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 13 lenders originated 55 USDA loans during 2022. The total origination value was $11,345,000, with an average USDA loan value of $206,273.
Albany USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Albany
averaged
-0.48%
for the week of 2023-11-24, compared to the national average (all USDA variants) of
0% for the same period.
Albany's average USDA mortgage closing costs are $4,723.
The average rate for the prior week (2023-11-17) was
6.51% and
one month ago for the week of 2023-10-20, the
average rate was 6.93%.
The average rate one year ago was 5.87%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.65%.
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| HOMESTEAD FUNDING CORP. | 22 | 4.71% | $3,200 |
| HOME POINT FINANCIAL CORPORATION | 7 | 4.62% | $9,585 |
| CALIBER HOME LOANS, INC. | 4 | 3.81% | $7,461 |
| Premium Mortgage Corporation | 3 | 3.92% | $3,518 |
| GUARANTEED RATE, INC. | 2 | 3.94% | $9,172 |
| PLAZA HOME MORTGAGE, INC. | 2 | 4.75% | $8,650 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 2.94% | $10,748 |
| Bank of England | 2 | 4.25% | $11,528 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 2 | 4.69% | $8,299 |
| Flagstar Bank, FSB | 2 | 5.40% | $7,545 |
| NBT Bank | 1 | 3.88% | $4,518 |
| The Federal Savings Bank | 1 | 5.13% | $7,950 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 5.75% | $6,386 |
The top Albany USDA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with
22 USDA loans originated. Their average total fees are
$3,200, which is $6,385
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. ($3,200), .
The lowest rate Albany USDA lenders (with over 10 loans originated) are
HOMESTEAD FUNDING CORP. (4.71%), .
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%) | $330,590 (7.9%) | 1.03 | 3,267 |
| 2018-02-01 | $284,800 (14.0%) | $334,472 (7.7%) | 1.04 | 3,172 |
| 2018-03-01 | $289,900 (11.7%) | $336,471 (6.6%) | 1.02 | 3,133 |
| 2018-04-01 | $297,900 (12.4%) | $339,563 (6.0%) | 1.01 | 3,189 |
| 2018-05-01 | $296,000 (9.8%) | $336,751 (4.6%) | 0.99 | 3,492 |
| 2018-06-01 | $294,900 (9.3%) | $339,293 (5.0%) | 0.98 | 3,876 |
| 2018-07-01 | $292,200 (8.3%) | $339,758 (5.6%) | 0.98 | 4,068 |
| 2018-08-01 | $288,792 (7.6%) | $336,327 (5.5%) | 0.97 | 4,120 |
| 2018-09-01 | $289,700 (7.5%) | $336,601 (5.0%) | 0.97 | 4,219 |
| 2018-10-01 | $289,825 (8.3%) | $337,199 (5.3%) | 0.98 | 4,251 |
| 2018-11-01 | $292,449 (10.0%) | $340,287 (6.5%) | 0.99 | 4,180 |
| 2018-12-01 | $292,450 (8.3%) | $338,478 (3.8%) | 1.01 | 3,828 |
| 2019-01-01 | $299,450 (7.9%) | $343,858 (4.0%) | 1.03 | 3,465 |
| 2019-02-01 | $306,339 (7.6%) | $352,211 (5.3%) | 1.04 | 3,363 |
| 2019-03-01 | $309,426 (6.7%) | $354,982 (5.5%) | 1.01 | 3,358 |
| 2019-04-01 | $309,876 (4.0%) | $356,209 (4.9%) | 0.98 | 3,412 |
| 2019-05-01 | $299,900 (1.3%) | $351,159 (4.3%) | 0.94 | 3,533 |
| 2019-06-01 | $299,335 (1.5%) | $350,205 (3.2%) | 0.94 | 3,693 |
| 2019-07-01 | $299,450 (2.5%) | $346,644 (2.0%) | 0.94 | 3,723 |
| 2019-08-01 | $293,904 (1.8%) | $341,340 (1.5%) | 0.93 | 3,840 |
| 2019-09-01 | $291,652 (0.7%) | $340,451 (1.1%) | 0.93 | 3,898 |
| 2019-10-01 | $289,900 (0.0%) | $340,463 (1.0%) | 0.94 | 3,914 |
| 2019-11-01 | $289,900 (-0.9%) | $338,128 (-0.6%) | 0.95 | 3,509 |
| 2019-12-01 | $294,150 (0.6%) | $340,012 (0.5%) | 0.98 | 3,156 |
| 2020-01-01 | $295,750 (-1.2%) | $339,741 (-1.2%) | 0.99 | 2,853 |
| 2020-02-01 | $304,900 (-0.5%) | $344,074 (-2.3%) | 1.00 | 2,702 |
| 2020-03-01 | $312,400 (1.0%) | $347,587 (-2.1%) | 0.98 | 2,672 |
| 2020-04-01 | $316,950 (2.3%) | $353,611 (-0.7%) | 0.99 | 2,498 |
| 2020-05-01 | $320,000 (6.7%) | $359,019 (2.2%) | 0.97 | 2,454 |
| 2020-06-01 | $337,400 (12.7%) | $372,480 (6.4%) | 0.99 | 2,429 |
| 2020-07-01 | $341,661 (14.1%) | $378,156 (9.1%) | 0.99 | 2,316 |
| 2020-08-01 | $339,900 (15.7%) | $391,157 (14.6%) | 0.97 | 2,240 |
| 2020-09-01 | $334,925 (14.8%) | $393,117 (15.5%) | 0.96 | 2,246 |
| 2020-10-01 | $335,000 (15.6%) | $395,693 (16.2%) | 0.96 | 2,228 |
| 2020-11-01 | $335,450 (15.7%) | $397,531 (17.6%) | 0.98 | 2,146 |
| 2020-12-01 | $338,850 (15.2%) | $399,222 (17.4%) | 1.01 | 1,943 |
| 2021-01-01 | $344,900 (16.6%) | $411,654 (21.2%) | 1.03 | 1,679 |
| 2021-02-01 | $367,018 (20.4%) | $434,807 (26.4%) | 1.07 | 1,408 |
| 2021-03-01 | $367,991 (17.8%) | $457,884 (31.7%) | 1.04 | 1,334 |
| 2021-04-01 | $368,525 (16.3%) | $459,289 (29.9%) | 1.00 | 1,321 |
| 2021-05-01 | $364,900 (14.0%) | $456,610 (27.2%) | 0.97 | 1,350 |
| 2021-06-01 | $349,900 (3.7%) | $450,225 (20.9%) | 0.92 | 1,501 |
| 2021-07-01 | $349,900 (2.4%) | $446,991 (18.2%) | 0.92 | 1,653 |
| 2021-08-01 | $344,750 (1.4%) | $442,698 (13.2%) | 0.92 | 1,732 |
| 2021-09-01 | $334,925 (0.0%) | $439,483 (11.8%) | 0.89 | 1,698 |
| 2021-10-01 | $325,000 (-3.0%) | $434,005 (9.7%) | 0.87 | 1,623 |
| 2021-11-01 | $325,000 (-3.1%) | $431,064 (8.4%) | 0.87 | 1,513 |
| 2021-12-01 | $344,900 (1.8%) | $443,810 (11.2%) | 0.94 | 1,361 |
| 2022-01-01 | $349,950 (1.5%) | $453,808 (10.2%) | 0.95 | 1,133 |
| 2022-02-01 | $368,625 (0.4%) | $483,575 (11.2%) | 0.96 | 930 |
| 2022-03-01 | $369,800 (0.5%) | $490,740 (7.2%) | 0.93 | 889 |
| 2022-04-01 | $369,900 (0.4%) | $483,009 (5.2%) | 0.88 | 926 |
| 2022-05-01 | $369,900 (1.4%) | $466,803 (2.2%) | 0.85 | 1,104 |
| 2022-06-01 | $369,900 (5.7%) | $469,679 (4.3%) | 0.82 | 1,283 |
| 2022-07-01 | $350,000 (0.0%) | $432,656 (-3.2%) | 0.79 | 1,470 |
| 2022-08-01 | $353,075 (2.4%) | $431,724 (-2.5%) | 0.82 | 1,477 |
| 2022-09-01 | $344,000 (2.7%) | $441,420 (0.4%) | 0.80 | 1,430 |
| 2022-10-01 | $349,000 (7.4%) | $436,135 (0.5%) | 0.82 | 1,443 |
| 2022-11-01 | $341,700 (5.1%) | $420,049 (-2.6%) | 0.82 | 1,397 |
| 2022-12-01 | $345,450 (0.2%) | $430,721 (-3.0%) | 0.85 | 1,270 |
| 2023-01-01 | $364,500 (4.2%) | $436,817 (-3.7%) | 0.90 | 1,121 |
| 2023-02-01 | $384,900 (4.4%) | $458,576 (-5.2%) | 0.93 | 1,033 |
| 2023-03-01 | $399,900 (8.1%) | $463,752 (-5.5%) | 0.94 | 926 |
| 2023-04-01 | $408,000 (10.3%) | $473,550 (-2.0%) | 0.95 | 885 |
| 2023-05-01 | $407,450 (10.2%) | $493,862 (5.8%) | 0.92 | 959 |
| 2023-06-01 | $416,725 (12.7%) | $506,213 (7.8%) | 0.94 | 1,058 |
| 2023-07-01 | $419,000 (19.7%) | $514,688 (19.0%) | 0.95 | 1,140 |
| 2023-08-01 | $419,900 (18.9%) | $513,154 (18.9%) | 0.96 | 1,220 |
| 2023-09-01 | $417,140 (21.3%) | $509,342 (15.4%) | 0.97 | 1,262 |
| 2023-10-01 | $399,394 (14.4%) | $506,474 (16.1%) | 0.94 | 1,310 |
Albany's median listing price comes in at 94% of the national average.
Albany's average listing price for 2023-10-01 was $506,474, a difference of $70,339 (16.1%) versus the prior year and $-2,868 versus the prior month.
For the 2023-10-01 period, Albany had 1,310 MLS listings, a difference of 48 listings (4%) versus the prior month and -133 listings (-9%) 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 | 1,831 sqft |
| 2018-02-01 | 101 days | 1,850 sqft |
| 2018-03-01 | 90 days | 1,851 sqft |
| 2018-04-01 | 73 days | 1,868 sqft |
| 2018-05-01 | 62 days | 1,875 sqft |
| 2018-06-01 | 57 days | 1,872 sqft |
| 2018-07-01 | 62 days | 1,886 sqft |
| 2018-08-01 | 68 days | 1,875 sqft |
| 2018-09-01 | 75 days | 1,876 sqft |
| 2018-10-01 | 75 days | 1,875 sqft |
| 2018-11-01 | 77 days | 1,888 sqft |
| 2018-12-01 | 86 days | 1,874 sqft |
| 2019-01-01 | 93 days | 1,881 sqft |
| 2019-02-01 | 95 days | 1,900 sqft |
| 2019-03-01 | 86 days | 1,906 sqft |
| 2019-04-01 | 71 days | 1,901 sqft |
| 2019-05-01 | 60 days | 1,907 sqft |
| 2019-06-01 | 62 days | 1,906 sqft |
| 2019-07-01 | 68 days | 1,904 sqft |
| 2019-08-01 | 70 days | 1,893 sqft |
| 2019-09-01 | 71 days | 1,882 sqft |
| 2019-10-01 | 73 days | 1,873 sqft |
| 2019-11-01 | 80 days | 1,867 sqft |
| 2019-12-01 | 97 days | 1,851 sqft |
| 2020-01-01 | 106 days | 1,851 sqft |
| 2020-02-01 | 92 days | 1,877 sqft |
| 2020-03-01 | 72 days | 1,896 sqft |
| 2020-04-01 | 78 days | 1,887 sqft |
| 2020-05-01 | 86 days | 1,904 sqft |
| 2020-06-01 | 84 days | 1,931 sqft |
| 2020-07-01 | 62 days | 1,987 sqft |
| 2020-08-01 | 58 days | 1,945 sqft |
| 2020-09-01 | 53 days | 1,916 sqft |
| 2020-10-01 | 55 days | 1,900 sqft |
| 2020-11-01 | 66 days | 1,888 sqft |
| 2020-12-01 | 76 days | 1,877 sqft |
| 2021-01-01 | 88 days | 1,860 sqft |
| 2021-02-01 | 92 days | 1,886 sqft |
| 2021-03-01 | 71 days | 1,886 sqft |
| 2021-04-01 | 60 days | 1,887 sqft |
| 2021-05-01 | 50 days | 1,876 sqft |
| 2021-06-01 | 45 days | 1,880 sqft |
| 2021-07-01 | 50 days | 1,872 sqft |
| 2021-08-01 | 52 days | 1,867 sqft |
| 2021-09-01 | 54 days | 1,840 sqft |
| 2021-10-01 | 59 days | 1,800 sqft |
| 2021-11-01 | 60 days | 1,784 sqft |
| 2021-12-01 | 66 days | 1,836 sqft |
| 2022-01-01 | 78 days | 2,035 sqft |
| 2022-02-01 | 82 days | 1,927 sqft |
| 2022-03-01 | 56 days | 1,863 sqft |
| 2022-04-01 | 49 days | 1,825 sqft |
| 2022-05-01 | 37 days | 1,819 sqft |
| 2022-06-01 | 38 days | 1,824 sqft |
| 2022-07-01 | 40 days | 1,800 sqft |
| 2022-08-01 | 52 days | 1,818 sqft |
| 2022-09-01 | 59 days | 1,810 sqft |
| 2022-10-01 | 58 days | 1,800 sqft |
| 2022-11-01 | 60 days | 1,775 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 | 1,814 sqft |
| 2023-04-01 | 62 days | 1,812 sqft |
| 2023-05-01 | 45 days | 1,842 sqft |
| 2023-06-01 | 44 days | 1,831 sqft |
| 2023-07-01 | 49 days | 1,828 sqft |
| 2023-08-01 | 50 days | 1,828 sqft |
| 2023-09-01 | 52 days | 1,819 sqft |
| 2023-10-01 | 54 days | 1,800 sqft |
Albany's median square footage for active listings during the 2023-10-01 period was 1,800 sqft. One year prior, the average listing was 1,800 sqft.