California USDA Loan Rates, Closing Costs & Stats
CALIFORNIA-LEXINGTON PARK, MD
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.
California's 19 lenders originated 71 USDA loans during 2023. The total origination value was $20,745,000, with an average USDA loan value of $292,183.
California USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in California
averaged
6.62%
for the week of 2024-07-19, compared to the national average (all USDA variants) of
6.628% for the same period.
California's average USDA mortgage closing costs are $7,270.
The average rate for the prior week (2024-07-12) was
6.34% and
one month ago for the week of 2024-06-14, the
average rate was 6.48%.
The average rate one year ago was 6.53%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.43%.
California 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 California level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| FIRST HOME MORTGAGE CORPORATION | 23 | 6.18% | $9,327 |
| Towne Bank | 10 | 6.08% | $9,046 |
| INTERLINC MORTGAGE SERVICES, LLC | 6 | 6.35% | $4,716 |
| BAY CAPITAL MORTGAGE CORPORATION | 5 | 5.95% | $10,171 |
| UNITED WHOLESALE MORTGAGE, LLC | 4 | 6.04% | $9,143 |
| Waterstone Mortgage Corporation | 2 | 6.00% | $16,159 |
| First Heritage Mortgage, LLC | 2 | 6.31% | $9,331 |
| MOVEMENT MORTGAGE, LLC | 2 | 5.69% | $9,839 |
| Paramount Residential Mortgage Group, Inc. | 2 | 6.94% | $12,620 |
| Vellum Mortgage, Inc. | 2 | 6.69% | $8,854 |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | 2 | 6.56% | $7,823 |
| UNIVERSAL MORTGAGE & FINANCE, INC. | 1 | 6.63% | $14,205 |
| Plains Commerce Bank | 1 | 7.00% | $11,161 |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 1 | 5.75% | $15,229 |
| Equity Prime Mortgage LLC | 1 | 7.25% | $13,022 |
| FIDELITY DIRECT MORTGAGE, LLC | 1 | 7.25% | $8,041 |
| Keystone Funding, Inc. | 1 | 6.63% | $7,557 |
| Cedar Point Federal Credit Union | 1 | 7.25% | $9,106 |
| NORWICH COMMERCIAL GROUP, INC. | 1 | 5.75% | $21,666 |
The top California USDA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with
23 USDA loans originated. Their average total fees are
$9,327, which is $281
higher than the next largest lender,
Towne Bank.
The lowest fee California USDA lenders (with over 10 loans originated) are
Towne Bank ($9,046), FIRST HOME MORTGAGE CORPORATION ($9,327), .
The lowest rate California USDA lenders (with over 10 loans originated) are
Towne Bank (6.08%), FIRST HOME MORTGAGE CORPORATION (6.18%), .