Burlington USDA Loan Rates, Closing Costs & Stats

BURLINGTON, NC

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.

Burlington's 9 lenders originated 14 USDA loans during 2023. The total origination value was $3,610,000, with an average USDA loan value of $257,857.

Burlington USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Burlington averaged 6.37% for the week of 2024-06-14, compared to the national average (all USDA variants) of 6.709% for the same period.

Burlington's average USDA mortgage closing costs are $5,605.

The average rate for the prior week (2024-06-07) was 6.46% and one month ago for the week of 2024-05-10, the average rate was 6.35%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.8%.

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

Burlington 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 Burlington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 3 5.16% $5,907
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.38% $11,050
MOVEMENT MORTGAGE, LLC 2 6.50% $9,573
LOANDEPOT.COM, LLC 1 4.88% $9,369
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $9,900
Alcova Mortgage LLC 1 6.88% $6,212
Victorian Finance, LLC 1 6.38% $7,010
Equity Prime Mortgage LLC 1 6.75% $11,668
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $6,206

The top Burlington USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 3 USDA loans originated. Their average total fees are $5,907, which is $5,144 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Burlington USDA lenders (with over 10 loans originated) are .

The lowest rate Burlington USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Burlington (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 $197,500 (14.7%) $267,574 (28.2%) 0.73 634
2018-02-01 $199,250 (16.8%) $268,902 (25.6%) 0.72 598
2018-03-01 $215,500 (18.9%) $274,678 (22.7%) 0.76 540
2018-04-01 $216,175 (23.5%) $252,793 (10.5%) 0.73 486
2018-05-01 $221,748 (23.7%) $266,684 (0.6%) 0.74 501
2018-06-01 $222,655 (25.8%) $272,335 (3.1%) 0.74 480
2018-07-01 $221,575 (24.2%) $272,470 (3.2%) 0.74 477
2018-08-01 $217,925 (23.5%) $254,470 (-0.6%) 0.73 451
2018-09-01 $229,000 (28.7%) $256,905 (2.4%) 0.77 446
2018-10-01 $225,000 (23.6%) $253,884 (1.4%) 0.76 493
2018-11-01 $229,500 (21.5%) $262,146 (2.5%) 0.78 474
2018-12-01 $231,900 (22.3%) $262,441 (3.0%) 0.80 456
2019-01-01 $233,925 (18.4%) $259,803 (-2.9%) 0.81 433
2019-02-01 $244,329 (22.6%) $271,097 (0.8%) 0.83 406
2019-03-01 $250,243 (16.1%) $274,603 (0.0%) 0.82 382
2019-04-01 $253,118 (17.1%) $275,421 (9.0%) 0.80 357
2019-05-01 $255,000 (15.0%) $283,267 (6.2%) 0.80 363
2019-06-01 $255,000 (14.5%) $285,900 (5.0%) 0.80 343
2019-07-01 $249,950 (12.8%) $295,737 (8.5%) 0.78 353
2019-08-01 $246,518 (13.1%) $293,303 (15.3%) 0.78 357
2019-09-01 $241,445 (5.4%) $289,308 (12.6%) 0.77 364
2019-10-01 $239,264 (6.3%) $287,913 (13.4%) 0.77 357
2019-11-01 $237,000 (3.3%) $281,200 (7.3%) 0.78 329
2019-12-01 $233,542 (0.7%) $279,524 (6.5%) 0.78 314
2020-01-01 $245,788 (5.1%) $294,124 (13.2%) 0.82 314
2020-02-01 $249,900 (2.3%) $312,352 (15.2%) 0.82 291
2020-03-01 $250,576 (0.1%) $308,957 (12.5%) 0.79 305
2020-04-01 $261,064 (3.1%) $320,947 (16.5%) 0.82 330
2020-05-01 $270,000 (5.9%) $345,684 (22.0%) 0.82 273
2020-06-01 $286,140 (12.2%) $362,906 (26.9%) 0.84 234
2020-07-01 $280,945 (12.4%) $324,628 (9.8%) 0.81 227
2020-08-01 $289,220 (17.3%) $345,568 (17.8%) 0.83 214
2020-09-01 $297,570 (23.3%) $335,360 (15.9%) 0.85 211
2020-10-01 $276,225 (15.5%) $328,358 (14.1%) 0.79 212
2020-11-01 $287,500 (21.3%) $344,011 (22.3%) 0.84 193
2020-12-01 $289,585 (24.0%) $343,363 (22.8%) 0.86 176
2021-01-01 $284,500 (15.8%) $344,767 (17.2%) 0.85 155
2021-02-01 $270,250 (8.1%) $337,715 (8.1%) 0.79 149
2021-03-01 $284,975 (13.7%) $358,104 (15.9%) 0.81 128
2021-04-01 $299,700 (14.8%) $385,066 (20.0%) 0.81 104
2021-05-01 $284,950 (5.5%) $364,931 (5.6%) 0.76 125
2021-06-01 $274,618 (-4.0%) $386,116 (6.4%) 0.72 128
2021-07-01 $286,000 (1.8%) $379,752 (17.0%) 0.75 152
2021-08-01 $289,945 (0.3%) $365,305 (5.7%) 0.77 169
2021-09-01 $292,500 (-1.7%) $372,031 (10.9%) 0.78 190
2021-10-01 $290,000 (5.0%) $357,272 (8.8%) 0.77 174
2021-11-01 $290,870 (1.2%) $350,304 (1.8%) 0.78 190
2021-12-01 $315,130 (8.8%) $368,412 (7.3%) 0.85 170
2022-01-01 $339,425 (19.3%) $378,912 (9.9%) 0.92 133
2022-02-01 $323,422 (19.7%) $380,405 (12.6%) 0.84 104
2022-03-01 $352,878 (23.8%) $407,994 (13.9%) 0.88 98
2022-04-01 $374,108 (24.8%) $413,374 (7.4%) 0.89 105
2022-05-01 $365,000 (28.1%) $396,363 (8.6%) 0.83 125
2022-06-01 $383,500 (39.7%) $435,294 (12.7%) 0.85 177
2022-07-01 $385,000 (34.6%) $437,031 (15.1%) 0.87 214
2022-08-01 $362,498 (25.0%) $383,239 (4.9%) 0.84 241
2022-09-01 $355,070 (21.4%) $379,938 (2.1%) 0.83 234
2022-10-01 $362,450 (25.0%) $381,878 (6.9%) 0.85 239
2022-11-01 $367,995 (26.5%) $385,791 (10.1%) 0.88 284
2022-12-01 $353,470 (12.2%) $371,379 (0.8%) 0.87 293
2023-01-01 $362,300 (6.7%) $375,335 (-0.9%) 0.90 298
2023-02-01 $359,975 (11.3%) $381,682 (0.3%) 0.87 272
2023-03-01 $367,500 (4.1%) $383,071 (-6.1%) 0.87 244
2023-04-01 $365,000 (-2.4%) $391,687 (-5.3%) 0.85 260
2023-05-01 $363,585 (-0.4%) $388,100 (-2.1%) 0.82 275
2023-06-01 $365,500 (-4.7%) $396,030 (-9.0%) 0.82 296
2023-07-01 $359,900 (-6.5%) $394,348 (-9.8%) 0.82 296
2023-08-01 $360,481 (-0.6%) $394,264 (2.9%) 0.83 304
2023-09-01 $359,240 (1.2%) $383,825 (1.0%) 0.84 343
2023-10-01 $352,535 (-2.7%) $383,397 (0.4%) 0.83 355
2023-11-01 $355,764 (-3.3%) $381,399 (-1.1%) 0.85 375
2023-12-01 $344,990 (-2.4%) $382,328 (3.0%) 0.84 431
2024-01-01 $339,968 (-6.2%) $371,973 (-0.9%) 0.83 381
2024-02-01 $336,000 (-6.7%) $369,464 (-3.2%) 0.81 364
2024-03-01 $331,495 (-9.8%) $366,828 (-4.2%) 0.78 335
2024-04-01 $354,473 (-2.9%) $388,229 (-0.9%) 0.82 340
2024-05-01 $359,468 (-1.1%) $400,396 (3.2%) 0.81 362
Burlington's median listing price for 2024-05-01 was $359,468, a difference of $-4,117 (-1.1%) versus the prior year and $4,995 versus the prior month.

Burlington's median listing price comes in at 81% of the national average.

Burlington's average listing price for 2024-05-01 was $400,396, a difference of $12,296 (3.2%) versus the prior year and $12,167 versus the prior month.

For the 2024-05-01 period, Burlington had 362 MLS listings, a difference of 22 listings (6%) versus the prior month and 87 listings (32%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 105 days 1,972 sqft
2018-02-01 95 days 1,924 sqft
2018-03-01 68 days 1,943 sqft
2018-04-01 63 days 1,963 sqft
2018-05-01 60 days 1,956 sqft
2018-06-01 54 days 1,981 sqft
2018-07-01 70 days 1,933 sqft
2018-08-01 67 days 1,933 sqft
2018-09-01 68 days 1,951 sqft
2018-10-01 63 days 1,940 sqft
2018-11-01 71 days 1,955 sqft
2018-12-01 74 days 1,936 sqft
2019-01-01 87 days 2,002 sqft
2019-02-01 91 days 2,095 sqft
2019-03-01 71 days 2,133 sqft
2019-04-01 64 days 2,134 sqft
2019-05-01 43 days 2,173 sqft
2019-06-01 48 days 2,193 sqft
2019-07-01 53 days 2,067 sqft
2019-08-01 51 days 2,006 sqft
2019-09-01 52 days 1,964 sqft
2019-10-01 54 days 1,942 sqft
2019-11-01 48 days 1,975 sqft
2019-12-01 59 days 1,926 sqft
2020-01-01 66 days 1,954 sqft
2020-02-01 54 days 1,998 sqft
2020-03-01 43 days 2,020 sqft
2020-04-01 42 days 2,065 sqft
2020-05-01 58 days 2,117 sqft
2020-06-01 57 days 2,210 sqft
2020-07-01 38 days 2,137 sqft
2020-08-01 40 days 2,115 sqft
2020-09-01 32 days 2,155 sqft
2020-10-01 31 days 2,051 sqft
2020-11-01 41 days 2,045 sqft
2020-12-01 58 days 2,075 sqft
2021-01-01 60 days 1,929 sqft
2021-02-01 29 days 1,875 sqft
2021-03-01 27 days 1,934 sqft
2021-04-01 25 days 1,944 sqft
2021-05-01 16 days 1,801 sqft
2021-06-01 21 days 1,874 sqft
2021-07-01 23 days 1,874 sqft
2021-08-01 21 days 1,876 sqft
2021-09-01 30 days 1,948 sqft
2021-10-01 33 days 1,858 sqft
2021-11-01 28 days 1,881 sqft
2021-12-01 37 days 2,002 sqft
2022-01-01 46 days 2,026 sqft
2022-02-01 37 days 1,932 sqft
2022-03-01 25 days 1,997 sqft
2022-04-01 13 days 2,026 sqft
2022-05-01 19 days 1,968 sqft
2022-06-01 19 days 2,121 sqft
2022-07-01 28 days 2,175 sqft
2022-08-01 30 days 2,063 sqft
2022-09-01 39 days 2,038 sqft
2022-10-01 43 days 2,057 sqft
2022-11-01 45 days 2,057 sqft
2022-12-01 49 days 1,946 sqft
2023-01-01 60 days 2,008 sqft
2023-02-01 56 days 1,994 sqft
2023-03-01 52 days 1,985 sqft
2023-04-01 36 days 2,026 sqft
2023-05-01 39 days 1,993 sqft
2023-06-01 40 days 2,047 sqft
2023-07-01 43 days 1,997 sqft
2023-08-01 45 days 1,971 sqft
2023-09-01 44 days 1,930 sqft
2023-10-01 48 days 1,904 sqft
2023-11-01 50 days 1,916 sqft
2023-12-01 55 days 1,892 sqft
2024-01-01 58 days 1,893 sqft
2024-02-01 60 days 1,911 sqft
2024-03-01 55 days 1,812 sqft
2024-04-01 50 days 1,927 sqft
2024-05-01 42 days 1,954 sqft
Burlington's median listing age (time on market) for 2024-05-01 was 42 days. This is 6% longer than the same period one year ago.

Burlington's median square footage for active listings during the 2024-05-01 period was 1,954 sqft. One year prior, the average listing was 1,993 sqft.