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 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.