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
6.86%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Springfield's average USDA mortgage closing costs are $4,663.
The average rate for the prior week (2024-04-12) was
6.81% and
one month ago for the week of 2024-03-15, the
average rate was 6.89%.
The average rate one year ago was 6.43%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.6%.
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 |
Springfield's median listing price comes in at 0% of the national average.
Springfield's average listing price for 2024-03-01 was $253,000, a difference of $18,793 (8.0%) versus the prior year and $18,193 versus the prior month.
For the 2024-03-01 period, Springfield had 95 MLS listings, a difference of -20 listings (-17%) versus the prior month and -1 listings (-1%) 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 |
Springfield's median square footage for active listings during the 2024-03-01 period was 1,364 sqft. One year prior, the average listing was 1,467 sqft.