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 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.