Springfield USDA Loans

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 22 lenders originated 46 USDA loans during 2021. The total origination value was $10,730,000, with an average USDA loan value of $233,261.

Springfield USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Springfield averaged 5.39% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.41% and one month ago for the week of 2022-07-01, the average rate was 5.44%.

The average rate one year ago was 2.83%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.35%.

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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
ACADEMY MORTGAGE CORPORATION 5 3.88% $6,189
TOTAL MORTGAGE SERVICES, LLC 4 3.50% $8,229
RESIDENTIAL MORTGAGE SERVICES, INC. 4 2.69% $5,734
HARBORONE MORTGAGE, LLC 3 3.00% $7,694
FREEDOM MORTGAGE CORPORATION 3 3.04% $6,012
Mortgage Network, Inc. 3 3.29% $6,456
EMM LOANS LLC 3 3.13% $8,638
FINANCE OF AMERICA MORTGAGE LLC 2 3.00% $5,430
GUARANTEED RATE, INC. 2 3.31% $5,940
MOVEMENT MORTGAGE, LLC 2 3.56% $6,387
INLAND BANK & TRUST 2 2.94% $6,980
RADIUS FINANCIAL GROUP INC. 2 2.50% $3,789
BROKER SOLUTIONS, INC. 1 3.00% $2,800
AMERISAVE MORTGAGE CORPORATION 1 3.13% $6,062
EVERETT FINANCIAL, INC. 1 3.38% $5,908
Florence Bank 1 2.75% $4,064
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $6,968
HOME POINT FINANCIAL CORPORATION 1 3.13% $5,201
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.13% $6,967
NEWREZ LLC 1 3.25% $10,505
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,217
Adams Community Bank 1 3.75% $3,802

The top Springfield USDA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 5 USDA loans originated. Their average total fees are $6,189, which is $2,040 lower than the next largest lender, TOTAL MORTGAGE SERVICES, 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 $249,900 (11.1%) $309,955 (14.6%) 0.92 1,239
2018-02-01 $256,000 (13.8%) $314,825 (13.4%) 0.92 1,187
2018-03-01 $269,900 (12.5%) $323,778 (12.0%) 0.93 1,225
2018-04-01 $281,950 (10.6%) $335,575 (13.1%) 0.95 1,276
2018-05-01 $284,450 (9.5%) $333,709 (8.4%) 0.95 1,473
2018-06-01 $285,000 (7.6%) $334,512 (7.1%) 0.95 1,594
2018-07-01 $279,000 (5.3%) $333,684 (6.2%) 0.93 1,685
2018-08-01 $269,450 (0.8%) $325,475 (3.1%) 0.90 1,720
2018-09-01 $259,987 (-1.9%) $320,539 (2.0%) 0.87 1,784
2018-10-01 $259,900 (0.4%) $319,146 (2.1%) 0.87 1,792
2018-11-01 $259,900 (1.2%) $318,281 (1.9%) 0.87 1,624
2018-12-01 $249,999 (0.0%) $310,369 (0.9%) 0.86 1,423
2019-01-01 $249,900 (0.0%) $303,590 (-2.1%) 0.86 1,228
2019-02-01 $249,450 (-2.6%) $306,776 (-2.6%) 0.84 1,160
2019-03-01 $261,000 (-3.3%) $322,316 (-0.5%) 0.85 1,136
2019-04-01 $279,625 (-0.8%) $342,606 (2.1%) 0.88 1,143
2019-05-01 $289,850 (1.9%) $350,402 (5.0%) 0.89 1,262
2019-06-01 $299,000 (4.9%) $355,508 (6.3%) 0.92 1,359
2019-07-01 $292,350 (4.8%) $354,225 (6.2%) 0.91 1,412
2019-08-01 $285,386 (5.9%) $347,389 (6.7%) 0.90 1,418
2019-09-01 $280,586 (7.9%) $340,294 (6.2%) 0.89 1,432
2019-10-01 $275,850 (6.1%) $333,602 (4.5%) 0.88 1,480
2019-11-01 $270,000 (3.9%) $335,309 (5.4%) 0.87 1,341
2019-12-01 $272,400 (9.0%) $333,828 (7.6%) 0.91 1,129
2020-01-01 $275,000 (10.0%) $335,964 (10.7%) 0.92 992
2020-02-01 $279,900 (12.2%) $338,102 (10.2%) 0.90 946
2020-03-01 $312,450 (19.7%) $369,954 (14.8%) 0.98 958
2020-04-01 $316,950 (13.4%) $373,688 (9.1%) 0.99 933
2020-05-01 $329,900 (13.8%) $388,189 (10.8%) 1.00 897
2020-06-01 $349,044 (16.7%) $403,370 (13.5%) 1.02 846
2020-07-01 $349,900 (19.7%) $406,150 (14.7%) 1.00 781
2020-08-01 $349,900 (22.6%) $416,985 (20.0%) 1.00 755
2020-09-01 $349,500 (24.6%) $417,879 (22.8%) 1.00 769
2020-10-01 $339,000 (22.9%) $403,739 (21.0%) 0.97 800
2020-11-01 $310,000 (14.8%) $397,276 (18.5%) 0.89 722
2020-12-01 $295,000 (8.3%) $388,861 (16.5%) 0.87 650
2021-01-01 $299,900 (9.1%) $403,252 (20.0%) 0.88 522
2021-02-01 $332,450 (18.8%) $415,270 (22.8%) 0.96 437
2021-03-01 $345,000 (10.4%) $430,587 (16.4%) 0.97 411
2021-04-01 $369,950 (16.7%) $448,083 (19.9%) 0.99 427
2021-05-01 $350,000 (6.1%) $434,210 (11.9%) 0.92 480
2021-06-01 $347,000 (-0.6%) $437,718 (8.5%) 0.90 558
2021-07-01 $349,900 (0.0%) $438,845 (8.1%) 0.91 582
2021-08-01 $349,450 (-0.1%) $428,895 (2.9%) 0.92 646
2021-09-01 $325,000 (-7.0%) $421,170 (0.8%) 0.86 618
2021-10-01 $309,000 (-8.9%) $412,400 (2.2%) 0.81 593
2021-11-01 $312,950 (1.0%) $426,006 (7.2%) 0.82 543
2021-12-01 $312,500 (5.9%) $428,751 (10.3%) 0.83 461
2022-01-01 $330,000 (10.0%) $427,942 (6.1%) 0.88 358
2022-02-01 $317,250 (-4.6%) $417,173 (0.5%) 0.81 319
2022-03-01 $324,950 (-5.8%) $423,045 (-1.8%) 0.80 306
2022-04-01 $355,000 (-4.0%) $442,998 (-1.1%) 0.84 348
2022-05-01 $352,500 (0.7%) $430,061 (-1.0%) 0.79 455
2022-06-01 $362,400 (4.4%) $434,491 (-0.7%) 0.81 576
Springfield's median listing price for 2022-06-01 was $362,400, a difference of $15,400 (4.4%) versus the prior year and $9,900 versus the prior month.

Springfield's median listing price comes in at 81% of the national average.

Springfield's average listing price for 2022-06-01 was $434,491, a difference of $-3,227 (-0.7%) versus the prior year and $4,430 versus the prior month.

For the 2022-06-01 period, Springfield had 576 MLS listings, a difference of 121 listings (27%) versus the prior month and 18 listings (3%) 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 91 days 1,630 sqft
2018-02-01 89 days 1,658 sqft
2018-03-01 60 days 1,716 sqft
2018-04-01 50 days 1,796 sqft
2018-05-01 43 days 1,806 sqft
2018-06-01 43 days 1,814 sqft
2018-07-01 51 days 1,804 sqft
2018-08-01 57 days 1,771 sqft
2018-09-01 63 days 1,735 sqft
2018-10-01 65 days 1,725 sqft
2018-11-01 70 days 1,737 sqft
2018-12-01 76 days 1,722 sqft
2019-01-01 83 days 1,700 sqft
2019-02-01 78 days 1,710 sqft
2019-03-01 56 days 1,754 sqft
2019-04-01 46 days 1,806 sqft
2019-05-01 40 days 1,821 sqft
2019-06-01 44 days 1,848 sqft
2019-07-01 49 days 1,823 sqft
2019-08-01 53 days 1,799 sqft
2019-09-01 60 days 1,778 sqft
2019-10-01 58 days 1,759 sqft
2019-11-01 60 days 1,737 sqft
2019-12-01 71 days 1,728 sqft
2020-01-01 74 days 1,737 sqft
2020-02-01 65 days 1,737 sqft
2020-03-01 49 days 1,799 sqft
2020-04-01 58 days 1,788 sqft
2020-05-01 71 days 1,801 sqft
2020-06-01 57 days 1,866 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 49 days 1,827 sqft
2020-09-01 43 days 1,818 sqft
2020-10-01 39 days 1,798 sqft
2020-11-01 47 days 1,735 sqft
2020-12-01 56 days 1,697 sqft
2021-01-01 61 days 1,683 sqft
2021-02-01 62 days 1,728 sqft
2021-03-01 45 days 1,712 sqft
2021-04-01 23 days 1,805 sqft
2021-05-01 23 days 1,740 sqft
2021-06-01 22 days 1,705 sqft
2021-07-01 26 days 1,730 sqft
2021-08-01 28 days 1,718 sqft
2021-09-01 31 days 1,655 sqft
2021-10-01 30 days 1,632 sqft
2021-11-01 32 days 1,632 sqft
2021-12-01 44 days 1,655 sqft
2022-01-01 52 days 1,644 sqft
2022-02-01 25 days 1,644 sqft
2022-03-01 25 days 1,641 sqft
2022-04-01 17 days 1,720 sqft
2022-05-01 17 days 1,744 sqft
2022-06-01 21 days 1,759 sqft
Springfield's median listing age (time on market) for 2022-06-01 was 21 days. This is -5% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2022-06-01 period was 1,759 sqft. One year prior, the average listing was 1,705 sqft.