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 7 lenders originated 10 USDA loans during 2023. The total origination value was $1,840,000, with an average USDA loan value of $184,000.

Buffalo USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Buffalo averaged 6.64% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Buffalo's average USDA mortgage closing costs are $4,808.

The average rate for the prior week (2024-04-05) was 6.47% and one month ago for the week of 2024-03-08, the average rate was 6.43%.

The average rate one year ago was 6.34%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.32%.

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

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
PLAZA HOME MORTGAGE, INC. 2 5.75% $8,857
Premium Mortgage Corporation 2 7.81% $4,078
UNITED WHOLESALE MORTGAGE, LLC 2 6.25% $8,715
Five Star Bank 1 5.63% $5,877
Northwest Bank 1 5.38% $6,532
Flagstar Bank, FSB 1 6.75% $6,843
HUNT MORTGAGE CORPORATION 1 7.13% $10,136

The top Buffalo USDA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 2 USDA loans originated. Their average total fees are $8,857, which is $4,779 higher than the next largest lender, Premium 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 $159,945 (3.6%) $230,486 (7.2%) 0.59 1,658
2018-02-01 $167,057 (4.5%) $235,025 (5.1%) 0.61 1,490
2018-03-01 $175,900 (6.7%) $241,065 (6.1%) 0.62 1,489
2018-04-01 $187,450 (10.3%) $257,470 (9.2%) 0.64 1,533
2018-05-01 $197,000 (9.5%) $264,800 (7.7%) 0.66 1,727
2018-06-01 $199,000 (10.6%) $266,124 (7.8%) 0.66 1,988
2018-07-01 $195,000 (8.4%) $262,649 (6.5%) 0.65 2,186
2018-08-01 $195,000 (8.4%) $262,915 (8.3%) 0.65 2,338
2018-09-01 $198,000 (11.0%) $263,742 (11.3%) 0.67 2,372
2018-10-01 $189,900 (8.6%) $259,259 (9.1%) 0.64 2,361
2018-11-01 $185,000 (8.9%) $252,979 (6.8%) 0.63 2,165
2018-12-01 $179,900 (6.1%) $247,777 (4.9%) 0.62 1,975
2019-01-01 $179,900 (12.5%) $247,838 (7.5%) 0.62 1,765
2019-02-01 $182,400 (9.2%) $254,843 (8.4%) 0.62 1,613
2019-03-01 $195,643 (11.2%) $272,977 (13.2%) 0.64 1,543
2019-04-01 $212,400 (13.3%) $288,372 (12.0%) 0.67 1,556
2019-05-01 $220,847 (12.1%) $290,625 (9.8%) 0.69 1,699
2019-06-01 $222,245 (11.7%) $288,903 (8.6%) 0.69 1,857
2019-07-01 $219,900 (12.8%) $285,113 (8.6%) 0.69 1,982
2019-08-01 $214,445 (10.0%) $279,611 (6.4%) 0.68 2,013
2019-09-01 $206,264 (4.2%) $273,784 (3.8%) 0.66 2,078
2019-10-01 $199,900 (5.3%) $268,797 (3.7%) 0.65 2,112
2019-11-01 $189,900 (2.7%) $258,529 (2.2%) 0.62 1,910
2019-12-01 $189,900 (5.6%) $256,498 (3.5%) 0.63 1,633
2020-01-01 $189,900 (5.6%) $257,238 (3.8%) 0.63 1,460
2020-02-01 $189,900 (4.1%) $266,682 (4.7%) 0.62 1,341
2020-03-01 $199,900 (2.2%) $274,018 (0.4%) 0.63 1,260
2020-04-01 $217,450 (2.4%) $282,140 (-2.2%) 0.68 1,201
2020-05-01 $229,900 (4.1%) $294,276 (1.3%) 0.70 1,195
2020-06-01 $234,900 (5.7%) $295,908 (2.4%) 0.69 1,255
2020-07-01 $233,450 (6.2%) $300,594 (5.4%) 0.68 1,239
2020-08-01 $224,450 (4.7%) $296,557 (6.1%) 0.64 1,211
2020-09-01 $221,948 (7.6%) $293,599 (7.2%) 0.64 1,201
2020-10-01 $210,000 (5.1%) $288,123 (7.2%) 0.60 1,128
2020-11-01 $209,950 (10.6%) $286,274 (10.7%) 0.61 993
2020-12-01 $202,500 (6.6%) $282,953 (10.3%) 0.60 842
2021-01-01 $210,000 (10.6%) $289,465 (12.5%) 0.63 695
2021-02-01 $232,675 (22.5%) $305,980 (14.7%) 0.68 648
2021-03-01 $242,200 (21.2%) $308,863 (12.7%) 0.69 685
2021-04-01 $249,300 (14.7%) $323,513 (14.7%) 0.67 706
2021-05-01 $248,072 (7.9%) $316,915 (7.7%) 0.66 785
2021-06-01 $247,625 (5.4%) $321,818 (8.8%) 0.65 911
2021-07-01 $239,900 (2.8%) $316,994 (5.5%) 0.63 1,073
2021-08-01 $227,475 (1.4%) $310,479 (4.7%) 0.61 1,165
2021-09-01 $229,925 (3.6%) $311,442 (6.1%) 0.61 1,103
2021-10-01 $225,000 (7.1%) $313,139 (8.7%) 0.60 1,063
2021-11-01 $217,450 (3.6%) $310,134 (8.3%) 0.58 961
2021-12-01 $213,475 (5.4%) $313,998 (11.0%) 0.58 770
2022-01-01 $210,750 (0.4%) $318,143 (9.9%) 0.57 629
2022-02-01 $209,950 (-9.8%) $324,928 (6.2%) 0.55 569
2022-03-01 $219,900 (-9.2%) $332,589 (7.7%) 0.55 597
2022-04-01 $225,000 (-9.8%) $342,206 (5.8%) 0.54 679
2022-05-01 $238,950 (-3.7%) $344,207 (8.6%) 0.55 826
2022-06-01 $244,675 (-1.2%) $333,222 (3.5%) 0.54 1,027
2022-07-01 $249,900 (4.2%) $338,229 (6.7%) 0.56 1,221
2022-08-01 $244,925 (7.7%) $335,657 (8.1%) 0.57 1,278
2022-09-01 $239,900 (4.3%) $332,388 (6.7%) 0.56 1,197
2022-10-01 $239,900 (6.6%) $324,532 (3.6%) 0.56 1,167
2022-11-01 $239,900 (10.3%) $325,363 (4.9%) 0.58 1,125
2022-12-01 $229,900 (7.7%) $316,837 (0.9%) 0.57 985
2023-01-01 $225,000 (6.8%) $322,535 (1.4%) 0.56 803
2023-02-01 $227,450 (8.3%) $319,473 (-1.7%) 0.55 749
2023-03-01 $246,175 (12.0%) $338,458 (1.8%) 0.58 730
2023-04-01 $249,900 (11.1%) $347,138 (1.4%) 0.58 766
2023-05-01 $252,925 (5.9%) $351,050 (2.0%) 0.57 883
2023-06-01 $277,697 (13.5%) $357,820 (7.4%) 0.62 988
2023-07-01 $267,900 (7.2%) $348,338 (3.0%) 0.61 1,068
2023-08-01 $259,725 (6.0%) $347,052 (3.4%) 0.60 1,064
2023-09-01 $259,900 (8.3%) $350,891 (5.6%) 0.61 1,151
2023-10-01 $254,900 (6.3%) $353,094 (8.8%) 0.60 1,196
2023-11-01 $249,900 (4.2%) $355,570 (9.3%) 0.60 1,122
2023-12-01 $249,000 (8.3%) $363,533 (14.7%) 0.61 960
2024-01-01 $240,000 (6.7%) $358,849 (11.3%) 0.59 789
2024-02-01 $251,125 (10.4%) $373,126 (16.8%) 0.60 715
2024-03-01 $269,980 (9.7%) $377,876 (11.7%) 0.64 761
Buffalo's median listing price for 2024-03-01 was $269,980, a difference of $23,805 (9.7%) versus the prior year and $18,855 versus the prior month.

Buffalo's median listing price comes in at 64% of the national average.

Buffalo's average listing price for 2024-03-01 was $377,876, a difference of $39,418 (11.7%) versus the prior year and $4,750 versus the prior month.

For the 2024-03-01 period, Buffalo had 761 MLS listings, a difference of 46 listings (6%) versus the prior month and 31 listings (4%) 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 69 days 1,635 sqft
2018-02-01 60 days 1,648 sqft
2018-03-01 40 days 1,668 sqft
2018-04-01 32 days 1,701 sqft
2018-05-01 26 days 1,716 sqft
2018-06-01 31 days 1,715 sqft
2018-07-01 35 days 1,726 sqft
2018-08-01 38 days 1,737 sqft
2018-09-01 45 days 1,741 sqft
2018-10-01 49 days 1,728 sqft
2018-11-01 54 days 1,709 sqft
2018-12-01 60 days 1,684 sqft
2019-01-01 67 days 1,650 sqft
2019-02-01 67 days 1,667 sqft
2019-03-01 49 days 1,702 sqft
2019-04-01 39 days 1,737 sqft
2019-05-01 34 days 1,775 sqft
2019-06-01 33 days 1,768 sqft
2019-07-01 37 days 1,750 sqft
2019-08-01 39 days 1,722 sqft
2019-09-01 42 days 1,705 sqft
2019-10-01 45 days 1,688 sqft
2019-11-01 57 days 1,641 sqft
2019-12-01 72 days 1,634 sqft
2020-01-01 81 days 1,639 sqft
2020-02-01 67 days 1,659 sqft
2020-03-01 55 days 1,646 sqft
2020-04-01 64 days 1,690 sqft
2020-05-01 68 days 1,730 sqft
2020-06-01 42 days 1,734 sqft
2020-07-01 34 days 1,730 sqft
2020-08-01 34 days 1,704 sqft
2020-09-01 37 days 1,684 sqft
2020-10-01 45 days 1,632 sqft
2020-11-01 57 days 1,648 sqft
2020-12-01 70 days 1,633 sqft
2021-01-01 77 days 1,630 sqft
2021-02-01 56 days 1,615 sqft
2021-03-01 41 days 1,620 sqft
2021-04-01 32 days 1,658 sqft
2021-05-01 26 days 1,652 sqft
2021-06-01 23 days 1,643 sqft
2021-07-01 26 days 1,660 sqft
2021-08-01 30 days 1,639 sqft
2021-09-01 40 days 1,632 sqft
2021-10-01 47 days 1,609 sqft
2021-11-01 49 days 1,583 sqft
2021-12-01 65 days 1,563 sqft
2022-01-01 75 days 1,527 sqft
2022-02-01 65 days 1,518 sqft
2022-03-01 42 days 1,542 sqft
2022-04-01 26 days 1,556 sqft
2022-05-01 21 days 1,591 sqft
2022-06-01 21 days 1,591 sqft
2022-07-01 30 days 1,624 sqft
2022-08-01 36 days 1,616 sqft
2022-09-01 45 days 1,586 sqft
2022-10-01 52 days 1,587 sqft
2022-11-01 53 days 1,590 sqft
2022-12-01 61 days 1,586 sqft
2023-01-01 71 days 1,580 sqft
2023-02-01 62 days 1,557 sqft
2023-03-01 45 days 1,574 sqft
2023-04-01 40 days 1,584 sqft
2023-05-01 30 days 1,606 sqft
2023-06-01 31 days 1,640 sqft
2023-07-01 38 days 1,614 sqft
2023-08-01 39 days 1,599 sqft
2023-09-01 39 days 1,600 sqft
2023-10-01 39 days 1,584 sqft
2023-11-01 45 days 1,606 sqft
2023-12-01 59 days 1,589 sqft
2024-01-01 68 days 1,607 sqft
2024-02-01 67 days 1,594 sqft
2024-03-01 38 days 1,603 sqft
Buffalo's median listing age (time on market) for 2024-03-01 was 38 days. This is -15% shorter than the same period one year ago.

Buffalo's median square footage for active listings during the 2024-03-01 period was 1,603 sqft. One year prior, the average listing was 1,574 sqft.