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 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 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.17% and one month ago for the week of 2024-11-08, the average rate was 6.49%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2024-12-13, the average rate was 7.02%.

    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
    2024-04-01 $522,500 (2.0%) $647,977 (7.1%) 1.22 1,078
    2024-05-01 $544,450 (3.7%) $662,479 (6.4%) 1.23 1,341
    2024-06-01 $530,000 (-0.5%) $650,286 (2.6%) 1.19 1,579
    2024-07-01 $525,000 (-1.9%) $633,632 (0.7%) 1.20 1,747
    2024-08-01 $515,000 (-1.9%) $624,397 (0.6%) 1.20 1,767
    2024-09-01 $505,000 (-1.8%) $623,689 (0.8%) 1.19 1,791
    2024-10-01 $497,125 (-0.5%) $615,083 (1.6%) 1.17 1,792
    2024-11-01 $489,950 (-1.4%) $607,370 (1.5%) 1.18 1,673
    Spokane's median listing price for 2024-11-01 was $489,950, a difference of $-7,050 (-1.4%) versus the prior year and $-7,175 versus the prior month.

    Spokane's median listing price comes in at 118% of the national average.

    Spokane's average listing price for 2024-11-01 was $607,370, a difference of $9,207 (1.5%) versus the prior year and $-7,713 versus the prior month.

    For the 2024-11-01 period, Spokane had 1,673 MLS listings, a difference of -119 listings (-7%) versus the prior month and 350 listings (26%) 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
    2024-04-01 31 days 2,240 sqft
    2024-05-01 26 days 2,309 sqft
    2024-06-01 30 days 2,326 sqft
    2024-07-01 38 days 2,301 sqft
    2024-08-01 44 days 2,287 sqft
    2024-09-01 43 days 2,264 sqft
    2024-10-01 45 days 2,245 sqft
    2024-11-01 54 days 2,203 sqft
    Spokane's median listing age (time on market) for 2024-11-01 was 54 days. This is 16% longer than the same period one year ago.

    Spokane's median square footage for active listings during the 2024-11-01 period was 2,203 sqft. One year prior, the average listing was 2,255 sqft.