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 9 lenders originated 9 USDA loans during 2023. The total origination value was $2,715,000, with an average USDA loan value of $301,667.
Springfield USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Springfield
averaged
6.68%
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 $5,879.
The average rate for the prior week (2024-04-12) was
6.33% and
one month ago for the week of 2024-03-15, the
average rate was 6.22%.
The average rate one year ago was 5.96%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.91%.
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 |
|---|---|---|---|
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 7.75% | $7,465 |
| GENEVA FINANCIAL, LLC | 1 | 6.50% | $13,995 |
| GUARANTEED RATE AFFINITY, LLC | 1 | 6.75% | $8,457 |
| GUILD MORTGAGE COMPANY | 1 | 6.63% | $11,450 |
| NEWREZ LLC | 1 | 6.75% | $7,767 |
| Northpointe Bank | 1 | 6.38% | $11,138 |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 1 | 6.88% | $11,744 |
| T2 FINANCIAL LLC | 1 | 7.63% | $11,101 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.25% | $7,615 |
The top Springfield USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
1 USDA loans originated. Their average total fees are
$7,465, which is $6,531
lower than the next largest lender,
GENEVA FINANCIAL, 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 | $264,450 (10.2%) | $315,743 (10.0%) | 0.93 | 1,358 |
| 2018-04-01 | $277,450 (11.0%) | $328,050 (11.3%) | 0.94 | 1,417 |
| 2018-05-01 | $279,900 (7.9%) | $329,061 (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 (2.4%) | $322,990 (4.4%) | 0.90 | 1,917 |
| 2018-09-01 | $259,900 (0.0%) | $319,000 (3.9%) | 0.87 | 1,983 |
| 2018-10-01 | $259,900 (2.9%) | $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 | $258,371 (-2.3%) | $322,308 (2.1%) | 0.84 | 1,305 |
| 2019-04-01 | $277,450 (0.0%) | $341,470 (4.1%) | 0.88 | 1,313 |
| 2019-05-01 | $288,400 (3.0%) | $347,196 (5.5%) | 0.90 | 1,462 |
| 2019-06-01 | $299,000 (7.2%) | $352,466 (7.4%) | 0.93 | 1,565 |
| 2019-07-01 | $295,000 (6.3%) | $350,600 (6.7%) | 0.92 | 1,614 |
| 2019-08-01 | $285,823 (6.7%) | $344,156 (6.6%) | 0.91 | 1,649 |
| 2019-09-01 | $279,707 (7.6%) | $335,682 (5.2%) | 0.90 | 1,681 |
| 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 (16.1%) | $357,402 (10.9%) | 0.94 | 1,087 |
| 2020-04-01 | $299,900 (8.1%) | $362,913 (6.3%) | 0.94 | 1,054 |
| 2020-05-01 | $324,900 (12.7%) | $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%) | $398,264 (13.6%) | 1.00 | 878 |
| 2020-08-01 | $349,000 (22.1%) | $411,168 (19.5%) | 1.00 | 849 |
| 2020-09-01 | $346,950 (24.0%) | $413,393 (23.2%) | 0.99 | 871 |
| 2020-10-01 | $325,000 (18.2%) | $396,248 (20.5%) | 0.93 | 898 |
| 2020-11-01 | $306,175 (13.7%) | $389,205 (18.6%) | 0.90 | 796 |
| 2020-12-01 | $289,455 (6.4%) | $374,207 (13.0%) | 0.86 | 717 |
| 2021-01-01 | $299,000 (10.2%) | $390,192 (17.7%) | 0.89 | 582 |
| 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 (6.9%) | 0.91 | 648 |
| 2021-08-01 | $339,950 (-2.6%) | $414,764 (0.9%) | 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 (-0.6%) | $415,806 (6.8%) | 0.81 | 607 |
| 2021-12-01 | $303,900 (5.0%) | $412,733 (10.3%) | 0.82 | 507 |
| 2022-01-01 | $325,000 (8.7%) | $414,897 (6.3%) | 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 | $355,900 (-2.1%) | $431,126 (-2.0%) | 0.85 | 392 |
| 2022-05-01 | $355,500 (1.6%) | $422,312 (-1.1%) | 0.81 | 504 |
| 2022-06-01 | $352,125 (3.7%) | $432,145 (1.4%) | 0.78 | 648 |
| 2022-07-01 | $349,525 (0.9%) | $421,054 (-1.1%) | 0.79 | 766 |
| 2022-08-01 | $344,925 (1.5%) | $416,833 (0.5%) | 0.80 | 771 |
| 2022-09-01 | $350,000 (13.1%) | $423,518 (4.6%) | 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%) | 0.82 | 426 |
| 2023-04-01 | $369,000 (3.7%) | $485,736 (12.7%) | 0.86 | 437 |
| 2023-05-01 | $383,250 (7.8%) | $492,285 (16.6%) | 0.87 | 474 |
| 2023-06-01 | $386,950 (9.9%) | $511,045 (18.3%) | 0.87 | 477 |
| 2023-07-01 | $377,450 (8.0%) | $503,902 (19.7%) | 0.86 | 521 |
| 2023-08-01 | $373,675 (8.3%) | $494,165 (18.6%) | 0.86 | 555 |
| 2023-09-01 | $379,263 (8.4%) | $497,378 (17.4%) | 0.88 | 572 |
| 2023-10-01 | $368,675 (5.4%) | $479,805 (12.4%) | 0.87 | 643 |
| 2023-11-01 | $350,000 (1.6%) | $468,391 (11.9%) | 0.83 | 623 |
| 2023-12-01 | $349,900 (2.9%) | $476,796 (14.6%) | 0.85 | 522 |
| 2024-01-01 | $349,900 (6.9%) | $480,035 (12.3%) | 0.85 | 446 |
| 2024-02-01 | $350,000 (8.5%) | $488,882 (9.5%) | 0.84 | 389 |
| 2024-03-01 | $350,000 (1.2%) | $505,335 (8.4%) | 0.82 | 382 |
Springfield's median listing price comes in at 82% of the national average.
Springfield's average listing price for 2024-03-01 was $505,335, a difference of $39,071 (8.4%) versus the prior year and $16,453 versus the prior month.
For the 2024-03-01 period, Springfield had 382 MLS listings, a difference of -7 listings (-2%) versus the prior month and -44 listings (-10%) 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 | 87 days | 1,641 sqft |
| 2018-02-01 | 84 days | 1,654 sqft |
| 2018-03-01 | 58 days | 1,714 sqft |
| 2018-04-01 | 46 days | 1,792 sqft |
| 2018-05-01 | 39 days | 1,800 sqft |
| 2018-06-01 | 39 days | 1,800 sqft |
| 2018-07-01 | 47 days | 1,795 sqft |
| 2018-08-01 | 53 days | 1,761 sqft |
| 2018-09-01 | 60 days | 1,734 sqft |
| 2018-10-01 | 61 days | 1,736 sqft |
| 2018-11-01 | 65 days | 1,746 sqft |
| 2018-12-01 | 72 days | 1,723 sqft |
| 2019-01-01 | 80 days | 1,701 sqft |
| 2019-02-01 | 75 days | 1,710 sqft |
| 2019-03-01 | 61 days | 1,762 sqft |
| 2019-04-01 | 44 days | 1,822 sqft |
| 2019-05-01 | 39 days | 1,832 sqft |
| 2019-06-01 | 40 days | 1,858 sqft |
| 2019-07-01 | 47 days | 1,839 sqft |
| 2019-08-01 | 53 days | 1,813 sqft |
| 2019-09-01 | 56 days | 1,789 sqft |
| 2019-10-01 | 56 days | 1,772 sqft |
| 2019-11-01 | 61 days | 1,748 sqft |
| 2019-12-01 | 73 days | 1,737 sqft |
| 2020-01-01 | 78 days | 1,741 sqft |
| 2020-02-01 | 66 days | 1,735 sqft |
| 2020-03-01 | 49 days | 1,800 sqft |
| 2020-04-01 | 56 days | 1,792 sqft |
| 2020-05-01 | 64 days | 1,801 sqft |
| 2020-06-01 | 49 days | 1,867 sqft |
| 2020-07-01 | 46 days | 1,840 sqft |
| 2020-08-01 | 43 days | 1,872 sqft |
| 2020-09-01 | 38 days | 1,843 sqft |
| 2020-10-01 | 36 days | 1,784 sqft |
| 2020-11-01 | 46 days | 1,737 sqft |
| 2020-12-01 | 55 days | 1,691 sqft |
| 2021-01-01 | 58 days | 1,700 sqft |
| 2021-02-01 | 52 days | 1,750 sqft |
| 2021-03-01 | 33 days | 1,743 sqft |
| 2021-04-01 | 19 days | 1,791 sqft |
| 2021-05-01 | 18 days | 1,770 sqft |
| 2021-06-01 | 18 days | 1,715 sqft |
| 2021-07-01 | 26 days | 1,732 sqft |
| 2021-08-01 | 25 days | 1,725 sqft |
| 2021-09-01 | 29 days | 1,656 sqft |
| 2021-10-01 | 30 days | 1,612 sqft |
| 2021-11-01 | 31 days | 1,640 sqft |
| 2021-12-01 | 42 days | 1,644 sqft |
| 2022-01-01 | 46 days | 1,638 sqft |
| 2022-02-01 | 23 days | 1,636 sqft |
| 2022-03-01 | 21 days | 1,616 sqft |
| 2022-04-01 | 17 days | 1,727 sqft |
| 2022-05-01 | 16 days | 1,738 sqft |
| 2022-06-01 | 18 days | 1,742 sqft |
| 2022-07-01 | 25 days | 1,729 sqft |
| 2022-08-01 | 33 days | 1,695 sqft |
| 2022-09-01 | 35 days | 1,709 sqft |
| 2022-10-01 | 38 days | 1,700 sqft |
| 2022-11-01 | 39 days | 1,684 sqft |
| 2022-12-01 | 47 days | 1,698 sqft |
| 2023-01-01 | 54 days | 1,688 sqft |
| 2023-02-01 | 38 days | 1,623 sqft |
| 2023-03-01 | 35 days | 1,689 sqft |
| 2023-04-01 | 20 days | 1,708 sqft |
| 2023-05-01 | 19 days | 1,691 sqft |
| 2023-06-01 | 19 days | 1,747 sqft |
| 2023-07-01 | 23 days | 1,749 sqft |
| 2023-08-01 | 25 days | 1,742 sqft |
| 2023-09-01 | 30 days | 1,759 sqft |
| 2023-10-01 | 30 days | 1,736 sqft |
| 2023-11-01 | 34 days | 1,682 sqft |
| 2023-12-01 | 45 days | 1,646 sqft |
| 2024-01-01 | 47 days | 1,595 sqft |
| 2024-02-01 | 38 days | 1,600 sqft |
| 2024-03-01 | 27 days | 1,610 sqft |
Springfield's median square footage for active listings during the 2024-03-01 period was 1,610 sqft. One year prior, the average listing was 1,689 sqft.