Durham USDA Loan Rates, Closing Costs & Stats

DURHAM-CHAPEL HILL, 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.

Durham's 19 lenders originated 26 USDA loans during 2023. The total origination value was $6,250,000, with an average USDA loan value of $240,385.

Durham USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Durham averaged 6.23% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Durham's average USDA mortgage closing costs are $5,756.

The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.22%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.3%.

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

Durham 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 Durham level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
NEWREZ LLC 3 6.83% $8,754
Barrington Bank & Trust Company, N.A. 2 6.75% $5,483
MOVEMENT MORTGAGE, LLC 2 6.13% $6,033
UNION HOME MORTGAGE CORP. 2 6.88% $7,609
UNITED WHOLESALE MORTGAGE, LLC 2 5.47% $11,635
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $3,367
First Heritage Mortgage, LLC 1 6.00% $7,346
Flagstar Bank, FSB 1 5.75% $6,340
Prosperity Home Mortgage, LLC 1 7.00% $6,063
TJC Mortgage, Inc. 1 6.13% $9,346
Towne Mortgage of the Carolinas, LLC 1 5.63% $7,320
United Community Bank 1 6.13% $9,087
Alcova Mortgage LLC 1 6.63% $4,840
Victorian Finance, LLC 1 6.00% $7,670
American Security Mortgage Corp. 1 5.13% $10,739
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.88% $10,481
Corporate Investors Mortgage Group, Inc. 1 5.63% $6,762
EQUITY RESOURCES, INC. 1 6.99% $6,208
First-Citizens Bank & Trust Company 1 5.88% $5,931

The top Durham USDA lender as defined by loan originations is NEWREZ LLC, with 3 USDA loans originated. Their average total fees are $8,754, which is $3,271 higher than the next largest lender, Barrington Bank & Trust Company, N.A..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Durham (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 $377,246 (10.0%) $476,112 (13.4%) 1.40 1,367
2018-02-01 $390,450 (11.5%) $487,309 (13.7%) 1.42 1,333
2018-03-01 $395,000 (7.6%) $487,386 (10.4%) 1.39 1,508
2018-04-01 $399,900 (5.2%) $500,732 (8.8%) 1.36 1,563
2018-05-01 $399,190 (2.8%) $510,159 (8.9%) 1.33 1,626
2018-06-01 $390,000 (0.1%) $501,452 (6.9%) 1.30 1,697
2018-07-01 $384,368 (-0.2%) $486,251 (3.1%) 1.28 1,795
2018-08-01 $379,994 (-0.6%) $480,286 (2.5%) 1.27 1,826
2018-09-01 $379,700 (-0.3%) $480,706 (1.6%) 1.28 1,870
2018-10-01 $378,611 (-0.1%) $478,565 (1.4%) 1.28 1,900
2018-11-01 $375,000 (-1.1%) $473,227 (0.1%) 1.27 1,824
2018-12-01 $374,000 (-0.3%) $471,060 (-0.9%) 1.29 1,681
2019-01-01 $359,950 (-4.6%) $460,338 (-3.3%) 1.24 1,533
2019-02-01 $375,000 (-4.0%) $473,100 (-2.9%) 1.27 1,483
2019-03-01 $387,440 (-1.9%) $488,280 (0.2%) 1.27 1,583
2019-04-01 $399,950 (0.0%) $499,517 (-0.2%) 1.27 1,683
2019-05-01 $399,450 (0.1%) $493,115 (-3.3%) 1.25 1,744
2019-06-01 $399,900 (2.5%) $485,830 (-3.1%) 1.25 1,870
2019-07-01 $396,833 (3.2%) $474,770 (-2.4%) 1.24 1,933
2019-08-01 $381,777 (0.5%) $465,129 (-3.2%) 1.21 1,981
2019-09-01 $375,152 (-1.2%) $459,351 (-4.4%) 1.20 2,011
2019-10-01 $369,995 (-2.3%) $454,090 (-5.1%) 1.19 2,025
2019-11-01 $371,800 (-0.9%) $454,328 (-4.0%) 1.22 1,907
2019-12-01 $379,530 (1.5%) $456,293 (-3.1%) 1.27 1,696
2020-01-01 $385,375 (7.1%) $461,165 (0.2%) 1.29 1,498
2020-02-01 $399,000 (6.4%) $474,212 (0.2%) 1.31 1,396
2020-03-01 $416,225 (7.4%) $497,586 (1.9%) 1.30 1,417
2020-04-01 $395,100 (-1.2%) $476,790 (-4.6%) 1.24 1,462
2020-05-01 $399,000 (-0.1%) $478,460 (-3.0%) 1.21 1,471
2020-06-01 $417,000 (4.3%) $503,935 (3.7%) 1.23 1,356
2020-07-01 $418,032 (5.3%) $507,824 (7.0%) 1.21 1,288
2020-08-01 $419,975 (10.0%) $512,238 (10.1%) 1.20 1,216
2020-09-01 $418,945 (11.7%) $526,946 (14.7%) 1.20 1,118
2020-10-01 $415,000 (12.2%) $540,704 (19.1%) 1.19 1,064
2020-11-01 $406,673 (9.4%) $536,815 (18.2%) 1.19 1,029
2020-12-01 $411,400 (8.4%) $549,529 (20.4%) 1.22 913
2021-01-01 $399,994 (3.8%) $541,101 (17.3%) 1.19 779
2021-02-01 $412,225 (3.3%) $565,136 (19.2%) 1.20 610
2021-03-01 $430,235 (3.4%) $571,854 (14.9%) 1.22 564
2021-04-01 $458,206 (16.0%) $614,718 (28.9%) 1.24 508
2021-05-01 $443,500 (11.2%) $596,646 (24.7%) 1.18 478
2021-06-01 $441,000 (5.8%) $603,003 (19.7%) 1.16 527
2021-07-01 $440,000 (5.3%) $594,590 (17.1%) 1.16 593
2021-08-01 $445,475 (6.1%) $587,264 (14.7%) 1.19 625
2021-09-01 $450,238 (7.5%) $590,983 (12.2%) 1.20 665
2021-10-01 $467,250 (12.6%) $610,213 (12.9%) 1.25 673
2021-11-01 $454,088 (11.7%) $600,945 (12.0%) 1.21 616
2021-12-01 $460,950 (12.0%) $609,879 (11.0%) 1.25 564
2022-01-01 $459,500 (14.9%) $633,140 (17.0%) 1.24 479
2022-02-01 $474,450 (15.1%) $650,055 (15.0%) 1.23 376
2022-03-01 $477,250 (10.9%) $684,498 (19.7%) 1.19 400
2022-04-01 $485,000 (5.9%) $675,273 (9.9%) 1.16 439
2022-05-01 $494,500 (11.5%) $690,223 (15.7%) 1.13 612
2022-06-01 $497,574 (12.8%) $667,519 (10.7%) 1.11 805
2022-07-01 $499,000 (13.4%) $658,342 (10.7%) 1.12 987
2022-08-01 $493,638 (10.8%) $653,666 (11.3%) 1.14 1,096
2022-09-01 $461,000 (2.4%) $620,643 (5.0%) 1.08 1,219
2022-10-01 $465,000 (-0.5%) $637,614 (4.5%) 1.09 1,321
2022-11-01 $465,000 (2.4%) $651,782 (8.5%) 1.12 1,265
2022-12-01 $459,500 (-0.3%) $653,621 (7.2%) 1.13 1,135
2023-01-01 $467,250 (1.7%) $665,694 (5.1%) 1.16 965
2023-02-01 $487,000 (2.7%) $699,174 (7.6%) 1.18 903
2023-03-01 $522,975 (9.6%) $732,205 (7.0%) 1.23 892
2023-04-01 $540,000 (11.3%) $743,742 (10.1%) 1.26 894
2023-05-01 $532,000 (7.6%) $755,445 (9.5%) 1.21 925
2023-06-01 $528,925 (6.3%) $757,330 (13.5%) 1.19 971
2023-07-01 $535,000 (7.2%) $762,481 (15.8%) 1.22 988
2023-08-01 $532,450 (7.9%) $758,485 (16.0%) 1.22 1,010
2023-09-01 $499,000 (8.2%) $734,130 (18.3%) 1.16 1,132
2023-10-01 $496,725 (6.8%) $733,628 (15.1%) 1.17 1,205
2023-11-01 $489,831 (5.3%) $722,235 (10.8%) 1.17 1,179
2023-12-01 $475,000 (3.4%) $711,843 (8.9%) 1.16 1,096
2024-01-01 $479,750 (2.7%) $737,614 (10.8%) 1.17 941
2024-02-01 $493,663 (1.4%) $743,831 (6.4%) 1.19 952
2024-03-01 $525,000 (0.4%) $761,284 (4.0%) 1.24 997
Durham's median listing price for 2024-03-01 was $525,000, a difference of $2,025 (0.4%) versus the prior year and $31,337 versus the prior month.

Durham's median listing price comes in at 124% of the national average.

Durham's average listing price for 2024-03-01 was $761,284, a difference of $29,079 (4.0%) versus the prior year and $17,453 versus the prior month.

For the 2024-03-01 period, Durham had 997 MLS listings, a difference of 45 listings (5%) versus the prior month and 105 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 2,462 sqft
2018-02-01 72 days 2,471 sqft
2018-03-01 44 days 2,468 sqft
2018-04-01 47 days 2,502 sqft
2018-05-01 50 days 2,485 sqft
2018-06-01 51 days 2,446 sqft
2018-07-01 53 days 2,433 sqft
2018-08-01 56 days 2,400 sqft
2018-09-01 66 days 2,376 sqft
2018-10-01 68 days 2,361 sqft
2018-11-01 75 days 2,327 sqft
2018-12-01 82 days 2,302 sqft
2019-01-01 89 days 2,243 sqft
2019-02-01 79 days 2,304 sqft
2019-03-01 57 days 2,364 sqft
2019-04-01 47 days 2,423 sqft
2019-05-01 47 days 2,413 sqft
2019-06-01 50 days 2,369 sqft
2019-07-01 56 days 2,306 sqft
2019-08-01 59 days 2,257 sqft
2019-09-01 62 days 2,255 sqft
2019-10-01 65 days 2,253 sqft
2019-11-01 68 days 2,260 sqft
2019-12-01 79 days 2,227 sqft
2020-01-01 82 days 2,201 sqft
2020-02-01 72 days 2,231 sqft
2020-03-01 48 days 2,331 sqft
2020-04-01 49 days 2,205 sqft
2020-05-01 56 days 2,201 sqft
2020-06-01 58 days 2,309 sqft
2020-07-01 52 days 2,307 sqft
2020-08-01 50 days 2,282 sqft
2020-09-01 52 days 2,334 sqft
2020-10-01 51 days 2,276 sqft
2020-11-01 49 days 2,250 sqft
2020-12-01 53 days 2,226 sqft
2021-01-01 58 days 2,197 sqft
2021-02-01 38 days 2,188 sqft
2021-03-01 25 days 2,140 sqft
2021-04-01 25 days 2,211 sqft
2021-05-01 19 days 2,119 sqft
2021-06-01 16 days 2,067 sqft
2021-07-01 22 days 2,059 sqft
2021-08-01 27 days 2,079 sqft
2021-09-01 28 days 2,046 sqft
2021-10-01 29 days 2,129 sqft
2021-11-01 31 days 1,999 sqft
2021-12-01 39 days 1,939 sqft
2022-01-01 52 days 1,901 sqft
2022-02-01 38 days 1,899 sqft
2022-03-01 17 days 1,984 sqft
2022-04-01 15 days 2,017 sqft
2022-05-01 16 days 2,007 sqft
2022-06-01 18 days 2,033 sqft
2022-07-01 24 days 2,059 sqft
2022-08-01 32 days 2,074 sqft
2022-09-01 44 days 2,053 sqft
2022-10-01 50 days 2,080 sqft
2022-11-01 58 days 2,087 sqft
2022-12-01 69 days 2,086 sqft
2023-01-01 74 days 2,074 sqft
2023-02-01 61 days 2,135 sqft
2023-03-01 45 days 2,206 sqft
2023-04-01 42 days 2,229 sqft
2023-05-01 39 days 2,184 sqft
2023-06-01 40 days 2,153 sqft
2023-07-01 44 days 2,178 sqft
2023-08-01 44 days 2,200 sqft
2023-09-01 43 days 2,154 sqft
2023-10-01 47 days 2,159 sqft
2023-11-01 52 days 2,127 sqft
2023-12-01 64 days 2,025 sqft
2024-01-01 61 days 2,024 sqft
2024-02-01 44 days 2,016 sqft
2024-03-01 37 days 2,126 sqft
Durham's median listing age (time on market) for 2024-03-01 was 37 days. This is -18% shorter than the same period one year ago.

Durham's median square footage for active listings during the 2024-03-01 period was 2,126 sqft. One year prior, the average listing was 2,206 sqft.