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
6.44%
for the week of 2025-02-14, compared to the national average (all USDA variants) of
6.526% for the same period.
Springfield's average USDA mortgage closing costs are $5,879.
The average rate for the prior week (2025-02-07) was
6.3% and
one month ago for the week of 2025-01-10, the
average rate was 6.35%.
The average rate one year ago was 6.34%.
For refis of the same type during the week of 2025-02-14, the average rate
was 6.97%.
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 | $219,900 (15.8%) | $269,640 (12.6%) | 0.91 | 834 |
| 2018-02-01 | $222,494 (14.4%) | $271,836 (10.0%) | 0.91 | 804 |
| 2018-03-01 | $239,900 (14.1%) | $280,963 (8.8%) | 0.93 | 813 |
| 2018-04-01 | $248,450 (12.4%) | $293,341 (10.0%) | 0.94 | 860 |
| 2018-05-01 | $249,950 (8.9%) | $294,335 (6.7%) | 0.93 | 998 |
| 2018-06-01 | $249,900 (5.2%) | $296,475 (6.6%) | 0.93 | 1,069 |
| 2018-07-01 | $249,900 (4.6%) | $298,909 (6.7%) | 0.93 | 1,148 |
| 2018-08-01 | $239,900 (2.1%) | $292,279 (4.6%) | 0.90 | 1,190 |
| 2018-09-01 | $239,000 (2.2%) | $288,269 (4.2%) | 0.87 | 1,229 |
| 2018-10-01 | $237,075 (3.3%) | $285,583 (3.7%) | 0.88 | 1,231 |
| 2018-11-01 | $232,400 (3.3%) | $281,525 (2.3%) | 0.88 | 1,132 |
| 2018-12-01 | $224,900 (2.3%) | $272,879 (-0.1%) | 0.86 | 1,016 |
| 2019-01-01 | $225,850 (2.7%) | $269,264 (-0.1%) | 0.86 | 880 |
| 2019-02-01 | $225,561 (1.4%) | $272,008 (0.1%) | 0.83 | 837 |
| 2019-03-01 | $235,614 (-1.8%) | $282,346 (0.5%) | 0.84 | 814 |
| 2019-04-01 | $249,900 (0.6%) | $297,955 (1.6%) | 0.88 | 796 |
| 2019-05-01 | $254,900 (2.0%) | $309,415 (5.1%) | 0.90 | 839 |
| 2019-06-01 | $259,900 (4.0%) | $312,213 (5.3%) | 0.93 | 900 |
| 2019-07-01 | $259,075 (3.7%) | $308,830 (3.3%) | 0.92 | 931 |
| 2019-08-01 | $253,609 (5.7%) | $304,096 (4.0%) | 0.91 | 963 |
| 2019-09-01 | $251,523 (5.2%) | $299,571 (3.9%) | 0.90 | 1,000 |
| 2019-10-01 | $249,900 (5.4%) | $294,661 (3.2%) | 0.89 | 1,019 |
| 2019-11-01 | $242,500 (4.4%) | $291,941 (3.7%) | 0.88 | 907 |
| 2019-12-01 | $235,925 (4.9%) | $289,675 (6.2%) | 0.91 | 761 |
| 2020-01-01 | $242,400 (7.3%) | $297,487 (10.5%) | 0.91 | 680 |
| 2020-02-01 | $249,900 (10.8%) | $305,632 (12.4%) | 0.89 | 651 |
| 2020-03-01 | $279,947 (18.8%) | $331,316 (17.3%) | 0.94 | 638 |
| 2020-04-01 | $279,900 (12.0%) | $328,207 (10.2%) | 0.94 | 630 |
| 2020-05-01 | $289,000 (13.4%) | $339,209 (9.6%) | 0.99 | 581 |
| 2020-06-01 | $299,950 (15.4%) | $352,067 (12.8%) | 1.00 | 545 |
| 2020-07-01 | $299,900 (15.8%) | $353,411 (14.4%) | 1.00 | 495 |
| 2020-08-01 | $315,000 (24.2%) | $364,117 (19.7%) | 1.00 | 480 |
| 2020-09-01 | $299,900 (19.2%) | $368,968 (23.2%) | 0.99 | 485 |
| 2020-10-01 | $299,000 (19.7%) | $362,699 (23.1%) | 0.93 | 530 |
| 2020-11-01 | $269,603 (11.2%) | $342,126 (17.2%) | 0.90 | 477 |
| 2020-12-01 | $254,950 (8.1%) | $333,376 (15.1%) | 0.86 | 430 |
| 2021-01-01 | $250,000 (3.1%) | $344,136 (15.7%) | 0.89 | 339 |
| 2021-02-01 | $276,700 (10.7%) | $352,048 (15.2%) | 0.95 | 280 |
| 2021-03-01 | $298,450 (6.6%) | $373,032 (12.6%) | 0.98 | 262 |
| 2021-04-01 | $312,475 (11.6%) | $385,827 (17.6%) | 0.98 | 269 |
| 2021-05-01 | $299,900 (3.8%) | $374,684 (10.5%) | 0.93 | 315 |
| 2021-06-01 | $299,675 (-0.1%) | $385,361 (9.5%) | 0.89 | 351 |
| 2021-07-01 | $295,000 (-1.6%) | $382,269 (8.2%) | 0.91 | 393 |
| 2021-08-01 | $299,350 (-5.0%) | $375,638 (3.2%) | 0.91 | 454 |
| 2021-09-01 | $284,500 (-5.1%) | $365,342 (-1.0%) | 0.83 | 439 |
| 2021-10-01 | $274,675 (-8.1%) | $351,310 (-3.1%) | 0.80 | 413 |
| 2021-11-01 | $270,400 (0.3%) | $359,013 (4.9%) | 0.81 | 367 |
| 2021-12-01 | $267,450 (4.9%) | $356,919 (7.1%) | 0.82 | 316 |
| 2022-01-01 | $275,000 (10.0%) | $350,962 (2.0%) | 0.88 | 248 |
| 2022-02-01 | $282,497 (2.1%) | $352,937 (0.3%) | 0.82 | 233 |
| 2022-03-01 | $287,175 (-3.8%) | $358,158 (-4.0%) | 0.82 | 221 |
| 2022-04-01 | $314,458 (0.6%) | $379,656 (-1.6%) | 0.85 | 240 |
| 2022-05-01 | $307,475 (2.5%) | $372,941 (-0.5%) | 0.81 | 323 |
| 2022-06-01 | $322,500 (7.6%) | $385,188 (-0.1%) | 0.78 | 409 |
| 2022-07-01 | $299,900 (1.7%) | $367,596 (-3.8%) | 0.79 | 484 |
| 2022-08-01 | $299,900 (0.2%) | $364,967 (-2.8%) | 0.80 | 479 |
| 2022-09-01 | $314,975 (10.7%) | $373,374 (2.2%) | 0.82 | 466 |
| 2022-10-01 | $314,900 (14.6%) | $371,401 (5.7%) | 0.82 | 446 |
| 2022-11-01 | $314,175 (16.2%) | $369,983 (3.1%) | 0.83 | 415 |
| 2022-12-01 | $299,987 (12.2%) | $361,857 (1.4%) | 0.84 | 363 |
| 2023-01-01 | $294,900 (7.2%) | $349,483 (-0.4%) | 0.81 | 332 |
| 2023-02-01 | $297,450 (5.3%) | $343,503 (-2.7%) | 0.78 | 307 |
| 2023-03-01 | $311,050 (8.3%) | $361,482 (0.9%) | 0.82 | 268 |
| 2023-04-01 | $325,000 (3.4%) | $380,579 (0.2%) | 0.86 | 276 |
| 2023-05-01 | $344,175 (11.9%) | $389,652 (4.5%) | 0.87 | 291 |
| 2023-06-01 | $345,400 (7.1%) | $417,028 (8.3%) | 0.87 | 290 |
| 2023-07-01 | $349,900 (16.7%) | $415,426 (13.0%) | 0.86 | 319 |
| 2023-08-01 | $339,950 (13.4%) | $408,020 (11.8%) | 0.86 | 341 |
| 2023-09-01 | $332,450 (5.6%) | $405,884 (8.7%) | 0.88 | 353 |
| 2023-10-01 | $327,450 (4.0%) | $395,177 (6.4%) | 0.87 | 405 |
| 2023-11-01 | $325,000 (3.5%) | $383,578 (3.7%) | 0.83 | 392 |
| 2023-12-01 | $316,950 (5.7%) | $380,885 (5.3%) | 0.85 | 340 |
| 2024-01-01 | $320,925 (8.8%) | $383,699 (9.8%) | 0.85 | 278 |
| 2024-02-01 | $307,494 (3.4%) | $383,438 (11.6%) | 0.84 | 246 |
| 2024-03-01 | $324,900 (4.5%) | $401,846 (11.2%) | 0.82 | 249 |
| 2024-04-01 | $333,000 (2.5%) | $407,910 (7.2%) | 0.91 | 260 |
| 2024-05-01 | $349,950 (1.7%) | $425,943 (9.3%) | 0.90 | 320 |
| 2024-06-01 | $335,000 (-3.0%) | $416,143 (-0.2%) | 0.90 | 364 |
| 2024-07-01 | $338,225 (-3.3%) | $419,018 (0.9%) | 0.90 | 357 |
| 2024-08-01 | $350,000 (3.0%) | $434,595 (6.5%) | 0.93 | 383 |
| 2024-09-01 | $344,950 (3.8%) | $421,269 (3.8%) | 0.93 | 460 |
| 2024-10-01 | $341,950 (4.4%) | $410,651 (3.9%) | 0.91 | 508 |
| 2024-11-01 | $329,900 (1.5%) | $393,262 (2.5%) | 0.88 | 498 |
| 2024-12-01 | $330,000 (4.1%) | $397,518 (4.4%) | 0.91 | 417 |
| 2025-01-01 | $328,161 (2.3%) | $385,830 (0.6%) | 0.00 | 376 |
Springfield's median listing price comes in at 0% of the national average.
Springfield's average listing price for 2025-01-01 was $385,830, a difference of $2,131 (0.6%) versus the prior year and $-11,688 versus the prior month.
For the 2025-01-01 period, Springfield had 376 MLS listings, a difference of -41 listings (-10%) versus the prior month and 98 listings (35%) 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 | 1,589 sqft |
| 2018-02-01 | 84 days | 1,612 sqft |
| 2018-03-01 | 58 days | 1,656 sqft |
| 2018-04-01 | 46 days | 1,725 sqft |
| 2018-05-01 | 39 days | 1,728 sqft |
| 2018-06-01 | 39 days | 1,737 sqft |
| 2018-07-01 | 47 days | 1,751 sqft |
| 2018-08-01 | 53 days | 1,710 sqft |
| 2018-09-01 | 60 days | 1,680 sqft |
| 2018-10-01 | 61 days | 1,665 sqft |
| 2018-11-01 | 65 days | 1,680 sqft |
| 2018-12-01 | 72 days | 1,659 sqft |
| 2019-01-01 | 80 days | 1,633 sqft |
| 2019-02-01 | 75 days | 1,639 sqft |
| 2019-03-01 | 61 days | 1,684 sqft |
| 2019-04-01 | 44 days | 1,755 sqft |
| 2019-05-01 | 39 days | 1,767 sqft |
| 2019-06-01 | 40 days | 1,762 sqft |
| 2019-07-01 | 47 days | 1,741 sqft |
| 2019-08-01 | 53 days | 1,726 sqft |
| 2019-09-01 | 56 days | 1,709 sqft |
| 2019-10-01 | 56 days | 1,696 sqft |
| 2019-11-01 | 61 days | 1,683 sqft |
| 2019-12-01 | 73 days | 1,626 sqft |
| 2020-01-01 | 78 days | 1,642 sqft |
| 2020-02-01 | 66 days | 1,674 sqft |
| 2020-03-01 | 49 days | 1,755 sqft |
| 2020-04-01 | 56 days | 1,737 sqft |
| 2020-05-01 | 64 days | 1,764 sqft |
| 2020-06-01 | 49 days | 1,801 sqft |
| 2020-07-01 | 46 days | 1,783 sqft |
| 2020-08-01 | 43 days | 1,801 sqft |
| 2020-09-01 | 38 days | 1,793 sqft |
| 2020-10-01 | 36 days | 1,737 sqft |
| 2020-11-01 | 46 days | 1,650 sqft |
| 2020-12-01 | 55 days | 1,622 sqft |
| 2021-01-01 | 58 days | 1,600 sqft |
| 2021-02-01 | 52 days | 1,673 sqft |
| 2021-03-01 | 33 days | 1,673 sqft |
| 2021-04-01 | 19 days | 1,730 sqft |
| 2021-05-01 | 18 days | 1,688 sqft |
| 2021-06-01 | 18 days | 1,685 sqft |
| 2021-07-01 | 26 days | 1,641 sqft |
| 2021-08-01 | 25 days | 1,648 sqft |
| 2021-09-01 | 29 days | 1,610 sqft |
| 2021-10-01 | 30 days | 1,569 sqft |
| 2021-11-01 | 31 days | 1,562 sqft |
| 2021-12-01 | 42 days | 1,569 sqft |
| 2022-01-01 | 46 days | 1,541 sqft |
| 2022-02-01 | 23 days | 1,579 sqft |
| 2022-03-01 | 21 days | 1,607 sqft |
| 2022-04-01 | 17 days | 1,704 sqft |
| 2022-05-01 | 16 days | 1,694 sqft |
| 2022-06-01 | 18 days | 1,731 sqft |
| 2022-07-01 | 25 days | 1,656 sqft |
| 2022-08-01 | 33 days | 1,633 sqft |
| 2022-09-01 | 35 days | 1,628 sqft |
| 2022-10-01 | 38 days | 1,638 sqft |
| 2022-11-01 | 39 days | 1,637 sqft |
| 2022-12-01 | 47 days | 1,619 sqft |
| 2023-01-01 | 54 days | 1,564 sqft |
| 2023-02-01 | 38 days | 1,534 sqft |
| 2023-03-01 | 35 days | 1,613 sqft |
| 2023-04-01 | 20 days | 1,622 sqft |
| 2023-05-01 | 19 days | 1,615 sqft |
| 2023-06-01 | 19 days | 1,680 sqft |
| 2023-07-01 | 23 days | 1,720 sqft |
| 2023-08-01 | 25 days | 1,673 sqft |
| 2023-09-01 | 30 days | 1,670 sqft |
| 2023-10-01 | 30 days | 1,662 sqft |
| 2023-11-01 | 34 days | 1,589 sqft |
| 2023-12-01 | 45 days | 1,564 sqft |
| 2024-01-01 | 47 days | 1,540 sqft |
| 2024-02-01 | 38 days | 1,535 sqft |
| 2024-03-01 | 27 days | 1,580 sqft |
| 2024-04-01 | 20 days | 1,598 sqft |
| 2024-05-01 | 17 days | 1,648 sqft |
| 2024-06-01 | 24 days | 1,564 sqft |
| 2024-07-01 | 30 days | 1,567 sqft |
| 2024-08-01 | 31 days | 1,575 sqft |
| 2024-09-01 | 28 days | 1,565 sqft |
| 2024-10-01 | 30 days | 1,588 sqft |
| 2024-11-01 | 37 days | 1,569 sqft |
| 2024-12-01 | 51 days | 1,563 sqft |
| 2025-01-01 | 0 days | 1,537 sqft |
Springfield's median square footage for active listings during the 2025-01-01 period was 1,537 sqft. One year prior, the average listing was 1,540 sqft.