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 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 6.65% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.79% and one month ago for the week of 2024-04-12, the average rate was 6.72%.

The average rate one year ago was 6.5%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.7%.

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
2024-04-01 $335,000 (-1.4%) $464,310 (-1.2%) 0.78 4,749
New Orleans's median listing price for 2024-04-01 was $335,000, a difference of $-4,900 (-1.4%) versus the prior year and $6,000 versus the prior month.

New Orleans's median listing price comes in at 78% of the national average.

New Orleans's average listing price for 2024-04-01 was $464,310, a difference of $-5,695 (-1.2%) versus the prior year and $3,269 versus the prior month.

For the 2024-04-01 period, New Orleans had 4,749 MLS listings, a difference of 294 listings (7%) versus the prior month and 1,086 listings (30%) 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
2024-04-01 60 days 1,837 sqft
New Orleans's median listing age (time on market) for 2024-04-01 was 60 days. This is 6% longer than the same period one year ago.

New Orleans's median square footage for active listings during the 2024-04-01 period was 1,837 sqft. One year prior, the average listing was 1,850 sqft.