Lake Charles USDA Loan Rates, Closing Costs & Stats

LAKE CHARLES, LA

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.

Lake Charles's 25 lenders originated 102 USDA loans during 2023. The total origination value was $17,530,000, with an average USDA loan value of $171,863.

Lake Charles USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lake Charles averaged 6.54% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

Lake Charles's average USDA mortgage closing costs are $4,953.

The average rate for the prior week (2024-07-12) was 6.37% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.3%.

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

Lake Charles 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 Lake Charles level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FIDELITY BANK 12 6.66% $6,754
GMFS LLC 10 6.74% $3,461
UNITED WHOLESALE MORTGAGE, LLC 7 6.64% $7,354
DSLD MORTGAGE, LLC 7 5.77% $2,913
NTFN, INC. 7 6.48% $5,959
Chickasaw Community Bank 5 7.13% $5,771
First Horizon Bank 4 5.38% $9,939
DHI MORTGAGE COMPANY, LTD. 4 4.75% $7,463
Nations Lending Corporation 4 6.88% $3,588
NEWREZ LLC 4 6.38% $6,883
UNION HOME MORTGAGE CORP. 4 6.34% $5,936
T2 FINANCIAL LLC 3 6.92% $6,987
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.38% $6,275
MORTGAGE FINANCIAL SERVICES, LLC 3 6.21% $6,274
Equity Prime Mortgage LLC 2 7.19% $5,153
MID AMERICA MORTGAGE, INC. 2 6.63% $4,625
Plains Commerce Bank 1 7.13% $5,005
Red River Bank 1 6.13% $5,278
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.49% $9,392
CRESCENT MORTGAGE COMPANY 1 5.63% $5,043
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $6,199
Citizens Bank 1 6.75% $5,391
Bank of England 1 6.25% $7,389
CARDINAL FINANCIAL 1 7.13% $6,200
OPEN MORTGAGE, LLC 1 7.13% $4,526

The top Lake Charles USDA lender as defined by loan originations is FIDELITY BANK, with 12 USDA loans originated. Their average total fees are $6,754, which is $3,293 higher than the next largest lender, GMFS LLC.

The lowest fee Lake Charles USDA lenders (with over 10 loans originated) are GMFS LLC ($3,461), FIDELITY BANK ($6,754), .

The lowest rate Lake Charles USDA lenders (with over 10 loans originated) are FIDELITY BANK (6.66%), GMFS LLC (6.74%), .