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 21 lenders originated 119 USDA loans during 2021. The total origination value was $23,425,000, with an average USDA loan value of $196,849.

Albany USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Albany averaged 6.41% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Albany's average USDA mortgage closing costs are $4,607.

The average rate for the prior week (2022-11-25) was 6.55% and one month ago for the week of 2022-10-28, the average rate was 6.92%.

The average rate one year ago was 3.51%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.24%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
HOMESTEAD FUNDING CORP. 51 3.06% $2,953
HOME POINT FINANCIAL CORPORATION 16 2.85% $6,195
CALIBER HOME LOANS, INC. 7 3.02% $6,474
Premium Mortgage Corporation 6 2.75% $3,525
SUNMARK FEDERAL CREDIT UNION 6 2.92% $4,873
PLAZA HOME MORTGAGE, INC. 6 3.33% $5,072
Bank of England 4 3.34% $8,615
Flagstar Bank, FSB 3 2.67% $6,175
GUARANTEED RATE, INC. 3 2.58% $6,365
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.29% $5,908
SEFCU SERVICES, LLC 3 3.00% $4,617
1ST PRIORITY MORTGAGE, INC. 2 3.06% $5,753
Meridian Bank Corporation 1 2.50% $6,090
HUNT MORTGAGE CORPORATION 1 2.63% $6,070
Farm Credit East, ACA 1 4.25% $10,378
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $8,075
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.25% $6,855
Carrington Mortgage Services, LLC 1 3.13% $11,083
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $5,806
TD Bank 1 2.88% $5,761
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $7,273

The top Albany USDA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 51 USDA loans originated. Their average total fees are $2,953, which is $3,242 lower than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee Albany USDA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($2,953), HOME POINT FINANCIAL CORPORATION ($6,195), .

The lowest rate Albany USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.85%), HOMESTEAD FUNDING CORP. (3.06%), .


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%) $330,494 (7.9%) 1.03 3,269
2018-02-01 $284,800 (14.0%) $334,397 (7.7%) 1.03 3,174
2018-03-01 $289,900 (11.8%) $336,400 (6.7%) 1.02 3,134
2018-04-01 $297,800 (12.4%) $339,493 (6.1%) 1.01 3,190
2018-05-01 $295,975 (9.8%) $336,688 (4.6%) 0.99 3,493
2018-06-01 $294,900 (9.3%) $339,237 (5.1%) 0.98 3,877
2018-07-01 $292,200 (8.3%) $339,703 (5.6%) 0.98 4,069
2018-08-01 $288,747 (7.6%) $336,273 (5.5%) 0.97 4,121
2018-09-01 $289,700 (7.7%) $336,548 (5.1%) 0.97 4,219
2018-10-01 $289,850 (8.4%) $337,194 (5.4%) 0.98 4,250
2018-11-01 $292,450 (10.1%) $340,283 (6.5%) 0.99 4,179
2018-12-01 $292,900 (8.5%) $338,441 (3.8%) 1.01 3,829
2019-01-01 $299,550 (8.0%) $343,815 (4.0%) 1.03 3,466
2019-02-01 $306,369 (7.6%) $352,184 (5.3%) 1.03 3,364
2019-03-01 $309,427 (6.7%) $354,935 (5.5%) 1.01 3,359
2019-04-01 $309,877 (4.1%) $356,162 (4.9%) 0.98 3,415
2019-05-01 $299,900 (1.3%) $350,999 (4.3%) 0.94 3,537
2019-06-01 $299,335 (1.5%) $350,137 (3.2%) 0.94 3,699
2019-07-01 $299,450 (2.5%) $346,542 (2.0%) 0.94 3,729
2019-08-01 $294,198 (1.9%) $341,240 (1.5%) 0.93 3,847
2019-09-01 $291,780 (0.7%) $340,341 (1.1%) 0.93 3,905
2019-10-01 $289,900 (0.0%) $340,346 (0.9%) 0.94 3,922
2019-11-01 $289,900 (-0.9%) $338,004 (-0.7%) 0.95 3,518
2019-12-01 $294,150 (0.4%) $339,865 (0.4%) 0.98 3,165
2020-01-01 $295,750 (-1.3%) $339,585 (-1.2%) 0.99 2,862
2020-02-01 $304,900 (-0.5%) $343,905 (-2.4%) 1.00 2,710
2020-03-01 $312,400 (1.0%) $347,412 (-2.1%) 0.98 2,679
2020-04-01 $316,975 (2.3%) $353,411 (-0.8%) 0.99 2,505
2020-05-01 $320,000 (6.7%) $359,049 (2.3%) 0.97 2,462
2020-06-01 $337,400 (12.7%) $372,375 (6.4%) 0.99 2,436
2020-07-01 $341,111 (13.9%) $378,041 (9.1%) 0.99 2,324
2020-08-01 $339,900 (15.5%) $390,740 (14.5%) 0.97 2,247
2020-09-01 $334,925 (14.8%) $392,742 (15.4%) 0.96 2,254
2020-10-01 $335,000 (15.6%) $395,494 (16.2%) 0.96 2,236
2020-11-01 $336,275 (16.0%) $397,567 (17.6%) 0.98 2,146
2020-12-01 $338,925 (15.2%) $399,268 (17.5%) 1.01 1,943
2021-01-01 $344,900 (16.6%) $411,769 (21.3%) 1.03 1,679
2021-02-01 $367,400 (20.5%) $435,061 (26.5%) 1.07 1,405
2021-03-01 $369,325 (18.2%) $458,228 (31.9%) 1.05 1,331
2021-04-01 $368,700 (16.3%) $459,150 (29.9%) 1.00 1,322
2021-05-01 $364,400 (13.9%) $456,112 (27.0%) 0.96 1,355
2021-06-01 $349,900 (3.7%) $450,266 (20.9%) 0.92 1,503
2021-07-01 $349,900 (2.6%) $446,950 (18.2%) 0.92 1,655
2021-08-01 $344,750 (1.4%) $442,916 (13.4%) 0.92 1,736
2021-09-01 $334,950 (0.0%) $439,484 (11.9%) 0.89 1,701
2021-10-01 $325,000 (-3.0%) $433,643 (9.7%) 0.87 1,627
2021-11-01 $325,000 (-3.4%) $430,607 (8.3%) 0.87 1,518
2021-12-01 $344,300 (1.6%) $443,868 (11.2%) 0.93 1,366
2022-01-01 $350,000 (1.5%) $454,235 (10.3%) 0.95 1,138
2022-02-01 $367,750 (0.1%) $483,036 (11.0%) 0.96 935
2022-03-01 $369,800 (0.1%) $490,249 (7.0%) 0.93 895
2022-04-01 $369,900 (0.3%) $482,692 (5.1%) 0.88 933
2022-05-01 $369,450 (1.4%) $466,494 (2.3%) 0.84 1,112
2022-06-01 $369,900 (5.7%) $469,161 (4.2%) 0.82 1,292
2022-07-01 $350,000 (0.0%) $432,385 (-3.3%) 0.79 1,478
2022-08-01 $351,950 (2.1%) $431,411 (-2.6%) 0.81 1,487
2022-09-01 $344,000 (2.7%) $440,873 (0.3%) 0.81 1,440
2022-10-01 $347,250 (6.9%) $435,731 (0.5%) 0.82 1,452
2022-11-01 $339,950 (4.6%) $419,365 (-2.6%) 0.82 1,403
Albany's median listing price for 2022-11-01 was $339,950, a difference of $14,950 (4.6%) versus the prior year and $-7,300 versus the prior month.

Albany's median listing price comes in at 82% of the national average.

Albany's average listing price for 2022-11-01 was $419,365, a difference of $-11,242 (-2.6%) versus the prior year and $-16,366 versus the prior month.

For the 2022-11-01 period, Albany had 1,403 MLS listings, a difference of -49 listings (-3%) versus the prior month and -115 listings (-8%) 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
2018-01-01 110 days 1,831 sqft
2018-02-01 109 days 1,850 sqft
2018-03-01 102 days 1,851 sqft
2018-04-01 84 days 1,868 sqft
2018-05-01 70 days 1,875 sqft
2018-06-01 62 days 1,873 sqft
2018-07-01 67 days 1,886 sqft
2018-08-01 74 days 1,874 sqft
2018-09-01 80 days 1,876 sqft
2018-10-01 82 days 1,875 sqft
2018-11-01 85 days 1,888 sqft
2018-12-01 94 days 1,874 sqft
2019-01-01 99 days 1,881 sqft
2019-02-01 103 days 1,900 sqft
2019-03-01 94 days 1,905 sqft
2019-04-01 79 days 1,901 sqft
2019-05-01 67 days 1,906 sqft
2019-06-01 68 days 1,904 sqft
2019-07-01 74 days 1,902 sqft
2019-08-01 75 days 1,892 sqft
2019-09-01 77 days 1,882 sqft
2019-10-01 79 days 1,872 sqft
2019-11-01 88 days 1,867 sqft
2019-12-01 105 days 1,850 sqft
2020-01-01 115 days 1,850 sqft
2020-02-01 108 days 1,877 sqft
2020-03-01 90 days 1,896 sqft
2020-04-01 88 days 1,888 sqft
2020-05-01 97 days 1,905 sqft
2020-06-01 100 days 1,931 sqft
2020-07-01 80 days 1,987 sqft
2020-08-01 71 days 1,945 sqft
2020-09-01 62 days 1,916 sqft
2020-10-01 64 days 1,900 sqft
2020-11-01 74 days 1,888 sqft
2020-12-01 84 days 1,878 sqft
2021-01-01 99 days 1,860 sqft
2021-02-01 102 days 1,888 sqft
2021-03-01 87 days 1,892 sqft
2021-04-01 70 days 1,888 sqft
2021-05-01 56 days 1,878 sqft
2021-06-01 49 days 1,880 sqft
2021-07-01 53 days 1,872 sqft
2021-08-01 57 days 1,867 sqft
2021-09-01 59 days 1,837 sqft
2021-10-01 63 days 1,800 sqft
2021-11-01 66 days 1,782 sqft
2021-12-01 70 days 1,862 sqft
2022-01-01 82 days 2,046 sqft
2022-02-01 89 days 1,924 sqft
2022-03-01 65 days 1,861 sqft
2022-04-01 53 days 1,825 sqft
2022-05-01 39 days 1,815 sqft
2022-06-01 40 days 1,824 sqft
2022-07-01 44 days 1,800 sqft
2022-08-01 54 days 1,818 sqft
2022-09-01 62 days 1,809 sqft
2022-10-01 61 days 1,800 sqft
2022-11-01 65 days 1,776 sqft
Albany's median listing age (time on market) for 2022-11-01 was 65 days. This is -2% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2022-11-01 period was 1,776 sqft. One year prior, the average listing was 1,782 sqft.