Springfield USDA Loan Rates, Closing Costs & Stats

SPRINGFIELD, OH

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 10 lenders originated 20 USDA loans during 2023. The total origination value was $3,560,000, with an average USDA loan value of $178,000.

Springfield USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Springfield averaged 0.19% for the week of 2024-11-29, compared to the national average (all USDA variants) of 0% for the same period.

Springfield's average USDA mortgage closing costs are $4,663.

The average rate for the prior week (2024-11-22) was 6.8% and one month ago for the week of 2024-10-25, the average rate was 6.3%.

The average rate one year ago was 7.4%.

For refis of the same type during the week of 2024-11-29, the average rate was 1.04%.

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
NEWREZ LLC 3 6.21% $4,599
WRIGHT-PATT CREDIT UNION, INC. 3 6.67% $4,953
CROSSCOUNTRY MORTGAGE, LLC 3 6.88% $5,964
BROKER SOLUTIONS, INC. 2 6.75% $8,431
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.12% $9,364
THRIVE MORTGAGE, LLC 2 6.88% $6,209
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,623
Civista Bank 1 6.50% $5,406
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $6,160
MID AMERICA MORTGAGE, INC. 1 6.75% $4,265

The top Springfield USDA lender as defined by loan originations is NEWREZ LLC, with 3 USDA loans originated. Their average total fees are $4,599, which is $354 lower than the next largest lender, WRIGHT-PATT CREDIT UNION, INC..

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 $97,100 (10.1%) $133,299 (2.4%) 0.39 403
2018-02-01 $97,675 (13.3%) $136,861 (3.6%) 0.37 362
2018-03-01 $93,400 (9.5%) $132,347 (-3.6%) 0.34 354
2018-04-01 $97,850 (15.3%) $134,574 (-0.7%) 0.34 343
2018-05-01 $99,375 (11.2%) $143,987 (5.6%) 0.36 368
2018-06-01 $109,900 (22.3%) $150,439 (8.8%) 0.37 387
2018-07-01 $107,225 (16.2%) $149,644 (3.6%) 0.37 387
2018-08-01 $107,169 (16.9%) $153,037 (6.4%) 0.37 400
2018-09-01 $106,000 (10.4%) $151,365 (4.0%) 0.37 403
2018-10-01 $99,475 (4.9%) $147,151 (2.9%) 0.33 421
2018-11-01 $99,900 (3.4%) $143,833 (0.9%) 0.34 414
2018-12-01 $99,900 (0.0%) $142,953 (3.9%) 0.36 376
2019-01-01 $100,550 (3.6%) $137,727 (3.3%) 0.38 297
2019-02-01 $98,350 (0.7%) $138,017 (0.8%) 0.37 268
2019-03-01 $104,636 (12.0%) $142,817 (7.9%) 0.38 255
2019-04-01 $111,475 (13.9%) $148,278 (10.2%) 0.38 243
2019-05-01 $112,400 (13.1%) $146,715 (1.9%) 0.39 259
2019-06-01 $119,900 (9.1%) $156,393 (4.0%) 0.40 249
2019-07-01 $123,325 (15.0%) $155,258 (3.8%) 0.41 283
2019-08-01 $118,295 (10.4%) $150,034 (-2.0%) 0.41 305
2019-09-01 $115,739 (9.2%) $149,172 (-1.5%) 0.41 305
2019-10-01 $114,409 (15.0%) $146,979 (-0.1%) 0.41 310
2019-11-01 $109,900 (10.0%) $142,188 (-1.1%) 0.37 321
2019-12-01 $109,900 (10.0%) $142,282 (-0.5%) 0.38 304
2020-01-01 $104,725 (4.2%) $146,436 (6.3%) 0.36 269
2020-02-01 $98,875 (0.5%) $143,230 (3.8%) 0.32 224
2020-03-01 $105,713 (1.0%) $150,260 (5.2%) 0.34 208
2020-04-01 $102,450 (-8.1%) $147,647 (-0.4%) 0.31 190
2020-05-01 $115,000 (2.3%) $157,856 (7.6%) 0.33 150
2020-06-01 $127,975 (6.7%) $174,028 (11.3%) 0.39 129
2020-07-01 $159,663 (29.5%) $186,776 (20.3%) 0.46 132
2020-08-01 $158,200 (33.7%) $185,648 (23.7%) 0.46 130
2020-09-01 $134,100 (15.9%) $175,452 (17.6%) 0.37 118
2020-10-01 $139,900 (22.3%) $179,458 (22.1%) 0.40 125
2020-11-01 $136,175 (23.9%) $181,597 (27.7%) 0.40 123
2020-12-01 $134,375 (22.3%) $180,276 (26.7%) 0.41 95
2021-01-01 $131,750 (25.8%) $178,982 (22.2%) 0.40 83
2021-02-01 $152,475 (54.2%) $177,587 (24.0%) 0.43 61
2021-03-01 $136,425 (29.1%) $181,254 (20.6%) 0.36 63
2021-04-01 $174,900 (70.7%) $200,081 (35.5%) 0.46 67
2021-05-01 $183,700 (59.7%) $208,905 (32.3%) 0.50 73
2021-06-01 $166,175 (29.9%) $186,173 (7.0%) 0.45 112
2021-07-01 $150,000 (-6.1%) $184,412 (-1.3%) 0.43 162
2021-08-01 $150,000 (-5.2%) $181,662 (-2.2%) 0.38 196
2021-09-01 $142,613 (6.4%) $175,085 (-0.2%) 0.38 179
2021-10-01 $139,950 (0.0%) $180,507 (0.6%) 0.37 178
2021-11-01 $158,675 (16.5%) $188,727 (3.9%) 0.41 179
2021-12-01 $140,575 (4.6%) $186,521 (3.5%) 0.38 168
2022-01-01 $157,900 (19.9%) $196,051 (9.5%) 0.42 120
2022-02-01 $165,875 (8.8%) $208,562 (17.4%) 0.42 93
2022-03-01 $197,200 (44.6%) $245,187 (35.3%) 0.49 77
2022-04-01 $179,950 (2.9%) $246,956 (23.4%) 0.45 77
2022-05-01 $177,250 (-3.5%) $229,428 (9.8%) 0.40 96
2022-06-01 $169,950 (2.3%) $226,163 (21.5%) 0.37 110
2022-07-01 $187,900 (25.3%) $241,726 (31.1%) 0.42 143
2022-08-01 $169,650 (13.1%) $214,506 (18.1%) 0.38 171
2022-09-01 $166,950 (17.1%) $213,339 (21.9%) 0.00 181
2022-10-01 $168,950 (20.7%) $216,417 (19.9%) 0.00 190
2022-11-01 $166,825 (5.1%) $209,174 (10.8%) 0.00 190
2022-12-01 $177,150 (26.0%) $220,687 (18.3%) 0.00 167
2023-01-01 $166,075 (5.2%) $218,383 (11.4%) 0.00 136
2023-02-01 $161,400 (-2.7%) $220,734 (5.8%) 0.00 110
2023-03-01 $172,075 (-12.7%) $234,207 (-4.5%) 0.00 96
2023-04-01 $157,250 (-12.6%) $208,525 (-15.6%) 0.00 87
2023-05-01 $145,000 (-18.2%) $209,546 (-8.7%) 0.00 85
2023-06-01 $191,150 (12.5%) $239,202 (5.8%) 0.00 89
2023-07-01 $204,500 (8.8%) $229,074 (-5.2%) 0.00 104
2023-08-01 $197,000 (16.1%) $216,637 (1.0%) 0.00 118
2023-09-01 $199,900 (19.7%) $231,252 (8.4%) 0.00 144
2023-10-01 $199,450 (18.1%) $237,717 (9.8%) 0.00 152
2023-11-01 $195,700 (17.3%) $235,699 (12.7%) 0.00 180
2023-12-01 $199,900 (12.8%) $247,662 (12.2%) 0.00 164
2024-01-01 $199,450 (20.1%) $243,480 (11.5%) 0.00 135
2024-02-01 $182,400 (13.0%) $234,807 (6.4%) 0.00 115
2024-03-01 $187,900 (9.2%) $253,000 (8.0%) 0.00 95
2024-04-01 $191,650 (21.9%) $260,214 (24.8%) 0.00 110
2024-05-01 $214,800 (48.1%) $272,542 (30.1%) 0.00 120
2024-06-01 $219,900 (15.0%) $284,180 (18.8%) 0.00 132
2024-07-01 $215,575 (5.4%) $275,064 (20.1%) 0.00 154
2024-08-01 $226,000 (14.7%) $284,836 (31.5%) 0.00 198
2024-09-01 $225,225 (12.7%) $280,604 (21.3%) 0.00 239
2024-10-01 $219,950 (10.3%) $271,358 (14.2%) 0.00 271
Springfield's median listing price for 2024-10-01 was $219,950, a difference of $20,500 (10.3%) versus the prior year and $-5,275 versus the prior month.

Springfield's median listing price comes in at 0% of the national average.

Springfield's average listing price for 2024-10-01 was $271,358, a difference of $33,641 (14.2%) versus the prior year and $-9,246 versus the prior month.

For the 2024-10-01 period, Springfield had 271 MLS listings, a difference of 32 listings (13%) versus the prior month and 119 listings (78%) 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 89 days 1,457 sqft
2018-02-01 95 days 1,456 sqft
2018-03-01 80 days 1,452 sqft
2018-04-01 56 days 1,464 sqft
2018-05-01 53 days 1,490 sqft
2018-06-01 52 days 1,512 sqft
2018-07-01 59 days 1,503 sqft
2018-08-01 60 days 1,524 sqft
2018-09-01 54 days 1,501 sqft
2018-10-01 61 days 1,444 sqft
2018-11-01 66 days 1,419 sqft
2018-12-01 81 days 1,440 sqft
2019-01-01 88 days 1,406 sqft
2019-02-01 85 days 1,411 sqft
2019-03-01 69 days 1,450 sqft
2019-04-01 49 days 1,491 sqft
2019-05-01 44 days 1,465 sqft
2019-06-01 39 days 1,520 sqft
2019-07-01 41 days 1,510 sqft
2019-08-01 41 days 1,510 sqft
2019-09-01 45 days 1,496 sqft
2019-10-01 45 days 1,484 sqft
2019-11-01 50 days 1,435 sqft
2019-12-01 60 days 1,429 sqft
2020-01-01 70 days 1,421 sqft
2020-02-01 72 days 1,386 sqft
2020-03-01 56 days 1,450 sqft
2020-04-01 51 days 1,530 sqft
2020-05-01 62 days 1,567 sqft
2020-06-01 52 days 1,604 sqft
2020-07-01 34 days 1,650 sqft
2020-08-01 34 days 1,580 sqft
2020-09-01 31 days 1,444 sqft
2020-10-01 25 days 1,476 sqft
2020-11-01 39 days 1,478 sqft
2020-12-01 51 days 1,445 sqft
2021-01-01 55 days 1,423 sqft
2021-02-01 40 days 1,403 sqft
2021-03-01 35 days 1,402 sqft
2021-04-01 30 days 1,528 sqft
2021-05-01 31 days 1,616 sqft
2021-06-01 29 days 1,508 sqft
2021-07-01 27 days 1,512 sqft
2021-08-01 32 days 1,474 sqft
2021-09-01 40 days 1,449 sqft
2021-10-01 42 days 1,472 sqft
2021-11-01 35 days 1,460 sqft
2021-12-01 48 days 1,419 sqft
2022-01-01 74 days 1,449 sqft
2022-02-01 84 days 1,469 sqft
2022-03-01 64 days 1,519 sqft
2022-04-01 43 days 1,404 sqft
2022-05-01 31 days 1,344 sqft
2022-06-01 30 days 1,395 sqft
2022-07-01 23 days 1,420 sqft
2022-08-01 30 days 1,468 sqft
2022-09-01 0 days 1,452 sqft
2022-10-01 0 days 1,403 sqft
2022-11-01 0 days 1,425 sqft
2022-12-01 0 days 1,456 sqft
2023-01-01 0 days 1,418 sqft
2023-02-01 0 days 1,480 sqft
2023-03-01 0 days 1,467 sqft
2023-04-01 0 days 1,477 sqft
2023-05-01 0 days 1,454 sqft
2023-06-01 0 days 1,501 sqft
2023-07-01 0 days 1,624 sqft
2023-08-01 0 days 1,437 sqft
2023-09-01 0 days 1,450 sqft
2023-10-01 0 days 1,456 sqft
2023-11-01 0 days 1,397 sqft
2023-12-01 0 days 1,386 sqft
2024-01-01 0 days 1,370 sqft
2024-02-01 0 days 1,374 sqft
2024-03-01 0 days 1,364 sqft
2024-04-01 0 days 1,367 sqft
2024-05-01 0 days 1,494 sqft
2024-06-01 0 days 1,497 sqft
2024-07-01 0 days 1,524 sqft
2024-08-01 0 days 1,567 sqft
2024-09-01 0 days 1,513 sqft
2024-10-01 0 days 1,497 sqft
Springfield's median listing age (time on market) for 2024-10-01 was 0 days.

Springfield's median square footage for active listings during the 2024-10-01 period was 1,497 sqft. One year prior, the average listing was 1,456 sqft.