Buffalo USDA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, NY

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    • 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 6.9% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.58%.

    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.