Norwich FHA Loan Rates, Closing Costs & Stats
NORWICH-NEW LONDON, 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.
Norwich's 73 lenders originated 666 FHA loans during 2022. The total origination value was $200,800,000, with an average FHA loan value of $301,502.
Norwich FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Norwich
averaged
-0.24%
for the week of 2023-06-02, compared to the national average (all FHA variants) of
0% for the same period.
Norwich's average FHA mortgage closing costs are $7,514.
The average rate for the prior week (2023-05-26) was
5.99% and
one month ago for the week of 2023-04-28, the
average rate was 5.84%.
The average rate one year ago was 4.79%.
For refis of the same type during the week of 2023-06-02, the average rate
was -1.79%.
Norwich 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 Norwich level.
The top Norwich FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with
61 FHA loans originated. Their average total fees are
$8,308, which is $2,065
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Norwich FHA lenders (with over 10 loans originated) are
HOMESTEAD FUNDING CORP. ($8,308), PENNYMAC LOAN SERVICES, LLC ($8,938), FIRST WORLD MORTGAGE CORPORATION ($8,986), FREEDOM MORTGAGE CORPORATION ($9,048) and UNITED WHOLESALE MORTGAGE, LLC ($9,104).
The lowest rate Norwich FHA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION (4.05%), PENNYMAC LOAN SERVICES, LLC (4.36%), HOME POINT FINANCIAL CORPORATION (4.52%), HOMESTEAD FUNDING CORP. (4.63%) and QUICKEN LOANS, LLC (4.66%).
Norwich FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
NORWICH-NEW LONDON, CT | NEW LONDON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
NORWICH-NEW LONDON, CT | NEW LONDON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Norwich (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 | $269,450 (-2.0%) | $385,081 (0.1%) | 1.00 | 1,335 |
2018-02-01 | $272,400 (-2.7%) | $386,997 (-0.1%) | 0.99 | 1,295 |
2018-03-01 | $289,450 (0.9%) | $400,112 (1.0%) | 1.02 | 1,312 |
2018-04-01 | $296,000 (-1.3%) | $409,214 (-0.6%) | 1.00 | 1,425 |
2018-05-01 | $299,450 (-3.2%) | $409,420 (-3.1%) | 1.00 | 1,524 |
2018-06-01 | $309,900 (-0.8%) | $418,174 (-1.7%) | 1.03 | 1,574 |
2018-07-01 | $299,950 (-4.5%) | $420,745 (-2.7%) | 1.00 | 1,685 |
2018-08-01 | $299,000 (-0.1%) | $414,444 (-2.0%) | 1.00 | 1,667 |
2018-09-01 | $289,900 (-3.0%) | $403,657 (-5.2%) | 0.97 | 1,691 |
2018-10-01 | $289,000 (-0.3%) | $405,136 (-3.0%) | 0.98 | 1,670 |
2018-11-01 | $284,850 (0.0%) | $411,550 (0.9%) | 0.97 | 1,580 |
2018-12-01 | $274,900 (-1.7%) | $395,432 (-1.8%) | 0.95 | 1,460 |
2019-01-01 | $272,175 (1.0%) | $392,936 (2.0%) | 0.94 | 1,268 |
2019-02-01 | $277,000 (1.7%) | $397,071 (2.6%) | 0.94 | 1,264 |
2019-03-01 | $288,214 (-0.4%) | $408,517 (2.1%) | 0.94 | 1,281 |
2019-04-01 | $299,900 (1.3%) | $425,227 (3.9%) | 0.95 | 1,304 |
2019-05-01 | $313,675 (4.8%) | $433,047 (5.8%) | 0.98 | 1,385 |
2019-06-01 | $319,900 (3.2%) | $436,947 (4.5%) | 1.00 | 1,462 |
2019-07-01 | $309,450 (3.2%) | $431,292 (2.5%) | 0.97 | 1,472 |
2019-08-01 | $306,518 (2.5%) | $425,426 (2.7%) | 0.97 | 1,451 |
2019-09-01 | $302,795 (4.5%) | $421,812 (4.5%) | 0.97 | 1,432 |
2019-10-01 | $299,925 (3.8%) | $419,402 (3.5%) | 0.97 | 1,412 |
2019-11-01 | $299,900 (5.3%) | $419,876 (2.0%) | 0.98 | 1,325 |
2019-12-01 | $299,900 (9.1%) | $415,046 (5.0%) | 1.00 | 1,161 |
2020-01-01 | $299,000 (9.9%) | $409,327 (4.2%) | 1.00 | 1,007 |
2020-02-01 | $298,500 (7.8%) | $408,980 (3.0%) | 0.98 | 962 |
2020-03-01 | $299,000 (3.7%) | $414,466 (1.5%) | 0.94 | 968 |
2020-04-01 | $316,500 (5.5%) | $437,159 (2.8%) | 0.99 | 923 |
2020-05-01 | $329,000 (4.9%) | $459,513 (6.1%) | 1.00 | 854 |
2020-06-01 | $329,900 (3.1%) | $475,218 (8.8%) | 0.97 | 794 |
2020-07-01 | $341,450 (10.3%) | $492,577 (14.2%) | 0.99 | 690 |
2020-08-01 | $349,900 (14.2%) | $515,012 (21.1%) | 1.00 | 634 |
2020-09-01 | $352,250 (16.3%) | $514,954 (22.1%) | 1.01 | 636 |
2020-10-01 | $349,450 (16.5%) | $508,598 (21.3%) | 1.00 | 648 |
2020-11-01 | $349,900 (16.7%) | $517,699 (23.3%) | 1.02 | 591 |
2020-12-01 | $350,000 (16.7%) | $525,467 (26.6%) | 1.04 | 516 |
2021-01-01 | $339,900 (13.7%) | $523,248 (27.8%) | 1.01 | 420 |
2021-02-01 | $357,475 (19.8%) | $559,045 (36.7%) | 1.04 | 329 |
2021-03-01 | $367,400 (22.9%) | $577,307 (39.3%) | 1.04 | 323 |
2021-04-01 | $377,400 (19.2%) | $584,547 (33.7%) | 1.02 | 356 |
2021-05-01 | $399,000 (21.3%) | $561,238 (22.1%) | 1.06 | 396 |
2021-06-01 | $365,950 (10.9%) | $532,517 (12.1%) | 0.96 | 477 |
2021-07-01 | $349,900 (2.5%) | $527,190 (7.0%) | 0.92 | 541 |
2021-08-01 | $345,000 (-1.4%) | $506,939 (-1.6%) | 0.92 | 576 |
2021-09-01 | $348,125 (-1.2%) | $492,433 (-4.4%) | 0.93 | 563 |
2021-10-01 | $349,000 (-0.1%) | $547,747 (7.7%) | 0.93 | 527 |
2021-11-01 | $349,375 (-0.2%) | $553,324 (6.9%) | 0.93 | 462 |
2021-12-01 | $336,725 (-3.8%) | $578,364 (10.1%) | 0.91 | 381 |
2022-01-01 | $344,500 (1.4%) | $611,830 (16.9%) | 0.93 | 284 |
2022-02-01 | $369,900 (3.5%) | $650,357 (16.3%) | 0.96 | 274 |
2022-03-01 | $369,900 (0.7%) | $631,607 (9.4%) | 0.93 | 287 |
2022-04-01 | $369,900 (-2.0%) | $612,659 (4.8%) | 0.88 | 299 |
2022-05-01 | $399,900 (0.2%) | $690,484 (23.0%) | 0.91 | 365 |
2022-06-01 | $399,725 (9.2%) | $680,313 (27.8%) | 0.89 | 421 |
2022-07-01 | $402,500 (15.0%) | $673,607 (27.8%) | 0.91 | 465 |
2022-08-01 | $411,250 (19.2%) | $710,674 (40.2%) | 0.95 | 467 |
2022-09-01 | $399,900 (14.9%) | $716,877 (45.6%) | 0.93 | 453 |
2022-10-01 | $399,900 (14.6%) | $766,536 (39.9%) | 0.94 | 446 |
2022-11-01 | $432,200 (23.7%) | $792,414 (43.2%) | 1.04 | 418 |
2022-12-01 | $435,000 (29.2%) | $822,100 (42.1%) | 1.07 | 335 |
2023-01-01 | $439,725 (27.6%) | $784,151 (28.2%) | 1.09 | 288 |
2023-02-01 | $481,725 (30.2%) | $858,192 (32.0%) | 1.16 | 261 |
2023-03-01 | $508,948 (37.6%) | $919,378 (45.6%) | 1.20 | 249 |
2023-04-01 | $499,389 (35.0%) | $849,623 (38.7%) | 1.16 | 282 |
2023-05-01 | $499,900 (25.0%) | $816,168 (18.2%) | 1.13 | 319 |
Norwich's median listing price comes in at 113% of the national average.
Norwich's average listing price for 2023-05-01 was $816,168, a difference of $125,684 (18.2%) versus the prior year and $-33,455 versus the prior month.
For the 2023-05-01 period, Norwich had 319 MLS listings, a difference of 37 listings (13%) versus the prior month and -46 listings (-13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 1,700 sqft |
2018-02-01 | 96 days | 1,691 sqft |
2018-03-01 | 73 days | 1,728 sqft |
2018-04-01 | 57 days | 1,757 sqft |
2018-05-01 | 54 days | 1,746 sqft |
2018-06-01 | 59 days | 1,795 sqft |
2018-07-01 | 65 days | 1,796 sqft |
2018-08-01 | 72 days | 1,754 sqft |
2018-09-01 | 74 days | 1,744 sqft |
2018-10-01 | 79 days | 1,754 sqft |
2018-11-01 | 84 days | 1,755 sqft |
2018-12-01 | 96 days | 1,722 sqft |
2019-01-01 | 100 days | 1,724 sqft |
2019-02-01 | 100 days | 1,706 sqft |
2019-03-01 | 80 days | 1,698 sqft |
2019-04-01 | 57 days | 1,728 sqft |
2019-05-01 | 53 days | 1,810 sqft |
2019-06-01 | 58 days | 1,883 sqft |
2019-07-01 | 65 days | 1,908 sqft |
2019-08-01 | 68 days | 1,919 sqft |
2019-09-01 | 69 days | 1,933 sqft |
2019-10-01 | 71 days | 1,944 sqft |
2019-11-01 | 75 days | 1,906 sqft |
2019-12-01 | 90 days | 1,905 sqft |
2020-01-01 | 97 days | 1,882 sqft |
2020-02-01 | 96 days | 1,862 sqft |
2020-03-01 | 62 days | 1,855 sqft |
2020-04-01 | 65 days | 1,875 sqft |
2020-05-01 | 79 days | 1,875 sqft |
2020-06-01 | 62 days | 1,886 sqft |
2020-07-01 | 50 days | 1,898 sqft |
2020-08-01 | 46 days | 1,922 sqft |
2020-09-01 | 37 days | 1,910 sqft |
2020-10-01 | 38 days | 1,934 sqft |
2020-11-01 | 47 days | 1,913 sqft |
2020-12-01 | 59 days | 1,880 sqft |
2021-01-01 | 70 days | 1,816 sqft |
2021-02-01 | 53 days | 1,812 sqft |
2021-03-01 | 33 days | 1,812 sqft |
2021-04-01 | 25 days | 1,828 sqft |
2021-05-01 | 24 days | 1,800 sqft |
2021-06-01 | 27 days | 1,779 sqft |
2021-07-01 | 31 days | 1,777 sqft |
2021-08-01 | 30 days | 1,699 sqft |
2021-09-01 | 39 days | 1,743 sqft |
2021-10-01 | 40 days | 1,755 sqft |
2021-11-01 | 44 days | 1,716 sqft |
2021-12-01 | 54 days | 1,700 sqft |
2022-01-01 | 62 days | 1,702 sqft |
2022-02-01 | 40 days | 1,605 sqft |
2022-03-01 | 31 days | 1,600 sqft |
2022-04-01 | 28 days | 1,653 sqft |
2022-05-01 | 19 days | 1,760 sqft |
2022-06-01 | 24 days | 1,809 sqft |
2022-07-01 | 29 days | 1,840 sqft |
2022-08-01 | 37 days | 1,945 sqft |
2022-09-01 | 46 days | 1,905 sqft |
2022-10-01 | 40 days | 1,874 sqft |
2022-11-01 | 49 days | 1,918 sqft |
2022-12-01 | 63 days | 1,892 sqft |
2023-01-01 | 74 days | 1,851 sqft |
2023-02-01 | 64 days | 1,960 sqft |
2023-03-01 | 44 days | 2,040 sqft |
2023-04-01 | 30 days | 2,086 sqft |
2023-05-01 | 31 days | 2,049 sqft |
Norwich's median square footage for active listings during the 2023-05-01 period was 2,049 sqft. One year prior, the average listing was 1,760 sqft.