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 6.35% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Springfield's average USDA mortgage closing costs are $5,755.

The average rate for the prior week (2024-02-09) was 5.89% and one month ago for the week of 2024-01-12, the average rate was 6.01%.

The average rate one year ago was 5.55%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.3%.

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 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 $219,900 (8.9%) $269,640 (12.6%) 0.82 834
2018-02-01 $222,494 (11.1%) $271,836 (10.0%) 0.81 804
2018-03-01 $239,900 (10.4%) $280,963 (8.8%) 0.84 813
2018-04-01 $248,450 (11.0%) $293,341 (10.0%) 0.84 860
2018-05-01 $249,950 (7.9%) $294,335 (6.7%) 0.83 998
2018-06-01 $249,900 (7.4%) $296,475 (6.6%) 0.83 1,069
2018-07-01 $249,900 (6.8%) $298,909 (6.7%) 0.83 1,148
2018-08-01 $239,900 (2.3%) $292,279 (4.6%) 0.80 1,190
2018-09-01 $239,000 (0.0%) $288,269 (4.2%) 0.80 1,229
2018-10-01 $237,075 (2.7%) $285,583 (3.7%) 0.80 1,231
2018-11-01 $232,400 (4.0%) $281,467 (2.3%) 0.79 1,132
2018-12-01 $224,900 (0.0%) $272,879 (-0.1%) 0.78 1,016
2019-01-01 $225,850 (2.0%) $269,264 (-0.1%) 0.78 880
2019-02-01 $225,561 (-1.6%) $272,008 (0.1%) 0.76 837
2019-03-01 $235,614 (-2.5%) $282,346 (0.5%) 0.77 814
2019-04-01 $249,900 (0.0%) $297,955 (1.6%) 0.79 796
2019-05-01 $254,900 (3.0%) $309,415 (5.1%) 0.80 839
2019-06-01 $259,900 (7.2%) $312,213 (5.3%) 0.81 900
2019-07-01 $259,075 (6.3%) $308,830 (3.3%) 0.81 931
2019-08-01 $253,609 (6.7%) $304,096 (4.0%) 0.80 963
2019-09-01 $251,523 (7.6%) $299,571 (3.9%) 0.80 1,000
2019-10-01 $249,900 (5.8%) $294,661 (3.2%) 0.81 1,019
2019-11-01 $242,500 (3.6%) $291,941 (3.7%) 0.80 907
2019-12-01 $235,925 (8.9%) $289,675 (6.2%) 0.79 761
2020-01-01 $242,400 (8.6%) $297,487 (10.5%) 0.81 680
2020-02-01 $249,900 (10.8%) $305,632 (12.4%) 0.82 651
2020-03-01 $279,947 (16.1%) $331,316 (17.3%) 0.88 638
2020-04-01 $279,900 (8.1%) $328,207 (10.2%) 0.88 630
2020-05-01 $289,000 (12.8%) $339,209 (9.6%) 0.88 581
2020-06-01 $299,950 (13.2%) $352,067 (12.8%) 0.88 545
2020-07-01 $299,900 (16.6%) $353,411 (14.4%) 0.87 495
2020-08-01 $315,000 (22.1%) $364,117 (19.7%) 0.90 480
2020-09-01 $299,900 (24.0%) $368,968 (23.2%) 0.86 485
2020-10-01 $299,000 (18.2%) $362,699 (23.1%) 0.86 530
2020-11-01 $269,603 (13.2%) $342,126 (17.2%) 0.79 477
2020-12-01 $254,950 (6.2%) $333,376 (15.1%) 0.76 430
2021-01-01 $250,000 (10.2%) $344,136 (15.7%) 0.75 339
2021-02-01 $276,700 (20.2%) $352,048 (15.2%) 0.81 280
2021-03-01 $298,450 (15.0%) $373,032 (12.6%) 0.85 262
2021-04-01 $312,475 (21.3%) $385,827 (17.6%) 0.85 269
2021-05-01 $299,900 (7.7%) $374,684 (10.5%) 0.80 315
2021-06-01 $299,675 (0.4%) $385,361 (9.5%) 0.79 351
2021-07-01 $295,000 (0.8%) $382,269 (8.2%) 0.78 393
2021-08-01 $299,350 (-2.6%) $375,638 (3.2%) 0.80 454
2021-09-01 $284,500 (-10.8%) $365,342 (-1.0%) 0.76 439
2021-10-01 $274,675 (-7.7%) $351,310 (-3.1%) 0.73 413
2021-11-01 $270,400 (-0.1%) $359,013 (4.9%) 0.72 367
2021-12-01 $267,450 (5.2%) $356,919 (7.1%) 0.72 316
2022-01-01 $275,000 (8.7%) $350,962 (2.0%) 0.74 248
2022-02-01 $282,497 (-3.8%) $352,937 (0.3%) 0.73 233
2022-03-01 $287,175 (-5.2%) $358,158 (-4.0%) 0.72 221
2022-04-01 $314,679 (-2.3%) $382,070 (-1.0%) 0.75 241
2022-05-01 $307,500 (1.0%) $374,565 (0.0%) 0.70 324
2022-06-01 $322,500 (3.0%) $386,393 (0.3%) 0.72 410
2022-07-01 $299,900 (0.8%) $368,657 (-3.6%) 0.68 485
2022-08-01 $299,900 (1.5%) $365,999 (-2.6%) 0.69 480
2022-09-01 $315,000 (13.1%) $373,748 (2.3%) 0.74 466
2022-10-01 $314,900 (16.6%) $371,401 (5.7%) 0.74 446
2022-11-01 $314,175 (13.1%) $369,983 (3.1%) 0.76 415
2022-12-01 $299,987 (11.9%) $361,857 (1.4%) 0.74 363
2023-01-01 $294,900 (0.8%) $349,483 (-0.4%) 0.73 332
2023-02-01 $297,450 (2.4%) $343,503 (-2.7%) 0.72 307
2023-03-01 $311,050 (5.7%) $361,482 (0.9%) 0.73 268
2023-04-01 $325,000 (3.8%) $380,579 (-0.4%) 0.76 276
2023-05-01 $344,175 (8.4%) $389,652 (4.0%) 0.78 291
2023-06-01 $345,400 (10.6%) $417,028 (7.9%) 0.78 290
2023-07-01 $349,900 (8.1%) $415,426 (12.7%) 0.80 319
2023-08-01 $339,950 (8.3%) $408,020 (11.5%) 0.78 341
2023-09-01 $332,450 (8.4%) $405,884 (8.6%) 0.77 353
2023-10-01 $327,450 (5.4%) $395,177 (6.4%) 0.77 405
2023-11-01 $325,000 (1.6%) $383,578 (3.7%) 0.77 392
2023-12-01 $316,950 (0.0%) $380,982 (5.3%) 0.77 340
Springfield's median listing price for 2023-12-01 was $316,950, a difference of $16,963 (0.0%) versus the prior year and $-8,050 versus the prior month.

Springfield's median listing price comes in at 77% of the national average.

Springfield's average listing price for 2023-12-01 was $380,982, a difference of $19,125 (5.3%) versus the prior year and $-2,596 versus the prior month.

For the 2023-12-01 period, Springfield had 340 MLS listings, a difference of -52 listings (-13%) versus the prior month and -23 listings (-6%) 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 75 days 1,589 sqft
2018-02-01 67 days 1,612 sqft
2018-03-01 47 days 1,656 sqft
2018-04-01 40 days 1,725 sqft
2018-05-01 33 days 1,728 sqft
2018-06-01 38 days 1,737 sqft
2018-07-01 45 days 1,751 sqft
2018-08-01 47 days 1,710 sqft
2018-09-01 53 days 1,680 sqft
2018-10-01 58 days 1,665 sqft
2018-11-01 61 days 1,680 sqft
2018-12-01 64 days 1,659 sqft
2019-01-01 68 days 1,633 sqft
2019-02-01 66 days 1,639 sqft
2019-03-01 50 days 1,684 sqft
2019-04-01 41 days 1,755 sqft
2019-05-01 37 days 1,767 sqft
2019-06-01 39 days 1,762 sqft
2019-07-01 43 days 1,741 sqft
2019-08-01 46 days 1,726 sqft
2019-09-01 48 days 1,709 sqft
2019-10-01 48 days 1,696 sqft
2019-11-01 56 days 1,683 sqft
2019-12-01 67 days 1,625 sqft
2020-01-01 68 days 1,641 sqft
2020-02-01 47 days 1,674 sqft
2020-03-01 44 days 1,755 sqft
2020-04-01 51 days 1,737 sqft
2020-05-01 59 days 1,764 sqft
2020-06-01 47 days 1,801 sqft
2020-07-01 38 days 1,783 sqft
2020-08-01 36 days 1,801 sqft
2020-09-01 29 days 1,793 sqft
2020-10-01 30 days 1,737 sqft
2020-11-01 41 days 1,650 sqft
2020-12-01 50 days 1,622 sqft
2021-01-01 46 days 1,600 sqft
2021-02-01 42 days 1,673 sqft
2021-03-01 23 days 1,673 sqft
2021-04-01 16 days 1,730 sqft
2021-05-01 14 days 1,688 sqft
2021-06-01 16 days 1,685 sqft
2021-07-01 21 days 1,641 sqft
2021-08-01 23 days 1,648 sqft
2021-09-01 25 days 1,610 sqft
2021-10-01 26 days 1,569 sqft
2021-11-01 27 days 1,562 sqft
2021-12-01 34 days 1,569 sqft
2022-01-01 44 days 1,541 sqft
2022-02-01 20 days 1,579 sqft
2022-03-01 22 days 1,607 sqft
2022-04-01 14 days 1,707 sqft
2022-05-01 12 days 1,694 sqft
2022-06-01 18 days 1,735 sqft
2022-07-01 23 days 1,658 sqft
2022-08-01 28 days 1,635 sqft
2022-09-01 32 days 1,628 sqft
2022-10-01 35 days 1,638 sqft
2022-11-01 37 days 1,637 sqft
2022-12-01 44 days 1,619 sqft
2023-01-01 44 days 1,564 sqft
2023-02-01 30 days 1,534 sqft
2023-03-01 32 days 1,613 sqft
2023-04-01 18 days 1,622 sqft
2023-05-01 18 days 1,615 sqft
2023-06-01 18 days 1,680 sqft
2023-07-01 21 days 1,720 sqft
2023-08-01 23 days 1,673 sqft
2023-09-01 29 days 1,670 sqft
2023-10-01 28 days 1,662 sqft
2023-11-01 32 days 1,589 sqft
2023-12-01 38 days 1,564 sqft
Springfield's median listing age (time on market) for 2023-12-01 was 38 days. This is -14% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2023-12-01 period was 1,564 sqft. One year prior, the average listing was 1,619 sqft.