Springfield USDA Loan Rates, Closing Costs & Stats
SPRINGFIELD, IL
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.
Springfield's 11 lenders originated 22 USDA loans during 2023. The total origination value was $2,590,000, with an average USDA loan value of $117,727.
Springfield USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Springfield
averaged
7.07%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Springfield's average USDA mortgage closing costs are $3,438.
The average rate for the prior week (2024-04-12) was
6.52% and
one month ago for the week of 2024-03-15, the
average rate was 6.8%.
The average rate one year ago was 6.34%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.06%.
Springfield 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 Springfield level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Petefish, Skiles & Co. | 4 | 6.06% | $3,161 |
| United Community Bank | 4 | 6.88% | $3,085 |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | 3 | 6.58% | $4,523 |
| LEADERONE FINANCIAL CORPORATION | 2 | 7.06% | $5,975 |
| FLAT BRANCH MORTGAGE, INC. | 2 | 6.25% | $3,759 |
| FIRST STATE MORTGAGE SERVICES, LLC | 2 | 6.94% | $3,986 |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | 1 | 7.75% | $8,373 |
| TOP FLITE FINANCIAL, INC. | 1 | 6.63% | $5,759 |
| Bank of Springfield | 1 | 6.13% | $4,041 |
| Heartland Bank and Trust Company | 1 | 5.75% | $5,283 |
| Mortgage Research Center, LLC | 1 | 6.63% | $2,255 |
The top Springfield USDA lender as defined by loan originations is Petefish, Skiles & Co., with
4 USDA loans originated. Their average total fees are
$3,161, which is $76
higher than the next largest lender,
United Community Bank.
The lowest fee Springfield USDA lenders (with over 10 loans originated) are
.
The lowest rate Springfield USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Springfield (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 | $136,950 (1.9%) | $182,107 (0.5%) | 0.51 | 829 |
| 2018-02-01 | $137,500 (1.9%) | $184,524 (0.7%) | 0.50 | 831 |
| 2018-03-01 | $139,900 (-0.7%) | $189,588 (-3.4%) | 0.49 | 875 |
| 2018-04-01 | $144,900 (-3.3%) | $192,321 (-4.1%) | 0.49 | 886 |
| 2018-05-01 | $144,650 (-7.8%) | $192,476 (-8.4%) | 0.48 | 940 |
| 2018-06-01 | $143,900 (-10.0%) | $195,637 (-7.6%) | 0.48 | 1,027 |
| 2018-07-01 | $140,900 (-9.1%) | $192,657 (-5.1%) | 0.47 | 1,065 |
| 2018-08-01 | $144,900 (-4.9%) | $191,130 (-4.6%) | 0.49 | 1,055 |
| 2018-09-01 | $149,900 (0.0%) | $190,452 (-4.5%) | 0.50 | 1,041 |
| 2018-10-01 | $149,900 (0.8%) | $193,627 (-0.1%) | 0.51 | 997 |
| 2018-11-01 | $149,700 (7.0%) | $194,421 (4.8%) | 0.51 | 951 |
| 2018-12-01 | $139,900 (0.0%) | $183,840 (2.1%) | 0.48 | 867 |
| 2019-01-01 | $136,950 (0.0%) | $181,503 (-0.3%) | 0.47 | 839 |
| 2019-02-01 | $139,225 (1.3%) | $182,700 (-1.0%) | 0.47 | 831 |
| 2019-03-01 | $142,471 (1.8%) | $185,598 (-2.1%) | 0.47 | 809 |
| 2019-04-01 | $147,800 (2.0%) | $193,868 (0.8%) | 0.47 | 783 |
| 2019-05-01 | $149,900 (3.6%) | $198,267 (3.0%) | 0.47 | 791 |
| 2019-06-01 | $154,250 (7.2%) | $198,332 (1.4%) | 0.48 | 859 |
| 2019-07-01 | $153,925 (9.2%) | $197,056 (2.3%) | 0.48 | 922 |
| 2019-08-01 | $152,191 (5.0%) | $195,923 (2.5%) | 0.48 | 907 |
| 2019-09-01 | $149,552 (-0.2%) | $191,832 (0.7%) | 0.48 | 868 |
| 2019-10-01 | $147,500 (-1.6%) | $189,301 (-2.2%) | 0.48 | 844 |
| 2019-11-01 | $139,900 (-6.6%) | $181,831 (-6.5%) | 0.46 | 817 |
| 2019-12-01 | $131,375 (-6.1%) | $174,626 (-5.0%) | 0.44 | 733 |
| 2020-01-01 | $131,200 (-4.2%) | $177,365 (-2.3%) | 0.44 | 672 |
| 2020-02-01 | $133,000 (-4.5%) | $182,486 (-0.1%) | 0.44 | 651 |
| 2020-03-01 | $147,975 (3.9%) | $197,148 (6.2%) | 0.46 | 617 |
| 2020-04-01 | $149,950 (1.5%) | $201,211 (3.8%) | 0.47 | 613 |
| 2020-05-01 | $144,900 (-3.3%) | $200,964 (1.4%) | 0.44 | 543 |
| 2020-06-01 | $150,425 (-2.5%) | $207,978 (4.9%) | 0.44 | 540 |
| 2020-07-01 | $152,400 (-1.0%) | $206,062 (4.6%) | 0.44 | 527 |
| 2020-08-01 | $139,900 (-8.1%) | $194,492 (-0.7%) | 0.40 | 494 |
| 2020-09-01 | $134,900 (-9.8%) | $193,896 (1.1%) | 0.39 | 453 |
| 2020-10-01 | $124,700 (-15.5%) | $179,027 (-5.4%) | 0.36 | 440 |
| 2020-11-01 | $113,300 (-19.0%) | $167,143 (-8.1%) | 0.33 | 437 |
| 2020-12-01 | $102,400 (-22.1%) | $155,419 (-11.0%) | 0.30 | 401 |
| 2021-01-01 | $99,900 (-23.9%) | $156,968 (-11.5%) | 0.30 | 335 |
| 2021-02-01 | $98,200 (-26.2%) | $156,389 (-14.3%) | 0.29 | 285 |
| 2021-03-01 | $99,900 (-32.5%) | $168,588 (-14.5%) | 0.28 | 237 |
| 2021-04-01 | $99,825 (-33.4%) | $179,571 (-10.8%) | 0.27 | 220 |
| 2021-05-01 | $110,000 (-24.1%) | $194,730 (-3.1%) | 0.29 | 218 |
| 2021-06-01 | $124,400 (-17.3%) | $202,841 (-2.5%) | 0.33 | 264 |
| 2021-07-01 | $129,900 (-14.8%) | $211,187 (2.5%) | 0.34 | 259 |
| 2021-08-01 | $127,450 (-8.9%) | $212,737 (9.4%) | 0.34 | 274 |
| 2021-09-01 | $124,900 (-7.4%) | $197,930 (2.1%) | 0.33 | 267 |
| 2021-10-01 | $118,000 (-5.4%) | $184,105 (2.8%) | 0.31 | 267 |
| 2021-11-01 | $108,075 (-4.6%) | $172,594 (3.3%) | 0.29 | 237 |
| 2021-12-01 | $117,450 (14.7%) | $173,805 (11.8%) | 0.32 | 208 |
| 2022-01-01 | $107,500 (7.6%) | $175,743 (12.0%) | 0.29 | 180 |
| 2022-02-01 | $104,200 (6.1%) | $179,084 (14.5%) | 0.27 | 144 |
| 2022-03-01 | $120,750 (20.9%) | $210,377 (24.8%) | 0.30 | 138 |
| 2022-04-01 | $139,900 (40.2%) | $226,506 (26.1%) | 0.33 | 145 |
| 2022-05-01 | $146,750 (33.4%) | $257,527 (32.3%) | 0.34 | 142 |
| 2022-06-01 | $166,050 (33.5%) | $249,691 (23.1%) | 0.37 | 186 |
| 2022-07-01 | $165,000 (27.0%) | $256,210 (21.3%) | 0.37 | 221 |
| 2022-08-01 | $175,000 (37.3%) | $256,117 (20.4%) | 0.40 | 216 |
| 2022-09-01 | $193,950 (55.3%) | $271,496 (37.2%) | 0.45 | 199 |
| 2022-10-01 | $186,500 (58.1%) | $250,575 (36.1%) | 0.44 | 219 |
| 2022-11-01 | $169,425 (56.8%) | $229,425 (32.9%) | 0.41 | 231 |
| 2022-12-01 | $165,000 (40.5%) | $232,606 (33.8%) | 0.41 | 221 |
| 2023-01-01 | $157,475 (46.5%) | $232,968 (32.6%) | 0.39 | 188 |
| 2023-02-01 | $154,950 (48.7%) | $236,733 (32.2%) | 0.37 | 146 |
| 2023-03-01 | $149,475 (23.8%) | $236,979 (12.7%) | 0.35 | 149 |
| 2023-04-01 | $179,900 (28.6%) | $251,032 (10.8%) | 0.42 | 137 |
| 2023-05-01 | $182,573 (24.4%) | $266,066 (3.3%) | 0.41 | 136 |
| 2023-06-01 | $186,345 (12.2%) | $277,081 (11.0%) | 0.42 | 144 |
| 2023-07-01 | $179,900 (9.0%) | $267,720 (4.5%) | 0.41 | 169 |
| 2023-08-01 | $194,575 (11.2%) | $276,310 (7.9%) | 0.45 | 189 |
| 2023-09-01 | $177,450 (-8.5%) | $271,466 (0.0%) | 0.41 | 194 |
| 2023-10-01 | $172,475 (-7.5%) | $260,745 (4.1%) | 0.41 | 212 |
| 2023-11-01 | $179,950 (6.2%) | $259,775 (13.2%) | 0.43 | 217 |
| 2023-12-01 | $168,950 (2.4%) | $246,610 (6.0%) | 0.41 | 193 |
| 2024-01-01 | $169,100 (7.4%) | $251,057 (7.8%) | 0.41 | 172 |
| 2024-02-01 | $174,925 (12.9%) | $253,375 (7.0%) | 0.42 | 166 |
| 2024-03-01 | $180,000 (20.4%) | $255,181 (7.7%) | 0.42 | 183 |
Springfield's median listing price comes in at 42% of the national average.
Springfield's average listing price for 2024-03-01 was $255,181, a difference of $18,202 (7.7%) versus the prior year and $1,806 versus the prior month.
For the 2024-03-01 period, Springfield had 183 MLS listings, a difference of 17 listings (10%) versus the prior month and 34 listings (23%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 89 days | 1,730 sqft |
| 2018-02-01 | 90 days | 1,763 sqft |
| 2018-03-01 | 68 days | 1,800 sqft |
| 2018-04-01 | 59 days | 1,802 sqft |
| 2018-05-01 | 58 days | 1,800 sqft |
| 2018-06-01 | 53 days | 1,841 sqft |
| 2018-07-01 | 57 days | 1,815 sqft |
| 2018-08-01 | 63 days | 1,806 sqft |
| 2018-09-01 | 69 days | 1,810 sqft |
| 2018-10-01 | 74 days | 1,831 sqft |
| 2018-11-01 | 76 days | 1,827 sqft |
| 2018-12-01 | 81 days | 1,736 sqft |
| 2019-01-01 | 89 days | 1,700 sqft |
| 2019-02-01 | 92 days | 1,700 sqft |
| 2019-03-01 | 69 days | 1,748 sqft |
| 2019-04-01 | 51 days | 1,820 sqft |
| 2019-05-01 | 51 days | 1,855 sqft |
| 2019-06-01 | 53 days | 1,866 sqft |
| 2019-07-01 | 56 days | 1,893 sqft |
| 2019-08-01 | 61 days | 1,891 sqft |
| 2019-09-01 | 65 days | 1,875 sqft |
| 2019-10-01 | 67 days | 1,874 sqft |
| 2019-11-01 | 70 days | 1,824 sqft |
| 2019-12-01 | 75 days | 1,773 sqft |
| 2020-01-01 | 84 days | 1,750 sqft |
| 2020-02-01 | 83 days | 1,744 sqft |
| 2020-03-01 | 67 days | 1,794 sqft |
| 2020-04-01 | 67 days | 1,800 sqft |
| 2020-05-01 | 65 days | 1,770 sqft |
| 2020-06-01 | 52 days | 1,862 sqft |
| 2020-07-01 | 50 days | 1,821 sqft |
| 2020-08-01 | 52 days | 1,714 sqft |
| 2020-09-01 | 52 days | 1,742 sqft |
| 2020-10-01 | 51 days | 1,688 sqft |
| 2020-11-01 | 51 days | 1,570 sqft |
| 2020-12-01 | 58 days | 1,526 sqft |
| 2021-01-01 | 68 days | 1,482 sqft |
| 2021-02-01 | 74 days | 1,445 sqft |
| 2021-03-01 | 63 days | 1,437 sqft |
| 2021-04-01 | 39 days | 1,421 sqft |
| 2021-05-01 | 30 days | 1,500 sqft |
| 2021-06-01 | 31 days | 1,559 sqft |
| 2021-07-01 | 38 days | 1,685 sqft |
| 2021-08-01 | 31 days | 1,676 sqft |
| 2021-09-01 | 39 days | 1,622 sqft |
| 2021-10-01 | 39 days | 1,602 sqft |
| 2021-11-01 | 45 days | 1,578 sqft |
| 2021-12-01 | 50 days | 1,631 sqft |
| 2022-01-01 | 64 days | 1,543 sqft |
| 2022-02-01 | 46 days | 1,562 sqft |
| 2022-03-01 | 34 days | 1,533 sqft |
| 2022-04-01 | 26 days | 1,607 sqft |
| 2022-05-01 | 27 days | 1,685 sqft |
| 2022-06-01 | 36 days | 1,721 sqft |
| 2022-07-01 | 35 days | 1,685 sqft |
| 2022-08-01 | 42 days | 1,749 sqft |
| 2022-09-01 | 42 days | 1,778 sqft |
| 2022-10-01 | 39 days | 1,784 sqft |
| 2022-11-01 | 39 days | 1,740 sqft |
| 2022-12-01 | 45 days | 1,710 sqft |
| 2023-01-01 | 56 days | 1,649 sqft |
| 2023-02-01 | 54 days | 1,662 sqft |
| 2023-03-01 | 46 days | 1,689 sqft |
| 2023-04-01 | 39 days | 1,700 sqft |
| 2023-05-01 | 37 days | 1,733 sqft |
| 2023-06-01 | 37 days | 1,787 sqft |
| 2023-07-01 | 36 days | 1,808 sqft |
| 2023-08-01 | 33 days | 1,882 sqft |
| 2023-09-01 | 38 days | 1,859 sqft |
| 2023-10-01 | 40 days | 1,844 sqft |
| 2023-11-01 | 40 days | 1,794 sqft |
| 2023-12-01 | 49 days | 1,741 sqft |
| 2024-01-01 | 52 days | 1,745 sqft |
| 2024-02-01 | 43 days | 1,759 sqft |
| 2024-03-01 | 35 days | 1,685 sqft |
Springfield's median square footage for active listings during the 2024-03-01 period was 1,685 sqft. One year prior, the average listing was 1,689 sqft.