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 49 lenders originated 242 USDA loans during 2023. The total origination value was $53,270,000, with an average USDA loan value of $220,124.

    New Orleans USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in New Orleans averaged 6.66% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    New Orleans's average USDA mortgage closing costs are $5,233.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.81%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GMFS LLC 61 6.34% $4,391
    UNITED WHOLESALE MORTGAGE, LLC 17 6.50% $8,004
    CROSSCOUNTRY MORTGAGE, LLC 16 6.81% $7,800
    DHI MORTGAGE COMPANY, LTD. 11 5.12% $5,773
    FIDELITY BANK 11 6.61% $7,351
    UNION HOME MORTGAGE CORP. 11 6.65% $7,935
    NEWREZ LLC 10 6.54% $8,284
    Gulf Coast Bank and Trust Company 9 6.29% $7,353
    EUSTIS AND AMERICAN MORTGAGE COMPANY 8 6.17% $8,181
    MOVEMENT MORTGAGE, LLC 7 6.13% $7,004
    MID AMERICA MORTGAGE, INC. 4 6.78% $6,121
    GUARANTEED RATE, INC. 4 6.23% $7,108
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.75% $10,265
    DRAPER AND KRAMER MORTGAGE CORP. 4 6.78% $8,149
    Equity Prime Mortgage LLC 4 7.25% $7,287
    CARDINAL FINANCIAL 4 7.06% $7,151
    STANDARD MORTGAGE CORPORATION 3 6.03% $7,089
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.75% $6,712
    Goldwater Bank, N.A. 3 7.00% $7,821
    SUN WEST MORTGAGE COMPANY, INC. 2 6.02% $6,191
    DSLD MORTGAGE, LLC 2 5.99% $3,304
    PLANET HOME LENDING, LLC 2 6.44% $5,491
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.38% $11,589
    CMG MORTGAGE, INC. 2 6.25% $7,404
    SUMMIT FUNDING, INC. 2 6.00% $13,718
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.44% $10,172
    T2 FINANCIAL LLC 2 6.44% $10,119
    Flagstar Bank, FSB 2 6.50% $8,190
    GUILD MORTGAGE COMPANY 2 6.63% $8,124
    V.I.P. MORTGAGE, INC. 1 6.63% $6,031
    BROKER SOLUTIONS, INC. 1 7.13% $7,858
    Century Mortgage Company DBA Century Lending Company 1 6.99% $7,481
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $7,951
    Citizens Bank 1 6.13% $7,270
    Cornerstone First Mortgage, Inc 1 5.63% $16,372
    EVERETT FINANCIAL, INC. 1 6.63% $9,582
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $9,409
    First Horizon Bank 1 6.35% $7,011
    Gateway First Bank 1 5.91% $2,360
    GENEVA FINANCIAL, LLC 1 6.63% $7,009
    INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $3,053
    Nations Lending Corporation 1 7.75% $3,883
    NTFN, INC. 1 5.50% $11,634
    Plains Commerce Bank 1 6.25% $7,837
    PLAZA HOME MORTGAGE, INC. 1 5.63% $10,868
    Regions Bank 1 5.75% $8,522
    Republic State Mortgage Co. 1 7.25% $6,759
    SWBC MORTGAGE CORPORATION 1 7.63% $7,476
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $8,670

    The top New Orleans USDA lender as defined by loan originations is GMFS LLC, with 61 USDA loans originated. Their average total fees are $4,391, which is $3,612 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 ($4,391), DHI MORTGAGE COMPANY, LTD. ($5,773), FIDELITY BANK ($7,351), CROSSCOUNTRY MORTGAGE, LLC ($7,800) and UNION HOME MORTGAGE CORP. ($7,935).

    The lowest rate New Orleans USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.12%), GMFS LLC (6.34%), UNITED WHOLESALE MORTGAGE, LLC (6.50%), NEWREZ LLC (6.54%) and FIDELITY BANK (6.61%).

    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%) $376,955 (5.4%) 1.00 4,540
    2018-02-01 $267,000 (5.4%) $380,738 (6.0%) 0.97 4,565
    2018-03-01 $274,600 (4.6%) $385,791 (5.5%) 0.96 4,791
    2018-04-01 $282,450 (4.9%) $394,539 (6.5%) 0.96 4,888
    2018-05-01 $289,000 (5.1%) $399,410 (5.0%) 0.97 4,959
    2018-06-01 $285,000 (3.0%) $393,787 (2.3%) 0.95 5,047
    2018-07-01 $279,450 (1.6%) $393,072 (3.5%) 0.93 4,962
    2018-08-01 $279,950 (1.8%) $392,931 (3.9%) 0.94 4,959
    2018-09-01 $279,000 (2.6%) $390,958 (4.8%) 0.94 4,860
    2018-10-01 $279,900 (2.7%) $391,251 (3.4%) 0.95 4,899
    2018-11-01 $279,250 (2.6%) $386,462 (1.3%) 0.95 4,873
    2018-12-01 $275,000 (2.2%) $381,029 (0.5%) 0.95 4,786
    2019-01-01 $270,000 (0.4%) $377,002 (0.0%) 0.93 4,563
    2019-02-01 $275,000 (3.0%) $384,261 (0.9%) 0.93 4,583
    2019-03-01 $283,671 (3.3%) $393,869 (2.1%) 0.93 4,501
    2019-04-01 $289,950 (2.7%) $404,036 (2.4%) 0.92 4,495
    2019-05-01 $291,750 (1.0%) $409,210 (2.5%) 0.91 4,537
    2019-06-01 $290,000 (1.8%) $406,772 (3.3%) 0.91 4,590
    2019-07-01 $289,900 (3.7%) $403,227 (2.6%) 0.91 4,638
    2019-08-01 $285,000 (1.8%) $395,237 (0.6%) 0.90 4,681
    2019-09-01 $285,000 (2.2%) $395,065 (1.1%) 0.91 4,649
    2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
    2019-11-01 $282,500 (1.2%) $395,116 (2.2%) 0.93 4,486
    2019-12-01 $278,498 (1.3%) $391,981 (2.9%) 0.93 4,268
    2020-01-01 $277,450 (2.8%) $391,440 (3.8%) 0.93 4,026
    2020-02-01 $280,000 (1.8%) $391,989 (2.0%) 0.92 3,951
    2020-03-01 $289,250 (2.0%) $396,491 (0.7%) 0.91 4,102
    2020-04-01 $289,450 (-0.2%) $395,862 (-2.0%) 0.91 4,138
    2020-05-01 $299,000 (2.5%) $411,424 (0.5%) 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%) $439,921 (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 (16.2%) $461,924 (16.9%) 0.96 2,758
    2020-12-01 $325,000 (16.7%) $459,660 (17.3%) 0.97 2,622
    2021-01-01 $314,950 (13.5%) $449,444 (14.8%) 0.94 2,501
    2021-02-01 $317,125 (13.3%) $460,401 (17.5%) 0.92 2,299
    2021-03-01 $326,950 (13.0%) $470,032 (18.6%) 0.93 2,200
    2021-04-01 $339,000 (17.1%) $487,199 (23.1%) 0.92 2,057
    2021-05-01 $339,900 (13.7%) $491,731 (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%) $472,753 (4.4%) 0.90 2,495
    2021-09-01 $337,347 (3.8%) $474,955 (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%) $481,384 (4.7%) 0.92 1,795
    2022-01-01 $345,000 (9.5%) $486,985 (8.4%) 0.93 1,620
    2022-02-01 $348,750 (10.0%) $486,293 (5.6%) 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 (-3.1%) 0.80 2,149
    2022-06-01 $349,950 (2.8%) $475,973 (-2.5%) 0.78 2,491
    2022-07-01 $343,150 (1.2%) $464,997 (-2.9%) 0.77 3,004
    2022-08-01 $333,450 (-0.8%) $451,635 (-4.5%) 0.77 3,317
    2022-09-01 $329,450 (-2.3%) $447,773 (-5.7%) 0.77 3,431
    2022-10-01 $329,000 (-3.0%) $447,521 (-6.0%) 0.77 3,649
    2022-11-01 $327,000 (-5.8%) $450,070 (-7.9%) 0.79 3,736
    2022-12-01 $325,000 (-4.7%) $444,185 (-7.7%) 0.80 3,541
    2023-01-01 $324,950 (-5.8%) $446,007 (-8.4%) 0.80 3,396
    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 3,663
    2023-05-01 $345,000 (-1.2%) $483,261 (1.4%) 0.78 3,890
    2023-06-01 $345,000 (-1.4%) $477,273 (0.3%) 0.78 3,985
    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
    2023-11-01 $329,950 (0.9%) $460,139 (2.2%) 0.79 4,673
    2023-12-01 $325,000 (0.0%) $455,090 (2.5%) 0.79 4,567
    2024-01-01 $325,000 (0.0%) $451,141 (1.2%) 0.79 4,363
    2024-02-01 $325,000 (0.1%) $451,821 (-0.4%) 0.78 4,348
    2024-03-01 $329,000 (-0.3%) $461,041 (0.6%) 0.77 4,455
    New Orleans's median listing price for 2024-03-01 was $329,000, a difference of $-900 (-0.3%) versus the prior year and $4,000 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 2024-03-01 was $461,041, a difference of $2,611 (0.6%) versus the prior year and $9,220 versus the prior month.

    For the 2024-03-01 period, New Orleans had 4,455 MLS listings, a difference of 107 listings (2%) versus the prior month and 966 listings (28%) 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 59 days 1,905 sqft
    2018-06-01 59 days 1,895 sqft
    2018-07-01 65 days 1,889 sqft
    2018-08-01 68 days 1,883 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 1,864 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 72 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 1,810 sqft
    2021-02-01 69 days 1,816 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 74 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 1,837 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 1,817 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
    2023-11-01 67 days 1,828 sqft
    2023-12-01 77 days 1,819 sqft
    2024-01-01 84 days 1,802 sqft
    2024-02-01 83 days 1,805 sqft
    2024-03-01 67 days 1,813 sqft
    New Orleans's median listing age (time on market) for 2024-03-01 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 2024-03-01 period was 1,813 sqft. One year prior, the average listing was 1,831 sqft.