Albany USDA Loan Rates, Closing Costs & Stats
ALBANY-SCHENECTADY-TROY, NY
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Albany's 10 lenders originated 21 USDA loans during 2023. The total origination value was $3,765,000, with an average USDA loan value of $179,286.
Albany USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Albany
averaged
6.52%
for the week of 2024-05-03, compared to the national average (all USDA variants) of
6.892% for the same period.
Albany's average USDA mortgage closing costs are $4,769.
The average rate for the prior week (2024-04-26) was
6.27% and
one month ago for the week of 2024-03-29, the
average rate was 5.92%.
The average rate one year ago was 5.95%.
For refis of the same type during the week of 2024-05-03, the average rate
was 6.49%.
Albany USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| HOMESTEAD FUNDING CORP. | 7 | 6.71% | $3,063 |
| Premium Mortgage Corporation | 3 | 6.42% | $8,405 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 7.13% | $5,878 |
| PLAZA HOME MORTGAGE, INC. | 2 | 6.13% | $7,952 |
| 1ST PRIORITY MORTGAGE, INC. | 2 | 6.31% | $6,424 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.25% | $10,643 |
| NEWREZ LLC | 1 | 7.25% | $5,547 |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | 1 | 7.25% | $7,133 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 7.63% | $8,894 |
| Flagstar Bank, FSB | 1 | 5.38% | $9,917 |
The top Albany USDA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with
7 USDA loans originated. Their average total fees are
$3,063, which is $5,342
lower than the next largest lender,
Premium Mortgage Corporation.
The lowest fee Albany USDA lenders (with over 10 loans originated) are
.
The lowest rate Albany USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Albany (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 | $277,450 (14.5%) | $331,473 (8.3%) | 1.03 | 3,263 |
| 2018-02-01 | $284,900 (14.0%) | $334,664 (7.8%) | 1.03 | 3,167 |
| 2018-03-01 | $289,900 (11.7%) | $336,706 (6.6%) | 1.02 | 3,125 |
| 2018-04-01 | $297,900 (12.4%) | $339,749 (6.0%) | 1.01 | 3,180 |
| 2018-05-01 | $296,000 (9.8%) | $336,670 (4.5%) | 0.99 | 3,482 |
| 2018-06-01 | $294,900 (9.3%) | $339,172 (5.0%) | 0.98 | 3,868 |
| 2018-07-01 | $292,200 (8.3%) | $339,654 (5.6%) | 0.98 | 4,060 |
| 2018-08-01 | $288,200 (7.5%) | $336,184 (5.5%) | 0.97 | 4,111 |
| 2018-09-01 | $289,700 (7.7%) | $336,643 (5.0%) | 0.97 | 4,209 |
| 2018-10-01 | $289,900 (8.5%) | $337,263 (5.3%) | 0.98 | 4,242 |
| 2018-11-01 | $292,450 (10.2%) | $340,275 (6.4%) | 0.99 | 4,169 |
| 2018-12-01 | $292,900 (8.5%) | $338,333 (3.7%) | 1.01 | 3,823 |
| 2019-01-01 | $299,663 (8.0%) | $343,738 (3.7%) | 1.04 | 3,460 |
| 2019-02-01 | $306,400 (7.6%) | $352,177 (5.2%) | 1.04 | 3,360 |
| 2019-03-01 | $309,428 (6.7%) | $355,005 (5.4%) | 1.01 | 3,355 |
| 2019-04-01 | $309,878 (4.0%) | $356,311 (4.9%) | 0.98 | 3,411 |
| 2019-05-01 | $299,900 (1.3%) | $351,297 (4.3%) | 0.94 | 3,534 |
| 2019-06-01 | $299,500 (1.6%) | $350,339 (3.3%) | 0.94 | 3,692 |
| 2019-07-01 | $299,450 (2.5%) | $346,634 (2.1%) | 0.94 | 3,720 |
| 2019-08-01 | $294,198 (2.1%) | $341,374 (1.5%) | 0.93 | 3,838 |
| 2019-09-01 | $291,780 (0.7%) | $340,545 (1.2%) | 0.93 | 3,896 |
| 2019-10-01 | $289,900 (0.0%) | $340,576 (1.0%) | 0.94 | 3,913 |
| 2019-11-01 | $289,900 (-0.9%) | $338,208 (-0.6%) | 0.95 | 3,510 |
| 2019-12-01 | $294,300 (0.5%) | $340,101 (0.5%) | 0.98 | 3,157 |
| 2020-01-01 | $295,825 (-1.3%) | $339,778 (-1.2%) | 0.99 | 2,854 |
| 2020-02-01 | $304,900 (-0.5%) | $344,026 (-2.3%) | 1.00 | 2,704 |
| 2020-03-01 | $312,500 (1.0%) | $347,697 (-2.1%) | 0.98 | 2,667 |
| 2020-04-01 | $317,000 (2.3%) | $353,712 (-0.7%) | 0.99 | 2,493 |
| 2020-05-01 | $320,900 (7.0%) | $359,151 (2.2%) | 0.98 | 2,452 |
| 2020-06-01 | $338,950 (13.2%) | $372,687 (6.4%) | 1.00 | 2,425 |
| 2020-07-01 | $342,400 (14.3%) | $378,251 (9.1%) | 0.99 | 2,315 |
| 2020-08-01 | $339,900 (15.5%) | $391,242 (14.6%) | 0.97 | 2,242 |
| 2020-09-01 | $335,000 (14.8%) | $393,393 (15.5%) | 0.96 | 2,246 |
| 2020-10-01 | $335,650 (15.8%) | $395,944 (16.3%) | 0.96 | 2,224 |
| 2020-11-01 | $337,350 (16.4%) | $398,023 (17.7%) | 0.99 | 2,135 |
| 2020-12-01 | $339,000 (15.2%) | $399,852 (17.6%) | 1.01 | 1,932 |
| 2021-01-01 | $344,950 (16.6%) | $412,470 (21.4%) | 1.03 | 1,666 |
| 2021-02-01 | $367,900 (20.7%) | $435,353 (26.6%) | 1.07 | 1,398 |
| 2021-03-01 | $369,450 (18.2%) | $459,090 (32.0%) | 1.05 | 1,319 |
| 2021-04-01 | $370,075 (16.7%) | $460,284 (30.1%) | 1.00 | 1,309 |
| 2021-05-01 | $364,975 (13.7%) | $457,022 (27.3%) | 0.97 | 1,343 |
| 2021-06-01 | $349,900 (3.2%) | $450,633 (20.9%) | 0.92 | 1,494 |
| 2021-07-01 | $349,900 (2.2%) | $448,094 (18.5%) | 0.92 | 1,633 |
| 2021-08-01 | $344,750 (1.4%) | $443,189 (13.3%) | 0.92 | 1,728 |
| 2021-09-01 | $334,950 (0.0%) | $438,727 (11.5%) | 0.89 | 1,693 |
| 2021-10-01 | $325,000 (-3.2%) | $433,139 (9.4%) | 0.87 | 1,619 |
| 2021-11-01 | $324,900 (-3.7%) | $430,151 (8.1%) | 0.87 | 1,507 |
| 2021-12-01 | $344,300 (1.6%) | $443,245 (10.9%) | 0.93 | 1,358 |
| 2022-01-01 | $349,900 (1.4%) | $453,949 (10.1%) | 0.95 | 1,132 |
| 2022-02-01 | $367,725 (-0.1%) | $483,053 (11.0%) | 0.96 | 929 |
| 2022-03-01 | $369,700 (0.1%) | $489,862 (6.7%) | 0.93 | 888 |
| 2022-04-01 | $369,900 (-0.1%) | $483,355 (5.0%) | 0.88 | 924 |
| 2022-05-01 | $369,900 (1.4%) | $466,378 (2.1%) | 0.85 | 1,103 |
| 2022-06-01 | $369,900 (5.7%) | $468,908 (4.1%) | 0.82 | 1,281 |
| 2022-07-01 | $350,000 (0.0%) | $431,849 (-3.6%) | 0.79 | 1,468 |
| 2022-08-01 | $351,950 (2.1%) | $430,859 (-2.8%) | 0.81 | 1,476 |
| 2022-09-01 | $344,000 (2.7%) | $440,413 (0.4%) | 0.80 | 1,429 |
| 2022-10-01 | $347,500 (6.9%) | $435,175 (0.5%) | 0.82 | 1,442 |
| 2022-11-01 | $339,950 (4.6%) | $418,702 (-2.7%) | 0.82 | 1,393 |
| 2022-12-01 | $344,900 (0.2%) | $429,195 (-3.2%) | 0.85 | 1,267 |
| 2023-01-01 | $363,311 (3.8%) | $435,254 (-4.1%) | 0.90 | 1,118 |
| 2023-02-01 | $384,900 (4.7%) | $457,060 (-5.4%) | 0.93 | 1,030 |
| 2023-03-01 | $399,900 (8.2%) | $463,576 (-5.4%) | 0.94 | 926 |
| 2023-04-01 | $408,000 (10.3%) | $473,794 (-2.0%) | 0.95 | 886 |
| 2023-05-01 | $407,475 (10.2%) | $493,919 (5.9%) | 0.92 | 965 |
| 2023-06-01 | $416,950 (12.7%) | $506,074 (7.9%) | 0.94 | 1,062 |
| 2023-07-01 | $419,000 (19.7%) | $514,802 (19.2%) | 0.95 | 1,140 |
| 2023-08-01 | $419,900 (19.3%) | $513,154 (19.1%) | 0.96 | 1,220 |
| 2023-09-01 | $417,140 (21.3%) | $509,342 (15.7%) | 0.97 | 1,262 |
| 2023-10-01 | $399,394 (14.9%) | $506,474 (16.4%) | 0.94 | 1,310 |
| 2023-11-01 | $392,450 (15.4%) | $494,369 (18.1%) | 0.93 | 1,337 |
| 2023-12-01 | $399,000 (15.7%) | $495,424 (15.4%) | 0.97 | 1,209 |
| 2024-01-01 | $423,775 (16.6%) | $516,146 (18.6%) | 1.03 | 1,058 |
| 2024-02-01 | $433,960 (12.8%) | $524,089 (14.7%) | 1.04 | 985 |
| 2024-03-01 | $435,900 (9.0%) | $560,585 (20.9%) | 1.03 | 897 |
| 2024-04-01 | $449,899 (10.3%) | $575,787 (21.5%) | 1.05 | 880 |
Albany's median listing price comes in at 105% of the national average.
Albany's average listing price for 2024-04-01 was $575,787, a difference of $101,993 (21.5%) versus the prior year and $15,202 versus the prior month.
For the 2024-04-01 period, Albany had 880 MLS listings, a difference of -17 listings (-2%) versus the prior month and -6 listings (-1%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 101 days | 1,832 sqft |
| 2018-02-01 | 101 days | 1,850 sqft |
| 2018-03-01 | 89 days | 1,852 sqft |
| 2018-04-01 | 73 days | 1,869 sqft |
| 2018-05-01 | 62 days | 1,874 sqft |
| 2018-06-01 | 57 days | 1,872 sqft |
| 2018-07-01 | 62 days | 1,885 sqft |
| 2018-08-01 | 68 days | 1,874 sqft |
| 2018-09-01 | 75 days | 1,875 sqft |
| 2018-10-01 | 75 days | 1,876 sqft |
| 2018-11-01 | 77 days | 1,890 sqft |
| 2018-12-01 | 85 days | 1,874 sqft |
| 2019-01-01 | 93 days | 1,882 sqft |
| 2019-02-01 | 95 days | 1,901 sqft |
| 2019-03-01 | 85 days | 1,907 sqft |
| 2019-04-01 | 71 days | 1,901 sqft |
| 2019-05-01 | 59 days | 1,908 sqft |
| 2019-06-01 | 62 days | 1,908 sqft |
| 2019-07-01 | 68 days | 1,905 sqft |
| 2019-08-01 | 69 days | 1,893 sqft |
| 2019-09-01 | 71 days | 1,883 sqft |
| 2019-10-01 | 73 days | 1,874 sqft |
| 2019-11-01 | 80 days | 1,867 sqft |
| 2019-12-01 | 97 days | 1,851 sqft |
| 2020-01-01 | 106 days | 1,852 sqft |
| 2020-02-01 | 92 days | 1,877 sqft |
| 2020-03-01 | 72 days | 1,896 sqft |
| 2020-04-01 | 78 days | 1,886 sqft |
| 2020-05-01 | 86 days | 1,900 sqft |
| 2020-06-01 | 84 days | 1,930 sqft |
| 2020-07-01 | 64 days | 1,987 sqft |
| 2020-08-01 | 58 days | 1,941 sqft |
| 2020-09-01 | 53 days | 1,914 sqft |
| 2020-10-01 | 55 days | 1,900 sqft |
| 2020-11-01 | 66 days | 1,886 sqft |
| 2020-12-01 | 76 days | 1,876 sqft |
| 2021-01-01 | 88 days | 1,857 sqft |
| 2021-02-01 | 92 days | 1,885 sqft |
| 2021-03-01 | 71 days | 1,885 sqft |
| 2021-04-01 | 60 days | 1,886 sqft |
| 2021-05-01 | 50 days | 1,876 sqft |
| 2021-06-01 | 44 days | 1,878 sqft |
| 2021-07-01 | 49 days | 1,872 sqft |
| 2021-08-01 | 52 days | 1,864 sqft |
| 2021-09-01 | 55 days | 1,831 sqft |
| 2021-10-01 | 59 days | 1,800 sqft |
| 2021-11-01 | 60 days | 1,780 sqft |
| 2021-12-01 | 66 days | 1,826 sqft |
| 2022-01-01 | 78 days | 2,034 sqft |
| 2022-02-01 | 82 days | 1,925 sqft |
| 2022-03-01 | 56 days | 1,860 sqft |
| 2022-04-01 | 49 days | 1,824 sqft |
| 2022-05-01 | 36 days | 1,817 sqft |
| 2022-06-01 | 38 days | 1,823 sqft |
| 2022-07-01 | 40 days | 1,800 sqft |
| 2022-08-01 | 52 days | 1,818 sqft |
| 2022-09-01 | 58 days | 1,810 sqft |
| 2022-10-01 | 58 days | 1,800 sqft |
| 2022-11-01 | 60 days | 1,773 sqft |
| 2022-12-01 | 68 days | 1,762 sqft |
| 2023-01-01 | 78 days | 1,762 sqft |
| 2023-02-01 | 73 days | 1,791 sqft |
| 2023-03-01 | 68 days | 1,816 sqft |
| 2023-04-01 | 62 days | 1,814 sqft |
| 2023-05-01 | 45 days | 1,846 sqft |
| 2023-06-01 | 44 days | 1,833 sqft |
| 2023-07-01 | 49 days | 1,829 sqft |
| 2023-08-01 | 50 days | 1,829 sqft |
| 2023-09-01 | 52 days | 1,819 sqft |
| 2023-10-01 | 54 days | 1,800 sqft |
| 2023-11-01 | 58 days | 1,803 sqft |
| 2023-12-01 | 64 days | 1,800 sqft |
| 2024-01-01 | 73 days | 1,800 sqft |
| 2024-02-01 | 73 days | 1,838 sqft |
| 2024-03-01 | 62 days | 1,821 sqft |
| 2024-04-01 | 55 days | 1,844 sqft |
Albany's median square footage for active listings during the 2024-04-01 period was 1,844 sqft. One year prior, the average listing was 1,814 sqft.