New York USDA Loan Rates, Closing Costs & Stats

New York-Newark-Jersey City, NY-NJ-PA

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 York's 33 lenders originated 58 USDA loans during 2022. The total origination value was $13,880,000, with an average USDA loan value of $239,310.

New York USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in New York averaged 5.8% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

New York's average USDA mortgage closing costs are $6,667.

The average rate for the prior week (2023-05-19) was 5.94% and one month ago for the week of 2023-04-21, the average rate was 5.65%.

The average rate one year ago was 4.47%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.98%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

New York 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 York level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 4.45% $9,597
EVERETT FINANCIAL, INC. 3 5.33% $3,558
HOME POINT FINANCIAL CORPORATION 3 4.29% $10,022
ABSOLUTE HOME MORTGAGE CORPORATION 3 5.29% $9,320
CROSSCOUNTRY MORTGAGE, LLC 2 4.38% $8,317
EMM LOANS LLC 2 4.44% $9,539
Equity Prime Mortgage LLC 2 3.94% $5,432
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.06% $11,486
Advisors Mortgage Group, L.L.C. 2 6.31% $8,584
CARDINAL FINANCIAL 2 4.44% $9,139
Century Mortgage Company DBA Century Lending Company 2 6.00% $8,414
GREENWAY MORTGAGE FUNDING CORP. 2 4.13% $9,939
GUARANTEED RATE, INC. 2 4.13% $7,606
MOVEMENT MORTGAGE, LLC 2 3.63% $3,889
Paramount Residential Mortgage Group, Inc. 2 6.25% $12,127
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.75% $5,845
Summit Mortgage Corporation 2 5.88% $8,182
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $6,611
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 3.75% $13,471
LOANDEPOT.COM, LLC 1 5.13% $7,508
MDE Home Loans, LLC 1 3.00% $7,300
MILLENIUM HOME MORTGAGE, LLC 1 5.63% $9,197
MLB RESIDENTIAL LENDING, LLC 1 6.50% $12,255
U.S. Bank 1 5.75% $7,482
NATION ONE MORTGAGE CORPORATION 1 4.50% $14,030
SUN WEST MORTGAGE COMPANY, INC. 1 3.13% $12,948
PLAZA HOME MORTGAGE, INC. 1 6.13% $13,217
DRAPER AND KRAMER MORTGAGE CORP. 1 4.88% $6,351
First Guaranty Mortgage Corporation 1 3.00% $7,300
GREENTREE MORTGAGE COMPANY, L.P. 1 5.63% $6,200
UNITED WHOLESALE MORTGAGE, LLC 1 5.00% $6,498
Princeton Mortgage Corporation 1 5.75% $9,456
Citizens Bank 1 5.25% $3,956

The top New York USDA lender as defined by loan originations is AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC, with 5 USDA loans originated. Their average total fees are $9,597, which is $6,039 higher than the next largest lender, EVERETT FINANCIAL, INC..

The lowest fee New York USDA lenders (with over 10 loans originated) are .

The lowest rate New York USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New York (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 $499,000 (13.2%) $1,183,848 (11.5%) 1.85 48,078
2018-02-01 $519,000 (14.2%) $1,187,313 (7.0%) 1.89 50,519
2018-03-01 $529,990 (11.6%) $1,165,841 (4.1%) 1.86 54,044
2018-04-01 $549,288 (12.1%) $1,162,478 (1.3%) 1.86 57,192
2018-05-01 $559,000 (11.9%) $1,155,693 (1.3%) 1.87 62,369
2018-06-01 $559,900 (12.0%) $1,137,719 (0.1%) 1.87 65,396
2018-07-01 $552,743 (10.6%) $1,118,192 (-0.6%) 1.85 66,072
2018-08-01 $549,000 (10.2%) $1,084,993 (-1.7%) 1.84 65,244
2018-09-01 $549,900 (10.2%) $1,092,591 (-2.4%) 1.85 65,824
2018-10-01 $549,999 (8.9%) $1,103,781 (-3.8%) 1.86 66,123
2018-11-01 $549,900 (10.0%) $1,115,345 (-3.2%) 1.86 63,701
2018-12-01 $540,000 (8.0%) $1,115,434 (-4.1%) 1.86 57,618
2019-01-01 $535,000 (7.2%) $1,114,653 (-5.8%) 1.85 53,021
2019-02-01 $547,000 (5.4%) $1,128,540 (-5.0%) 1.85 55,004
2019-03-01 $565,000 (6.6%) $1,139,686 (-2.2%) 1.88 58,517
2019-04-01 $575,000 (4.7%) $1,120,477 (-3.6%) 1.83 62,613
2019-05-01 $589,000 (5.4%) $1,130,548 (-2.2%) 1.84 68,044
2019-06-01 $585,000 (4.5%) $1,121,808 (-1.4%) 1.83 69,943
2019-07-01 $575,000 (4.0%) $1,107,799 (-0.9%) 1.80 68,901
2019-08-01 $575,000 (4.7%) $1,096,085 (1.0%) 1.80 68,224
2019-09-01 $589,500 (7.2%) $1,137,328 (4.1%) 1.86 63,390
2019-10-01 $578,500 (5.2%) $1,125,177 (1.9%) 1.87 66,027
2019-11-01 $575,000 (4.6%) $1,138,468 (2.1%) 1.89 62,136
2019-12-01 $574,250 (6.3%) $1,164,229 (4.4%) 1.91 54,253
2020-01-01 $565,000 (5.6%) $1,173,259 (5.3%) 1.89 49,998
2020-02-01 $575,000 (5.1%) $1,176,857 (4.3%) 1.88 51,702
2020-03-01 $589,950 (4.4%) $1,181,586 (3.7%) 1.85 52,873
2020-04-01 $598,919 (4.2%) $1,221,655 (9.0%) 1.88 48,982
2020-05-01 $599,000 (1.7%) $1,197,435 (5.9%) 1.82 48,643
2020-06-01 $599,944 (2.6%) $1,191,407 (6.2%) 1.77 51,190
2020-07-01 $627,000 (9.0%) $1,207,722 (9.0%) 1.82 54,357
2020-08-01 $640,000 (11.3%) $1,250,071 (14.1%) 1.83 54,382
2020-09-01 $649,000 (10.1%) $1,264,201 (11.2%) 1.86 54,573
2020-10-01 $649,999 (12.4%) $1,292,958 (14.9%) 1.86 55,665
2020-11-01 $649,000 (12.9%) $1,308,060 (14.9%) 1.90 52,177
2020-12-01 $649,000 (13.0%) $1,328,971 (14.2%) 1.93 46,933
2021-01-01 $649,000 (14.9%) $1,375,995 (17.3%) 1.94 40,460
2021-02-01 $649,950 (13.0%) $1,399,980 (19.0%) 1.89 38,708
2021-03-01 $649,000 (10.0%) $1,384,176 (17.2%) 1.84 38,462
2021-04-01 $649,948 (8.5%) $1,392,781 (14.0%) 1.76 40,119
2021-05-01 $649,993 (8.5%) $1,380,636 (15.3%) 1.73 42,340
2021-06-01 $644,500 (7.4%) $1,341,079 (12.6%) 1.70 44,884
2021-07-01 $625,000 (-0.3%) $1,297,636 (7.4%) 1.65 45,176
2021-08-01 $617,000 (-3.6%) $1,281,954 (2.6%) 1.65 44,670
2021-09-01 $605,000 (-6.8%) $1,285,038 (1.7%) 1.61 43,618
2021-10-01 $619,000 (-4.8%) $1,303,371 (0.8%) 1.65 43,541
2021-11-01 $621,950 (-4.2%) $1,352,513 (3.4%) 1.66 39,094
2021-12-01 $619,450 (-4.6%) $1,385,104 (4.2%) 1.68 32,924
2022-01-01 $625,000 (-3.7%) $1,494,589 (8.6%) 1.69 28,166
2022-02-01 $637,125 (-2.0%) $1,442,433 (3.0%) 1.66 28,501
2022-03-01 $649,444 (0.1%) $1,450,686 (4.8%) 1.63 30,423
2022-04-01 $660,000 (1.6%) $1,448,123 (4.0%) 1.57 32,094
2022-05-01 $675,000 (3.9%) $1,431,711 (3.7%) 1.54 36,018
2022-06-01 $675,000 (4.7%) $1,377,880 (2.7%) 1.50 38,793
2022-07-01 $659,000 (5.4%) $1,336,228 (3.0%) 1.49 41,019
2022-08-01 $650,000 (5.4%) $1,318,880 (2.9%) 1.50 40,185
2022-09-01 $660,000 (9.1%) $1,365,949 (6.3%) 1.54 39,687
2022-10-01 $674,500 (9.0%) $1,454,884 (11.6%) 1.59 40,049
2022-11-01 $669,500 (7.7%) $1,497,022 (10.7%) 1.61 38,650
2022-12-01 $660,000 (6.6%) $1,519,670 (9.7%) 1.63 33,983
2023-01-01 $662,500 (6.0%) $1,547,426 (3.5%) 1.64 30,697
2023-02-01 $679,950 (6.7%) $1,577,536 (9.4%) 1.64 30,177
2023-03-01 $698,500 (7.6%) $1,589,985 (9.6%) 1.65 30,148
2023-04-01 $699,999 (6.1%) $1,611,725 (11.3%) 1.63 31,316
New York's median listing price for 2023-04-01 was $699,999, a difference of $39,999 (6.1%) versus the prior year and $1,499 versus the prior month.

New York's median listing price comes in at 163% of the national average.

New York's average listing price for 2023-04-01 was $1,611,725, a difference of $163,602 (11.3%) versus the prior year and $21,740 versus the prior month.

For the 2023-04-01 period, New York had 31,316 MLS listings, a difference of 1,168 listings (4%) versus the prior month and -778 listings (-2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 89 days 1,838 sqft
2018-02-01 79 days 1,854 sqft
2018-03-01 57 days 1,880 sqft
2018-04-01 54 days 1,895 sqft
2018-05-01 51 days 1,909 sqft
2018-06-01 53 days 1,917 sqft
2018-07-01 62 days 1,916 sqft
2018-08-01 67 days 1,910 sqft
2018-09-01 71 days 1,896 sqft
2018-10-01 68 days 1,883 sqft
2018-11-01 68 days 1,858 sqft
2018-12-01 82 days 1,837 sqft
2019-01-01 88 days 1,820 sqft
2019-02-01 80 days 1,829 sqft
2019-03-01 60 days 1,874 sqft
2019-04-01 52 days 1,906 sqft
2019-05-01 52 days 1,923 sqft
2019-06-01 59 days 1,932 sqft
2019-07-01 67 days 1,923 sqft
2019-08-01 79 days 1,932 sqft
2019-09-01 85 days 1,940 sqft
2019-10-01 75 days 1,901 sqft
2019-11-01 76 days 1,855 sqft
2019-12-01 90 days 1,837 sqft
2020-01-01 95 days 1,821 sqft
2020-02-01 85 days 1,841 sqft
2020-03-01 59 days 1,853 sqft
2020-04-01 77 days 1,856 sqft
2020-05-01 91 days 1,869 sqft
2020-06-01 95 days 1,865 sqft
2020-07-01 54 days 1,803 sqft
2020-08-01 51 days 1,755 sqft
2020-09-01 55 days 1,701 sqft
2020-10-01 56 days 1,683 sqft
2020-11-01 66 days 1,647 sqft
2020-12-01 81 days 1,605 sqft
2021-01-01 89 days 1,565 sqft
2021-02-01 89 days 1,531 sqft
2021-03-01 63 days 1,524 sqft
2021-04-01 50 days 1,538 sqft
2021-05-01 46 days 1,562 sqft
2021-06-01 47 days 1,575 sqft
2021-07-01 52 days 1,589 sqft
2021-08-01 58 days 1,580 sqft
2021-09-01 60 days 1,560 sqft
2021-10-01 60 days 1,532 sqft
2021-11-01 63 days 1,506 sqft
2021-12-01 76 days 1,458 sqft
2022-01-01 85 days 1,425 sqft
2022-02-01 69 days 1,406 sqft
2022-03-01 46 days 1,428 sqft
2022-04-01 43 days 1,450 sqft
2022-05-01 41 days 1,503 sqft
2022-06-01 42 days 1,549 sqft
2022-07-01 46 days 1,560 sqft
2022-08-01 57 days 1,550 sqft
2022-09-01 65 days 1,545 sqft
2022-10-01 64 days 1,534 sqft
2022-11-01 66 days 1,529 sqft
2022-12-01 80 days 1,504 sqft
2023-01-01 88 days 1,493 sqft
2023-02-01 84 days 1,488 sqft
2023-03-01 61 days 1,490 sqft
2023-04-01 54 days 1,500 sqft
New York's median listing age (time on market) for 2023-04-01 was 54 days. This is 26% longer than the same period one year ago.

New York's median square footage for active listings during the 2023-04-01 period was 1,500 sqft. One year prior, the average listing was 1,450 sqft.