Worcester FHA Loan Rates, Closing Costs & Stats
WORCESTER, MA-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.
Worcester's 139 lenders originated 1,877 FHA loans during 2023. The total origination value was $646,755,000, with an average FHA loan value of $344,568.
Worcester FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Worcester
averaged
6.39%
for the week of 2024-12-06, compared to the national average (all FHA variants) of
6.363% for the same period.
Worcester's average FHA mortgage closing costs are $9,157.
The average rate for the prior week (2024-11-29) was
6.43% and
one month ago for the week of 2024-11-01, the
average rate was 6.52%.
The average rate one year ago was 7.15%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.43%.
Worcester 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 Worcester level.
The top Worcester FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
201 FHA loans originated. Their average total fees are
$14,446, which is $725
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Worcester FHA lenders (with over 10 loans originated) are
LEADERONE FINANCIAL CORPORATION ($10,783), Leader Bank ($11,597), SALEM FIVE MORTGAGE COMPANY, LLC ($11,603), HOMEBRIDGE FINANCIAL SERVICES, INC. ($12,290) and Plains Commerce Bank ($12,362).
The lowest rate Worcester FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.91%), AMERISAVE MORTGAGE CORPORATION (5.97%), Mr. Cooper ( Nationstar Mortgage ) (6.11%), LAKEVIEW LOAN SERVICING, LLC (6.15%) and QUICKEN LOANS, LLC (6.25%).
Worcester FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
WORCESTER, MA-CT | WINDHAM | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
WORCESTER, MA-CT | WORCESTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
WORCESTER, MA-CT | WINDHAM | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
WORCESTER, MA-CT | WORCESTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Worcester (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 | $284,975 (6.5%) | $345,132 (4.8%) | 1.06 | 1,935 |
2018-02-01 | $289,900 (5.5%) | $352,279 (6.3%) | 1.05 | 1,825 |
2018-03-01 | $299,900 (7.2%) | $367,340 (8.9%) | 1.05 | 1,851 |
2018-04-01 | $318,375 (8.1%) | $383,405 (9.8%) | 1.08 | 2,007 |
2018-05-01 | $322,438 (7.8%) | $387,342 (9.5%) | 1.08 | 2,257 |
2018-06-01 | $324,900 (6.5%) | $387,347 (7.4%) | 1.08 | 2,596 |
2018-07-01 | $324,900 (8.3%) | $388,514 (9.3%) | 1.09 | 2,717 |
2018-08-01 | $319,900 (9.4%) | $383,473 (8.9%) | 1.07 | 2,825 |
2018-09-01 | $319,606 (10.3%) | $382,196 (9.4%) | 1.07 | 3,034 |
2018-10-01 | $312,000 (7.8%) | $378,225 (8.3%) | 1.06 | 3,048 |
2018-11-01 | $309,900 (7.2%) | $371,841 (6.1%) | 1.05 | 2,873 |
2018-12-01 | $304,000 (5.2%) | $368,778 (6.3%) | 1.05 | 2,402 |
2019-01-01 | $304,988 (7.0%) | $370,805 (7.4%) | 1.05 | 2,045 |
2019-02-01 | $321,200 (10.8%) | $377,180 (7.1%) | 1.09 | 1,899 |
2019-03-01 | $335,614 (11.9%) | $390,601 (6.3%) | 1.10 | 1,939 |
2019-04-01 | $351,550 (10.4%) | $405,694 (5.8%) | 1.12 | 2,040 |
2019-05-01 | $359,900 (11.6%) | $413,484 (6.8%) | 1.12 | 2,299 |
2019-06-01 | $359,900 (10.8%) | $422,344 (9.0%) | 1.12 | 2,532 |
2019-07-01 | $354,900 (9.2%) | $417,377 (7.4%) | 1.11 | 2,552 |
2019-08-01 | $350,809 (9.7%) | $413,552 (7.8%) | 1.11 | 2,563 |
2019-09-01 | $344,673 (7.8%) | $406,959 (6.5%) | 1.10 | 2,598 |
2019-10-01 | $343,357 (10.1%) | $402,327 (6.4%) | 1.11 | 2,603 |
2019-11-01 | $344,900 (11.3%) | $399,114 (7.3%) | 1.13 | 2,360 |
2019-12-01 | $344,700 (13.4%) | $396,896 (7.6%) | 1.15 | 1,908 |
2020-01-01 | $344,675 (13.0%) | $400,188 (7.9%) | 1.15 | 1,627 |
2020-02-01 | $349,900 (8.9%) | $414,469 (9.9%) | 1.15 | 1,459 |
2020-03-01 | $364,950 (8.7%) | $432,462 (10.7%) | 1.14 | 1,532 |
2020-04-01 | $370,950 (5.5%) | $429,618 (5.9%) | 1.16 | 1,548 |
2020-05-01 | $379,900 (5.6%) | $438,213 (6.0%) | 1.15 | 1,595 |
2020-06-01 | $395,400 (9.9%) | $461,864 (9.4%) | 1.16 | 1,444 |
2020-07-01 | $397,425 (12.0%) | $463,616 (11.1%) | 1.15 | 1,300 |
2020-08-01 | $389,900 (11.1%) | $467,523 (13.1%) | 1.12 | 1,184 |
2020-09-01 | $389,675 (13.1%) | $472,711 (16.2%) | 1.12 | 1,187 |
2020-10-01 | $385,000 (12.1%) | $477,667 (18.7%) | 1.10 | 1,206 |
2020-11-01 | $381,150 (10.5%) | $472,067 (18.3%) | 1.11 | 1,077 |
2020-12-01 | $389,600 (13.0%) | $472,512 (19.1%) | 1.16 | 920 |
2021-01-01 | $399,900 (16.0%) | $489,820 (22.4%) | 1.19 | 698 |
2021-02-01 | $399,900 (14.3%) | $488,560 (17.9%) | 1.16 | 583 |
2021-03-01 | $394,950 (8.2%) | $483,649 (11.8%) | 1.12 | 639 |
2021-04-01 | $396,000 (6.8%) | $476,153 (10.8%) | 1.07 | 706 |
2021-05-01 | $399,000 (5.0%) | $482,777 (10.2%) | 1.06 | 766 |
2021-06-01 | $420,000 (6.2%) | $490,866 (6.3%) | 1.11 | 894 |
2021-07-01 | $415,000 (4.4%) | $485,508 (4.7%) | 1.10 | 1,026 |
2021-08-01 | $405,000 (3.9%) | $479,811 (2.6%) | 1.08 | 1,086 |
2021-09-01 | $404,900 (3.9%) | $481,572 (1.9%) | 1.08 | 1,094 |
2021-10-01 | $395,000 (2.6%) | $469,813 (-1.6%) | 1.05 | 1,099 |
2021-11-01 | $394,084 (3.4%) | $497,717 (5.4%) | 1.05 | 924 |
2021-12-01 | $387,475 (-0.6%) | $505,277 (6.9%) | 1.05 | 719 |
2022-01-01 | $399,000 (-0.2%) | $528,389 (7.9%) | 1.08 | 544 |
2022-02-01 | $423,250 (5.8%) | $622,995 (27.5%) | 1.10 | 489 |
2022-03-01 | $438,675 (11.1%) | $627,123 (29.7%) | 1.10 | 508 |
2022-04-01 | $449,000 (13.4%) | $619,822 (30.2%) | 1.07 | 615 |
2022-05-01 | $469,450 (17.7%) | $612,460 (26.9%) | 1.07 | 789 |
2022-06-01 | $449,950 (7.1%) | $591,110 (20.4%) | 1.00 | 963 |
2022-07-01 | $449,900 (8.4%) | $573,407 (18.1%) | 1.01 | 1,164 |
2022-08-01 | $449,900 (11.1%) | $577,450 (20.4%) | 1.04 | 1,129 |
2022-09-01 | $439,925 (8.7%) | $524,257 (8.9%) | 1.03 | 1,066 |
2022-10-01 | $449,900 (13.9%) | $561,800 (19.6%) | 1.06 | 1,093 |
2022-11-01 | $449,450 (14.1%) | $573,388 (15.2%) | 1.08 | 1,055 |
2022-12-01 | $445,000 (14.9%) | $590,266 (16.8%) | 1.10 | 819 |
2023-01-01 | $464,905 (16.5%) | $605,979 (14.7%) | 1.15 | 728 |
2023-02-01 | $494,450 (16.8%) | $638,376 (2.5%) | 1.19 | 609 |
2023-03-01 | $493,000 (12.4%) | $635,158 (1.3%) | 1.16 | 582 |
2023-04-01 | $504,900 (12.5%) | $634,396 (2.4%) | 1.17 | 674 |
2023-05-01 | $516,175 (10.0%) | $638,486 (4.3%) | 1.17 | 714 |
2023-06-01 | $509,950 (13.3%) | $606,152 (2.5%) | 1.15 | 774 |
2023-07-01 | $519,400 (15.5%) | $603,164 (5.2%) | 1.18 | 730 |
2023-08-01 | $499,450 (11.0%) | $615,996 (6.7%) | 1.15 | 811 |
2023-09-01 | $490,000 (11.4%) | $615,970 (17.5%) | 1.14 | 893 |
2023-10-01 | $487,400 (8.3%) | $580,248 (3.3%) | 1.15 | 927 |
2023-11-01 | $475,000 (5.7%) | $589,158 (2.8%) | 1.13 | 942 |
2023-12-01 | $479,450 (7.7%) | $600,335 (1.7%) | 1.17 | 766 |
2024-01-01 | $498,000 (7.1%) | $610,971 (0.8%) | 1.22 | 621 |
2024-02-01 | $499,350 (1.0%) | $633,419 (-0.8%) | 1.20 | 598 |
2024-03-01 | $499,999 (1.4%) | $643,339 (1.3%) | 1.18 | 640 |
2024-04-01 | $524,800 (3.9%) | $660,384 (4.1%) | 1.22 | 732 |
2024-05-01 | $544,900 (5.6%) | $673,718 (5.5%) | 1.23 | 811 |
2024-06-01 | $549,900 (7.8%) | $669,811 (10.5%) | 1.24 | 965 |
2024-07-01 | $537,175 (3.4%) | $666,324 (10.5%) | 1.23 | 993 |
2024-08-01 | $519,900 (4.1%) | $641,262 (4.1%) | 1.21 | 1,065 |
2024-09-01 | $524,900 (7.1%) | $640,317 (4.0%) | 1.24 | 1,168 |
2024-10-01 | $527,450 (8.2%) | $620,424 (6.9%) | 1.24 | 1,254 |
2024-11-01 | $506,725 (6.7%) | $602,452 (2.3%) | 0.00 | 1,233 |
Worcester's median listing price comes in at 0% of the national average.
Worcester's average listing price for 2024-11-01 was $602,452, a difference of $13,294 (2.3%) versus the prior year and $-17,972 versus the prior month.
For the 2024-11-01 period, Worcester had 1,233 MLS listings, a difference of -21 listings (-2%) versus the prior month and 291 listings (31%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 80 days | 1,792 sqft |
2018-02-01 | 75 days | 1,800 sqft |
2018-03-01 | 47 days | 1,804 sqft |
2018-04-01 | 39 days | 1,840 sqft |
2018-05-01 | 33 days | 1,836 sqft |
2018-06-01 | 37 days | 1,858 sqft |
2018-07-01 | 44 days | 1,876 sqft |
2018-08-01 | 51 days | 1,880 sqft |
2018-09-01 | 51 days | 1,876 sqft |
2018-10-01 | 54 days | 1,869 sqft |
2018-11-01 | 60 days | 1,851 sqft |
2018-12-01 | 70 days | 1,820 sqft |
2019-01-01 | 79 days | 1,802 sqft |
2019-02-01 | 78 days | 1,828 sqft |
2019-03-01 | 60 days | 1,879 sqft |
2019-04-01 | 39 days | 1,971 sqft |
2019-05-01 | 38 days | 2,019 sqft |
2019-06-01 | 39 days | 2,030 sqft |
2019-07-01 | 48 days | 2,000 sqft |
2019-08-01 | 52 days | 1,981 sqft |
2019-09-01 | 53 days | 1,952 sqft |
2019-10-01 | 53 days | 1,943 sqft |
2019-11-01 | 58 days | 1,920 sqft |
2019-12-01 | 75 days | 1,892 sqft |
2020-01-01 | 79 days | 1,877 sqft |
2020-02-01 | 58 days | 1,904 sqft |
2020-03-01 | 35 days | 1,988 sqft |
2020-04-01 | 44 days | 2,000 sqft |
2020-05-01 | 52 days | 2,000 sqft |
2020-06-01 | 41 days | 2,000 sqft |
2020-07-01 | 37 days | 2,000 sqft |
2020-08-01 | 36 days | 2,002 sqft |
2020-09-01 | 26 days | 1,960 sqft |
2020-10-01 | 26 days | 1,952 sqft |
2020-11-01 | 42 days | 1,920 sqft |
2020-12-01 | 54 days | 1,873 sqft |
2021-01-01 | 54 days | 1,900 sqft |
2021-02-01 | 47 days | 1,810 sqft |
2021-03-01 | 16 days | 1,801 sqft |
2021-04-01 | 15 days | 1,793 sqft |
2021-05-01 | 14 days | 1,815 sqft |
2021-06-01 | 16 days | 1,843 sqft |
2021-07-01 | 22 days | 1,830 sqft |
2021-08-01 | 24 days | 1,808 sqft |
2021-09-01 | 27 days | 1,808 sqft |
2021-10-01 | 26 days | 1,778 sqft |
2021-11-01 | 35 days | 1,768 sqft |
2021-12-01 | 39 days | 1,718 sqft |
2022-01-01 | 47 days | 1,706 sqft |
2022-02-01 | 28 days | 1,768 sqft |
2022-03-01 | 16 days | 1,798 sqft |
2022-04-01 | 10 days | 1,846 sqft |
2022-05-01 | 14 days | 1,895 sqft |
2022-06-01 | 16 days | 1,874 sqft |
2022-07-01 | 23 days | 1,875 sqft |
2022-08-01 | 30 days | 1,885 sqft |
2022-09-01 | 32 days | 1,869 sqft |
2022-10-01 | 33 days | 1,879 sqft |
2022-11-01 | 37 days | 1,878 sqft |
2022-12-01 | 52 days | 1,850 sqft |
2023-01-01 | 52 days | 1,872 sqft |
2023-02-01 | 42 days | 1,889 sqft |
2023-03-01 | 31 days | 1,875 sqft |
2023-04-01 | 19 days | 1,921 sqft |
2023-05-01 | 19 days | 1,973 sqft |
2023-06-01 | 18 days | 1,956 sqft |
2023-07-01 | 25 days | 1,939 sqft |
2023-08-01 | 23 days | 1,877 sqft |
2023-09-01 | 27 days | 1,879 sqft |
2023-10-01 | 27 days | 1,871 sqft |
2023-11-01 | 32 days | 1,855 sqft |
2023-12-01 | 44 days | 1,824 sqft |
2024-01-01 | 45 days | 1,830 sqft |
2024-02-01 | 30 days | 1,813 sqft |
2024-03-01 | 23 days | 1,812 sqft |
2024-04-01 | 22 days | 1,877 sqft |
2024-05-01 | 19 days | 1,898 sqft |
2024-06-01 | 23 days | 1,929 sqft |
2024-07-01 | 31 days | 1,976 sqft |
2024-08-01 | 31 days | 1,880 sqft |
2024-09-01 | 30 days | 1,932 sqft |
2024-10-01 | 31 days | 1,950 sqft |
2024-11-01 | 0 days | 1,885 sqft |
Worcester's median square footage for active listings during the 2024-11-01 period was 1,885 sqft. One year prior, the average listing was 1,855 sqft.