New Orleans USDA Loan Rates, Closing Costs & Stats
NEW ORLEANS-METAIRIE, 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.
New Orleans's 49 lenders originated 241 USDA loans during 2024. The total origination value was $53,065,000, with an average USDA loan value of $220,187.
New Orleans USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in New Orleans
averaged
0.24%
for the week of 2025-06-20, compared to the national average (all USDA variants) of
0% for the same period.
New Orleans's average USDA mortgage closing costs are $5,289.
The average rate for the prior week (2025-06-13) was
6.64% and
one month ago for the week of 2025-05-16, the
average rate was 6.51%.
The average rate one year ago was 6.63%.
For refis of the same type during the week of 2025-06-20, the average rate
was 0.07%.
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.
The top New Orleans USDA lender as defined by loan originations is GMFS LLC, with
55 USDA loans originated. Their average total fees are
$4,184, which is $2,573
lower than the next largest lender,
FIDELITY BANK.
The lowest fee New Orleans USDA lenders (with over 10 loans originated) are
GMFS LLC ($4,184), DHI MORTGAGE COMPANY, LTD. ($5,457), Gulf Coast Bank and Trust Company ($6,470), FIDELITY BANK ($6,757) and CROSSCOUNTRY MORTGAGE, LLC ($7,088).
The lowest rate New Orleans USDA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (4.63%), GMFS LLC (6.23%), EUSTIS AND AMERICAN MORTGAGE COMPANY (6.23%), FIDELITY BANK (6.29%) and Gulf Coast Bank and Trust Company (6.37%).