New Haven USDA Loans
NEW HAVEN-MILFORD, CT
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.
New Haven's 8 lenders originated 9 USDA loans during 2021. The total origination value was $2,605,000, with an average USDA loan value of $289,444.
New Haven USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in New Haven
averaged
5.13%
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
5.37% and
one month ago for the week of 2022-04-08, the
average rate was 5.03%.
The average rate one year ago was 2.94%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.28%.
New Haven 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 New Haven level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
|---|---|---|---|
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 2 | 3.44% | $6,849 |
| GUARANTEED RATE AFFINITY, LLC | 1 | 3.00% | $10,545 |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | 1 | 2.50% | $10,921 |
| PENNYMAC LOAN SERVICES, LLC | 1 | 3.13% | $4,566 |
| STEARNS LENDING, LLC | 1 | 2.75% | $6,472 |
| TOTAL MORTGAGE SERVICES, LLC | 1 | 3.00% | $16,999 |
| EQUITY RESOURCES, INC. | 1 | 2.75% | $5,422 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 2.95% | $8,977 |
The top New Haven USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
2 USDA loans originated. Their average total fees are
$6,849, which is $3,696
lower than the next largest lender,
GUARANTEED RATE AFFINITY, LLC.
The lowest fee New Haven USDA lenders (with over 10 loans originated) are
.
The lowest rate New Haven USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New Haven (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 | $250,000 (0.0%) | $375,107 (1.6%) | 0.92 | 3,359 |
| 2018-02-01 | $258,450 (-0.6%) | $381,758 (2.4%) | 0.93 | 3,453 |
| 2018-03-01 | $265,000 (-1.8%) | $384,495 (2.5%) | 0.92 | 3,772 |
| 2018-04-01 | $273,320 (-1.3%) | $376,305 (-2.1%) | 0.92 | 4,079 |
| 2018-05-01 | $279,900 (0.0%) | $369,186 (-6.3%) | 0.93 | 4,441 |
| 2018-06-01 | $279,900 (-2.5%) | $366,012 (-9.7%) | 0.93 | 4,518 |
| 2018-07-01 | $275,000 (-3.5%) | $372,162 (-7.6%) | 0.92 | 4,597 |
| 2018-08-01 | $269,950 (1.1%) | $365,558 (-2.6%) | 0.90 | 4,632 |
| 2018-09-01 | $269,900 (2.0%) | $363,210 (-3.2%) | 0.90 | 4,579 |
| 2018-10-01 | $269,900 (3.9%) | $362,767 (-2.7%) | 0.90 | 4,530 |
| 2018-11-01 | $265,000 (2.0%) | $358,678 (-2.9%) | 0.89 | 4,281 |
| 2018-12-01 | $259,900 (1.6%) | $352,245 (-6.2%) | 0.89 | 3,843 |
| 2019-01-01 | $259,900 (4.0%) | $353,597 (-5.7%) | 0.90 | 3,452 |
| 2019-02-01 | $259,900 (0.6%) | $357,035 (-6.5%) | 0.87 | 3,484 |
| 2019-03-01 | $270,371 (2.0%) | $361,296 (-6.0%) | 0.88 | 3,739 |
| 2019-04-01 | $279,450 (2.2%) | $367,147 (-2.4%) | 0.88 | 3,977 |
| 2019-05-01 | $279,900 (0.0%) | $365,394 (-1.0%) | 0.86 | 4,231 |
| 2019-06-01 | $279,000 (-0.3%) | $362,657 (-0.9%) | 0.86 | 4,362 |
| 2019-07-01 | $276,950 (0.7%) | $358,970 (-3.5%) | 0.86 | 4,344 |
| 2019-08-01 | $271,514 (0.6%) | $354,237 (-3.1%) | 0.85 | 4,185 |
| 2019-09-01 | $266,450 (-1.3%) | $351,458 (-3.2%) | 0.85 | 4,038 |
| 2019-10-01 | $265,000 (-1.8%) | $353,139 (-2.7%) | 0.85 | 3,906 |
| 2019-11-01 | $260,000 (-1.9%) | $348,130 (-2.9%) | 0.84 | 3,603 |
| 2019-12-01 | $259,900 (0.0%) | $347,545 (-1.3%) | 0.87 | 3,104 |
| 2020-01-01 | $259,000 (-0.4%) | $346,224 (-2.1%) | 0.86 | 2,733 |
| 2020-02-01 | $264,999 (2.0%) | $350,193 (-1.9%) | 0.86 | 2,772 |
| 2020-03-01 | $274,500 (1.5%) | $356,402 (-1.4%) | 0.86 | 3,071 |
| 2020-04-01 | $274,900 (-1.6%) | $362,115 (-1.4%) | 0.86 | 2,924 |
| 2020-05-01 | $279,900 (0.0%) | $365,382 (0.0%) | 0.85 | 2,807 |
| 2020-06-01 | $289,900 (3.9%) | $375,670 (3.6%) | 0.85 | 3,010 |
| 2020-07-01 | $289,950 (4.7%) | $380,168 (5.9%) | 0.83 | 3,075 |
| 2020-08-01 | $289,000 (6.4%) | $379,009 (7.0%) | 0.83 | 3,069 |
| 2020-09-01 | $279,900 (5.1%) | $380,085 (8.2%) | 0.80 | 3,084 |
| 2020-10-01 | $285,000 (7.6%) | $380,566 (7.8%) | 0.81 | 3,035 |
| 2020-11-01 | $286,950 (10.4%) | $385,506 (10.7%) | 0.82 | 2,644 |
| 2020-12-01 | $279,800 (7.7%) | $386,620 (11.2%) | 0.82 | 2,292 |
| 2021-01-01 | $285,000 (10.0%) | $396,371 (14.5%) | 0.84 | 1,875 |
| 2021-02-01 | $289,900 (9.4%) | $397,292 (13.5%) | 0.83 | 1,718 |
| 2021-03-01 | $297,000 (8.2%) | $405,761 (13.9%) | 0.83 | 1,843 |
| 2021-04-01 | $299,900 (9.1%) | $414,351 (14.4%) | 0.81 | 1,928 |
| 2021-05-01 | $309,900 (10.7%) | $417,568 (14.3%) | 0.82 | 2,131 |
| 2021-06-01 | $337,400 (16.4%) | $494,894 (31.7%) | 0.88 | 1,150 |
| 2021-07-01 | $339,000 (16.9%) | $510,864 (34.4%) | 0.88 | 1,277 |
| 2021-08-01 | $329,900 (14.2%) | $488,001 (28.8%) | 0.87 | 1,413 |
| 2021-09-01 | $325,000 (16.1%) | $479,575 (26.2%) | 0.86 | 1,432 |
| 2021-10-01 | $329,900 (15.8%) | $484,678 (27.4%) | 0.87 | 1,363 |
| 2021-11-01 | $329,950 (15.0%) | $482,233 (25.1%) | 0.87 | 1,096 |
| 2021-12-01 | $324,450 (16.0%) | $475,402 (23.0%) | 0.87 | 923 |
| 2022-01-01 | $329,900 (15.8%) | $490,755 (23.8%) | 0.88 | 729 |
| 2022-02-01 | $344,450 (18.8%) | $512,804 (29.1%) | 0.88 | 628 |
| 2022-03-01 | $354,500 (19.4%) | $514,659 (26.8%) | 0.88 | 616 |
| 2022-04-01 | $359,900 (20.0%) | $525,655 (26.9%) | 0.85 | 733 |
New Haven's median listing price comes in at 85% of the national average.
New Haven's average listing price for 2022-04-01 was $525,655, a difference of $111,304 (26.9%) versus the prior year and $10,996 versus the prior month.
For the 2022-04-01 period, New Haven had 733 MLS listings, a difference of 117 listings (19%) versus the prior month and -1,195 listings (-62%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Haven (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 96 days | 1,527 sqft |
| 2018-02-01 | 95 days | 1,548 sqft |
| 2018-03-01 | 66 days | 1,583 sqft |
| 2018-04-01 | 55 days | 1,616 sqft |
| 2018-05-01 | 53 days | 1,636 sqft |
| 2018-06-01 | 53 days | 1,632 sqft |
| 2018-07-01 | 61 days | 1,627 sqft |
| 2018-08-01 | 66 days | 1,617 sqft |
| 2018-09-01 | 71 days | 1,616 sqft |
| 2018-10-01 | 78 days | 1,620 sqft |
| 2018-11-01 | 81 days | 1,605 sqft |
| 2018-12-01 | 94 days | 1,586 sqft |
| 2019-01-01 | 102 days | 1,574 sqft |
| 2019-02-01 | 99 days | 1,559 sqft |
| 2019-03-01 | 67 days | 1,594 sqft |
| 2019-04-01 | 52 days | 1,637 sqft |
| 2019-05-01 | 50 days | 1,712 sqft |
| 2019-06-01 | 53 days | 1,790 sqft |
| 2019-07-01 | 59 days | 1,782 sqft |
| 2019-08-01 | 66 days | 1,763 sqft |
| 2019-09-01 | 68 days | 1,747 sqft |
| 2019-10-01 | 71 days | 1,760 sqft |
| 2019-11-01 | 71 days | 1,748 sqft |
| 2019-12-01 | 82 days | 1,735 sqft |
| 2020-01-01 | 88 days | 1,720 sqft |
| 2020-02-01 | 77 days | 1,733 sqft |
| 2020-03-01 | 50 days | 1,756 sqft |
| 2020-04-01 | 55 days | 1,750 sqft |
| 2020-05-01 | 64 days | 1,755 sqft |
| 2020-06-01 | 51 days | 1,786 sqft |
| 2020-07-01 | 43 days | 1,794 sqft |
| 2020-08-01 | 42 days | 1,757 sqft |
| 2020-09-01 | 42 days | 1,737 sqft |
| 2020-10-01 | 43 days | 1,747 sqft |
| 2020-11-01 | 46 days | 1,743 sqft |
| 2020-12-01 | 51 days | 1,716 sqft |
| 2021-01-01 | 59 days | 1,716 sqft |
| 2021-02-01 | 48 days | 1,691 sqft |
| 2021-03-01 | 35 days | 1,686 sqft |
| 2021-04-01 | 32 days | 1,694 sqft |
| 2021-05-01 | 31 days | 1,711 sqft |
| 2021-06-01 | 29 days | 1,766 sqft |
| 2021-07-01 | 29 days | 1,771 sqft |
| 2021-08-01 | 33 days | 1,613 sqft |
| 2021-09-01 | 40 days | 1,590 sqft |
| 2021-10-01 | 45 days | 1,612 sqft |
| 2021-11-01 | 50 days | 1,582 sqft |
| 2021-12-01 | 59 days | 1,570 sqft |
| 2022-01-01 | 67 days | 1,603 sqft |
| 2022-02-01 | 46 days | 1,597 sqft |
| 2022-03-01 | 26 days | 1,624 sqft |
| 2022-04-01 | 20 days | 1,600 sqft |
New Haven's median square footage for active listings during the 2022-04-01 period was 1,600 sqft. One year prior, the average listing was 1,694 sqft.
