California USDA Loans
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 52 lenders originated 387 USDA loans during 2021. The total origination value was $111,875,000, with an average USDA loan value of $289,083.
California USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in California
averaged
5.01%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
5.15% and
one month ago for the week of 2022-04-08, the
average rate was 4.71%.
The average rate one year ago was 2.92%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.11%.
California USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the California level.
The top California USDA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with
94 USDA loans originated. Their average total fees are
$7,399, which is $336
higher than the next largest lender,
C & F Mortgage Corporation.
The lowest fee California USDA lenders (with over 10 loans originated) are
SOUTHERN TRUST MORTGAGE, LLC ($4,330), EQUITY RESOURCES, INC. ($6,653), BAY CAPITAL MORTGAGE CORPORATION ($6,727), CALIBER HOME LOANS, INC. ($6,732) and Towne Bank ($6,915).
The lowest rate California USDA lenders (with over 10 loans originated) are
BAY CAPITAL MORTGAGE CORPORATION (2.41%), First Heritage Mortgage, LLC (2.60%), EQUITY RESOURCES, INC. (2.60%), Towne Bank (2.72%) and FIRST HOME MORTGAGE CORPORATION (2.82%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $289,950 (5.5%) | $324,650 (8.0%) | 0.00 | 441 |
2018-02-01 | $285,000 (2.2%) | $325,713 (7.4%) | 0.00 | 441 |
2018-03-01 | $299,900 (3.5%) | $331,066 (4.1%) | 0.00 | 447 |
2018-04-01 | $309,950 (3.8%) | $345,114 (3.8%) | 0.00 | 468 |
2018-05-01 | $319,995 (7.3%) | $354,912 (6.0%) | 0.00 | 503 |
2018-06-01 | $320,000 (6.9%) | $355,168 (4.5%) | 0.00 | 544 |
2018-07-01 | $318,450 (6.2%) | $350,913 (1.9%) | 0.00 | 570 |
2018-08-01 | $307,445 (1.7%) | $350,604 (2.9%) | 0.00 | 554 |
2018-09-01 | $299,900 (0.3%) | $351,157 (3.8%) | 0.00 | 542 |
2018-10-01 | $295,000 (-1.3%) | $341,173 (0.8%) | 0.00 | 548 |
2018-11-01 | $302,400 (3.5%) | $349,655 (5.2%) | 0.00 | 500 |
2018-12-01 | $290,000 (0.9%) | $336,216 (4.3%) | 0.00 | 452 |
2019-01-01 | $289,940 (0.0%) | $331,477 (2.1%) | 0.00 | 421 |
2019-02-01 | $295,603 (3.7%) | $335,069 (2.9%) | 0.00 | 421 |
2019-03-01 | $312,757 (4.3%) | $355,186 (7.3%) | 0.00 | 425 |
2019-04-01 | $329,900 (6.4%) | $380,939 (10.4%) | 0.00 | 422 |
2019-05-01 | $335,000 (4.7%) | $388,774 (9.5%) | 0.00 | 456 |
2019-06-01 | $334,900 (4.7%) | $388,023 (9.3%) | 0.00 | 489 |
2019-07-01 | $329,945 (3.6%) | $384,315 (9.5%) | 0.00 | 473 |
2019-08-01 | $334,186 (8.7%) | $387,208 (10.4%) | 0.00 | 444 |
2019-09-01 | $339,950 (13.4%) | $387,187 (10.3%) | 0.00 | 420 |
2019-10-01 | $339,900 (15.2%) | $369,102 (8.2%) | 0.00 | 420 |
2019-11-01 | $335,000 (10.8%) | $362,101 (3.6%) | 0.00 | 389 |
2019-12-01 | $339,000 (16.9%) | $359,280 (6.9%) | 0.00 | 356 |
2020-01-01 | $339,950 (17.3%) | $364,709 (10.0%) | 0.00 | 305 |
2020-02-01 | $340,000 (15.0%) | $376,754 (12.4%) | 0.00 | 298 |
2020-03-01 | $354,450 (13.3%) | $381,682 (7.5%) | 0.00 | 305 |
2020-04-01 | $369,900 (12.1%) | $394,259 (3.5%) | 0.00 | 298 |
2020-05-01 | $370,000 (10.5%) | $396,726 (2.1%) | 0.00 | 280 |
2020-06-01 | $354,950 (6.0%) | $400,701 (3.3%) | 0.00 | 240 |
2020-07-01 | $364,900 (10.6%) | $411,186 (7.0%) | 0.00 | 207 |
2020-08-01 | $365,000 (9.2%) | $422,158 (9.0%) | 0.00 | 161 |
2020-09-01 | $364,950 (7.4%) | $421,608 (8.9%) | 0.00 | 168 |
2020-10-01 | $345,000 (1.5%) | $409,050 (10.8%) | 0.00 | 185 |
2020-11-01 | $329,475 (-1.7%) | $406,712 (12.3%) | 0.00 | 187 |
2020-12-01 | $319,950 (-5.6%) | $382,192 (6.4%) | 0.00 | 161 |
2021-01-01 | $319,900 (-5.9%) | $375,420 (2.9%) | 0.00 | 138 |
2021-02-01 | $313,543 (-7.8%) | $356,841 (-5.3%) | 0.00 | 123 |
2021-03-01 | $315,450 (-11.0%) | $379,591 (-0.6%) | 0.00 | 122 |
2021-04-01 | $320,335 (-13.4%) | $359,286 (-8.9%) | 0.00 | 124 |
2021-05-01 | $350,000 (-5.4%) | $408,983 (3.1%) | 0.00 | 136 |
2021-06-01 | $352,500 (-0.7%) | $443,296 (10.6%) | 0.00 | 165 |
2021-07-01 | $359,900 (-1.4%) | $460,080 (11.9%) | 0.00 | 179 |
2021-08-01 | $368,500 (1.0%) | $462,968 (9.7%) | 0.00 | 195 |
2021-09-01 | $373,500 (2.3%) | $490,399 (16.3%) | 0.00 | 180 |
2021-10-01 | $375,000 (8.7%) | $496,732 (21.4%) | 0.00 | 156 |
2021-11-01 | $387,000 (17.5%) | $528,802 (30.0%) | 0.00 | 136 |
2021-12-01 | $389,900 (21.9%) | $508,265 (33.0%) | 0.00 | 142 |
2022-01-01 | $385,000 (20.4%) | $546,836 (45.7%) | 0.00 | 104 |
2022-02-01 | $387,000 (23.4%) | $558,605 (56.5%) | 0.00 | 94 |
2022-03-01 | $399,500 (26.6%) | $531,981 (40.2%) | 0.00 | 99 |
2022-04-01 | $414,900 (29.5%) | $551,258 (53.4%) | 0.00 | 124 |
California's median listing price comes in at 0% of the national average.
California's average listing price for 2022-04-01 was $551,258, a difference of $191,972 (53.4%) versus the prior year and $19,277 versus the prior month.
For the 2022-04-01 period, California had 124 MLS listings, a difference of 25 listings (25%) versus the prior month and 0 listings (0%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,930 sqft |
2018-02-01 | 0 days | 1,883 sqft |
2018-03-01 | 0 days | 1,920 sqft |
2018-04-01 | 0 days | 1,934 sqft |
2018-05-01 | 0 days | 2,056 sqft |
2018-06-01 | 0 days | 2,092 sqft |
2018-07-01 | 0 days | 2,027 sqft |
2018-08-01 | 0 days | 1,981 sqft |
2018-09-01 | 0 days | 1,996 sqft |
2018-10-01 | 0 days | 1,976 sqft |
2018-11-01 | 0 days | 1,952 sqft |
2018-12-01 | 0 days | 1,920 sqft |
2019-01-01 | 0 days | 1,980 sqft |
2019-02-01 | 0 days | 1,975 sqft |
2019-03-01 | 0 days | 2,041 sqft |
2019-04-01 | 0 days | 2,145 sqft |
2019-05-01 | 0 days | 2,158 sqft |
2019-06-01 | 0 days | 2,152 sqft |
2019-07-01 | 0 days | 2,133 sqft |
2019-08-01 | 0 days | 2,141 sqft |
2019-09-01 | 0 days | 2,192 sqft |
2019-10-01 | 0 days | 2,198 sqft |
2019-11-01 | 0 days | 2,200 sqft |
2019-12-01 | 0 days | 2,135 sqft |
2020-01-01 | 0 days | 2,161 sqft |
2020-02-01 | 0 days | 2,210 sqft |
2020-03-01 | 0 days | 2,248 sqft |
2020-04-01 | 0 days | 2,249 sqft |
2020-05-01 | 0 days | 2,292 sqft |
2020-06-01 | 0 days | 2,237 sqft |
2020-07-01 | 0 days | 2,329 sqft |
2020-08-01 | 0 days | 2,283 sqft |
2020-09-01 | 0 days | 2,343 sqft |
2020-10-01 | 0 days | 2,160 sqft |
2020-11-01 | 0 days | 2,057 sqft |
2020-12-01 | 0 days | 1,954 sqft |
2021-01-01 | 0 days | 1,992 sqft |
2021-02-01 | 0 days | 1,812 sqft |
2021-03-01 | 0 days | 1,975 sqft |
2021-04-01 | 0 days | 1,849 sqft |
2021-05-01 | 0 days | 2,106 sqft |
2021-06-01 | 0 days | 2,111 sqft |
2021-07-01 | 0 days | 2,066 sqft |
2021-08-01 | 0 days | 2,110 sqft |
2021-09-01 | 0 days | 2,133 sqft |
2021-10-01 | 0 days | 2,119 sqft |
2021-11-01 | 0 days | 2,075 sqft |
2021-12-01 | 0 days | 2,053 sqft |
2022-01-01 | 0 days | 2,076 sqft |
2022-02-01 | 0 days | 2,092 sqft |
2022-03-01 | 0 days | 2,088 sqft |
2022-04-01 | 0 days | 2,050 sqft |
California's median square footage for active listings during the 2022-04-01 period was 2,050 sqft. One year prior, the average listing was 1,849 sqft.