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 6.36% for the week of 2024-07-05, compared to the national average (all USDA variants) of 6.738% for the same period.

Springfield's average USDA mortgage closing costs are $5,879.

The average rate for the prior week (2024-06-28) was 6.54% and one month ago for the week of 2024-05-31, the average rate was 6.5%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.88%.

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 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
2024-04-01 $389,450 (5.5%) $516,957 (6.4%) 0.91 421
2024-05-01 $399,900 (4.3%) $520,967 (5.8%) 0.90 520
2024-06-01 $412,498 (6.6%) $516,851 (1.1%) 0.93 582
Springfield's median listing price for 2024-06-01 was $412,498, a difference of $25,548 (6.6%) versus the prior year and $12,598 versus the prior month.

Springfield's median listing price comes in at 93% of the national average.

Springfield's average listing price for 2024-06-01 was $516,851, a difference of $5,806 (1.1%) versus the prior year and $-4,116 versus the prior month.

For the 2024-06-01 period, Springfield had 582 MLS listings, a difference of 62 listings (12%) versus the prior month and 105 listings (22%) 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
2024-04-01 20 days 1,666 sqft
2024-05-01 17 days 1,706 sqft
2024-06-01 24 days 1,703 sqft
Springfield's median listing age (time on market) for 2024-06-01 was 24 days. This is 26% longer than the same period one year ago.

Springfield's median square footage for active listings during the 2024-06-01 period was 1,703 sqft. One year prior, the average listing was 1,747 sqft.