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 160 lenders originated 4,353 FHA loans during 2021. The total origination value was $1,338,275,000, with an average FHA loan value of $307,437.
Worcester FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Worcester
averaged
0.12%
for the week of 2022-11-25, compared to the national average (all FHA variants) of
0% for the same period.
Worcester's average FHA mortgage closing costs are $7,906.
The average rate for the prior week (2022-11-18) was
6.54% and
one month ago for the week of 2022-10-21, the
average rate was 6.85%.
The average rate one year ago was 3.32%.
For refis of the same type during the week of 2022-11-25, the average rate
was -0.45%.
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 QUICKEN LOANS, LLC, with
343 FHA loans originated. Their average total fees are
$7,334, which is $1,617
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Worcester FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,547), Mr. Cooper ( Nationstar Mortgage ) ($4,962), LAKEVIEW LOAN SERVICING, LLC ($5,339), FREEDOM MORTGAGE CORPORATION ($6,161) and PENNYMAC LOAN SERVICES, LLC ($6,406).
The lowest rate Worcester FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.67%), QUICKEN LOANS, LLC (2.70%), CALIBER HOME LOANS, INC. (2.70%), Citizens Bank (2.77%) and FINANCE OF AMERICA MORTGAGE LLC (2.79%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Worcester (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 | $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 | $322,450 (7.8%) | $387,331 (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%) | 1.08 | 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%) | 1.05 | 3,048 |
| 2018-11-01 | $309,900 (7.2%) | $371,841 (6.1%) | 1.05 | 2,873 |
| 2018-12-01 | $304,000 (5.2%) | $368,755 (6.3%) | 1.05 | 2,403 |
| 2019-01-01 | $304,969 (7.0%) | $370,772 (7.4%) | 1.05 | 2,046 |
| 2019-02-01 | $321,200 (10.8%) | $377,142 (7.1%) | 1.08 | 1,900 |
| 2019-03-01 | $335,614 (11.9%) | $390,551 (6.3%) | 1.10 | 1,938 |
| 2019-04-01 | $351,900 (10.5%) | $405,770 (5.8%) | 1.12 | 2,039 |
| 2019-05-01 | $359,900 (11.6%) | $413,324 (6.7%) | 1.12 | 2,308 |
| 2019-06-01 | $359,900 (10.8%) | $422,186 (9.0%) | 1.12 | 2,544 |
| 2019-07-01 | $354,900 (9.2%) | $416,589 (7.2%) | 1.11 | 2,563 |
| 2019-08-01 | $350,809 (9.7%) | $412,901 (7.7%) | 1.11 | 2,575 |
| 2019-09-01 | $344,673 (7.8%) | $406,522 (6.4%) | 1.10 | 2,610 |
| 2019-10-01 | $343,132 (10.0%) | $402,045 (6.3%) | 1.11 | 2,616 |
| 2019-11-01 | $344,900 (11.3%) | $398,819 (7.3%) | 1.13 | 2,373 |
| 2019-12-01 | $344,950 (13.5%) | $397,476 (7.8%) | 1.15 | 1,920 |
| 2020-01-01 | $344,900 (13.1%) | $401,691 (8.3%) | 1.15 | 1,640 |
| 2020-02-01 | $349,900 (8.9%) | $415,850 (10.3%) | 1.14 | 1,473 |
| 2020-03-01 | $364,950 (8.7%) | $433,599 (11.0%) | 1.14 | 1,546 |
| 2020-04-01 | $369,925 (5.1%) | $430,782 (6.2%) | 1.16 | 1,562 |
| 2020-05-01 | $379,900 (5.6%) | $439,315 (6.3%) | 1.15 | 1,607 |
| 2020-06-01 | $394,950 (9.7%) | $462,859 (9.6%) | 1.16 | 1,459 |
| 2020-07-01 | $395,450 (11.4%) | $464,731 (11.6%) | 1.15 | 1,315 |
| 2020-08-01 | $389,271 (11.0%) | $467,045 (13.1%) | 1.12 | 1,198 |
| 2020-09-01 | $389,450 (13.0%) | $471,491 (16.0%) | 1.12 | 1,200 |
| 2020-10-01 | $385,000 (12.2%) | $476,686 (18.6%) | 1.10 | 1,218 |
| 2020-11-01 | $379,900 (10.2%) | $471,003 (18.1%) | 1.11 | 1,091 |
| 2020-12-01 | $389,200 (12.8%) | $472,888 (19.0%) | 1.16 | 936 |
| 2021-01-01 | $399,000 (15.7%) | $487,285 (21.3%) | 1.19 | 711 |
| 2021-02-01 | $399,900 (14.3%) | $485,895 (16.8%) | 1.16 | 596 |
| 2021-03-01 | $393,000 (7.7%) | $481,133 (11.0%) | 1.12 | 653 |
| 2021-04-01 | $394,950 (6.8%) | $473,975 (10.0%) | 1.07 | 720 |
| 2021-05-01 | $398,000 (4.8%) | $484,650 (10.3%) | 1.05 | 780 |
| 2021-06-01 | $419,950 (6.3%) | $490,703 (6.0%) | 1.11 | 909 |
| 2021-07-01 | $414,950 (4.9%) | $483,873 (4.1%) | 1.09 | 1,040 |
| 2021-08-01 | $404,925 (4.0%) | $478,279 (2.4%) | 1.08 | 1,100 |
| 2021-09-01 | $404,900 (4.0%) | $479,737 (1.8%) | 1.08 | 1,107 |
| 2021-10-01 | $395,000 (2.6%) | $468,438 (-1.7%) | 1.05 | 1,113 |
| 2021-11-01 | $391,250 (3.0%) | $495,736 (5.3%) | 1.04 | 938 |
| 2021-12-01 | $387,200 (-0.5%) | $502,535 (6.3%) | 1.05 | 733 |
| 2022-01-01 | $395,450 (-0.9%) | $524,067 (7.6%) | 1.07 | 558 |
| 2022-02-01 | $419,950 (5.0%) | $615,798 (26.7%) | 1.09 | 503 |
| 2022-03-01 | $432,450 (10.0%) | $620,266 (28.9%) | 1.08 | 522 |
| 2022-04-01 | $447,000 (13.2%) | $614,226 (29.6%) | 1.07 | 629 |
| 2022-05-01 | $465,000 (16.8%) | $608,170 (25.5%) | 1.06 | 804 |
| 2022-06-01 | $449,500 (7.0%) | $588,170 (19.9%) | 1.00 | 978 |
| 2022-07-01 | $449,450 (8.3%) | $570,973 (18.0%) | 1.02 | 1,178 |
| 2022-08-01 | $449,900 (11.1%) | $575,235 (20.3%) | 1.04 | 1,143 |
| 2022-09-01 | $439,675 (8.6%) | $522,449 (8.9%) | 1.03 | 1,080 |
| 2022-10-01 | $449,000 (13.7%) | $559,274 (19.4%) | 1.06 | 1,108 |
Worcester's median listing price comes in at 106% of the national average.
Worcester's average listing price for 2022-10-01 was $559,274, a difference of $90,836 (19.4%) versus the prior year and $36,825 versus the prior month.
For the 2022-10-01 period, Worcester had 1,108 MLS listings, a difference of 28 listings (3%) versus the prior month and -5 listings (0%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 85 days | 1,792 sqft |
| 2018-02-01 | 82 days | 1,800 sqft |
| 2018-03-01 | 52 days | 1,802 sqft |
| 2018-04-01 | 42 days | 1,839 sqft |
| 2018-05-01 | 36 days | 1,836 sqft |
| 2018-06-01 | 39 days | 1,858 sqft |
| 2018-07-01 | 47 days | 1,876 sqft |
| 2018-08-01 | 53 days | 1,880 sqft |
| 2018-09-01 | 53 days | 1,876 sqft |
| 2018-10-01 | 57 days | 1,869 sqft |
| 2018-11-01 | 64 days | 1,851 sqft |
| 2018-12-01 | 72 days | 1,818 sqft |
| 2019-01-01 | 83 days | 1,802 sqft |
| 2019-02-01 | 84 days | 1,826 sqft |
| 2019-03-01 | 64 days | 1,878 sqft |
| 2019-04-01 | 42 days | 1,970 sqft |
| 2019-05-01 | 39 days | 2,018 sqft |
| 2019-06-01 | 42 days | 2,029 sqft |
| 2019-07-01 | 51 days | 2,000 sqft |
| 2019-08-01 | 55 days | 1,981 sqft |
| 2019-09-01 | 56 days | 1,952 sqft |
| 2019-10-01 | 57 days | 1,943 sqft |
| 2019-11-01 | 63 days | 1,920 sqft |
| 2019-12-01 | 79 days | 1,891 sqft |
| 2020-01-01 | 86 days | 1,877 sqft |
| 2020-02-01 | 73 days | 1,904 sqft |
| 2020-03-01 | 40 days | 1,991 sqft |
| 2020-04-01 | 48 days | 2,000 sqft |
| 2020-05-01 | 58 days | 2,000 sqft |
| 2020-06-01 | 49 days | 2,000 sqft |
| 2020-07-01 | 43 days | 1,999 sqft |
| 2020-08-01 | 40 days | 2,000 sqft |
| 2020-09-01 | 31 days | 1,960 sqft |
| 2020-10-01 | 30 days | 1,953 sqft |
| 2020-11-01 | 45 days | 1,922 sqft |
| 2020-12-01 | 58 days | 1,884 sqft |
| 2021-01-01 | 60 days | 1,900 sqft |
| 2021-02-01 | 56 days | 1,815 sqft |
| 2021-03-01 | 19 days | 1,801 sqft |
| 2021-04-01 | 18 days | 1,794 sqft |
| 2021-05-01 | 16 days | 1,817 sqft |
| 2021-06-01 | 16 days | 1,849 sqft |
| 2021-07-01 | 23 days | 1,834 sqft |
| 2021-08-01 | 26 days | 1,809 sqft |
| 2021-09-01 | 29 days | 1,812 sqft |
| 2021-10-01 | 28 days | 1,780 sqft |
| 2021-11-01 | 37 days | 1,768 sqft |
| 2021-12-01 | 44 days | 1,723 sqft |
| 2022-01-01 | 52 days | 1,709 sqft |
| 2022-02-01 | 33 days | 1,771 sqft |
| 2022-03-01 | 19 days | 1,800 sqft |
| 2022-04-01 | 12 days | 1,848 sqft |
| 2022-05-01 | 15 days | 1,897 sqft |
| 2022-06-01 | 16 days | 1,874 sqft |
| 2022-07-01 | 23 days | 1,875 sqft |
| 2022-08-01 | 31 days | 1,886 sqft |
| 2022-09-01 | 33 days | 1,871 sqft |
| 2022-10-01 | 36 days | 1,879 sqft |
Worcester's median square footage for active listings during the 2022-10-01 period was 1,879 sqft. One year prior, the average listing was 1,780 sqft.
