Spokane USDA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

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.

Spokane's 4 lenders originated 5 USDA loans during 2023. The total origination value was $1,545,000, with an average USDA loan value of $309,000.

Spokane USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Spokane averaged 6.44% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Spokane's average USDA mortgage closing costs are $6,534.

The average rate for the prior week (2024-04-05) was 6.66% and one month ago for the week of 2024-03-08, the average rate was 6.32%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.42%.

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

Spokane 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 Spokane level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 2 6.38% $12,169
ACADEMY MORTGAGE CORPORATION 1 6.25% $9,739
ENVOY MORTGAGE, LTD 1 6.63% $10,842
Paramount Residential Mortgage Group, Inc. 1 5.25% $15,144

The top Spokane USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 2 USDA loans originated. Their average total fees are $12,169, which is $2,430 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Spokane (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 $285,000 (13.3%) $356,589 (11.9%) 1.06 1,074
2018-02-01 $298,625 (13.8%) $373,506 (13.9%) 1.08 991
2018-03-01 $309,900 (12.7%) $381,101 (10.9%) 1.09 980
2018-04-01 $319,225 (12.0%) $392,806 (12.5%) 1.08 1,110
2018-05-01 $319,070 (10.4%) $395,916 (11.7%) 1.07 1,260
2018-06-01 $315,000 (9.2%) $395,583 (11.1%) 1.05 1,421
2018-07-01 $317,500 (11.4%) $399,258 (14.0%) 1.06 1,543
2018-08-01 $309,463 (12.5%) $391,344 (14.6%) 1.04 1,605
2018-09-01 $300,000 (9.1%) $388,146 (13.8%) 1.01 1,633
2018-10-01 $312,250 (14.6%) $397,319 (16.3%) 1.06 1,559
2018-11-01 $319,500 (19.2%) $403,049 (19.2%) 1.08 1,342
2018-12-01 $318,500 (15.8%) $402,314 (15.3%) 1.10 1,127
2019-01-01 $327,995 (15.1%) $415,262 (16.5%) 1.13 950
2019-02-01 $335,845 (12.5%) $422,619 (13.2%) 1.13 859
2019-03-01 $341,043 (10.1%) $427,846 (12.3%) 1.12 892
2019-04-01 $346,818 (8.6%) $430,929 (9.7%) 1.10 1,003
2019-05-01 $349,985 (9.7%) $426,538 (7.7%) 1.09 1,170
2019-06-01 $349,990 (11.1%) $419,099 (5.9%) 1.09 1,286
2019-07-01 $344,850 (8.6%) $407,997 (2.2%) 1.08 1,469
2019-08-01 $340,273 (10.0%) $410,018 (4.8%) 1.08 1,492
2019-09-01 $340,682 (13.6%) $415,422 (7.0%) 1.09 1,473
2019-10-01 $340,955 (9.2%) $419,683 (5.6%) 1.10 1,451
2019-11-01 $345,000 (8.0%) $422,492 (4.8%) 1.13 1,256
2019-12-01 $342,970 (7.7%) $420,764 (4.6%) 1.14 1,044
2020-01-01 $342,498 (4.4%) $419,674 (1.1%) 1.14 813
2020-02-01 $359,900 (7.2%) $438,812 (3.8%) 1.18 747
2020-03-01 $379,924 (11.4%) $448,389 (4.8%) 1.19 795
2020-04-01 $379,350 (9.4%) $451,379 (4.8%) 1.19 932
2020-05-01 $385,604 (10.2%) $455,230 (6.7%) 1.17 940
2020-06-01 $384,975 (10.0%) $450,694 (7.5%) 1.13 938
2020-07-01 $393,963 (14.2%) $459,805 (12.7%) 1.14 885
2020-08-01 $388,073 (14.1%) $464,389 (13.3%) 1.11 858
2020-09-01 $387,419 (13.7%) $462,065 (11.2%) 1.11 842
2020-10-01 $376,156 (10.3%) $462,780 (10.3%) 1.08 751
2020-11-01 $374,950 (8.7%) $466,012 (10.3%) 1.10 614
2020-12-01 $369,849 (7.8%) $470,358 (11.8%) 1.10 464
2021-01-01 $369,900 (8.0%) $490,305 (16.8%) 1.10 324
2021-02-01 $378,155 (5.1%) $512,838 (16.9%) 1.10 286
2021-03-01 $377,450 (-0.7%) $508,198 (13.3%) 1.07 323
2021-04-01 $399,900 (5.4%) $529,689 (17.4%) 1.08 331
2021-05-01 $413,000 (7.1%) $530,315 (16.5%) 1.10 395
2021-06-01 $422,450 (9.7%) $569,547 (26.4%) 1.11 514
2021-07-01 $439,995 (11.7%) $570,861 (24.2%) 1.16 647
2021-08-01 $454,400 (17.1%) $567,544 (22.2%) 1.21 728
2021-09-01 $450,000 (16.2%) $565,649 (22.4%) 1.20 850
2021-10-01 $450,000 (19.6%) $551,467 (19.2%) 1.20 839
2021-11-01 $449,975 (20.0%) $557,558 (19.6%) 1.20 627
2021-12-01 $459,725 (24.3%) $576,341 (22.5%) 1.25 479
2022-01-01 $480,825 (30.0%) $617,610 (26.0%) 1.30 328
2022-02-01 $480,480 (27.1%) $631,296 (23.1%) 1.25 306
2022-03-01 $479,995 (27.2%) $633,895 (24.7%) 1.20 333
2022-04-01 $500,000 (25.0%) $642,876 (21.4%) 1.19 440
2022-05-01 $509,625 (23.4%) $635,058 (19.8%) 1.17 719
2022-06-01 $517,450 (22.5%) $642,778 (12.9%) 1.15 955
2022-07-01 $499,000 (13.4%) $607,213 (6.4%) 1.12 1,276
2022-08-01 $489,951 (7.8%) $594,388 (4.7%) 1.13 1,375
2022-09-01 $476,125 (5.8%) $579,690 (2.5%) 1.11 1,376
2022-10-01 $469,900 (4.4%) $571,775 (3.7%) 1.11 1,355
2022-11-01 $449,935 (0.0%) $554,276 (-0.6%) 1.08 1,219
2022-12-01 $449,063 (-2.3%) $545,089 (-5.4%) 1.11 967
2023-01-01 $449,475 (-6.5%) $548,403 (-11.2%) 1.11 763
2023-02-01 $480,500 (0.0%) $577,914 (-8.5%) 1.16 683
2023-03-01 $497,725 (3.7%) $591,639 (-6.7%) 1.17 677
2023-04-01 $512,500 (2.5%) $604,916 (-5.9%) 1.19 780
2023-05-01 $524,924 (3.0%) $622,699 (-2.0%) 1.19 941
2023-06-01 $532,488 (2.9%) $633,820 (-1.4%) 1.20 1,136
2023-07-01 $535,000 (7.2%) $629,217 (3.6%) 1.22 1,336
2023-08-01 $525,000 (7.2%) $620,451 (4.4%) 1.21 1,402
2023-09-01 $514,000 (8.0%) $618,592 (6.7%) 1.20 1,457
2023-10-01 $499,575 (6.3%) $605,209 (5.9%) 1.18 1,447
2023-11-01 $497,000 (10.5%) $598,163 (7.9%) 1.18 1,323
2023-12-01 $490,000 (9.1%) $603,323 (10.7%) 1.20 1,113
2024-01-01 $498,120 (10.8%) $612,666 (11.7%) 1.22 915
2024-02-01 $503,985 (4.9%) $617,954 (6.9%) 1.21 875
2024-03-01 $510,000 (2.5%) $620,133 (4.8%) 1.20 915
Spokane's median listing price for 2024-03-01 was $510,000, a difference of $12,275 (2.5%) versus the prior year and $6,015 versus the prior month.

Spokane's median listing price comes in at 120% of the national average.

Spokane's average listing price for 2024-03-01 was $620,133, a difference of $28,494 (4.8%) versus the prior year and $2,179 versus the prior month.

For the 2024-03-01 period, Spokane had 915 MLS listings, a difference of 40 listings (5%) versus the prior month and 238 listings (35%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 69 days 2,262 sqft
2018-02-01 47 days 2,315 sqft
2018-03-01 44 days 2,356 sqft
2018-04-01 36 days 2,364 sqft
2018-05-01 33 days 2,401 sqft
2018-06-01 36 days 2,360 sqft
2018-07-01 39 days 2,390 sqft
2018-08-01 41 days 2,353 sqft
2018-09-01 44 days 2,352 sqft
2018-10-01 46 days 2,320 sqft
2018-11-01 53 days 2,329 sqft
2018-12-01 66 days 2,316 sqft
2019-01-01 66 days 2,353 sqft
2019-02-01 49 days 2,351 sqft
2019-03-01 41 days 2,363 sqft
2019-04-01 30 days 2,349 sqft
2019-05-01 32 days 2,380 sqft
2019-06-01 35 days 2,434 sqft
2019-07-01 37 days 2,401 sqft
2019-08-01 38 days 2,391 sqft
2019-09-01 39 days 2,373 sqft
2019-10-01 41 days 2,359 sqft
2019-11-01 47 days 2,275 sqft
2019-12-01 62 days 2,225 sqft
2020-01-01 69 days 2,194 sqft
2020-02-01 53 days 2,241 sqft
2020-03-01 40 days 2,315 sqft
2020-04-01 40 days 2,324 sqft
2020-05-01 43 days 2,321 sqft
2020-06-01 39 days 2,319 sqft
2020-07-01 39 days 2,342 sqft
2020-08-01 39 days 2,308 sqft
2020-09-01 43 days 2,307 sqft
2020-10-01 47 days 2,264 sqft
2020-11-01 52 days 2,215 sqft
2020-12-01 57 days 2,152 sqft
2021-01-01 52 days 2,114 sqft
2021-02-01 40 days 2,091 sqft
2021-03-01 30 days 2,151 sqft
2021-04-01 25 days 2,150 sqft
2021-05-01 27 days 2,161 sqft
2021-06-01 21 days 2,218 sqft
2021-07-01 26 days 2,211 sqft
2021-08-01 29 days 2,209 sqft
2021-09-01 31 days 2,254 sqft
2021-10-01 35 days 2,219 sqft
2021-11-01 50 days 2,144 sqft
2021-12-01 72 days 2,145 sqft
2022-01-01 61 days 2,041 sqft
2022-02-01 33 days 2,022 sqft
2022-03-01 25 days 2,038 sqft
2022-04-01 22 days 2,165 sqft
2022-05-01 20 days 2,220 sqft
2022-06-01 22 days 2,217 sqft
2022-07-01 28 days 2,190 sqft
2022-08-01 32 days 2,193 sqft
2022-09-01 39 days 2,178 sqft
2022-10-01 39 days 2,158 sqft
2022-11-01 44 days 2,131 sqft
2022-12-01 57 days 2,120 sqft
2023-01-01 52 days 2,102 sqft
2023-02-01 43 days 2,123 sqft
2023-03-01 37 days 2,167 sqft
2023-04-01 30 days 2,193 sqft
2023-05-01 29 days 2,251 sqft
2023-06-01 30 days 2,303 sqft
2023-07-01 35 days 2,312 sqft
2023-08-01 37 days 2,318 sqft
2023-09-01 41 days 2,304 sqft
2023-10-01 39 days 2,276 sqft
2023-11-01 47 days 2,255 sqft
2023-12-01 57 days 2,258 sqft
2024-01-01 46 days 2,247 sqft
2024-02-01 39 days 2,210 sqft
2024-03-01 39 days 2,211 sqft
Spokane's median listing age (time on market) for 2024-03-01 was 39 days. This is 5% longer than the same period one year ago.

Spokane's median square footage for active listings during the 2024-03-01 period was 2,211 sqft. One year prior, the average listing was 2,167 sqft.