Springfield USDA Loan Rates, Closing Costs & Stats
SPRINGFIELD, MA
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 13 lenders originated 15 USDA loans during 2022. The total origination value was $3,715,000, with an average USDA loan value of $247,667.
Springfield USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Springfield
averaged
6%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Springfield's average USDA mortgage closing costs are $5,755.
The average rate for the prior week (2023-05-19) was
6.14% and
one month ago for the week of 2023-04-21, the
average rate was 6.05%.
The average rate one year ago was 4.67%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.95%.
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| ACADEMY MORTGAGE CORPORATION | 2 | 5.19% | $10,675 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 5.20% | $4,733 |
| CHURCHILL MORTGAGE CORPORATION | 1 | 4.13% | $5,641 |
| EMM LOANS LLC | 1 | 4.75% | $14,834 |
| Evolve Bank & Trust | 1 | 6.00% | $7,310 |
| FINANCE OF AMERICA MORTGAGE LLC | 1 | 4.25% | $11,162 |
| FREEDOM MORTGAGE CORPORATION | 1 | 3.50% | $7,111 |
| GENEVA FINANCIAL, LLC | 1 | 6.50% | $11,933 |
| GUARANTEED RATE, INC. | 1 | 5.28% | $9,439 |
| GUILD MORTGAGE COMPANY | 1 | 3.50% | $7,568 |
| LAKEVIEW LOAN SERVICING, LLC | 1 | 3.63% | $3,070 |
| MOVEMENT MORTGAGE, LLC | 1 | 2.88% | $9,836 |
| CALIBER HOME LOANS, INC. | 1 | 3.38% | $6,687 |
The top Springfield USDA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with
2 USDA loans originated. Their average total fees are
$10,675, which is $5,943
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
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 | $244,900 (8.9%) | $300,694 (12.9%) | 0.91 | 1,387 |
| 2018-02-01 | $249,900 (11.1%) | $304,182 (11.8%) | 0.91 | 1,325 |
| 2018-03-01 | $264,900 (10.4%) | $315,824 (10.0%) | 0.93 | 1,357 |
| 2018-04-01 | $277,450 (11.0%) | $328,050 (11.3%) | 0.94 | 1,417 |
| 2018-05-01 | $279,900 (7.9%) | $329,059 (9.0%) | 0.93 | 1,641 |
| 2018-06-01 | $279,000 (7.4%) | $328,173 (7.2%) | 0.93 | 1,797 |
| 2018-07-01 | $277,450 (6.8%) | $328,610 (6.4%) | 0.93 | 1,881 |
| 2018-08-01 | $267,900 (2.3%) | $322,990 (4.3%) | 0.90 | 1,917 |
| 2018-09-01 | $259,900 (0.0%) | $319,000 (3.9%) | 0.87 | 1,983 |
| 2018-10-01 | $259,900 (2.7%) | $318,728 (4.6%) | 0.88 | 1,989 |
| 2018-11-01 | $259,900 (4.0%) | $318,556 (4.4%) | 0.88 | 1,835 |
| 2018-12-01 | $249,900 (0.0%) | $309,985 (2.6%) | 0.86 | 1,633 |
| 2019-01-01 | $249,900 (2.0%) | $305,196 (1.5%) | 0.86 | 1,394 |
| 2019-02-01 | $245,950 (-1.6%) | $307,953 (1.2%) | 0.83 | 1,316 |
| 2019-03-01 | $259,900 (-1.9%) | $321,216 (1.7%) | 0.87 | 1,293 |
| 2019-04-01 | $277,450 (0.0%) | $341,483 (4.1%) | 0.88 | 1,309 |
| 2019-05-01 | $288,150 (3.0%) | $347,168 (5.5%) | 0.90 | 1,461 |
| 2019-06-01 | $299,000 (7.2%) | $352,443 (7.4%) | 0.93 | 1,564 |
| 2019-07-01 | $295,000 (6.3%) | $350,796 (6.8%) | 0.92 | 1,614 |
| 2019-08-01 | $289,900 (8.2%) | $349,069 (8.1%) | 0.91 | 1,608 |
| 2019-09-01 | $289,900 (11.5%) | $347,084 (8.8%) | 0.91 | 1,515 |
| 2019-10-01 | $274,975 (5.8%) | $328,933 (3.2%) | 0.89 | 1,707 |
| 2019-11-01 | $269,225 (3.6%) | $328,210 (3.0%) | 0.88 | 1,535 |
| 2019-12-01 | $272,175 (8.9%) | $331,038 (6.8%) | 0.91 | 1,292 |
| 2020-01-01 | $271,450 (8.6%) | $331,611 (8.7%) | 0.91 | 1,125 |
| 2020-02-01 | $272,400 (10.8%) | $331,979 (7.8%) | 0.89 | 1,074 |
| 2020-03-01 | $299,900 (15.4%) | $357,402 (11.3%) | 0.94 | 1,087 |
| 2020-04-01 | $299,900 (8.1%) | $362,913 (6.3%) | 0.94 | 1,054 |
| 2020-05-01 | $324,900 (12.8%) | $378,411 (9.0%) | 0.99 | 1,020 |
| 2020-06-01 | $338,450 (13.2%) | $394,299 (11.9%) | 1.00 | 965 |
| 2020-07-01 | $343,850 (16.6%) | $398,071 (13.5%) | 1.00 | 879 |
| 2020-08-01 | $349,000 (20.4%) | $410,330 (17.6%) | 1.00 | 848 |
| 2020-09-01 | $346,950 (19.7%) | $413,333 (19.1%) | 0.99 | 871 |
| 2020-10-01 | $324,950 (18.2%) | $396,118 (20.4%) | 0.93 | 898 |
| 2020-11-01 | $304,725 (13.2%) | $388,663 (18.4%) | 0.89 | 796 |
| 2020-12-01 | $288,975 (6.2%) | $373,835 (12.9%) | 0.86 | 718 |
| 2021-01-01 | $299,000 (10.2%) | $389,655 (17.5%) | 0.89 | 583 |
| 2021-02-01 | $327,450 (20.2%) | $406,478 (22.4%) | 0.95 | 483 |
| 2021-03-01 | $344,825 (15.0%) | $422,690 (18.3%) | 0.98 | 448 |
| 2021-04-01 | $363,625 (21.3%) | $439,802 (21.2%) | 0.98 | 467 |
| 2021-05-01 | $350,000 (7.7%) | $427,173 (12.9%) | 0.93 | 534 |
| 2021-06-01 | $339,725 (0.4%) | $426,378 (8.1%) | 0.89 | 618 |
| 2021-07-01 | $346,500 (0.8%) | $425,902 (7.0%) | 0.91 | 648 |
| 2021-08-01 | $339,950 (-2.6%) | $414,764 (1.1%) | 0.91 | 724 |
| 2021-09-01 | $309,450 (-10.8%) | $404,946 (-2.0%) | 0.83 | 701 |
| 2021-10-01 | $300,000 (-7.7%) | $399,008 (0.7%) | 0.80 | 663 |
| 2021-11-01 | $304,500 (-0.1%) | $415,806 (7.0%) | 0.81 | 607 |
| 2021-12-01 | $303,900 (5.2%) | $412,733 (10.4%) | 0.82 | 507 |
| 2022-01-01 | $325,000 (8.7%) | $414,897 (6.5%) | 0.88 | 394 |
| 2022-02-01 | $315,000 (-3.8%) | $407,652 (0.3%) | 0.82 | 357 |
| 2022-03-01 | $326,950 (-5.2%) | $409,968 (-3.0%) | 0.82 | 342 |
| 2022-04-01 | $355,450 (-2.3%) | $430,013 (-2.2%) | 0.85 | 391 |
| 2022-05-01 | $353,500 (1.0%) | $421,351 (-1.4%) | 0.81 | 503 |
| 2022-06-01 | $350,000 (3.0%) | $431,448 (1.2%) | 0.78 | 647 |
| 2022-07-01 | $349,263 (0.8%) | $420,420 (-1.3%) | 0.79 | 765 |
| 2022-08-01 | $344,900 (1.5%) | $416,251 (0.4%) | 0.80 | 770 |
| 2022-09-01 | $350,000 (13.1%) | $422,939 (4.4%) | 0.82 | 761 |
| 2022-10-01 | $349,900 (16.6%) | $426,954 (7.0%) | 0.82 | 721 |
| 2022-11-01 | $344,500 (13.1%) | $418,506 (0.7%) | 0.83 | 689 |
| 2022-12-01 | $340,000 (11.9%) | $416,000 (0.8%) | 0.84 | 595 |
| 2023-01-01 | $327,450 (0.8%) | $427,648 (3.1%) | 0.81 | 537 |
| 2023-02-01 | $322,450 (2.4%) | $446,635 (9.6%) | 0.78 | 455 |
| 2023-03-01 | $345,725 (5.7%) | $466,264 (13.7%) | 0.81 | 426 |
| 2023-04-01 | $369,000 (3.8%) | $485,736 (13.0%) | 0.86 | 437 |
Springfield's median listing price comes in at 86% of the national average.
Springfield's average listing price for 2023-04-01 was $485,736, a difference of $55,723 (13.0%) versus the prior year and $19,472 versus the prior month.
For the 2023-04-01 period, Springfield had 437 MLS listings, a difference of 11 listings (3%) versus the prior month and 46 listings (12%) 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 | 93 days | 1,641 sqft |
| 2018-02-01 | 95 days | 1,654 sqft |
| 2018-03-01 | 66 days | 1,714 sqft |
| 2018-04-01 | 51 days | 1,792 sqft |
| 2018-05-01 | 44 days | 1,800 sqft |
| 2018-06-01 | 43 days | 1,800 sqft |
| 2018-07-01 | 51 days | 1,795 sqft |
| 2018-08-01 | 58 days | 1,761 sqft |
| 2018-09-01 | 65 days | 1,734 sqft |
| 2018-10-01 | 67 days | 1,736 sqft |
| 2018-11-01 | 72 days | 1,746 sqft |
| 2018-12-01 | 77 days | 1,723 sqft |
| 2019-01-01 | 85 days | 1,701 sqft |
| 2019-02-01 | 82 days | 1,710 sqft |
| 2019-03-01 | 57 days | 1,758 sqft |
| 2019-04-01 | 49 days | 1,821 sqft |
| 2019-05-01 | 42 days | 1,831 sqft |
| 2019-06-01 | 45 days | 1,857 sqft |
| 2019-07-01 | 51 days | 1,839 sqft |
| 2019-08-01 | 64 days | 1,833 sqft |
| 2019-09-01 | 73 days | 1,838 sqft |
| 2019-10-01 | 61 days | 1,768 sqft |
| 2019-11-01 | 65 days | 1,748 sqft |
| 2019-12-01 | 77 days | 1,737 sqft |
| 2020-01-01 | 83 days | 1,741 sqft |
| 2020-02-01 | 73 days | 1,735 sqft |
| 2020-03-01 | 54 days | 1,800 sqft |
| 2020-04-01 | 62 days | 1,792 sqft |
| 2020-05-01 | 71 days | 1,801 sqft |
| 2020-06-01 | 57 days | 1,867 sqft |
| 2020-07-01 | 51 days | 1,840 sqft |
| 2020-08-01 | 50 days | 1,873 sqft |
| 2020-09-01 | 44 days | 1,843 sqft |
| 2020-10-01 | 41 days | 1,780 sqft |
| 2020-11-01 | 49 days | 1,737 sqft |
| 2020-12-01 | 59 days | 1,691 sqft |
| 2021-01-01 | 61 days | 1,700 sqft |
| 2021-02-01 | 60 days | 1,750 sqft |
| 2021-03-01 | 41 days | 1,743 sqft |
| 2021-04-01 | 22 days | 1,791 sqft |
| 2021-05-01 | 19 days | 1,770 sqft |
| 2021-06-01 | 19 days | 1,715 sqft |
| 2021-07-01 | 27 days | 1,732 sqft |
| 2021-08-01 | 27 days | 1,725 sqft |
| 2021-09-01 | 30 days | 1,656 sqft |
| 2021-10-01 | 31 days | 1,612 sqft |
| 2021-11-01 | 33 days | 1,640 sqft |
| 2021-12-01 | 45 days | 1,644 sqft |
| 2022-01-01 | 51 days | 1,638 sqft |
| 2022-02-01 | 24 days | 1,636 sqft |
| 2022-03-01 | 25 days | 1,616 sqft |
| 2022-04-01 | 17 days | 1,722 sqft |
| 2022-05-01 | 16 days | 1,734 sqft |
| 2022-06-01 | 19 days | 1,742 sqft |
| 2022-07-01 | 26 days | 1,728 sqft |
| 2022-08-01 | 35 days | 1,694 sqft |
| 2022-09-01 | 36 days | 1,708 sqft |
| 2022-10-01 | 38 days | 1,700 sqft |
| 2022-11-01 | 41 days | 1,684 sqft |
| 2022-12-01 | 50 days | 1,698 sqft |
| 2023-01-01 | 56 days | 1,688 sqft |
| 2023-02-01 | 40 days | 1,623 sqft |
| 2023-03-01 | 37 days | 1,689 sqft |
| 2023-04-01 | 23 days | 1,708 sqft |
Springfield's median square footage for active listings during the 2023-04-01 period was 1,708 sqft. One year prior, the average listing was 1,722 sqft.