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 6.51% for the week of 2024-05-10, compared to the national average (all USDA variants) of 6.785% for the same period.

Albany's average USDA mortgage closing costs are $4,769.

The average rate for the prior week (2024-05-03) was 6.4% and one month ago for the week of 2024-04-05, the average rate was 5.96%.

The average rate one year ago was 5.94%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.78%.

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 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 for 2024-04-01 was $449,899, a difference of $41,899 (10.3%) versus the prior year and $13,999 versus the prior month.

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 listing age (time on market) for 2024-04-01 was 55 days. This is -11% shorter than the same period one year ago.

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.