New Orleans USDA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, LA

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    • 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 Orleans's 78 lenders originated 1,121 USDA loans during 2021. The total origination value was $219,585,000, with an average USDA loan value of $195,883.

    New Orleans USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in New Orleans averaged 0.01% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

    New Orleans's average USDA mortgage closing costs are $4,967.

    The average rate for the prior week (2022-11-18) was 6.66% and one month ago for the week of 2022-10-21, the average rate was 6.67%.

    The average rate one year ago was 3.41%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.1%.

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

    New Orleans 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 New Orleans level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    GMFS LLC 244 2.97% $3,943
    EUSTIS AND AMERICAN MORTGAGE COMPANY 51 2.81% $5,544
    UNION HOME MORTGAGE CORP. 48 2.77% $5,685
    FIDELITY BANK 42 2.93% $5,700
    DSLD MORTGAGE, LLC 42 2.67% $2,543
    MOVEMENT MORTGAGE, LLC 41 2.90% $5,480
    CROSSCOUNTRY MORTGAGE, LLC 39 3.03% $6,599
    FBT Mortgage, L.L.C. 39 2.69% $5,502
    Gulf Coast Bank and Trust Company 38 2.83% $5,850
    CALIBER HOME LOANS, INC. 36 2.91% $6,187
    NEWREZ LLC 27 2.78% $6,786
    CMG MORTGAGE, INC. 27 2.88% $6,363
    PERFORMANCE MORTGAGE LLC 25 3.27% $5,670
    HOME POINT FINANCIAL CORPORATION 24 2.74% $5,757
    UNITED WHOLESALE MORTGAGE, LLC 20 2.91% $7,608
    DHI MORTGAGE COMPANY, LTD. 18 2.68% $6,329
    Goldwater Bank, N.A. 16 2.81% $6,005
    Nations Lending Corporation 16 3.13% $4,597
    Flagstar Bank, FSB 15 2.69% $6,753
    SUMMIT FUNDING, INC. 14 3.05% $6,157
    MID AMERICA MORTGAGE, INC. 14 3.28% $5,205
    LHM FINANCIAL CORPORATION 14 2.89% $5,634
    PENNYMAC LOAN SERVICES, LLC 12 2.90% $5,407
    AMERICAN FINANCIAL NETWORK, INC. 11 3.42% $9,187
    MORTGAGE FINANCIAL SERVICES, LLC 11 2.99% $5,601
    MORTGAGE SOLUTIONS OF COLORADO, LLC 11 3.24% $6,064
    NFM, INC. 10 3.11% $4,483
    SOUTHWEST FUNDING, LP 10 3.69% $9,094
    STANDARD MORTGAGE CORPORATION 10 2.76% $5,280
    Assurance Financial Group, L.L.C. 10 3.01% $5,561
    ANGEL OAK HOME LOANS LLC 10 2.95% $5,697
    Hancock Whitney Bank 10 2.39% $5,375
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.36% $7,145
    LOANDEPOT.COM, LLC 9 3.04% $6,128
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.54% $5,694
    Hometown Equity Mortgage, LLC 8 3.22% $6,275
    SECURITYNATIONAL MORTGAGE COMPANY 8 3.27% $7,295
    Bank of England 7 2.48% $5,499
    America's Mortgage Resource, Inc. 6 2.96% $2,882
    NTFN, INC. 6 2.79% $6,468
    GUILD MORTGAGE COMPANY 5 3.28% $7,281
    Plains Commerce Bank 5 2.85% $6,627
    First Horizon Bank 5 2.98% $5,756
    Carrington Mortgage Services, LLC 5 3.73% $6,681
    GENEVA FINANCIAL, LLC 4 2.97% $8,329
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.44% $5,885
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.19% $5,996
    Republic State Mortgage Co. 4 2.97% $4,404
    Regions Bank 3 3.04% $6,490
    Gateway First Bank 3 3.29% $5,292
    HOMESIDE FINANCIAL, LLC 2 3.31% $4,796
    LAKEVIEW LOAN SERVICING, LLC 2 2.75% $4,653
    GUARANTY HOME MORTGAGE CORPORATION 2 2.94% $5,281
    GUARANTEED RATE, INC. 2 3.56% $6,152
    GSF Mortgage Corporation 2 2.75% $4,776
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.81% $6,479
    NATIONS RELIABLE LENDING, LLC 2 2.81% $6,169
    OPEN MORTGAGE, LLC 2 3.06% $6,177
    PLANET HOME LENDING, LLC 2 2.81% $5,567
    PLAZA HOME MORTGAGE, INC. 2 3.31% $5,582
    DRAPER AND KRAMER MORTGAGE CORP. 2 2.88% $6,632
    SWBC MORTGAGE CORPORATION 2 3.19% $2,924
    FREEDOM MORTGAGE CORPORATION 1 2.50% $16,642
    INTERLINC MORTGAGE SERVICES, LLC 1 3.25% $1,478
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $8,333
    NATIONS DIRECT MORTGAGE, LLC 1 3.75% $12,972
    HOMESPIRE MORTGAGE CORPORATION 1 2.75% $6,199
    Red River Bank 1 2.75% $5,430
    MORIA DEVELOPMENT, INC. 1 2.88% $6,673
    RELIANCE FIRST CAPITAL, LLC 1 2.38% $8,980
    Loan Simple, Inc. 1 3.38% $5,727
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $5,062
    CRESCENT MORTGAGE COMPANY 1 2.88% $4,383
    FIRST COMMUNITY MORTGAGE, INC. 1 3.50% $6,452
    KEESLER 1 3.00% $5,141
    Paramount Residential Mortgage Group, Inc. 1 3.25% $5,648
    Network Funding, L.P. 1 3.63% $4,304
    EVANSVILLE TEACHERS 1 2.50% $4,674

    The top New Orleans USDA lender as defined by loan originations is GMFS LLC, with 244 USDA loans originated. Their average total fees are $3,943, which is $1,601 lower than the next largest lender, EUSTIS AND AMERICAN MORTGAGE COMPANY.

    The lowest fee New Orleans USDA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($2,543), GMFS LLC ($3,943), NFM, INC. ($4,483), Nations Lending Corporation ($4,597) and MID AMERICA MORTGAGE, INC. ($5,205).

    The lowest rate New Orleans USDA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.39%), DSLD MORTGAGE, LLC (2.67%), DHI MORTGAGE COMPANY, LTD. (2.68%), Flagstar Bank, FSB (2.69%) and FBT Mortgage, L.L.C. (2.69%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Orleans (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 $269,000 (5.5%) $377,162 (5.5%) 1.00 4,541
    2018-02-01 $267,000 (5.4%) $380,929 (6.1%) 0.97 4,567
    2018-03-01 $274,600 (4.6%) $385,954 (5.6%) 0.96 4,793
    2018-04-01 $282,450 (4.9%) $394,694 (6.6%) 0.96 4,890
    2018-05-01 $289,000 (5.1%) $399,561 (5.1%) 0.97 4,961
    2018-06-01 $285,000 (3.0%) $394,096 (2.4%) 0.95 5,050
    2018-07-01 $279,450 (1.6%) $393,391 (3.6%) 0.93 4,965
    2018-08-01 $279,950 (1.8%) $393,197 (4.0%) 0.94 4,962
    2018-09-01 $279,000 (2.6%) $391,195 (4.8%) 0.94 4,862
    2018-10-01 $279,900 (2.7%) $391,301 (3.4%) 0.95 4,901
    2018-11-01 $279,250 (2.5%) $386,514 (1.2%) 0.95 4,875
    2018-12-01 $275,000 (2.2%) $381,001 (0.4%) 0.95 4,787
    2019-01-01 $270,000 (0.4%) $376,973 (-0.1%) 0.93 4,564
    2019-02-01 $275,000 (3.0%) $384,231 (0.9%) 0.93 4,584
    2019-03-01 $283,671 (3.3%) $393,906 (2.1%) 0.93 4,503
    2019-04-01 $289,950 (2.7%) $404,138 (2.4%) 0.92 4,499
    2019-05-01 $291,500 (0.9%) $409,140 (2.4%) 0.91 4,542
    2019-06-01 $290,000 (1.8%) $406,722 (3.2%) 0.91 4,594
    2019-07-01 $289,900 (3.7%) $403,063 (2.5%) 0.91 4,643
    2019-08-01 $285,000 (1.8%) $395,068 (0.5%) 0.90 4,686
    2019-09-01 $285,000 (2.2%) $394,872 (0.9%) 0.91 4,655
    2019-10-01 $284,500 (1.6%) $394,109 (0.7%) 0.92 4,601
    2019-11-01 $280,400 (0.4%) $394,908 (2.2%) 0.92 4,492
    2019-12-01 $278,200 (1.2%) $391,773 (2.8%) 0.93 4,274
    2020-01-01 $277,325 (2.7%) $391,347 (3.8%) 0.93 4,033
    2020-02-01 $280,000 (1.8%) $391,710 (2.0%) 0.92 3,957
    2020-03-01 $289,000 (1.9%) $396,216 (0.6%) 0.91 4,108
    2020-04-01 $289,450 (-0.2%) $395,591 (-2.1%) 0.91 4,144
    2020-05-01 $299,000 (2.6%) $411,085 (0.5%) 0.91 3,939
    2020-06-01 $300,150 (3.5%) $422,589 (3.9%) 0.88 3,640
    2020-07-01 $315,000 (8.7%) $439,511 (9.0%) 0.91 3,347
    2020-08-01 $323,250 (13.4%) $452,153 (14.5%) 0.93 3,043
    2020-09-01 $324,950 (14.0%) $459,595 (16.4%) 0.93 2,928
    2020-10-01 $329,000 (15.6%) $470,076 (19.3%) 0.94 2,810
    2020-11-01 $326,950 (16.6%) $461,295 (16.8%) 0.95 2,763
    2020-12-01 $325,000 (16.8%) $459,022 (17.2%) 0.97 2,628
    2021-01-01 $314,900 (13.6%) $449,339 (14.8%) 0.94 2,507
    2021-02-01 $317,000 (13.2%) $460,263 (17.5%) 0.92 2,305
    2021-03-01 $325,500 (12.6%) $469,867 (18.6%) 0.92 2,206
    2021-04-01 $338,250 (16.9%) $486,981 (23.1%) 0.92 2,063
    2021-05-01 $339,500 (13.6%) $491,504 (19.6%) 0.90 2,015
    2021-06-01 $340,000 (13.3%) $488,000 (15.5%) 0.90 2,111
    2021-07-01 $339,000 (7.6%) $479,184 (9.0%) 0.89 2,326
    2021-08-01 $335,000 (3.6%) $472,115 (4.4%) 0.89 2,493
    2021-09-01 $337,125 (3.8%) $474,299 (3.2%) 0.90 2,381
    2021-10-01 $339,000 (3.0%) $476,429 (1.4%) 0.90 2,080
    2021-11-01 $345,500 (5.7%) $488,717 (5.9%) 0.92 1,932
    2021-12-01 $339,988 (4.6%) $481,435 (4.9%) 0.92 1,801
    2022-01-01 $345,000 (9.6%) $487,155 (8.4%) 0.93 1,627
    2022-02-01 $348,750 (10.0%) $486,354 (5.7%) 0.91 1,572
    2022-03-01 $347,125 (6.6%) $481,395 (2.5%) 0.87 1,677
    2022-04-01 $349,000 (3.2%) $476,192 (-2.2%) 0.83 1,861
    2022-05-01 $349,000 (2.8%) $476,736 (-3.0%) 0.80 2,157
    2022-06-01 $349,900 (2.9%) $475,939 (-2.5%) 0.78 2,500
    2022-07-01 $342,450 (1.0%) $464,943 (-3.0%) 0.77 3,013
    2022-08-01 $332,500 (-0.8%) $451,628 (-4.3%) 0.77 3,326
    2022-09-01 $329,225 (-2.3%) $447,825 (-5.6%) 0.77 3,439
    2022-10-01 $328,500 (-3.1%) $447,620 (-6.1%) 0.77 3,657
    New Orleans's median listing price for 2022-10-01 was $328,500, a difference of $-10,500 (-3.1%) versus the prior year and $-725 versus the prior month.

    New Orleans's median listing price comes in at 77% of the national average.

    New Orleans's average listing price for 2022-10-01 was $447,620, a difference of $-28,809 (-6.1%) versus the prior year and $-205 versus the prior month.

    For the 2022-10-01 period, New Orleans had 3,657 MLS listings, a difference of 218 listings (6%) versus the prior month and 1,577 listings (76%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 1,832 sqft
    2018-02-01 85 days 1,838 sqft
    2018-03-01 66 days 1,855 sqft
    2018-04-01 61 days 1,880 sqft
    2018-05-01 62 days 1,906 sqft
    2018-06-01 64 days 1,896 sqft
    2018-07-01 68 days 1,890 sqft
    2018-08-01 72 days 1,884 sqft
    2018-09-01 73 days 1,874 sqft
    2018-10-01 75 days 1,876 sqft
    2018-11-01 76 days 1,868 sqft
    2018-12-01 80 days 1,856 sqft
    2019-01-01 88 days 1,848 sqft
    2019-02-01 83 days 1,864 sqft
    2019-03-01 74 days 1,893 sqft
    2019-04-01 65 days 1,921 sqft
    2019-05-01 61 days 1,944 sqft
    2019-06-01 65 days 1,950 sqft
    2019-07-01 71 days 1,950 sqft
    2019-08-01 73 days 1,927 sqft
    2019-09-01 76 days 1,908 sqft
    2019-10-01 76 days 1,895 sqft
    2019-11-01 74 days 1,887 sqft
    2019-12-01 86 days 1,873 sqft
    2020-01-01 93 days 1,866 sqft
    2020-02-01 87 days 1,869 sqft
    2020-03-01 66 days 1,894 sqft
    2020-04-01 73 days 1,900 sqft
    2020-05-01 79 days 1,919 sqft
    2020-06-01 87 days 1,933 sqft
    2020-07-01 72 days 1,933 sqft
    2020-08-01 71 days 1,911 sqft
    2020-09-01 75 days 1,892 sqft
    2020-10-01 74 days 1,895 sqft
    2020-11-01 74 days 1,872 sqft
    2020-12-01 79 days 1,863 sqft
    2021-01-01 82 days 1,810 sqft
    2021-02-01 76 days 1,816 sqft
    2021-03-01 66 days 1,826 sqft
    2021-04-01 65 days 1,805 sqft
    2021-05-01 62 days 1,824 sqft
    2021-06-01 59 days 1,846 sqft
    2021-07-01 53 days 1,850 sqft
    2021-08-01 54 days 1,833 sqft
    2021-09-01 66 days 1,831 sqft
    2021-10-01 81 days 1,800 sqft
    2021-11-01 88 days 1,819 sqft
    2021-12-01 80 days 1,800 sqft
    2022-01-01 77 days 1,823 sqft
    2022-02-01 70 days 1,826 sqft
    2022-03-01 45 days 1,836 sqft
    2022-04-01 39 days 1,826 sqft
    2022-05-01 39 days 1,850 sqft
    2022-06-01 40 days 1,864 sqft
    2022-07-01 43 days 1,868 sqft
    2022-08-01 51 days 1,854 sqft
    2022-09-01 57 days 1,838 sqft
    2022-10-01 60 days 1,836 sqft
    New Orleans's median listing age (time on market) for 2022-10-01 was 60 days. This is -26% shorter than the same period one year ago.

    New Orleans's median square footage for active listings during the 2022-10-01 period was 1,836 sqft. One year prior, the average listing was 1,800 sqft.