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%.

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.