Springfield USDA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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 49 lenders originated 264 USDA loans during 2022. The total origination value was $49,370,000, with an average USDA loan value of $187,008.

Springfield USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Springfield averaged 6.17% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Springfield's average USDA mortgage closing costs are $4,099.

The average rate for the prior week (2024-02-23) was 6.22% and one month ago for the week of 2024-01-26, the average rate was 6.08%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.27%.

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
FLAT BRANCH MORTGAGE, INC. 47 4.98% $4,608
DAS Acquisition Company, LLC 35 5.00% $5,784
GERSHMAN INVESTMENT CORP. 20 4.79% $4,718
Springfield First Community Bank 16 4.77% $5,085
Mortgage Research Center, LLC 11 5.20% $3,211
Great Southern Bank 8 4.63% $4,337
UNION HOME MORTGAGE CORP. 8 5.72% $6,160
First Guaranty Mortgage Corporation 8 3.75% $5,427
BROKER SOLUTIONS, INC. 7 4.03% $4,986
GUARANTY HOME MORTGAGE CORPORATION 7 3.70% $7,906
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 4.73% $6,074
The Central Trust Bank 7 4.28% $4,894
GUARANTEED RATE, INC. 6 4.83% $6,967
Hawthorn Bank 6 4.17% $4,653
Oakstar Bank 6 5.44% $4,421
Paramount Residential Mortgage Group, Inc. 5 5.75% $8,169
PENNYMAC LOAN SERVICES, LLC 4 3.12% $6,063
Servion, Inc. 3 4.58% $4,768
BANK OF LITTLE ROCK MORTGAGE CORPORATION 3 4.83% $4,727
Arvest Bank 3 6.50% $5,646
BancorpSouth 3 5.88% $5,454
ASSEMBLIES OF GOD Credit Union 3 4.58% $4,768
UNITED WHOLESALE MORTGAGE, LLC 3 4.51% $8,086
U.S. Bank 3 5.33% $4,844
Members Mortgage Services, L.L.C. 2 6.50% $8,378
UMB Bank 2 4.75% $5,232
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.06% $4,019
GENEVA FINANCIAL, LLC 2 3.38% $4,625
TIB The Independent Bankersbank 2 5.50% $4,685
PLAZA HOME MORTGAGE, INC. 1 4.25% $3,515
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.13% $6,110
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $1,946
Prosperity Home Mortgage, LLC 1 5.63% $4,267
Sierra Pacific Mortgage Company, Inc. 1 7.13% $7,163
Simmons Bank 1 4.00% $5,687
Bank of England 1 4.38% $6,216
Wells Fargo Bank 1 5.63% $1,681
Flagstar Bank, FSB 1 4.00% $4,520
GUILD MORTGAGE COMPANY 1 5.63% $6,651
Community Mortgage Banc Corporation 1 5.50% $4,444
Independent Bank 1 6.75% $6,698
KELLER MORTGAGE, LLC 1 3.00% $5,287
Mortgage Investment Services Corporation 1 5.75% $300
Commerce Bank 1 4.50% $3,228
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $5,889
NEWREZ LLC 1 7.13% $5,645
CMG MORTGAGE, INC. 1 3.75% $3,117
ON Q FINANCIAL, INC. 1 7.25% $5,088
PLANET HOME LENDING, LLC 1 4.50% $5,013

The top Springfield USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 47 USDA loans originated. Their average total fees are $4,608, which is $1,176 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Springfield USDA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,211), FLAT BRANCH MORTGAGE, INC. ($4,608), GERSHMAN INVESTMENT CORP. ($4,718), Springfield First Community Bank ($5,085) and DAS Acquisition Company, LLC ($5,784).

The lowest rate Springfield USDA lenders (with over 10 loans originated) are Springfield First Community Bank (4.77%), GERSHMAN INVESTMENT CORP. (4.79%), FLAT BRANCH MORTGAGE, INC. (4.98%), DAS Acquisition Company, LLC (5.00%) and Mortgage Research Center, LLC (5.20%).


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 $176,900 (14.0%) $239,476 (13.2%) 0.66 1,627
2018-02-01 $184,450 (15.4%) $240,981 (12.3%) 0.67 1,569
2018-03-01 $189,900 (11.8%) $244,326 (8.0%) 0.67 1,527
2018-04-01 $199,925 (11.1%) $255,802 (6.2%) 0.68 1,510
2018-05-01 $207,950 (15.6%) $263,607 (8.4%) 0.69 1,517
2018-06-01 $217,000 (19.7%) $269,986 (10.0%) 0.72 1,663
2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
2018-08-01 $189,900 (4.4%) $250,567 (2.4%) 0.64 1,944
2018-09-01 $189,500 (5.3%) $246,948 (2.5%) 0.64 1,956
2018-10-01 $186,950 (3.9%) $243,010 (0.8%) 0.63 1,955
2018-11-01 $183,250 (2.2%) $241,238 (0.5%) 0.62 1,928
2018-12-01 $182,900 (3.4%) $238,283 (-0.7%) 0.63 1,815
2019-01-01 $189,900 (7.4%) $241,336 (0.8%) 0.66 1,629
2019-02-01 $192,175 (4.2%) $242,498 (0.6%) 0.65 1,569
2019-03-01 $205,714 (8.3%) $252,274 (3.3%) 0.67 1,472
2019-04-01 $222,500 (11.3%) $265,965 (4.0%) 0.71 1,376
2019-05-01 $237,448 (14.2%) $278,000 (5.5%) 0.74 1,362
2019-06-01 $232,450 (7.1%) $280,759 (4.0%) 0.73 1,520
2019-07-01 $227,413 (10.9%) $276,044 (3.6%) 0.71 1,564
2019-08-01 $223,536 (17.7%) $270,237 (7.9%) 0.71 1,646
2019-09-01 $221,491 (16.9%) $268,105 (8.6%) 0.71 1,661
2019-10-01 $220,127 (17.8%) $266,423 (9.6%) 0.71 1,682
2019-11-01 $217,000 (18.4%) $261,760 (8.5%) 0.71 1,698
2019-12-01 $214,900 (17.5%) $261,175 (9.6%) 0.72 1,576
2020-01-01 $217,200 (14.4%) $265,035 (9.8%) 0.73 1,454
2020-02-01 $219,900 (14.4%) $272,984 (12.6%) 0.72 1,342
2020-03-01 $228,375 (11.0%) $287,330 (13.9%) 0.72 1,289
2020-04-01 $229,900 (3.3%) $283,449 (6.6%) 0.72 1,349
2020-05-01 $242,900 (2.3%) $300,019 (7.9%) 0.74 1,201
2020-06-01 $254,420 (9.5%) $316,983 (12.9%) 0.75 1,067
2020-07-01 $248,200 (9.1%) $317,859 (15.2%) 0.72 1,030
2020-08-01 $249,900 (11.8%) $319,570 (18.3%) 0.72 985
2020-09-01 $249,925 (12.8%) $317,422 (18.4%) 0.72 988
2020-10-01 $237,900 (8.1%) $312,008 (17.1%) 0.68 1,017
2020-11-01 $242,450 (11.7%) $312,002 (19.2%) 0.71 916
2020-12-01 $242,625 (12.9%) $314,952 (20.6%) 0.72 814
2021-01-01 $250,000 (15.1%) $331,455 (25.1%) 0.75 689
2021-02-01 $263,975 (20.0%) $365,284 (33.8%) 0.77 509
2021-03-01 $284,400 (24.5%) $386,983 (34.7%) 0.81 410
2021-04-01 $272,500 (18.5%) $387,313 (36.6%) 0.74 397
2021-05-01 $269,225 (10.8%) $396,489 (32.2%) 0.72 459
2021-06-01 $272,050 (6.9%) $394,780 (24.5%) 0.72 505
2021-07-01 $277,450 (11.8%) $383,617 (20.7%) 0.73 599
2021-08-01 $270,200 (8.1%) $364,639 (14.1%) 0.72 661
2021-09-01 $272,425 (9.0%) $362,113 (14.1%) 0.73 675
2021-10-01 $279,950 (17.7%) $378,716 (21.4%) 0.75 660
2021-11-01 $299,900 (23.7%) $402,516 (29.0%) 0.80 575
2021-12-01 $297,225 (22.5%) $387,938 (23.2%) 0.81 521
2022-01-01 $314,500 (25.8%) $427,302 (28.9%) 0.85 448
2022-02-01 $327,425 (24.0%) $437,726 (19.8%) 0.85 378
2022-03-01 $326,125 (14.7%) $434,662 (12.3%) 0.82 382
2022-04-01 $319,950 (17.4%) $416,888 (7.6%) 0.76 430
2022-05-01 $345,613 (28.4%) $429,755 (8.4%) 0.79 552
2022-06-01 $349,900 (28.6%) $432,661 (9.6%) 0.78 687
2022-07-01 $345,000 (24.4%) $425,482 (10.9%) 0.78 913
2022-08-01 $339,225 (25.6%) $415,812 (14.0%) 0.78 893
2022-09-01 $338,788 (24.4%) $412,872 (14.0%) 0.79 887
2022-10-01 $320,375 (14.4%) $413,574 (9.2%) 0.75 970
2022-11-01 $319,900 (6.7%) $412,983 (2.6%) 0.77 1,019
2022-12-01 $315,000 (6.0%) $402,231 (3.7%) 0.78 1,021
2023-01-01 $312,500 (-0.6%) $394,430 (-7.7%) 0.77 887
2023-02-01 $324,950 (-0.8%) $411,902 (-5.9%) 0.78 787
2023-03-01 $342,500 (5.0%) $444,215 (2.2%) 0.81 710
2023-04-01 $348,700 (9.0%) $454,179 (9.0%) 0.81 684
2023-05-01 $357,425 (3.4%) $454,180 (5.7%) 0.81 712
2023-06-01 $363,475 (3.9%) $446,082 (3.1%) 0.82 768
2023-07-01 $349,900 (1.4%) $437,372 (2.8%) 0.80 858
2023-08-01 $350,000 (3.2%) $436,889 (5.1%) 0.80 934
2023-09-01 $349,000 (3.0%) $417,962 (1.2%) 0.81 1,034
2023-10-01 $331,200 (3.4%) $402,541 (-2.7%) 0.78 1,118
2023-11-01 $314,999 (-1.5%) $395,026 (-4.4%) 0.75 1,181
2023-12-01 $319,200 (1.3%) $398,587 (-0.9%) 0.78 1,136
2024-01-01 $330,000 (5.6%) $407,898 (3.4%) 0.81 1,009
Springfield's median listing price for 2024-01-01 was $330,000, a difference of $17,500 (5.6%) versus the prior year and $10,800 versus the prior month.

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

Springfield's average listing price for 2024-01-01 was $407,898, a difference of $13,468 (3.4%) versus the prior year and $9,311 versus the prior month.

For the 2024-01-01 period, Springfield had 1,009 MLS listings, a difference of -127 listings (-11%) versus the prior month and 122 listings (14%) 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 80 days 1,923 sqft
2018-02-01 74 days 1,934 sqft
2018-03-01 53 days 1,971 sqft
2018-04-01 50 days 2,028 sqft
2018-05-01 45 days 2,117 sqft
2018-06-01 44 days 2,173 sqft
2018-07-01 45 days 2,123 sqft
2018-08-01 44 days 1,975 sqft
2018-09-01 46 days 1,930 sqft
2018-10-01 52 days 1,912 sqft
2018-11-01 58 days 1,880 sqft
2018-12-01 64 days 1,870 sqft
2019-01-01 72 days 1,888 sqft
2019-02-01 63 days 1,891 sqft
2019-03-01 55 days 1,965 sqft
2019-04-01 52 days 2,081 sqft
2019-05-01 46 days 2,137 sqft
2019-06-01 43 days 2,159 sqft
2019-07-01 47 days 2,095 sqft
2019-08-01 49 days 2,029 sqft
2019-09-01 51 days 1,987 sqft
2019-10-01 52 days 1,959 sqft
2019-11-01 52 days 1,900 sqft
2019-12-01 65 days 1,860 sqft
2020-01-01 79 days 1,860 sqft
2020-02-01 80 days 1,850 sqft
2020-03-01 61 days 1,954 sqft
2020-04-01 48 days 1,934 sqft
2020-05-01 57 days 2,000 sqft
2020-06-01 62 days 2,134 sqft
2020-07-01 44 days 2,118 sqft
2020-08-01 37 days 2,064 sqft
2020-09-01 39 days 2,031 sqft
2020-10-01 36 days 1,954 sqft
2020-11-01 43 days 1,968 sqft
2020-12-01 55 days 1,939 sqft
2021-01-01 57 days 2,000 sqft
2021-02-01 46 days 2,034 sqft
2021-03-01 38 days 2,118 sqft
2021-04-01 22 days 2,071 sqft
2021-05-01 20 days 2,074 sqft
2021-06-01 23 days 2,010 sqft
2021-07-01 23 days 2,020 sqft
2021-08-01 28 days 1,971 sqft
2021-09-01 32 days 1,923 sqft
2021-10-01 32 days 1,933 sqft
2021-11-01 39 days 1,951 sqft
2021-12-01 43 days 1,929 sqft
2022-01-01 49 days 1,946 sqft
2022-02-01 34 days 1,973 sqft
2022-03-01 24 days 2,003 sqft
2022-04-01 20 days 1,955 sqft
2022-05-01 22 days 2,000 sqft
2022-06-01 23 days 2,000 sqft
2022-07-01 29 days 1,993 sqft
2022-08-01 40 days 2,017 sqft
2022-09-01 41 days 1,947 sqft
2022-10-01 38 days 1,920 sqft
2022-11-01 44 days 1,904 sqft
2022-12-01 54 days 1,900 sqft
2023-01-01 62 days 1,924 sqft
2023-02-01 55 days 1,927 sqft
2023-03-01 47 days 1,990 sqft
2023-04-01 40 days 2,003 sqft
2023-05-01 32 days 2,066 sqft
2023-06-01 37 days 2,077 sqft
2023-07-01 32 days 2,017 sqft
2023-08-01 32 days 2,057 sqft
2023-09-01 37 days 2,004 sqft
2023-10-01 38 days 1,954 sqft
2023-11-01 42 days 1,860 sqft
2023-12-01 50 days 1,886 sqft
2024-01-01 60 days 1,910 sqft
Springfield's median listing age (time on market) for 2024-01-01 was 60 days. This is -4% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2024-01-01 period was 1,910 sqft. One year prior, the average listing was 1,924 sqft.