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 70 lenders originated 518 USDA loans during 2022. The total origination value was $107,760,000, with an average USDA loan value of $208,031.

    New Orleans USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in New Orleans averaged -0.42% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    New Orleans's average USDA mortgage closing costs are $5,150.

    The average rate for the prior week (2023-11-17) was 6.87% and one month ago for the week of 2023-10-20, the average rate was 7.09%.

    The average rate one year ago was 6.23%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.32%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    GMFS LLC 104 4.55% $4,836
    UNITED WHOLESALE MORTGAGE, LLC 26 4.75% $7,983
    EUSTIS AND AMERICAN MORTGAGE COMPANY 25 4.54% $6,710
    CROSSCOUNTRY MORTGAGE, LLC 24 4.81% $8,174
    MOVEMENT MORTGAGE, LLC 22 4.54% $7,177
    NEWREZ LLC 22 4.06% $6,792
    UNION HOME MORTGAGE CORP. 19 4.41% $7,222
    CALIBER HOME LOANS, INC. 17 4.28% $7,214
    FIDELITY BANK 16 4.56% $6,758
    HOME POINT FINANCIAL CORPORATION 16 4.23% $6,567
    Gulf Coast Bank and Trust Company 16 4.49% $5,775
    CARDINAL FINANCIAL 14 4.73% $6,398
    STANDARD MORTGAGE CORPORATION 10 4.35% $5,997
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 5.31% $9,050
    Assurance Financial Group, L.L.C. 9 4.07% $6,201
    SOUTHWEST FUNDING, LP 8 5.16% $9,319
    DSLD MORTGAGE, LLC 8 3.89% $4,341
    PERFORMANCE MORTGAGE LLC 8 5.22% $8,016
    MID AMERICA MORTGAGE, INC. 7 4.36% $4,846
    DHI MORTGAGE COMPANY, LTD. 7 3.53% $7,132
    T2 FINANCIAL LLC 7 4.45% $8,135
    DRAPER AND KRAMER MORTGAGE CORP. 6 4.33% $7,397
    Hancock Whitney Bank 5 4.68% $7,216
    SUMMIT FUNDING, INC. 5 5.48% $6,865
    FBT Mortgage, L.L.C. 5 3.35% $5,859
    Gateway First Bank 5 5.23% $5,582
    CMG MORTGAGE, INC. 5 4.13% $6,918
    NFM, INC. 4 4.00% $7,881
    Bank of England 4 4.84% $5,951
    Flagstar Bank, FSB 4 3.41% $5,611
    First Horizon Bank 4 5.16% $6,228
    LHM FINANCIAL CORPORATION 4 4.69% $6,944
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 5.28% $6,502
    LOANDEPOT.COM, LLC 4 4.69% $7,904
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 4.47% $7,967
    Nations Lending Corporation 4 3.78% $8,172
    ANGEL OAK HOME LOANS LLC 3 5.16% $6,349
    MORTGAGE FINANCIAL SERVICES, LLC 3 3.63% $6,933
    Carrington Mortgage Services, LLC 3 4.71% $7,554
    GUARANTEED RATE, INC. 3 4.58% $7,236
    Republic State Mortgage Co. 2 4.69% $7,545
    OPEN MORTGAGE, LLC 2 5.94% $8,645
    PLAZA HOME MORTGAGE, INC. 2 5.13% $7,209
    GUARANTY HOME MORTGAGE CORPORATION 2 3.31% $6,373
    Regions Bank 2 3.81% $6,516
    PLANET HOME LENDING, LLC 2 6.38% $8,692
    AmRes Corporation 2 4.06% $5,137
    GUILD MORTGAGE COMPANY 2 3.69% $10,586
    Plains Commerce Bank 2 3.94% $5,792
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.88% $6,723
    EVERETT FINANCIAL, INC. 1 2.75% $2,374
    First Savings Bank 1 4.25% $5,758
    FirstTrust Home Loans, Inc. 1 3.63% $6,307
    GENEVA FINANCIAL, LLC 1 3.00% $7,883
    Equity Prime Mortgage LLC 1 5.88% $9,724
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.88% $9,749
    GSF Mortgage Corporation 1 3.50% $7,565
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.13% $6,603
    Hometown Equity Mortgage, LLC 1 4.50% $17,092
    INTERLINC MORTGAGE SERVICES, LLC 1 5.25% $5,301
    AMCAP MORTGAGE, LTD. 1 3.25% $9,066
    CERTAINTY HOME LOANS, LLC 1 6.25% $6,344
    PENNYMAC LOAN SERVICES, LLC 1 3.49% $8,337
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $6,608
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $1,702
    Red River Bank 1 4.75% $5,053
    RELIANCE FIRST CAPITAL, LLC 1 3.38% $3,390
    Renasant Bank 1 4.25% $13,249
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.13% $5,778
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $5,930

    The top New Orleans USDA lender as defined by loan originations is GMFS LLC, with 104 USDA loans originated. Their average total fees are $4,836, which is $3,147 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee New Orleans USDA lenders (with over 10 loans originated) are GMFS LLC ($4,836), Gulf Coast Bank and Trust Company ($5,775), STANDARD MORTGAGE CORPORATION ($5,997), CARDINAL FINANCIAL ($6,398) and HOME POINT FINANCIAL CORPORATION ($6,567).

    The lowest rate New Orleans USDA lenders (with over 10 loans originated) are NEWREZ LLC (4.06%), HOME POINT FINANCIAL CORPORATION (4.23%), CALIBER HOME LOANS, INC. (4.28%), STANDARD MORTGAGE CORPORATION (4.35%) and UNION HOME MORTGAGE CORP. (4.41%).

    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%) $377,117 (5.4%) 1.00 4,542
    2018-02-01 $267,000 (5.4%) $380,898 (6.0%) 0.97 4,567
    2018-03-01 $274,600 (4.6%) $385,939 (5.6%) 0.96 4,793
    2018-04-01 $282,450 (4.9%) $394,680 (6.6%) 0.96 4,890
    2018-05-01 $289,000 (5.1%) $399,546 (5.1%) 0.97 4,961
    2018-06-01 $285,000 (3.0%) $394,082 (2.4%) 0.95 5,050
    2018-07-01 $279,450 (1.6%) $393,420 (3.6%) 0.93 4,964
    2018-08-01 $279,950 (1.8%) $393,197 (4.0%) 0.94 4,960
    2018-09-01 $279,000 (2.6%) $391,225 (4.8%) 0.94 4,861
    2018-10-01 $279,900 (2.7%) $391,258 (3.4%) 0.95 4,900
    2018-11-01 $279,250 (2.5%) $386,465 (1.2%) 0.95 4,874
    2018-12-01 $275,000 (2.2%) $380,949 (0.4%) 0.95 4,786
    2019-01-01 $269,975 (0.4%) $376,916 (-0.1%) 0.93 4,563
    2019-02-01 $275,000 (3.0%) $384,234 (0.9%) 0.93 4,582
    2019-03-01 $283,671 (3.3%) $393,845 (2.1%) 0.93 4,500
    2019-04-01 $289,950 (2.7%) $404,016 (2.4%) 0.92 4,494
    2019-05-01 $291,625 (0.9%) $409,192 (2.4%) 0.91 4,536
    2019-06-01 $290,000 (1.8%) $406,811 (3.2%) 0.91 4,589
    2019-07-01 $289,900 (3.7%) $403,284 (2.5%) 0.91 4,637
    2019-08-01 $285,000 (1.8%) $395,277 (0.5%) 0.90 4,680
    2019-09-01 $285,000 (2.2%) $395,082 (1.0%) 0.91 4,649
    2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
    2019-11-01 $282,000 (1.0%) $395,132 (2.2%) 0.92 4,486
    2019-12-01 $278,349 (1.2%) $391,996 (2.9%) 0.93 4,267
    2020-01-01 $277,450 (2.8%) $391,457 (3.9%) 0.93 4,025
    2020-02-01 $280,000 (1.8%) $392,010 (2.0%) 0.92 3,950
    2020-03-01 $289,125 (1.9%) $396,513 (0.7%) 0.91 4,101
    2020-04-01 $289,450 (-0.2%) $395,883 (-2.0%) 0.91 4,137
    2020-05-01 $299,000 (2.5%) $411,424 (0.6%) 0.91 3,932
    2020-06-01 $300,250 (3.5%) $422,965 (4.0%) 0.88 3,633
    2020-07-01 $315,000 (8.7%) $439,940 (9.1%) 0.91 3,340
    2020-08-01 $324,000 (13.7%) $452,643 (14.5%) 0.93 3,036
    2020-09-01 $325,000 (14.0%) $460,124 (16.5%) 0.93 2,921
    2020-10-01 $329,000 (15.6%) $470,648 (19.4%) 0.94 2,803
    2020-11-01 $328,325 (16.4%) $461,924 (16.9%) 0.96 2,758
    2020-12-01 $325,000 (16.8%) $459,660 (17.3%) 0.97 2,622
    2021-01-01 $314,900 (13.5%) $449,330 (14.8%) 0.94 2,502
    2021-02-01 $317,000 (13.2%) $460,275 (17.4%) 0.92 2,300
    2021-03-01 $326,725 (13.0%) $469,898 (18.5%) 0.93 2,201
    2021-04-01 $338,875 (17.1%) $487,050 (23.0%) 0.92 2,058
    2021-05-01 $339,900 (13.7%) $491,582 (19.5%) 0.90 2,009
    2021-06-01 $340,500 (13.4%) $488,000 (15.4%) 0.90 2,107
    2021-07-01 $339,000 (7.6%) $478,859 (8.9%) 0.89 2,325
    2021-08-01 $336,250 (3.8%) $472,709 (4.4%) 0.90 2,495
    2021-09-01 $337,250 (3.8%) $474,905 (3.2%) 0.90 2,382
    2021-10-01 $339,250 (3.1%) $476,097 (1.2%) 0.90 2,076
    2021-11-01 $346,950 (5.7%) $488,782 (5.8%) 0.93 1,927
    2021-12-01 $341,176 (5.0%) $481,322 (4.7%) 0.93 1,796
    2022-01-01 $345,000 (9.6%) $486,985 (8.4%) 0.93 1,620
    2022-02-01 $348,750 (10.0%) $486,293 (5.7%) 0.91 1,564
    2022-03-01 $347,450 (6.3%) $481,653 (2.5%) 0.87 1,669
    2022-04-01 $349,000 (3.0%) $476,306 (-2.2%) 0.83 1,853
    2022-05-01 $349,000 (2.7%) $476,649 (-3.0%) 0.80 2,149
    2022-06-01 $349,950 (2.8%) $475,946 (-2.5%) 0.78 2,492
    2022-07-01 $342,900 (1.2%) $464,953 (-2.9%) 0.77 3,005
    2022-08-01 $333,450 (-0.8%) $451,597 (-4.5%) 0.77 3,318
    2022-09-01 $329,450 (-2.3%) $447,737 (-5.7%) 0.77 3,432
    2022-10-01 $329,000 (-3.0%) $447,488 (-6.0%) 0.77 3,650
    2022-11-01 $327,000 (-5.8%) $450,037 (-7.9%) 0.79 3,737
    2022-12-01 $325,000 (-4.7%) $444,213 (-7.7%) 0.80 3,544
    2023-01-01 $324,950 (-5.8%) $446,043 (-8.4%) 0.81 3,397
    2023-02-01 $324,619 (-6.9%) $453,659 (-6.7%) 0.78 3,363
    2023-03-01 $329,900 (-5.1%) $458,430 (-4.8%) 0.78 3,489
    2023-04-01 $339,900 (-2.6%) $470,005 (-1.3%) 0.79 3,664
    2023-05-01 $345,000 (-1.2%) $483,142 (1.4%) 0.78 3,891
    2023-06-01 $345,000 (-1.4%) $477,174 (0.3%) 0.78 3,986
    2023-07-01 $339,999 (-0.9%) $473,270 (1.8%) 0.77 4,196
    2023-08-01 $339,250 (1.7%) $468,284 (3.7%) 0.78 4,288
    2023-09-01 $335,000 (1.7%) $464,617 (3.8%) 0.78 4,407
    2023-10-01 $334,500 (1.7%) $466,116 (4.2%) 0.79 4,601
    New Orleans's median listing price for 2023-10-01 was $334,500, a difference of $5,500 (1.7%) versus the prior year and $-500 versus the prior month.

    New Orleans's median listing price comes in at 79% of the national average.

    New Orleans's average listing price for 2023-10-01 was $466,116, a difference of $18,628 (4.2%) versus the prior year and $1,499 versus the prior month.

    For the 2023-10-01 period, New Orleans had 4,601 MLS listings, a difference of 194 listings (4%) versus the prior month and 951 listings (26%) 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 82 days 1,832 sqft
    2018-02-01 80 days 1,838 sqft
    2018-03-01 62 days 1,854 sqft
    2018-04-01 58 days 1,879 sqft
    2018-05-01 60 days 1,905 sqft
    2018-06-01 59 days 1,896 sqft
    2018-07-01 65 days 1,890 sqft
    2018-08-01 68 days 1,884 sqft
    2018-09-01 68 days 1,872 sqft
    2018-10-01 72 days 1,876 sqft
    2018-11-01 72 days 1,866 sqft
    2018-12-01 75 days 1,855 sqft
    2019-01-01 84 days 1,848 sqft
    2019-02-01 78 days 1,863 sqft
    2019-03-01 69 days 1,893 sqft
    2019-04-01 61 days 1,921 sqft
    2019-05-01 58 days 1,943 sqft
    2019-06-01 61 days 1,950 sqft
    2019-07-01 67 days 1,950 sqft
    2019-08-01 68 days 1,927 sqft
    2019-09-01 71 days 1,908 sqft
    2019-10-01 72 days 1,896 sqft
    2019-11-01 71 days 1,888 sqft
    2019-12-01 81 days 1,874 sqft
    2020-01-01 88 days 1,866 sqft
    2020-02-01 81 days 1,870 sqft
    2020-03-01 62 days 1,895 sqft
    2020-04-01 69 days 1,901 sqft
    2020-05-01 75 days 1,920 sqft
    2020-06-01 82 days 1,935 sqft
    2020-07-01 66 days 1,935 sqft
    2020-08-01 64 days 1,911 sqft
    2020-09-01 67 days 1,893 sqft
    2020-10-01 67 days 1,897 sqft
    2020-11-01 68 days 1,872 sqft
    2020-12-01 73 days 1,863 sqft
    2021-01-01 75 days 1,809 sqft
    2021-02-01 69 days 1,814 sqft
    2021-03-01 60 days 1,826 sqft
    2021-04-01 58 days 1,805 sqft
    2021-05-01 57 days 1,825 sqft
    2021-06-01 54 days 1,846 sqft
    2021-07-01 51 days 1,850 sqft
    2021-08-01 52 days 1,832 sqft
    2021-09-01 63 days 1,830 sqft
    2021-10-01 78 days 1,800 sqft
    2021-11-01 85 days 1,818 sqft
    2021-12-01 75 days 1,800 sqft
    2022-01-01 73 days 1,819 sqft
    2022-02-01 64 days 1,828 sqft
    2022-03-01 43 days 1,838 sqft
    2022-04-01 37 days 1,827 sqft
    2022-05-01 38 days 1,850 sqft
    2022-06-01 39 days 1,864 sqft
    2022-07-01 42 days 1,868 sqft
    2022-08-01 49 days 1,855 sqft
    2022-09-01 55 days 1,838 sqft
    2022-10-01 58 days 1,836 sqft
    2022-11-01 63 days 1,833 sqft
    2022-12-01 74 days 1,818 sqft
    2023-01-01 80 days 1,810 sqft
    2023-02-01 69 days 1,821 sqft
    2023-03-01 58 days 1,831 sqft
    2023-04-01 56 days 1,850 sqft
    2023-05-01 57 days 1,872 sqft
    2023-06-01 58 days 1,854 sqft
    2023-07-01 60 days 1,850 sqft
    2023-08-01 64 days 1,856 sqft
    2023-09-01 66 days 1,840 sqft
    2023-10-01 67 days 1,833 sqft
    New Orleans's median listing age (time on market) for 2023-10-01 was 67 days. This is 16% longer than the same period one year ago.

    New Orleans's median square footage for active listings during the 2023-10-01 period was 1,833 sqft. One year prior, the average listing was 1,836 sqft.