New Haven FHA Loan Rates, Closing Costs & Stats
NEW HAVEN-MILFORD, CT
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 Haven's 139 lenders originated 2,749 FHA loans during 2022. The total origination value was $764,375,000, with an average FHA loan value of $278,056.
New Haven FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New Haven
averaged
6.46%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
New Haven's average FHA mortgage closing costs are $8,460.
The average rate for the prior week (2023-05-19) was
6.33% and
one month ago for the week of 2023-04-21, the
average rate was 5.87%.
The average rate one year ago was 4.89%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.11%.
New Haven 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 Haven level.
The top New Haven FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
213 FHA loans originated. Their average total fees are
$10,821, which is $1,082
lower than the next largest lender,
TOTAL MORTGAGE SERVICES, LLC.
The lowest fee New Haven FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($5,346), LAKEVIEW LOAN SERVICING, LLC ($5,948), Bank of America ($6,403), EVERETT FINANCIAL, INC. ($7,319) and HOMESTEAD FUNDING CORP. ($8,546).
The lowest rate New Haven FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC (3.62%), Bank of America (3.78%), Lakeview Community Capital, LLC (3.95%), Flagstar Bank, FSB (4.07%) and WILLIAM RAVEIS MORTGAGE, LLC (4.15%).
New Haven FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
NEW HAVEN-MILFORD, CT | NEW HAVEN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
NEW HAVEN-MILFORD, CT | NEW HAVEN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New Haven (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 | $261,475 (4.8%) | $397,044 (8.9%) | 0.97 | 2,823 |
2018-02-01 | $267,400 (7.0%) | $408,705 (10.9%) | 0.97 | 2,761 |
2018-03-01 | $279,000 (6.3%) | $417,339 (12.5%) | 0.98 | 2,890 |
2018-04-01 | $285,000 (5.6%) | $408,523 (7.3%) | 0.97 | 3,016 |
2018-05-01 | $296,950 (8.0%) | $394,701 (1.5%) | 0.99 | 3,248 |
2018-06-01 | $294,950 (5.9%) | $390,762 (-3.0%) | 0.98 | 3,404 |
2018-07-01 | $289,948 (3.9%) | $397,522 (-0.9%) | 0.97 | 3,530 |
2018-08-01 | $289,700 (5.2%) | $382,154 (-4.1%) | 0.97 | 3,604 |
2018-09-01 | $289,500 (7.2%) | $385,236 (-2.9%) | 0.97 | 3,613 |
2018-10-01 | $284,800 (5.5%) | $384,146 (-2.6%) | 0.96 | 3,528 |
2018-11-01 | $274,975 (3.2%) | $375,705 (-3.9%) | 0.93 | 3,355 |
2018-12-01 | $269,900 (2.2%) | $370,370 (-5.1%) | 0.93 | 3,029 |
2019-01-01 | $269,900 (3.2%) | $371,680 (-6.4%) | 0.93 | 2,716 |
2019-02-01 | $274,700 (2.7%) | $377,129 (-7.7%) | 0.93 | 2,670 |
2019-03-01 | $289,900 (3.9%) | $392,796 (-5.9%) | 0.97 | 2,701 |
2019-04-01 | $299,450 (5.1%) | $397,857 (-2.6%) | 0.95 | 2,863 |
2019-05-01 | $293,224 (-1.3%) | $393,000 (-0.4%) | 0.92 | 3,024 |
2019-06-01 | $294,995 (0.0%) | $390,448 (-0.1%) | 0.92 | 3,182 |
2019-07-01 | $292,450 (0.9%) | $388,756 (-2.2%) | 0.92 | 3,207 |
2019-08-01 | $285,000 (-1.6%) | $381,646 (-0.1%) | 0.89 | 3,242 |
2019-09-01 | $279,450 (-3.5%) | $379,123 (-1.6%) | 0.88 | 2,986 |
2019-10-01 | $275,000 (-3.4%) | $372,510 (-3.0%) | 0.89 | 3,028 |
2019-11-01 | $274,900 (0.0%) | $367,636 (-2.2%) | 0.90 | 2,773 |
2019-12-01 | $270,950 (0.4%) | $367,962 (-0.7%) | 0.90 | 2,408 |
2020-01-01 | $269,925 (0.0%) | $368,568 (-0.8%) | 0.90 | 2,123 |
2020-02-01 | $275,000 (0.1%) | $377,743 (0.2%) | 0.90 | 2,040 |
2020-03-01 | $289,950 (0.0%) | $390,744 (-0.5%) | 0.91 | 2,102 |
2020-04-01 | $289,900 (-3.2%) | $396,727 (-0.3%) | 0.91 | 2,052 |
2020-05-01 | $299,900 (2.3%) | $406,164 (3.4%) | 0.91 | 1,908 |
2020-06-01 | $317,450 (7.6%) | $432,757 (10.8%) | 0.94 | 1,666 |
2020-07-01 | $326,950 (11.8%) | $448,513 (15.4%) | 0.95 | 1,591 |
2020-08-01 | $320,000 (12.3%) | $453,950 (19.0%) | 0.92 | 1,559 |
2020-09-01 | $308,500 (10.4%) | $450,543 (18.8%) | 0.88 | 1,594 |
2020-10-01 | $310,000 (12.7%) | $449,549 (20.7%) | 0.89 | 1,548 |
2020-11-01 | $309,450 (12.6%) | $447,767 (21.8%) | 0.90 | 1,453 |
2020-12-01 | $300,000 (10.7%) | $454,473 (23.5%) | 0.89 | 1,268 |
2021-01-01 | $310,000 (14.9%) | $468,117 (27.0%) | 0.93 | 1,019 |
2021-02-01 | $317,975 (15.6%) | $472,862 (25.2%) | 0.92 | 835 |
2021-03-01 | $324,900 (12.1%) | $491,572 (25.8%) | 0.92 | 814 |
2021-04-01 | $333,250 (15.0%) | $516,992 (30.3%) | 0.90 | 845 |
2021-05-01 | $340,000 (13.4%) | $512,193 (26.1%) | 0.90 | 956 |
2021-06-01 | $337,400 (6.3%) | $507,267 (17.2%) | 0.89 | 1,132 |
2021-07-01 | $335,000 (2.5%) | $508,451 (13.4%) | 0.88 | 1,290 |
2021-08-01 | $329,575 (3.0%) | $486,132 (7.1%) | 0.88 | 1,415 |
2021-09-01 | $324,950 (5.3%) | $478,572 (6.2%) | 0.87 | 1,421 |
2021-10-01 | $329,000 (6.1%) | $484,266 (7.7%) | 0.88 | 1,361 |
2021-11-01 | $329,900 (6.6%) | $481,309 (7.5%) | 0.88 | 1,102 |
2021-12-01 | $321,000 (7.0%) | $471,258 (3.7%) | 0.87 | 920 |
2022-01-01 | $329,900 (6.4%) | $486,516 (3.9%) | 0.89 | 732 |
2022-02-01 | $344,450 (8.3%) | $508,974 (7.6%) | 0.90 | 625 |
2022-03-01 | $350,000 (7.7%) | $513,833 (4.5%) | 0.88 | 626 |
2022-04-01 | $351,000 (5.3%) | $520,885 (0.8%) | 0.84 | 749 |
2022-05-01 | $357,450 (5.1%) | $506,099 (-1.2%) | 0.82 | 882 |
2022-06-01 | $361,000 (7.0%) | $502,853 (-0.9%) | 0.80 | 1,014 |
2022-07-01 | $358,000 (6.9%) | $494,812 (-2.7%) | 0.81 | 1,153 |
2022-08-01 | $360,950 (9.5%) | $488,184 (0.4%) | 0.83 | 1,136 |
2022-09-01 | $353,228 (8.7%) | $497,775 (4.0%) | 0.83 | 1,137 |
2022-10-01 | $350,000 (6.4%) | $497,744 (2.8%) | 0.82 | 1,180 |
2022-11-01 | $349,950 (6.1%) | $490,084 (1.8%) | 0.84 | 1,165 |
2022-12-01 | $349,900 (9.0%) | $489,391 (3.9%) | 0.86 | 977 |
2023-01-01 | $372,450 (12.9%) | $493,418 (1.4%) | 0.92 | 800 |
2023-02-01 | $387,000 (12.4%) | $515,822 (1.4%) | 0.93 | 712 |
2023-03-01 | $399,000 (14.0%) | $542,237 (5.5%) | 0.94 | 698 |
2023-04-01 | $399,950 (14.0%) | $549,293 (5.5%) | 0.93 | 716 |
New Haven's median listing price comes in at 93% of the national average.
New Haven's average listing price for 2023-04-01 was $549,293, a difference of $28,408 (5.5%) versus the prior year and $7,056 versus the prior month.
For the 2023-04-01 period, New Haven had 716 MLS listings, a difference of 18 listings (3%) versus the prior month and -33 listings (-4%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Haven (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 101 days | 1,600 sqft |
2018-02-01 | 99 days | 1,618 sqft |
2018-03-01 | 70 days | 1,657 sqft |
2018-04-01 | 58 days | 1,707 sqft |
2018-05-01 | 54 days | 1,730 sqft |
2018-06-01 | 57 days | 1,716 sqft |
2018-07-01 | 65 days | 1,703 sqft |
2018-08-01 | 68 days | 1,682 sqft |
2018-09-01 | 72 days | 1,692 sqft |
2018-10-01 | 79 days | 1,682 sqft |
2018-11-01 | 83 days | 1,645 sqft |
2018-12-01 | 95 days | 1,626 sqft |
2019-01-01 | 102 days | 1,609 sqft |
2019-02-01 | 96 days | 1,618 sqft |
2019-03-01 | 68 days | 1,668 sqft |
2019-04-01 | 53 days | 1,712 sqft |
2019-05-01 | 51 days | 1,747 sqft |
2019-06-01 | 54 days | 1,848 sqft |
2019-07-01 | 62 days | 1,845 sqft |
2019-08-01 | 73 days | 1,830 sqft |
2019-09-01 | 80 days | 1,825 sqft |
2019-10-01 | 75 days | 1,807 sqft |
2019-11-01 | 75 days | 1,800 sqft |
2019-12-01 | 86 days | 1,777 sqft |
2020-01-01 | 93 days | 1,759 sqft |
2020-02-01 | 84 days | 1,780 sqft |
2020-03-01 | 53 days | 1,800 sqft |
2020-04-01 | 60 days | 1,782 sqft |
2020-05-01 | 73 days | 1,817 sqft |
2020-06-01 | 57 days | 1,854 sqft |
2020-07-01 | 43 days | 1,868 sqft |
2020-08-01 | 41 days | 1,862 sqft |
2020-09-01 | 42 days | 1,823 sqft |
2020-10-01 | 43 days | 1,817 sqft |
2020-11-01 | 47 days | 1,783 sqft |
2020-12-01 | 55 days | 1,771 sqft |
2021-01-01 | 68 days | 1,752 sqft |
2021-02-01 | 59 days | 1,735 sqft |
2021-03-01 | 25 days | 1,728 sqft |
2021-04-01 | 26 days | 1,793 sqft |
2021-05-01 | 23 days | 1,792 sqft |
2021-06-01 | 23 days | 1,757 sqft |
2021-07-01 | 29 days | 1,729 sqft |
2021-08-01 | 32 days | 1,601 sqft |
2021-09-01 | 38 days | 1,578 sqft |
2021-10-01 | 44 days | 1,605 sqft |
2021-11-01 | 50 days | 1,580 sqft |
2021-12-01 | 57 days | 1,570 sqft |
2022-01-01 | 64 days | 1,592 sqft |
2022-02-01 | 36 days | 1,588 sqft |
2022-03-01 | 21 days | 1,607 sqft |
2022-04-01 | 17 days | 1,581 sqft |
2022-05-01 | 18 days | 1,594 sqft |
2022-06-01 | 22 days | 1,604 sqft |
2022-07-01 | 27 days | 1,608 sqft |
2022-08-01 | 33 days | 1,789 sqft |
2022-09-01 | 38 days | 1,803 sqft |
2022-10-01 | 36 days | 1,803 sqft |
2022-11-01 | 45 days | 1,796 sqft |
2022-12-01 | 56 days | 1,776 sqft |
2023-01-01 | 65 days | 1,761 sqft |
2023-02-01 | 44 days | 1,758 sqft |
2023-03-01 | 33 days | 1,854 sqft |
2023-04-01 | 31 days | 1,803 sqft |
New Haven's median square footage for active listings during the 2023-04-01 period was 1,803 sqft. One year prior, the average listing was 1,581 sqft.