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 37 lenders originated 177 USDA loans during 2022. The total origination value was $52,675,000, with an average USDA loan value of $297,599.

California USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in California averaged -0.5% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

California's average USDA mortgage closing costs are $7,162.

The average rate for the prior week (2024-02-16) was 6.17% and one month ago for the week of 2024-01-19, the average rate was 5.76%.

The average rate one year ago was 5.76%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.64%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FIRST HOME MORTGAGE CORPORATION 60 4.32% $8,631
INTERLINC MORTGAGE SERVICES, LLC 15 4.88% $5,902
Towne Bank 14 4.27% $7,660
NORWICH COMMERCIAL GROUP, INC. 8 4.73% $12,199
Vellum Mortgage, Inc. 8 5.23% $8,832
Waterstone Mortgage Corporation 7 4.64% $8,214
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 4.92% $10,427
BAY CAPITAL MORTGAGE CORPORATION 4 4.88% $8,838
Plains Commerce Bank 4 3.34% $13,421
SOUTHERN TRUST MORTGAGE, LLC 4 4.28% $6,940
CORNERSTONE HOME LENDING, INC. 4 4.31% $11,750
HOME POINT FINANCIAL CORPORATION 4 4.44% $9,188
CALIBER HOME LOANS, INC. 4 4.78% $9,703
CROSSCOUNTRY MORTGAGE, LLC 3 5.02% $10,042
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.75% $12,525
First Heritage Mortgage, LLC 2 5.13% $9,826
HOMESIDE FINANCIAL, LLC 2 4.69% $7,103
Sierra Pacific Mortgage Company, Inc. 2 5.19% $11,104
Truist 2 3.81% $7,539
UNITED WHOLESALE MORTGAGE, LLC 2 5.56% $8,719
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.63% $8,403
WesBanco 1 4.63% $7,034
BROKER SOLUTIONS, INC. 1 4.13% $9,862
Carrington Mortgage Services, LLC 1 3.25% $11,120
Cedar Point Federal Credit Union 1 5.25% $8,428
C & F Mortgage Corporation 1 4.13% $6,790
EMBRACE HOME LOANS, INC. 1 4.99% $5,385
EQUITY RESOURCES, INC. 1 3.75% $4,703
Flagstar Bank, FSB 1 4.25% $7,606
NFM, INC. 1 5.63% $7,201
Northpointe Bank 1 4.75% $7,902
PENNYMAC LOAN SERVICES, LLC 1 3.25% $9,775
PLANET HOME LENDING, LLC 1 6.13% $7,679
PLAZA HOME MORTGAGE, INC. 1 2.75% $13,253
SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $14,786
UNIVERSAL MORTGAGE & FINANCE, INC. 1 6.13% $12,729
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.63% $7,859

The top California USDA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with 60 USDA loans originated. Their average total fees are $8,631, which is $2,729 higher than the next largest lender, INTERLINC MORTGAGE SERVICES, LLC.

The lowest fee California USDA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($5,902), Towne Bank ($7,660), FIRST HOME MORTGAGE CORPORATION ($8,631), .

The lowest rate California USDA lenders (with over 10 loans originated) are Towne Bank (4.27%), FIRST HOME MORTGAGE CORPORATION (4.32%), INTERLINC MORTGAGE SERVICES, LLC (4.88%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - California (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 $289,099 (5.1%) $325,519 (7.7%) 0.00 448
2018-02-01 $285,000 (1.8%) $326,756 (7.4%) 0.00 447
2018-03-01 $309,000 (6.6%) $333,484 (4.6%) 0.00 457
2018-04-01 $314,900 (5.5%) $345,681 (3.7%) 0.00 478
2018-05-01 $321,723 (7.6%) $355,272 (6.2%) 0.00 513
2018-06-01 $321,669 (7.3%) $355,673 (4.7%) 0.00 557
2018-07-01 $319,450 (4.8%) $350,410 (1.8%) 0.00 581
2018-08-01 $305,748 (1.1%) $350,872 (3.4%) 0.00 558
2018-09-01 $299,999 (0.1%) $351,898 (3.6%) 0.00 549
2018-10-01 $299,394 (0.1%) $342,502 (0.9%) 0.00 558
2018-11-01 $302,423 (3.0%) $350,756 (5.3%) 0.00 507
2018-12-01 $292,158 (1.1%) $337,497 (4.6%) 0.00 458
2019-01-01 $291,551 (0.9%) $332,818 (2.2%) 0.00 429
2019-02-01 $296,276 (4.0%) $336,139 (2.9%) 0.00 429
2019-03-01 $312,757 (1.2%) $356,816 (7.0%) 0.00 432
2019-04-01 $329,923 (4.8%) $382,698 (10.7%) 0.00 432
2019-05-01 $335,294 (4.2%) $392,201 (10.4%) 0.00 465
2019-06-01 $334,950 (4.1%) $388,078 (9.1%) 0.00 498
2019-07-01 $329,993 (3.3%) $387,264 (10.5%) 0.00 482
2019-08-01 $332,655 (8.8%) $383,409 (9.3%) 0.00 454
2019-09-01 $336,786 (12.3%) $376,589 (7.0%) 0.00 440
2019-10-01 $340,000 (13.6%) $371,738 (8.5%) 0.00 430
2019-11-01 $335,000 (10.8%) $362,774 (3.4%) 0.00 397
2019-12-01 $338,000 (15.7%) $360,195 (6.7%) 0.00 361
2020-01-01 $339,950 (16.6%) $367,205 (10.3%) 0.00 317
2020-02-01 $345,000 (16.5%) $378,993 (12.8%) 0.00 309
2020-03-01 $354,500 (13.4%) $385,744 (8.1%) 0.00 318
2020-04-01 $366,225 (11.0%) $396,106 (3.5%) 0.00 310
2020-05-01 $369,900 (10.3%) $398,502 (1.6%) 0.00 289
2020-06-01 $356,123 (6.3%) $404,721 (4.3%) 0.00 247
2020-07-01 $362,450 (9.8%) $411,905 (6.4%) 0.00 212
2020-08-01 $365,000 (9.7%) $421,466 (9.9%) 0.00 165
2020-09-01 $360,725 (7.1%) $418,231 (11.1%) 0.00 172
2020-10-01 $339,950 (0.0%) $404,474 (8.8%) 0.00 191
2020-11-01 $331,750 (-1.0%) $408,569 (12.6%) 0.00 193
2020-12-01 $320,143 (-5.3%) $380,010 (5.5%) 0.00 169
2021-01-01 $319,900 (-5.9%) $374,631 (2.0%) 0.00 145
2021-02-01 $312,046 (-9.6%) $357,157 (-5.8%) 0.00 129
2021-03-01 $315,975 (-10.9%) $379,131 (-1.7%) 0.00 128
2021-04-01 $320,335 (-12.5%) $361,365 (-8.8%) 0.00 129
2021-05-01 $349,999 (-5.4%) $407,945 (2.4%) 0.00 143
2021-06-01 $357,450 (0.4%) $442,292 (9.3%) 0.00 172
2021-07-01 $359,900 (-0.7%) $466,663 (13.3%) 0.00 184
2021-08-01 $371,000 (1.6%) $463,359 (9.9%) 0.00 204
2021-09-01 $374,950 (3.9%) $491,436 (17.5%) 0.00 186
2021-10-01 $379,000 (11.5%) $492,122 (21.7%) 0.00 162
2021-11-01 $383,490 (15.6%) $523,244 (28.1%) 0.00 145
2021-12-01 $384,946 (20.2%) $503,766 (32.6%) 0.00 148
2022-01-01 $388,500 (21.4%) $543,191 (45.0%) 0.00 110
2022-02-01 $386,625 (23.9%) $555,665 (55.6%) 0.00 98
2022-03-01 $399,700 (26.5%) $530,150 (39.8%) 0.00 104
2022-04-01 $409,900 (28.0%) $545,216 (50.9%) 0.00 131
2022-05-01 $428,700 (22.5%) $539,091 (32.2%) 0.00 161
2022-06-01 $429,950 (20.3%) $527,069 (19.2%) 0.00 191
2022-07-01 $419,900 (16.7%) $510,580 (9.4%) 0.00 220
2022-08-01 $420,000 (13.2%) $509,322 (9.9%) 0.00 230
2022-09-01 $417,450 (11.3%) $503,164 (2.4%) 0.00 206
2022-10-01 $419,900 (10.8%) $503,532 (2.3%) 0.00 227
2022-11-01 $404,900 (5.6%) $490,854 (-6.2%) 0.00 223
2022-12-01 $399,900 (3.9%) $495,402 (-1.7%) 0.00 177
2023-01-01 $402,400 (3.6%) $487,197 (-10.3%) 0.00 164
2023-02-01 $450,975 (16.6%) $531,854 (-4.3%) 0.00 150
2023-03-01 $485,498 (21.5%) $538,241 (1.5%) 0.00 141
2023-04-01 $492,445 (20.1%) $589,025 (8.0%) 0.00 141
2023-05-01 $496,743 (15.9%) $613,238 (13.8%) 0.00 149
2023-06-01 $511,423 (19.0%) $636,497 (20.8%) 0.00 147
2023-07-01 $504,325 (20.1%) $618,362 (21.1%) 0.00 161
2023-08-01 $472,475 (12.5%) $606,212 (19.0%) 0.00 156
2023-09-01 $472,450 (13.2%) $612,760 (21.8%) 0.00 152
2023-10-01 $477,400 (13.7%) $791,826 (57.3%) 0.00 160
2023-11-01 $482,450 (19.2%) $814,772 (66.0%) 0.00 160
California's median listing price for 2023-11-01 was $482,450, a difference of $77,550 (19.2%) versus the prior year and $5,050 versus the prior month.

California's median listing price comes in at 0% of the national average.

California's average listing price for 2023-11-01 was $814,772, a difference of $323,918 (66.0%) versus the prior year and $22,946 versus the prior month.

For the 2023-11-01 period, California had 160 MLS listings, a difference of 0 listings (0%) versus the prior month and -63 listings (-28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,920 sqft
2018-02-01 0 days 1,865 sqft
2018-03-01 0 days 1,887 sqft
2018-04-01 0 days 1,888 sqft
2018-05-01 0 days 1,963 sqft
2018-06-01 0 days 2,109 sqft
2018-07-01 0 days 2,027 sqft
2018-08-01 0 days 2,008 sqft
2018-09-01 0 days 2,016 sqft
2018-10-01 0 days 2,000 sqft
2018-11-01 0 days 1,976 sqft
2018-12-01 0 days 1,936 sqft
2019-01-01 0 days 1,992 sqft
2019-02-01 0 days 1,983 sqft
2019-03-01 0 days 2,063 sqft
2019-04-01 0 days 2,164 sqft
2019-05-01 0 days 2,170 sqft
2019-06-01 0 days 2,152 sqft
2019-07-01 0 days 2,134 sqft
2019-08-01 0 days 2,138 sqft
2019-09-01 0 days 2,173 sqft
2019-10-01 0 days 2,209 sqft
2019-11-01 0 days 2,200 sqft
2019-12-01 0 days 2,142 sqft
2020-01-01 0 days 2,197 sqft
2020-02-01 0 days 2,210 sqft
2020-03-01 0 days 2,254 sqft
2020-04-01 0 days 2,249 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,257 sqft
2020-07-01 0 days 2,308 sqft
2020-08-01 0 days 2,288 sqft
2020-09-01 0 days 2,326 sqft
2020-10-01 0 days 2,160 sqft
2020-11-01 0 days 2,087 sqft
2020-12-01 0 days 1,981 sqft
2021-01-01 0 days 2,016 sqft
2021-02-01 0 days 1,805 sqft
2021-03-01 0 days 1,974 sqft
2021-04-01 0 days 1,849 sqft
2021-05-01 0 days 2,083 sqft
2021-06-01 0 days 2,100 sqft
2021-07-01 0 days 2,114 sqft
2021-08-01 0 days 2,118 sqft
2021-09-01 0 days 2,148 sqft
2021-10-01 0 days 2,097 sqft
2021-11-01 0 days 2,048 sqft
2021-12-01 0 days 2,045 sqft
2022-01-01 0 days 2,064 sqft
2022-02-01 0 days 2,110 sqft
2022-03-01 0 days 2,098 sqft
2022-04-01 0 days 2,092 sqft
2022-05-01 0 days 2,189 sqft
2022-06-01 0 days 2,204 sqft
2022-07-01 0 days 2,156 sqft
2022-08-01 0 days 2,243 sqft
2022-09-01 0 days 2,092 sqft
2022-10-01 0 days 2,136 sqft
2022-11-01 0 days 2,166 sqft
2022-12-01 0 days 2,148 sqft
2023-01-01 0 days 2,196 sqft
2023-02-01 0 days 2,238 sqft
2023-03-01 0 days 2,194 sqft
2023-04-01 0 days 2,306 sqft
2023-05-01 0 days 2,274 sqft
2023-06-01 0 days 2,271 sqft
2023-07-01 0 days 2,348 sqft
2023-08-01 0 days 2,253 sqft
2023-09-01 0 days 2,350 sqft
2023-10-01 0 days 2,359 sqft
2023-11-01 0 days 2,360 sqft
California's median listing age (time on market) for 2023-11-01 was 0 days.

California's median square footage for active listings during the 2023-11-01 period was 2,360 sqft. One year prior, the average listing was 2,166 sqft.