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
0.14%
for the week of 2024-11-15, compared to the national average (all USDA variants) of
0% for the same period.
Buffalo's average USDA mortgage closing costs are $4,808.
The average rate for the prior week (2024-11-08) was
6.59% and
one month ago for the week of 2024-10-11, the
average rate was 6.16%.
The average rate one year ago was 7.08%.
For refis of the same type during the week of 2024-11-15, the average rate
was 0.81%.
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 |
| 2024-04-01 | $284,900 (14.0%) | $383,630 (10.5%) | 0.66 | 805 |
| 2024-05-01 | $299,900 (18.6%) | $397,825 (13.3%) | 0.68 | 931 |
| 2024-06-01 | $299,000 (7.7%) | $392,641 (9.7%) | 0.67 | 1,087 |
| 2024-07-01 | $279,950 (4.5%) | $380,818 (9.3%) | 0.64 | 1,172 |
| 2024-08-01 | $279,900 (7.8%) | $379,203 (9.3%) | 0.65 | 1,246 |
| 2024-09-01 | $277,450 (6.8%) | $377,723 (7.7%) | 0.65 | 1,311 |
| 2024-10-01 | $269,900 (5.9%) | $375,320 (6.3%) | 0.64 | 1,316 |
Buffalo's median listing price comes in at 64% of the national average.
Buffalo's average listing price for 2024-10-01 was $375,320, a difference of $22,226 (6.3%) versus the prior year and $-2,403 versus the prior month.
For the 2024-10-01 period, Buffalo had 1,316 MLS listings, a difference of 5 listings (0%) versus the prior month and 120 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 | 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 |
| 2024-04-01 | 34 days | 1,609 sqft |
| 2024-05-01 | 21 days | 1,645 sqft |
| 2024-06-01 | 22 days | 1,611 sqft |
| 2024-07-01 | 38 days | 1,596 sqft |
| 2024-08-01 | 39 days | 1,590 sqft |
| 2024-09-01 | 40 days | 1,577 sqft |
| 2024-10-01 | 42 days | 1,557 sqft |
Buffalo's median square footage for active listings during the 2024-10-01 period was 1,557 sqft. One year prior, the average listing was 1,584 sqft.