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 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%.
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. LouisDate | 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 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. LouisDate | 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 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.