Boston USDA Loan Rates, Closing Costs & Stats
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.
Boston's 17 lenders originated 30 USDA loans during 2022. The total origination value was $9,780,000, with an average USDA loan value of $326,000.
Boston USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Boston
for the week of 2023-12-08, compared to the national average (all USDA variants) of
6.821% for the same period.
Boston's average USDA mortgage closing costs are $7,297.
The average rate for the prior week (2023-12-01) was 6.45% and one month ago for the week of 2023-11-03, the average rate was 6.9%.
The average rate one year ago was 5.9%.
For refis of the same type during the week of 2023-12-08, the average rate was 4.95%.
Boston 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 Boston level.
|Name||# of Loans||2022 Avg. 30yFix Rate||2022 Avg. Closing Costs|
|GUILD MORTGAGE COMPANY||5||4.35%||$7,460|
|UNITED WHOLESALE MORTGAGE, LLC||3||4.33%||$7,518|
|CMG MORTGAGE, INC.||2||5.44%||$10,872|
|EQUITY RESOURCES, INC.||2||3.25%||$8,599|
|HOME POINT FINANCIAL CORPORATION||2||4.24%||$7,242|
|CALIBER HOME LOANS, INC.||2||3.46%||$7,372|
|Mortgage Network, Inc.||2||5.81%||$12,803|
|MOVEMENT MORTGAGE, LLC||2||4.63%||$7,454|
|RADIUS FINANCIAL GROUP INC.||2||3.19%||$8,106|
|Service Federal Credit Union||1||5.88%||$6,770|
|Sierra Pacific Mortgage Company, Inc.||1||3.00%||$5,842|
|PENNYMAC LOAN SERVICES, LLC||1||2.88%||$6,379|
|PRIMARY RESIDENTIAL MORTGAGE, INC.||1||3.38%||$7,524|
|Bank of New Hampshire||1||2.38%||$5,627|
|FAIRWAY INDEPENDENT MORTGAGE CORPORATION||1||5.99%||$16,068|
|Evolve Bank & Trust||1||5.13%||$7,466|
|American Mortgage & Equity Consultants, Inc.||1||6.38%||$15,154|
The top Boston USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
5 USDA loans originated. Their average total fees are
$7,460, which is $58
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Boston USDA lenders (with over 10 loans originated) are .
The lowest rate Boston USDA lenders (with over 10 loans originated) are .