New Castle FHA Loan Rates, Closing Costs & Stats
New Castle, PA
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
New Castle's 57 lenders originated 296 FHA loans during 2022. The total origination value was $41,810,000, with an average FHA loan value of $141,250.
New Castle FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New Castle
averaged
-0.18%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
New Castle's average FHA mortgage closing costs are $5,941.
The average rate for the prior week (2023-11-17) was
6.81% and
one month ago for the week of 2023-10-20, the
average rate was 6.92%.
The average rate one year ago was 6.34%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.33%.
New Castle FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Castle level.
The top New Castle FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
42 FHA loans originated. Their average total fees are
$8,403, which is $2,162
higher than the next largest lender,
HOWARD HANNA FINANCIAL SERVICES, INC..
The lowest fee New Castle FHA lenders (with over 10 loans originated) are
Nations Lending Corporation ($5,094), Union Savings Bank ($5,830), HOWARD HANNA FINANCIAL SERVICES, INC. ($6,241), WEST PENN FINANCIAL SERVICE CENTER, INC. ($6,680) and Citizens Bank ($7,183).
The lowest rate New Castle FHA lenders (with over 10 loans originated) are
Citizens Bank (4.38%), The Huntington National Bank (4.65%), Flagstar Bank, FSB (4.71%), QUICKEN LOANS, LLC (4.80%) and Union Savings Bank (4.84%).
New Castle FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
NEW CASTLE, PA | LAWRENCE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
NEW CASTLE, PA | LAWRENCE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $85,000 (3.2%) | $131,943 (3.3%) | 0.00 | 446 |
2018-02-01 | $81,900 (1.1%) | $132,004 (1.7%) | 0.00 | 434 |
2018-03-01 | $79,900 (-7.3%) | $130,597 (-4.4%) | 0.00 | 442 |
2018-04-01 | $84,950 (-1.2%) | $138,122 (1.4%) | 0.00 | 441 |
2018-05-01 | $89,900 (9.6%) | $140,338 (2.4%) | 0.00 | 459 |
2018-06-01 | $89,900 (4.7%) | $142,564 (3.3%) | 0.00 | 477 |
2018-07-01 | $103,333 (14.9%) | $148,291 (4.7%) | 0.00 | 469 |
2018-08-01 | $112,150 (28.6%) | $148,917 (7.9%) | 0.00 | 502 |
2018-09-01 | $104,700 (17.6%) | $146,162 (7.4%) | 0.00 | 492 |
2018-10-01 | $104,700 (16.5%) | $146,333 (7.9%) | 0.00 | 488 |
2018-11-01 | $104,475 (16.2%) | $143,687 (4.2%) | 0.00 | 495 |
2018-12-01 | $99,900 (18.9%) | $144,266 (10.4%) | 0.00 | 479 |
2019-01-01 | $89,575 (5.4%) | $133,254 (1.0%) | 0.00 | 453 |
2019-02-01 | $89,925 (9.8%) | $131,838 (-0.1%) | 0.00 | 431 |
2019-03-01 | $93,329 (16.8%) | $135,395 (3.7%) | 0.00 | 428 |
2019-04-01 | $97,329 (14.6%) | $141,492 (2.4%) | 0.00 | 433 |
2019-05-01 | $97,400 (8.3%) | $140,645 (0.2%) | 0.00 | 429 |
2019-06-01 | $99,500 (10.7%) | $146,104 (2.5%) | 0.00 | 427 |
2019-07-01 | $98,625 (-4.6%) | $140,432 (-5.3%) | 0.00 | 435 |
2019-08-01 | $98,045 (-12.6%) | $142,151 (-4.5%) | 0.00 | 440 |
2019-09-01 | $97,739 (-6.7%) | $145,026 (-0.8%) | 0.00 | 441 |
2019-10-01 | $97,534 (-6.8%) | $148,058 (1.2%) | 0.00 | 442 |
2019-11-01 | $99,500 (-4.8%) | $153,827 (7.1%) | 0.00 | 431 |
2019-12-01 | $98,125 (-1.8%) | $152,189 (5.5%) | 0.00 | 411 |
2020-01-01 | $99,000 (10.5%) | $152,590 (14.5%) | 0.00 | 388 |
2020-02-01 | $99,900 (11.1%) | $159,495 (21.0%) | 0.00 | 367 |
2020-03-01 | $110,475 (18.4%) | $161,238 (19.1%) | 0.00 | 371 |
2020-04-01 | $117,600 (20.8%) | $162,723 (15.0%) | 0.00 | 364 |
2020-05-01 | $115,000 (18.1%) | $158,793 (12.9%) | 0.00 | 356 |
2020-06-01 | $99,900 (0.4%) | $162,396 (11.2%) | 0.00 | 305 |
2020-07-01 | $128,450 (30.2%) | $170,435 (21.4%) | 0.00 | 285 |
2020-08-01 | $119,900 (22.3%) | $168,528 (18.6%) | 0.00 | 257 |
2020-09-01 | $129,800 (32.8%) | $172,698 (19.1%) | 0.00 | 249 |
2020-10-01 | $118,700 (21.7%) | $162,977 (10.1%) | 0.00 | 256 |
2020-11-01 | $111,400 (12.0%) | $162,651 (5.7%) | 0.00 | 251 |
2020-12-01 | $108,950 (11.0%) | $167,777 (10.2%) | 0.00 | 231 |
2021-01-01 | $116,500 (17.7%) | $167,125 (9.5%) | 0.00 | 189 |
2021-02-01 | $108,200 (8.3%) | $173,063 (8.5%) | 0.00 | 151 |
2021-03-01 | $142,000 (28.5%) | $192,914 (19.7%) | 0.00 | 127 |
2021-04-01 | $131,700 (12.0%) | $191,931 (18.0%) | 0.00 | 120 |
2021-05-01 | $149,950 (30.4%) | $198,547 (25.0%) | 0.00 | 119 |
2021-06-01 | $139,900 (40.0%) | $194,355 (19.7%) | 0.00 | 138 |
2021-07-01 | $139,925 (8.9%) | $195,531 (14.7%) | 0.00 | 153 |
2021-08-01 | $129,700 (8.2%) | $184,728 (9.6%) | 0.00 | 187 |
2021-09-01 | $123,050 (-5.2%) | $184,350 (6.8%) | 0.00 | 171 |
2021-10-01 | $129,900 (9.4%) | $187,752 (15.2%) | 0.00 | 181 |
2021-11-01 | $144,975 (30.1%) | $198,762 (22.2%) | 0.00 | 170 |
2021-12-01 | $129,925 (19.3%) | $192,915 (15.0%) | 0.00 | 157 |
2022-01-01 | $135,000 (15.9%) | $196,063 (17.3%) | 0.00 | 141 |
2022-02-01 | $142,225 (31.5%) | $204,063 (17.9%) | 0.00 | 120 |
2022-03-01 | $152,475 (7.4%) | $198,299 (2.8%) | 0.00 | 100 |
2022-04-01 | $149,900 (13.8%) | $185,213 (-3.5%) | 0.00 | 110 |
2022-05-01 | $173,200 (15.5%) | $209,154 (5.3%) | 0.00 | 113 |
2022-06-01 | $159,375 (13.9%) | $203,706 (4.8%) | 0.00 | 143 |
2022-07-01 | $149,400 (6.8%) | $194,467 (-0.5%) | 0.00 | 185 |
2022-08-01 | $149,900 (15.6%) | $199,762 (8.1%) | 0.00 | 187 |
2022-09-01 | $138,700 (12.7%) | $191,724 (4.0%) | 0.00 | 205 |
2022-10-01 | $139,000 (7.0%) | $188,970 (0.7%) | 0.00 | 223 |
2022-11-01 | $139,900 (-3.5%) | $193,151 (-2.8%) | 0.00 | 205 |
2022-12-01 | $137,500 (5.8%) | $259,181 (34.4%) | 0.00 | 201 |
2023-01-01 | $129,950 (-3.7%) | $267,641 (36.5%) | 0.00 | 183 |
2023-02-01 | $132,400 (-6.9%) | $200,973 (-1.5%) | 0.00 | 154 |
2023-03-01 | $129,900 (-14.8%) | $198,272 (0.0%) | 0.00 | 153 |
2023-04-01 | $139,950 (-6.6%) | $203,028 (9.6%) | 0.00 | 148 |
2023-05-01 | $139,925 (-19.2%) | $205,507 (-1.7%) | 0.00 | 148 |
2023-06-01 | $130,975 (-17.8%) | $198,084 (-2.8%) | 0.00 | 152 |
2023-07-01 | $147,200 (-1.5%) | $207,780 (6.9%) | 0.00 | 159 |
2023-08-01 | $145,375 (-3.0%) | $204,578 (2.4%) | 0.00 | 159 |
2023-09-01 | $145,000 (4.5%) | $204,311 (6.6%) | 0.00 | 153 |
2023-10-01 | $134,450 (-3.3%) | $187,599 (-0.7%) | 0.00 | 177 |
New Castle's median listing price comes in at 0% of the national average.
New Castle's average listing price for 2023-10-01 was $187,599, a difference of $-1,371 (-0.7%) versus the prior year and $-16,712 versus the prior month.
For the 2023-10-01 period, New Castle had 177 MLS listings, a difference of 24 listings (16%) versus the prior month and -46 listings (-21%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,443 sqft |
2018-02-01 | 0 days | 1,448 sqft |
2018-03-01 | 0 days | 1,489 sqft |
2018-04-01 | 0 days | 1,554 sqft |
2018-05-01 | 0 days | 1,554 sqft |
2018-06-01 | 0 days | 1,560 sqft |
2018-07-01 | 0 days | 1,560 sqft |
2018-08-01 | 0 days | 1,526 sqft |
2018-09-01 | 0 days | 1,507 sqft |
2018-10-01 | 0 days | 1,508 sqft |
2018-11-01 | 0 days | 1,512 sqft |
2018-12-01 | 0 days | 1,472 sqft |
2019-01-01 | 0 days | 1,439 sqft |
2019-02-01 | 0 days | 1,455 sqft |
2019-03-01 | 0 days | 1,465 sqft |
2019-04-01 | 0 days | 1,460 sqft |
2019-05-01 | 0 days | 1,460 sqft |
2019-06-01 | 0 days | 1,482 sqft |
2019-07-01 | 0 days | 1,469 sqft |
2019-08-01 | 0 days | 1,458 sqft |
2019-09-01 | 0 days | 1,460 sqft |
2019-10-01 | 0 days | 1,459 sqft |
2019-11-01 | 0 days | 1,484 sqft |
2019-12-01 | 0 days | 1,474 sqft |
2020-01-01 | 0 days | 1,470 sqft |
2020-02-01 | 0 days | 1,487 sqft |
2020-03-01 | 0 days | 1,512 sqft |
2020-04-01 | 0 days | 1,536 sqft |
2020-05-01 | 0 days | 1,536 sqft |
2020-06-01 | 0 days | 1,530 sqft |
2020-07-01 | 0 days | 1,547 sqft |
2020-08-01 | 0 days | 1,536 sqft |
2020-09-01 | 0 days | 1,552 sqft |
2020-10-01 | 0 days | 1,494 sqft |
2020-11-01 | 0 days | 1,470 sqft |
2020-12-01 | 0 days | 1,462 sqft |
2021-01-01 | 0 days | 1,455 sqft |
2021-02-01 | 0 days | 1,471 sqft |
2021-03-01 | 0 days | 1,534 sqft |
2021-04-01 | 0 days | 1,521 sqft |
2021-05-01 | 0 days | 1,524 sqft |
2021-06-01 | 0 days | 1,512 sqft |
2021-07-01 | 0 days | 1,584 sqft |
2021-08-01 | 0 days | 1,498 sqft |
2021-09-01 | 0 days | 1,478 sqft |
2021-10-01 | 0 days | 1,495 sqft |
2021-11-01 | 0 days | 1,515 sqft |
2021-12-01 | 0 days | 1,485 sqft |
2022-01-01 | 0 days | 1,487 sqft |
2022-02-01 | 0 days | 1,493 sqft |
2022-03-01 | 0 days | 1,513 sqft |
2022-04-01 | 0 days | 1,472 sqft |
2022-05-01 | 0 days | 1,560 sqft |
2022-06-01 | 0 days | 1,509 sqft |
2022-07-01 | 0 days | 1,510 sqft |
2022-08-01 | 0 days | 1,522 sqft |
2022-09-01 | 0 days | 1,526 sqft |
2022-10-01 | 0 days | 1,472 sqft |
2022-11-01 | 0 days | 1,472 sqft |
2022-12-01 | 0 days | 1,405 sqft |
2023-01-01 | 0 days | 1,414 sqft |
2023-02-01 | 0 days | 1,427 sqft |
2023-03-01 | 0 days | 1,444 sqft |
2023-04-01 | 0 days | 1,448 sqft |
2023-05-01 | 0 days | 1,439 sqft |
2023-06-01 | 0 days | 1,464 sqft |
2023-07-01 | 0 days | 1,560 sqft |
2023-08-01 | 0 days | 1,590 sqft |
2023-09-01 | 0 days | 1,509 sqft |
2023-10-01 | 0 days | 1,440 sqft |
New Castle's median square footage for active listings during the 2023-10-01 period was 1,440 sqft. One year prior, the average listing was 1,472 sqft.