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 0% for the week of 2024-11-29, compared to the national average (all USDA variants) of 0% for the same period.

Springfield's average USDA mortgage closing costs are $3,438.

The average rate for the prior week (2024-11-22) was 6.3% and one month ago for the week of 2024-10-25, the average rate was 6.5%.

The average rate one year ago was 7.21%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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
2024-04-01 $198,675 (10.4%) $260,212 (3.7%) 0.46 199
2024-05-01 $216,225 (18.4%) $283,367 (6.5%) 0.49 208
2024-06-01 $207,250 (11.2%) $278,733 (0.6%) 0.47 217
2024-07-01 $211,200 (17.4%) $278,215 (3.9%) 0.48 221
2024-08-01 $209,900 (7.9%) $273,936 (-0.9%) 0.49 240
2024-09-01 $209,075 (17.8%) $279,745 (3.1%) 0.49 259
2024-10-01 $199,125 (15.5%) $283,385 (8.7%) 0.47 248
Springfield's median listing price for 2024-10-01 was $199,125, a difference of $26,650 (15.5%) versus the prior year and $-9,950 versus the prior month.

Springfield's median listing price comes in at 47% of the national average.

Springfield's average listing price for 2024-10-01 was $283,385, a difference of $22,640 (8.7%) versus the prior year and $3,640 versus the prior month.

For the 2024-10-01 period, Springfield had 248 MLS listings, a difference of -11 listings (-4%) versus the prior month and 36 listings (17%) 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
2024-04-01 32 days 1,733 sqft
2024-05-01 23 days 1,808 sqft
2024-06-01 33 days 1,792 sqft
2024-07-01 32 days 1,821 sqft
2024-08-01 36 days 1,863 sqft
2024-09-01 37 days 1,852 sqft
2024-10-01 38 days 1,857 sqft
Springfield's median listing age (time on market) for 2024-10-01 was 38 days. This is -4% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2024-10-01 period was 1,857 sqft. One year prior, the average listing was 1,844 sqft.