORTGAGE PARTNERS, INC. 2 4.44% $6,614
    SUMMIT FUNDING, INC. 2 5.63% $10,963
    MIDLAND MORTGAGE CORPORATION 2 4.00% $1,949
    CARDINAL FINANCIAL 2 4.25% $11,514
    CMG MORTGAGE, INC. 2 5.50% $7,785
    CROSSCOUNTRY MORTGAGE, LLC 2 5.81% $6,850
    CONTOUR MORTGAGE CORPORATION 2 5.88% $9,685
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.13% $9,291
    Network Funding, L.P. 1 4.00% $6,552
    OCEANSIDE MORTGAGE COMPANY 1 3.88% $1,711
    PENNYMAC LOAN SERVICES, LLC 1 2.88% $5,966
    PLAZA HOME MORTGAGE, INC. 1 4.75% $6,041
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $8,250
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $8,366
    Princeton Mortgage Corporation 1 5.25% $5,156
    South State Bank 1 4.13% $6,736
    UNION HOME MORTGAGE CORP. 1 5.63% $5,105
    Century Mortgage Company DBA Century Lending Company 1 3.50% $5,400
    Colten Mortgage, LLC 1 2.75% $6,929
    CORNERSTONE HOME LENDING, INC. 1 4.25% $6,385
    Carrington Mortgage Services, LLC 1 6.13% $10,556
    ACOPIA, LLC 1 3.00% $6,143
    Equity Prime Mortgage LLC 1 5.38% $12,429
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.50% $8,058
    First-Citizens Bank & Trust Company 1 3.63% $4,703
    GENEVA FINANCIAL, LLC 1 3.63% $6,046
    Bank of England 1 5.50% $8,448
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.00% $9,418
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $10,724
    HOME POINT FINANCIAL CORPORATION 1 4.38% $5,753
    HomeTrust Bank 1 4.75% $4,779
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.75% $7,205
    LOANDEPOT.COM, LLC 1 5.88% $8,274
    MID AMERICA MORTGAGE, INC. 1 4.00% $3,978
    Mortgage Network, Inc. 1 4.50% $6,407
    Amerifirst Financial, Inc. 1 4.00% $6,684

    The top Spartanburg USDA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 25 USDA loans originated. Their average total fees are $7,946, which is $523 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Spartanburg USDA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. ($7,181), Sierra Pacific Mortgage Company, Inc. ($7,353), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,422), PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,668) and MOVEMENT MORTGAGE, LLC ($7,719).

    The lowest rate Spartanburg USDA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (3.76%), Sierra Pacific Mortgage Company, Inc. (4.22%), PRIMELENDING, A PLAINSCAPITAL COMPANY (4.77%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (4.79%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.92%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spartanburg (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 $209,975 (10.6%) $250,070 (6.4%) 0.78 1,174
    2018-02-01 $212,790 (9.9%) $251,586 (4.9%) 0.77 1,136
    2018-03-01 $218,102 (12.9%) $261,951 (9.5%) 0.77 1,104
    2018-04-01 $224,079 (15.0%) $271,776 (13.8%) 0.76 1,084
    2018-05-01 $224,222 (13.5%) $272,319 (13.6%) 0.75 1,168
    2018-06-01 $222,497 (9.9%) $271,003 (10.7%) 0.74 1,258
    2018-07-01 $219,900 (7.3%) $269,879 (8.5%) 0.73 1,292
    2018-08-01 $219,000 (6.9%) $268,287 (8.8%) 0.73 1,338
    2018-09-01 $215,082 (3.6%) $265,418 (5.8%) 0.72 1,335
    2018-10-01 $211,769 (0.9%) $261,482 (2.2%) 0.72 1,377
    2018-11-01 $213,830 (2.4%) $260,626 (3.3%) 0.72 1,313
    2018-12-01 $214,900 (2.6%) $256,158 (2.2%) 0.74 1,262
    2019-01-01 $216,285 (3.0%) $261,890 (4.7%) 0.75 1,243
    2019-02-01 $215,082 (1.1%) $261,283 (3.9%) 0.73 1,298
    2019-03-01 $219,372 (0.6%) $306,821 (17.1%) 0.72 1,283
    2019-04-01 $221,482 (-1.2%) $316,317 (16.4%) 0.70 1,244
    2019-05-01 $224,216 (0.0%) $288,265 (5.9%) 0.70 1,238
    2019-06-01 $225,995 (1.6%) $294,040 (8.5%) 0.71 1,244
    2019-07-01 $228,950 (4.1%) $294,183 (9.0%) 0.72 1,238
    2019-08-01 $228,436 (4.3%) $291,382 (8.6%) 0.72 1,298
    2019-09-01 $227,741 (5.9%) $288,234 (8.6%) 0.73 1,343
    2019-10-01 $226,102 (6.8%) $285,768 (9.3%) 0.73 1,372
    2019-11-01 $225,000 (5.2%) $284,433 (9.1%) 0.74 1,345
    2019-12-01 $224,900 (4.7%) $278,972 (8.9%) 0.75 1,358
    2020-01-01 $222,825 (3.0%) $266,386 (1.7%) 0.74 1,281
    2020-02-01 $225,000 (4.6%) $274,028 (4.9%) 0.74 1,224
    2020-03-01 $234,419 (6.9%) $282,836 (-7.8%) 0.73 1,117
    2020-04-01 $229,925 (3.8%) $283,643 (-10.3%) 0.72 1,152
    2020-05-01 $235,000 (4.8%) $287,495 (-0.3%) 0.71 1,032
    2020-06-01 $244,348 (8.1%) $301,887 (2.7%) 0.72 918
    2020-07-01 $239,323 (4.5%) $298,872 (1.6%) 0.69 829
    2020-08-01 $239,995 (5.1%) $307,133 (5.4%) 0.69 773
    2020-09-01 $238,486 (4.7%) $318,266 (10.4%) 0.68 743
    2020-10-01 $240,990 (6.6%) $319,099 (11.7%) 0.69 735
    2020-11-01 $240,906 (7.1%) $320,391 (12.6%) 0.70 757
    2020-12-01 $235,245 (4.6%) $308,698 (10.7%) 0.70 719
    2021-01-01 $235,000 (5.5%) $306,513 (15.1%) 0.70 699
    2021-02-01 $234,234 (4.1%) $309,505 (13.0%) 0.68 664
    2021-03-01 $240,800 (2.7%) $318,519 (12.6%) 0.68 515
    2021-04-01 $240,396 (4.6%) $311,184 (9.7%) 0.65 466
    2021-05-01 $252,490 (7.4%) $317,102 (10.3%) 0.67 392
    2021-06-01 $255,183 (4.4%) $316,421 (4.8%) 0.67 401
    2021-07-01 $271,275 (13.4%) $343,678 (15.0%) 0.72 493
    2021-08-01 $265,709 (10.7%) $335,983 (9.4%) 0.71 586
    2021-09-01 $273,055 (14.5%) $351,745 (10.5%) 0.73 596
    2021-10-01 $277,219 (15.0%) $354,606 (11.1%) 0.74 585
    2021-11-01 $278,152 (15.5%) $362,260 (13.1%) 0.74 516
    2021-12-01 $273,650 (16.3%) $345,581 (12.0%) 0.74 460
    2022-01-01 $279,209 (18.8%) $343,697 (12.1%) 0.75 381
    2022-02-01 $285,495 (21.9%) $345,453 (11.6%) 0.74 340
    2022-03-01 $288,373 (19.8%) $342,654 (7.6%) 0.72 297
    2022-04-01 $291,990 (21.5%) $356,725 (14.6%) 0.70 334
    2022-05-01 $299,950 (18.8%) $348,880 (10.0%) 0.69 490
    2022-06-01 $304,005 (19.1%) $346,612 (9.5%) 0.68 603
    2022-07-01 $305,310 (12.6%) $346,962 (1.0%) 0.69 844
    2022-08-01 $304,950 (14.8%) $350,994 (4.5%) 0.71 999
    2022-09-01 $306,973 (12.4%) $352,186 (0.1%) 0.72 1,085
    2022-10-01 $304,975 (10.0%) $355,323 (0.2%) 0.72 1,108
    2022-11-01 $304,120 (9.3%) $352,255 (-2.8%) 0.73 1,124
    2022-12-01 $301,499 (10.2%) $354,259 (2.5%) 0.74 1,015
    2023-01-01 $303,490 (8.7%) $359,128 (4.5%) 0.75 950
    2023-02-01 $302,068 (5.8%) $356,792 (3.3%) 0.73 914
    2023-03-01 $305,000 (5.8%) $361,165 (5.4%) 0.72 899
    2023-04-01 $314,945 (7.9%) $376,169 (5.5%) 0.73 937
    2023-05-01 $319,663 (6.6%) $380,954 (9.2%) 0.72 903
    Spartanburg's median listing price for 2023-05-01 was $319,663, a difference of $19,713 (6.6%) versus the prior year and $4,718 versus the prior month.

    Spartanburg's median listing price comes in at 72% of the national average.

    Spartanburg's average listing price for 2023-05-01 was $380,954, a difference of $32,074 (9.2%) versus the prior year and $4,785 versus the prior month.

    For the 2023-05-01 period, Spartanburg had 903 MLS listings, a difference of -34 listings (-4%) versus the prior month and 413 listings (84%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spartanburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 2,055 sqft
    2018-02-01 83 days 2,053 sqft
    2018-03-01 50 days 2,129 sqft
    2018-04-01 49 days 2,162 sqft
    2018-05-01 52 days 2,162 sqft
    2018-06-01 52 days 2,162 sqft
    2018-07-01 57 days 2,141 sqft
    2018-08-01 56 days 2,113 sqft
    2018-09-01 64 days 2,076 sqft
    2018-10-01 66 days 2,013 sqft
    2018-11-01 66 days 2,017 sqft
    2018-12-01 72 days 2,000 sqft
    2019-01-01 80 days 2,000 sqft
    2019-02-01 71 days 2,019 sqft
    2019-03-01 64 days 2,032 sqft
    2019-04-01 61 days 2,044 sqft
    2019-05-01 61 days 2,085 sqft
    2019-06-01 58 days 2,107 sqft
    2019-07-01 58 days 2,096 sqft
    2019-08-01 57 days 2,100 sqft
    2019-09-01 58 days 2,093 sqft
    2019-10-01 58 days 2,082 sqft
    2019-11-01 59 days 2,076 sqft
    2019-12-01 66 days 2,059 sqft
    2020-01-01 72 days 2,009 sqft
    2020-02-01 72 days 2,009 sqft
    2020-03-01 58 days 2,090 sqft
    2020-04-01 62 days 2,017 sqft
    2020-05-01 70 days 2,049 sqft
    2020-06-01 67 days 2,103 sqft
    2020-07-01 54 days 2,100 sqft
    2020-08-01 46 days 2,078 sqft
    2020-09-01 46 days 2,073 sqft
    2020-10-01 49 days 2,010 sqft
    2020-11-01 46 days 1,962 sqft
    2020-12-01 49 days 1,893 sqft
    2021-01-01 50 days 1,847 sqft
    2021-02-01 50 days 1,805 sqft
    2021-03-01 42 days 1,797 sqft
    2021-04-01 44 days 1,800 sqft
    2021-05-01 43 days 1,800 sqft
    2021-06-01 38 days 1,876 sqft
    2021-07-01 33 days 1,892 sqft
    2021-08-01 38 days 1,850 sqft
    2021-09-01 42 days 1,843 sqft
    2021-10-01 45 days 1,859 sqft
    2021-11-01 39 days 1,831 sqft
    2021-12-01 44 days 1,801 sqft
    2022-01-01 53 days 1,856 sqft
    2022-02-01 34 days 1,860 sqft
    2022-03-01 34 days 1,816 sqft
    2022-04-01 32 days 1,829 sqft
    2022-05-01 25 days 1,865 sqft
    2022-06-01 31 days 1,894 sqft
    2022-07-01 31 days 1,900 sqft
    2022-08-01 38 days 1,900 sqft
    2022-09-01 43 days 1,969 sqft
    2022-10-01 51 days 1,955 sqft
    2022-11-01 59 days 1,925 sqft
    2022-12-01 66 days 1,925 sqft
    2023-01-01 71 days 1,947 sqft
    2023-02-01 63 days 1,937 sqft
    2023-03-01 44 days 1,953 sqft
    2023-04-01 41 days 1,963 sqft
    2023-05-01 49 days 2,002 sqft
    Spartanburg's median listing age (time on market) for 2023-05-01 was 49 days. This is 98% longer than the same period one year ago.

    Spartanburg's median square footage for active listings during the 2023-05-01 period was 2,002 sqft. One year prior, the average listing was 1,865 sqft.