Buffalo USDA Loan Rates, Closing Costs & Stats
BUFFALO-CHEEKTOWAGA, 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.
Buffalo's 19 lenders originated 44 USDA loans during 2021. The total origination value was $6,930,000, with an average USDA loan value of $157,500.
Buffalo USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Buffalo
averaged
0.16%
for the week of 2022-11-25, compared to the national average (all USDA variants) of
0% for the same period.
Buffalo's average USDA mortgage closing costs are $4,586.
The average rate for the prior week (2022-11-18) was
6.71% and
one month ago for the week of 2022-10-21, the
average rate was 6.63%.
The average rate one year ago was 3.27%.
For refis of the same type during the week of 2022-11-25, the average rate
was -0.01%.
Buffalo 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 Buffalo level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Closing Costs |
|---|---|---|---|
| Premium Mortgage Corporation | 6 | 2.71% | $3,480 |
| HUNT MORTGAGE CORPORATION | 5 | 3.10% | $6,079 |
| AMERICAN FINANCIAL NETWORK, INC. | 4 | 3.16% | $8,792 |
| Northwest Bank | 4 | 2.78% | $5,591 |
| 1ST PRIORITY MORTGAGE, INC. | 3 | 2.96% | $5,338 |
| MOVEMENT MORTGAGE, LLC | 3 | 2.92% | $4,518 |
| PARAGON HOME LOANS INC. | 2 | 3.13% | $6,060 |
| Bank of England | 2 | 3.44% | $5,777 |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 2 | 3.12% | $6,030 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 2.81% | $7,490 |
| HOMESTEAD FUNDING CORP. | 2 | 2.94% | $4,572 |
| CALIBER HOME LOANS, INC. | 1 | 3.05% | $5,251 |
| SEFCU SERVICES, LLC | 1 | 3.00% | $3,806 |
| Flagstar Bank, FSB | 1 | 3.44% | $3,719 |
| EVERETT FINANCIAL, INC. | 1 | 3.50% | $3,466 |
| HOME POINT FINANCIAL CORPORATION | 1 | 3.25% | $4,897 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 3.13% | $5,723 |
| M&T Bank | 1 | 3.75% | $5,047 |
| NEWREZ LLC | 1 | 2.75% | $3,991 |
The top Buffalo USDA lender as defined by loan originations is Premium Mortgage Corporation, with
6 USDA loans originated. Their average total fees are
$3,480, which is $2,598
lower than the next largest lender,
HUNT MORTGAGE CORPORATION.
The lowest fee Buffalo USDA lenders (with over 10 loans originated) are
.
The lowest rate Buffalo USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Buffalo (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 | $159,923 (3.9%) | $230,436 (7.2%) | 0.59 | 1,659 |
| 2018-02-01 | $167,029 (4.5%) | $234,966 (5.0%) | 0.61 | 1,491 |
| 2018-03-01 | $175,900 (6.8%) | $241,002 (6.1%) | 0.62 | 1,490 |
| 2018-04-01 | $187,450 (10.3%) | $257,472 (9.2%) | 0.64 | 1,533 |
| 2018-05-01 | $197,000 (9.5%) | $264,786 (7.6%) | 0.66 | 1,726 |
| 2018-06-01 | $199,000 (10.6%) | $266,112 (7.8%) | 0.66 | 1,988 |
| 2018-07-01 | $195,000 (8.4%) | $262,638 (6.5%) | 0.65 | 2,186 |
| 2018-08-01 | $195,000 (8.4%) | $262,962 (8.3%) | 0.65 | 2,339 |
| 2018-09-01 | $198,000 (11.0%) | $263,748 (11.3%) | 0.66 | 2,373 |
| 2018-10-01 | $189,925 (8.6%) | $259,267 (9.1%) | 0.64 | 2,362 |
| 2018-11-01 | $185,000 (8.9%) | $252,985 (6.7%) | 0.63 | 2,165 |
| 2018-12-01 | $179,900 (5.9%) | $247,777 (4.9%) | 0.62 | 1,975 |
| 2019-01-01 | $179,900 (12.5%) | $247,838 (7.6%) | 0.62 | 1,765 |
| 2019-02-01 | $182,400 (9.2%) | $254,843 (8.5%) | 0.62 | 1,613 |
| 2019-03-01 | $195,643 (11.2%) | $272,977 (13.3%) | 0.64 | 1,543 |
| 2019-04-01 | $212,400 (13.3%) | $288,326 (12.0%) | 0.67 | 1,557 |
| 2019-05-01 | $220,745 (12.1%) | $290,538 (9.7%) | 0.69 | 1,700 |
| 2019-06-01 | $221,490 (11.3%) | $288,824 (8.5%) | 0.69 | 1,858 |
| 2019-07-01 | $219,900 (12.8%) | $285,139 (8.6%) | 0.69 | 1,984 |
| 2019-08-01 | $214,445 (10.0%) | $279,737 (6.4%) | 0.68 | 2,015 |
| 2019-09-01 | $206,264 (4.2%) | $273,905 (3.9%) | 0.66 | 2,080 |
| 2019-10-01 | $199,900 (5.3%) | $268,958 (3.7%) | 0.64 | 2,114 |
| 2019-11-01 | $189,900 (2.7%) | $258,737 (2.3%) | 0.62 | 1,912 |
| 2019-12-01 | $189,900 (5.6%) | $256,668 (3.6%) | 0.63 | 1,635 |
| 2020-01-01 | $189,900 (5.6%) | $257,420 (3.9%) | 0.63 | 1,462 |
| 2020-02-01 | $189,900 (4.1%) | $266,873 (4.7%) | 0.62 | 1,343 |
| 2020-03-01 | $199,900 (2.2%) | $274,204 (0.5%) | 0.63 | 1,262 |
| 2020-04-01 | $217,450 (2.4%) | $282,291 (-2.1%) | 0.68 | 1,203 |
| 2020-05-01 | $229,900 (4.2%) | $294,448 (1.4%) | 0.70 | 1,197 |
| 2020-06-01 | $234,900 (6.1%) | $296,073 (2.5%) | 0.69 | 1,257 |
| 2020-07-01 | $233,450 (6.2%) | $300,752 (5.5%) | 0.68 | 1,241 |
| 2020-08-01 | $224,450 (4.7%) | $296,716 (6.1%) | 0.64 | 1,213 |
| 2020-09-01 | $221,948 (7.6%) | $293,765 (7.3%) | 0.64 | 1,203 |
| 2020-10-01 | $210,000 (5.1%) | $288,300 (7.2%) | 0.60 | 1,130 |
| 2020-11-01 | $209,950 (10.6%) | $286,472 (10.7%) | 0.61 | 995 |
| 2020-12-01 | $202,500 (6.6%) | $283,180 (10.3%) | 0.60 | 844 |
| 2021-01-01 | $210,000 (10.6%) | $289,732 (12.6%) | 0.63 | 697 |
| 2021-02-01 | $232,675 (22.5%) | $306,260 (14.8%) | 0.68 | 650 |
| 2021-03-01 | $242,200 (21.2%) | $309,111 (12.7%) | 0.69 | 687 |
| 2021-04-01 | $249,300 (14.7%) | $323,721 (14.7%) | 0.67 | 708 |
| 2021-05-01 | $249,250 (8.4%) | $317,287 (7.8%) | 0.66 | 786 |
| 2021-06-01 | $248,125 (5.6%) | $322,218 (8.8%) | 0.65 | 912 |
| 2021-07-01 | $239,900 (2.8%) | $316,991 (5.4%) | 0.63 | 1,073 |
| 2021-08-01 | $227,450 (1.3%) | $310,473 (4.6%) | 0.61 | 1,165 |
| 2021-09-01 | $229,900 (3.6%) | $311,525 (6.1%) | 0.61 | 1,104 |
| 2021-10-01 | $225,000 (7.1%) | $313,285 (8.7%) | 0.60 | 1,065 |
| 2021-11-01 | $217,450 (3.6%) | $310,296 (8.3%) | 0.58 | 963 |
| 2021-12-01 | $213,475 (5.4%) | $314,183 (11.0%) | 0.58 | 772 |
| 2022-01-01 | $210,750 (0.4%) | $318,369 (9.9%) | 0.57 | 631 |
| 2022-02-01 | $209,950 (-9.8%) | $325,158 (6.2%) | 0.55 | 571 |
| 2022-03-01 | $219,900 (-9.2%) | $332,797 (7.7%) | 0.55 | 599 |
| 2022-04-01 | $225,000 (-9.8%) | $342,368 (5.8%) | 0.54 | 681 |
| 2022-05-01 | $238,950 (-4.1%) | $344,344 (8.5%) | 0.55 | 828 |
| 2022-06-01 | $244,675 (-1.4%) | $333,315 (3.4%) | 0.54 | 1,029 |
| 2022-07-01 | $249,900 (4.2%) | $338,328 (6.7%) | 0.57 | 1,223 |
| 2022-08-01 | $244,925 (7.7%) | $335,758 (8.1%) | 0.57 | 1,280 |
| 2022-09-01 | $239,900 (4.4%) | $332,498 (6.7%) | 0.56 | 1,199 |
| 2022-10-01 | $239,900 (6.6%) | $324,649 (3.6%) | 0.56 | 1,169 |
Buffalo's median listing price comes in at 56% of the national average.
Buffalo's average listing price for 2022-10-01 was $324,649, a difference of $11,364 (3.6%) versus the prior year and $-7,849 versus the prior month.
For the 2022-10-01 period, Buffalo had 1,169 MLS listings, a difference of -30 listings (-3%) versus the prior month and 104 listings (10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Buffalo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 71 days | 1,634 sqft |
| 2018-02-01 | 62 days | 1,647 sqft |
| 2018-03-01 | 40 days | 1,667 sqft |
| 2018-04-01 | 33 days | 1,701 sqft |
| 2018-05-01 | 27 days | 1,714 sqft |
| 2018-06-01 | 32 days | 1,715 sqft |
| 2018-07-01 | 35 days | 1,724 sqft |
| 2018-08-01 | 39 days | 1,736 sqft |
| 2018-09-01 | 45 days | 1,740 sqft |
| 2018-10-01 | 49 days | 1,728 sqft |
| 2018-11-01 | 56 days | 1,708 sqft |
| 2018-12-01 | 61 days | 1,682 sqft |
| 2019-01-01 | 68 days | 1,649 sqft |
| 2019-02-01 | 68 days | 1,667 sqft |
| 2019-03-01 | 50 days | 1,702 sqft |
| 2019-04-01 | 40 days | 1,737 sqft |
| 2019-05-01 | 35 days | 1,773 sqft |
| 2019-06-01 | 33 days | 1,768 sqft |
| 2019-07-01 | 37 days | 1,751 sqft |
| 2019-08-01 | 40 days | 1,722 sqft |
| 2019-09-01 | 43 days | 1,704 sqft |
| 2019-10-01 | 46 days | 1,687 sqft |
| 2019-11-01 | 58 days | 1,641 sqft |
| 2019-12-01 | 73 days | 1,635 sqft |
| 2020-01-01 | 82 days | 1,639 sqft |
| 2020-02-01 | 71 days | 1,659 sqft |
| 2020-03-01 | 57 days | 1,646 sqft |
| 2020-04-01 | 67 days | 1,690 sqft |
| 2020-05-01 | 69 days | 1,730 sqft |
| 2020-06-01 | 45 days | 1,734 sqft |
| 2020-07-01 | 37 days | 1,730 sqft |
| 2020-08-01 | 38 days | 1,704 sqft |
| 2020-09-01 | 40 days | 1,684 sqft |
| 2020-10-01 | 47 days | 1,632 sqft |
| 2020-11-01 | 60 days | 1,648 sqft |
| 2020-12-01 | 71 days | 1,632 sqft |
| 2021-01-01 | 78 days | 1,620 sqft |
| 2021-02-01 | 58 days | 1,615 sqft |
| 2021-03-01 | 43 days | 1,620 sqft |
| 2021-04-01 | 33 days | 1,658 sqft |
| 2021-05-01 | 29 days | 1,654 sqft |
| 2021-06-01 | 24 days | 1,643 sqft |
| 2021-07-01 | 27 days | 1,661 sqft |
| 2021-08-01 | 30 days | 1,640 sqft |
| 2021-09-01 | 41 days | 1,633 sqft |
| 2021-10-01 | 50 days | 1,609 sqft |
| 2021-11-01 | 51 days | 1,583 sqft |
| 2021-12-01 | 66 days | 1,563 sqft |
| 2022-01-01 | 76 days | 1,527 sqft |
| 2022-02-01 | 66 days | 1,518 sqft |
| 2022-03-01 | 44 days | 1,542 sqft |
| 2022-04-01 | 29 days | 1,556 sqft |
| 2022-05-01 | 24 days | 1,591 sqft |
| 2022-06-01 | 21 days | 1,592 sqft |
| 2022-07-01 | 31 days | 1,624 sqft |
| 2022-08-01 | 37 days | 1,616 sqft |
| 2022-09-01 | 46 days | 1,586 sqft |
| 2022-10-01 | 53 days | 1,587 sqft |
Buffalo's median square footage for active listings during the 2022-10-01 period was 1,587 sqft. One year prior, the average listing was 1,609 sqft.
