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 6.07% for the week of 2024-10-11, compared to the national average (all USDA variants) of 6.08% for the same period.

California's average USDA mortgage closing costs are $7,270.

The average rate for the prior week (2024-10-04) was 5.87% and one month ago for the week of 2024-09-06, the average rate was 6.05%.

The average rate one year ago was 7.15%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.18%.

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

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%), .