Spokane USDA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

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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.

    Spokane's 16 lenders originated 40 USDA loans during 2021. The total origination value was $12,600,000, with an average USDA loan value of $315,000.

    Spokane USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Spokane averaged 6.04% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

    Spokane's average USDA mortgage closing costs are $6,232.

    The average rate for the prior week (2023-01-20) was 6.33% and one month ago for the week of 2022-12-23, the average rate was 6.36%.

    The average rate one year ago was 4.01%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.98%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.00% $9,253
    ACADEMY MORTGAGE CORPORATION 3 3.08% $4,646
    CHERRY CREEK MORTGAGE, LLC 2 3.25% $1,672
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.88% $8,918
    Northpointe Bank 2 3.13% $6,595
    Flagstar Bank, FSB 2 2.81% $5,990
    BROKER SOLUTIONS, INC. 2 3.38% $6,592
    HOMESIDE FINANCIAL, LLC 1 2.75% $6,404
    LEADERONE FINANCIAL CORPORATION 1 2.75% $8,358
    SUMMIT FUNDING, INC. 1 3.75% $9,996
    BAY EQUITY LLC 1 2.63% $6,143
    Sunflower Bank 1 2.99% $9,401
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.88% $8,642
    CROSSCOUNTRY MORTGAGE, LLC 1 2.25% $7,653
    ENVOY MORTGAGE, LTD 1 2.88% $11,645
    GENEVA FINANCIAL, LLC 1 2.75% $5,432

    The top Spokane USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 4 USDA loans originated. Their average total fees are $9,253, which is $4,607 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%) $356,505 (11.8%) 1.06 1,075
    2018-02-01 $298,625 (13.8%) $373,573 (13.9%) 1.08 991
    2018-03-01 $309,900 (12.8%) $381,165 (11.0%) 1.09 980
    2018-04-01 $319,000 (12.0%) $392,699 (12.5%) 1.08 1,111
    2018-05-01 $318,950 (10.4%) $395,822 (11.7%) 1.07 1,261
    2018-06-01 $315,000 (9.3%) $395,496 (11.1%) 1.05 1,422
    2018-07-01 $317,500 (11.4%) $399,161 (14.0%) 1.06 1,544
    2018-08-01 $308,897 (12.3%) $391,273 (14.6%) 1.03 1,606
    2018-09-01 $300,000 (9.1%) $388,124 (13.8%) 1.01 1,634
    2018-10-01 $311,850 (14.5%) $397,240 (16.3%) 1.05 1,560
    2018-11-01 $319,250 (19.2%) $402,962 (19.2%) 1.08 1,343
    2018-12-01 $318,000 (15.6%) $402,214 (15.3%) 1.10 1,128
    2019-01-01 $327,735 (15.0%) $415,117 (16.4%) 1.13 951
    2019-02-01 $335,495 (12.4%) $422,455 (13.1%) 1.13 860
    2019-03-01 $340,770 (10.0%) $427,611 (12.2%) 1.11 894
    2019-04-01 $346,092 (8.5%) $430,624 (9.7%) 1.10 1,009
    2019-05-01 $349,950 (9.7%) $425,435 (7.5%) 1.09 1,180
    2019-06-01 $349,950 (11.1%) $418,163 (5.7%) 1.09 1,298
    2019-07-01 $344,450 (8.5%) $407,069 (2.0%) 1.08 1,481
    2019-08-01 $339,996 (10.1%) $409,064 (4.6%) 1.08 1,504
    2019-09-01 $339,998 (13.3%) $414,406 (6.8%) 1.09 1,485
    2019-10-01 $340,000 (9.0%) $418,594 (5.4%) 1.10 1,463
    2019-11-01 $344,999 (8.1%) $421,336 (4.6%) 1.13 1,268
    2019-12-01 $342,500 (7.7%) $419,212 (4.2%) 1.14 1,055
    2020-01-01 $342,200 (4.4%) $417,860 (0.7%) 1.14 825
    2020-02-01 $359,900 (7.3%) $436,620 (3.4%) 1.18 759
    2020-03-01 $377,450 (10.8%) $446,475 (4.4%) 1.18 808
    2020-04-01 $377,500 (9.1%) $449,545 (4.4%) 1.18 944
    2020-05-01 $385,000 (10.0%) $453,395 (6.6%) 1.17 953
    2020-06-01 $384,950 (10.0%) $448,996 (7.4%) 1.13 950
    2020-07-01 $393,019 (14.1%) $457,929 (12.5%) 1.14 897
    2020-08-01 $385,000 (13.2%) $462,441 (13.1%) 1.10 871
    2020-09-01 $387,250 (13.9%) $460,070 (11.0%) 1.11 855
    2020-10-01 $375,000 (10.3%) $460,556 (10.0%) 1.07 764
    2020-11-01 $373,660 (8.3%) $463,458 (10.0%) 1.09 627
    2020-12-01 $369,450 (7.9%) $467,128 (11.4%) 1.10 477
    2021-01-01 $369,900 (8.1%) $485,013 (16.1%) 1.10 337
    2021-02-01 $377,440 (4.9%) $506,374 (16.0%) 1.10 299
    2021-03-01 $377,450 (0.0%) $502,611 (12.6%) 1.07 336
    2021-04-01 $399,450 (5.8%) $523,394 (16.4%) 1.08 344
    2021-05-01 $409,559 (6.4%) $525,309 (15.9%) 1.08 408
    2021-06-01 $416,242 (8.1%) $564,979 (25.8%) 1.10 526
    2021-07-01 $435,000 (10.7%) $567,331 (23.9%) 1.15 658
    2021-08-01 $445,000 (15.6%) $563,907 (21.9%) 1.19 740
    2021-09-01 $449,900 (16.2%) $562,388 (22.2%) 1.20 863
    2021-10-01 $449,900 (20.0%) $548,373 (19.1%) 1.20 852
    2021-11-01 $449,000 (20.2%) $553,676 (19.5%) 1.20 640
    2021-12-01 $457,000 (23.7%) $571,284 (22.3%) 1.24 492
    2022-01-01 $474,900 (28.4%) $611,039 (26.0%) 1.28 341
    2022-02-01 $471,924 (25.0%) $621,092 (22.7%) 1.23 319
    2022-03-01 $475,250 (25.9%) $624,957 (24.3%) 1.19 346
    2022-04-01 $499,900 (25.2%) $635,800 (21.5%) 1.19 453
    2022-05-01 $500,000 (22.1%) $630,479 (20.0%) 1.14 732
    2022-06-01 $512,698 (23.2%) $639,160 (13.1%) 1.14 968
    2022-07-01 $499,000 (14.7%) $604,654 (6.6%) 1.13 1,289
    2022-08-01 $489,584 (10.0%) $592,407 (5.1%) 1.13 1,388
    2022-09-01 $475,000 (5.6%) $577,612 (2.7%) 1.11 1,389
    2022-10-01 $469,250 (4.3%) $569,934 (3.9%) 1.10 1,368
    2022-11-01 $449,700 (0.2%) $552,031 (-0.3%) 1.08 1,232
    2022-12-01 $446,500 (-2.3%) $541,798 (-5.2%) 1.12 985
    Spokane's median listing price for 2022-12-01 was $446,500, a difference of $-10,500 (-2.3%) versus the prior year and $-3,200 versus the prior month.

    Spokane's median listing price comes in at 112% of the national average.

    Spokane's average listing price for 2022-12-01 was $541,798, a difference of $-29,486 (-5.2%) versus the prior year and $-10,233 versus the prior month.

    For the 2022-12-01 period, Spokane had 985 MLS listings, a difference of -247 listings (-20%) versus the prior month and 493 listings (100%) 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 73 days 2,268 sqft
    2018-02-01 52 days 2,329 sqft
    2018-03-01 46 days 2,353 sqft
    2018-04-01 37 days 2,373 sqft
    2018-05-01 35 days 2,414 sqft
    2018-06-01 36 days 2,361 sqft
    2018-07-01 41 days 2,395 sqft
    2018-08-01 43 days 2,357 sqft
    2018-09-01 46 days 2,358 sqft
    2018-10-01 47 days 2,320 sqft
    2018-11-01 54 days 2,337 sqft
    2018-12-01 69 days 2,318 sqft
    2019-01-01 70 days 2,360 sqft
    2019-02-01 53 days 2,355 sqft
    2019-03-01 43 days 2,364 sqft
    2019-04-01 32 days 2,350 sqft
    2019-05-01 33 days 2,376 sqft
    2019-06-01 36 days 2,411 sqft
    2019-07-01 38 days 2,397 sqft
    2019-08-01 39 days 2,389 sqft
    2019-09-01 41 days 2,371 sqft
    2019-10-01 43 days 2,354 sqft
    2019-11-01 50 days 2,275 sqft
    2019-12-01 65 days 2,225 sqft
    2020-01-01 73 days 2,193 sqft
    2020-02-01 56 days 2,226 sqft
    2020-03-01 42 days 2,314 sqft
    2020-04-01 43 days 2,319 sqft
    2020-05-01 45 days 2,320 sqft
    2020-06-01 40 days 2,315 sqft
    2020-07-01 40 days 2,334 sqft
    2020-08-01 43 days 2,297 sqft
    2020-09-01 45 days 2,307 sqft
    2020-10-01 50 days 2,264 sqft
    2020-11-01 55 days 2,207 sqft
    2020-12-01 60 days 2,139 sqft
    2021-01-01 57 days 2,112 sqft
    2021-02-01 43 days 2,087 sqft
    2021-03-01 32 days 2,149 sqft
    2021-04-01 26 days 2,134 sqft
    2021-05-01 30 days 2,160 sqft
    2021-06-01 22 days 2,214 sqft
    2021-07-01 29 days 2,208 sqft
    2021-08-01 30 days 2,211 sqft
    2021-09-01 33 days 2,253 sqft
    2021-10-01 36 days 2,209 sqft
    2021-11-01 52 days 2,142 sqft
    2021-12-01 75 days 2,142 sqft
    2022-01-01 66 days 2,035 sqft
    2022-02-01 35 days 2,018 sqft
    2022-03-01 28 days 2,027 sqft
    2022-04-01 22 days 2,160 sqft
    2022-05-01 21 days 2,220 sqft
    2022-06-01 23 days 2,216 sqft
    2022-07-01 29 days 2,195 sqft
    2022-08-01 33 days 2,193 sqft
    2022-09-01 39 days 2,175 sqft
    2022-10-01 40 days 2,158 sqft
    2022-11-01 44 days 2,131 sqft
    2022-12-01 58 days 2,120 sqft
    Spokane's median listing age (time on market) for 2022-12-01 was 58 days. This is -22% shorter than the same period one year ago.

    Spokane's median square footage for active listings during the 2022-12-01 period was 2,120 sqft. One year prior, the average listing was 2,142 sqft.