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%.

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 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 for 2022-10-01 was $239,900, a difference of $14,900 (6.6%) versus the prior year and $0 versus the prior month.

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 listing age (time on market) for 2022-10-01 was 53 days. This is 6% longer than the same period one year ago.

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.