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 20 lenders originated 29 USDA loans during 2023. The total origination value was $7,165,000, with an average USDA loan value of $247,069.

New York USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in New York averaged 6.54% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

New York's average USDA mortgage closing costs are $6,734.

The average rate for the prior week (2024-04-05) was 6.46% and one month ago for the week of 2024-03-08, the average rate was 6.32%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.6%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUARANTEED RATE, INC. 3 6.29% $9,590
Summit Mortgage Corporation 2 6.50% $6,277
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.12% $9,138
MLD MORTGAGE INC. 2 6.19% $7,909
Acre Mortgage and Financial Inc 2 7.63% $13,016
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $7,908
MOVEMENT MORTGAGE, LLC 1 6.63% $9,940
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.63% $9,945
NEWREZ LLC 1 6.75% $13,442
Philadelphia Mortgage Advisors, Inc. 1 6.00% $7,946
PLAZA HOME MORTGAGE, INC. 1 7.00% $13,070
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $7,072
Prosperity Home Mortgage, LLC 1 5.63% $8,355
TD Bank 1 6.50% $5,468
UNION HOME MORTGAGE CORP. 1 7.75% $6,290
UNITED WHOLESALE MORTGAGE, LLC 1 5.44% $11,166
AMERICAN FINANCIAL NETWORK, INC. 1 6.00% $9,636
CMG MORTGAGE, INC. 1 6.75% $10,092
DRAPER AND KRAMER MORTGAGE CORP. 1 5.50% $6,417
GREENWAY MORTGAGE FUNDING CORP. 1 5.75% $11,451

The top New York USDA lender as defined by loan originations is GUARANTEED RATE, INC., with 3 USDA loans originated. Their average total fees are $9,590, which is $3,313 higher than the next largest lender, Summit Mortgage Corporation.

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%) $1,184,160 (11.5%) 1.85 48,059
2018-02-01 $519,000 (14.2%) $1,187,602 (7.0%) 1.88 50,498
2018-03-01 $529,995 (11.6%) $1,166,065 (4.1%) 1.86 54,028
2018-04-01 $549,444 (12.1%) $1,162,682 (1.3%) 1.86 57,178
2018-05-01 $559,000 (11.9%) $1,155,902 (1.3%) 1.87 62,355
2018-06-01 $559,900 (12.0%) $1,137,861 (0.1%) 1.87 65,388
2018-07-01 $552,906 (10.6%) $1,118,327 (-0.6%) 1.85 66,067
2018-08-01 $549,000 (10.2%) $1,085,063 (-1.6%) 1.84 65,240
2018-09-01 $549,900 (10.2%) $1,092,650 (-2.4%) 1.85 65,820
2018-10-01 $549,999 (8.6%) $1,103,826 (-3.8%) 1.86 66,122
2018-11-01 $549,900 (10.0%) $1,115,364 (-3.3%) 1.86 63,702
2018-12-01 $540,000 (8.0%) $1,115,460 (-4.2%) 1.86 57,615
2019-01-01 $535,000 (7.2%) $1,114,717 (-5.9%) 1.85 53,016
2019-02-01 $547,000 (5.4%) $1,128,541 (-5.0%) 1.85 55,002
2019-03-01 $560,143 (5.7%) $1,129,863 (-3.1%) 1.83 58,572
2019-04-01 $575,000 (4.7%) $1,125,947 (-3.2%) 1.83 62,598
2019-05-01 $589,000 (5.4%) $1,130,704 (-2.2%) 1.84 68,043
2019-06-01 $585,000 (4.5%) $1,121,806 (-1.4%) 1.83 69,942
2019-07-01 $575,000 (4.0%) $1,107,826 (-0.9%) 1.80 68,901
2019-08-01 $575,818 (4.9%) $1,102,079 (1.6%) 1.82 68,031
2019-09-01 $577,045 (4.9%) $1,114,839 (2.0%) 1.85 67,163
2019-10-01 $577,864 (5.1%) $1,125,085 (1.9%) 1.86 66,023
2019-11-01 $575,000 (4.6%) $1,138,373 (2.1%) 1.89 62,133
2019-12-01 $574,500 (6.4%) $1,164,085 (4.4%) 1.92 54,253
2020-01-01 $565,000 (5.6%) $1,173,101 (5.2%) 1.89 49,998
2020-02-01 $575,000 (5.1%) $1,176,805 (4.3%) 1.88 51,374
2020-03-01 $589,950 (5.3%) $1,181,583 (4.6%) 1.85 52,870
2020-04-01 $598,900 (4.2%) $1,221,296 (8.5%) 1.88 48,980
2020-05-01 $599,000 (1.7%) $1,197,316 (5.9%) 1.82 48,638
2020-06-01 $599,944 (2.6%) $1,191,273 (6.2%) 1.77 51,185
2020-07-01 $627,000 (9.0%) $1,207,357 (9.0%) 1.82 54,352
2020-08-01 $641,617 (11.4%) $1,249,587 (13.4%) 1.84 54,377
2020-09-01 $649,000 (12.5%) $1,263,476 (13.3%) 1.86 54,572
2020-10-01 $649,999 (12.5%) $1,292,377 (14.9%) 1.86 55,661
2020-11-01 $649,000 (12.9%) $1,307,486 (14.9%) 1.90 52,172
2020-12-01 $649,000 (13.0%) $1,328,343 (14.1%) 1.93 46,928
2021-01-01 $649,000 (14.9%) $1,374,981 (17.2%) 1.94 40,456
2021-02-01 $649,950 (13.0%) $1,399,017 (18.9%) 1.89 38,707
2021-03-01 $649,000 (10.0%) $1,383,278 (17.1%) 1.84 38,458
2021-04-01 $649,946 (8.5%) $1,391,889 (14.0%) 1.76 40,115
2021-05-01 $649,993 (8.5%) $1,379,846 (15.2%) 1.73 42,335
2021-06-01 $645,371 (7.6%) $1,340,463 (12.5%) 1.70 44,880
2021-07-01 $625,000 (-0.3%) $1,297,035 (7.4%) 1.65 45,172
2021-08-01 $617,000 (-3.8%) $1,281,311 (2.5%) 1.65 44,667
2021-09-01 $605,000 (-6.8%) $1,284,368 (1.7%) 1.61 43,617
2021-10-01 $619,000 (-4.8%) $1,303,095 (0.8%) 1.65 43,542
2021-11-01 $621,950 (-4.2%) $1,352,359 (3.4%) 1.66 39,093
2021-12-01 $619,250 (-4.6%) $1,384,948 (4.3%) 1.68 32,921
2022-01-01 $625,000 (-3.7%) $1,494,423 (8.7%) 1.69 28,164
2022-02-01 $637,125 (-2.0%) $1,442,220 (3.1%) 1.66 28,498
2022-03-01 $649,444 (0.1%) $1,450,238 (4.8%) 1.63 30,421
2022-04-01 $660,000 (1.6%) $1,447,922 (4.0%) 1.57 32,090
2022-05-01 $675,000 (3.9%) $1,431,626 (3.8%) 1.54 36,015
2022-06-01 $675,000 (4.6%) $1,377,710 (2.8%) 1.50 38,789
2022-07-01 $659,000 (5.4%) $1,336,068 (3.0%) 1.48 41,010
2022-08-01 $650,000 (5.4%) $1,318,875 (2.9%) 1.50 40,176
2022-09-01 $660,130 (9.1%) $1,365,889 (6.4%) 1.54 39,681
2022-10-01 $674,894 (9.0%) $1,454,762 (11.6%) 1.59 40,045
2022-11-01 $669,500 (7.7%) $1,497,072 (10.7%) 1.61 38,648
2022-12-01 $660,000 (6.6%) $1,519,502 (9.7%) 1.63 33,979
2023-01-01 $662,500 (6.0%) $1,547,512 (3.6%) 1.64 30,692
2023-02-01 $679,950 (6.7%) $1,577,557 (9.4%) 1.64 30,173
2023-03-01 $698,500 (7.6%) $1,590,414 (9.7%) 1.65 30,144
2023-04-01 $699,999 (6.1%) $1,611,863 (11.3%) 1.63 31,313
2023-05-01 $734,500 (8.8%) $1,672,672 (16.8%) 1.67 32,425
2023-06-01 $749,000 (11.0%) $1,623,987 (17.9%) 1.68 33,254
2023-07-01 $737,430 (11.9%) $1,591,760 (19.1%) 1.68 33,111
2023-08-01 $717,000 (10.3%) $1,555,281 (17.9%) 1.65 32,798
2023-09-01 $719,000 (8.9%) $1,541,683 (12.9%) 1.67 34,732
2023-10-01 $729,444 (8.1%) $1,608,212 (10.6%) 1.72 33,897
2023-11-01 $727,931 (8.7%) $1,667,818 (11.4%) 1.73 34,211
2023-12-01 $734,142 (11.2%) $1,758,935 (15.8%) 1.79 29,215
2024-01-01 $741,500 (11.9%) $1,742,252 (12.6%) 1.81 26,933
2024-02-01 $749,500 (10.2%) $1,686,410 (6.9%) 1.80 27,182
2024-03-01 $759,900 (8.8%) $1,681,115 (5.7%) 1.79 28,856
New York's median listing price for 2024-03-01 was $759,900, a difference of $61,400 (8.8%) versus the prior year and $10,400 versus the prior month.

New York's median listing price comes in at 179% of the national average.

New York's average listing price for 2024-03-01 was $1,681,115, a difference of $90,701 (5.7%) versus the prior year and $-5,295 versus the prior month.

For the 2024-03-01 period, New York had 28,856 MLS listings, a difference of 1,674 listings (6%) versus the prior month and -1,288 listings (-4%) 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 84 days 1,842 sqft
2018-02-01 72 days 1,855 sqft
2018-03-01 52 days 1,880 sqft
2018-04-01 51 days 1,893 sqft
2018-05-01 46 days 1,907 sqft
2018-06-01 50 days 1,918 sqft
2018-07-01 59 days 1,920 sqft
2018-08-01 65 days 1,913 sqft
2018-09-01 66 days 1,900 sqft
2018-10-01 64 days 1,887 sqft
2018-11-01 65 days 1,865 sqft
2018-12-01 78 days 1,842 sqft
2019-01-01 82 days 1,823 sqft
2019-02-01 73 days 1,833 sqft
2019-03-01 59 days 1,866 sqft
2019-04-01 50 days 1,906 sqft
2019-05-01 50 days 1,921 sqft
2019-06-01 55 days 1,930 sqft
2019-07-01 64 days 1,922 sqft
2019-08-01 67 days 1,917 sqft
2019-09-01 69 days 1,908 sqft
2019-10-01 70 days 1,901 sqft
2019-11-01 71 days 1,854 sqft
2019-12-01 85 days 1,835 sqft
2020-01-01 90 days 1,821 sqft
2020-02-01 75 days 1,840 sqft
2020-03-01 54 days 1,854 sqft
2020-04-01 71 days 1,860 sqft
2020-05-01 85 days 1,870 sqft
2020-06-01 86 days 1,866 sqft
2020-07-01 47 days 1,806 sqft
2020-08-01 47 days 1,760 sqft
2020-09-01 51 days 1,705 sqft
2020-10-01 51 days 1,692 sqft
2020-11-01 60 days 1,652 sqft
2020-12-01 74 days 1,612 sqft
2021-01-01 84 days 1,574 sqft
2021-02-01 78 days 1,539 sqft
2021-03-01 55 days 1,538 sqft
2021-04-01 44 days 1,550 sqft
2021-05-01 41 days 1,571 sqft
2021-06-01 44 days 1,582 sqft
2021-07-01 47 days 1,592 sqft
2021-08-01 53 days 1,588 sqft
2021-09-01 57 days 1,566 sqft
2021-10-01 57 days 1,539 sqft
2021-11-01 59 days 1,510 sqft
2021-12-01 70 days 1,465 sqft
2022-01-01 79 days 1,436 sqft
2022-02-01 60 days 1,416 sqft
2022-03-01 40 days 1,438 sqft
2022-04-01 39 days 1,452 sqft
2022-05-01 38 days 1,508 sqft
2022-06-01 39 days 1,558 sqft
2022-07-01 44 days 1,568 sqft
2022-08-01 54 days 1,555 sqft
2022-09-01 59 days 1,550 sqft
2022-10-01 59 days 1,538 sqft
2022-11-01 62 days 1,527 sqft
2022-12-01 75 days 1,502 sqft
2023-01-01 82 days 1,489 sqft
2023-02-01 75 days 1,483 sqft
2023-03-01 55 days 1,488 sqft
2023-04-01 50 days 1,496 sqft
2023-05-01 48 days 1,503 sqft
2023-06-01 51 days 1,525 sqft
2023-07-01 54 days 1,552 sqft
2023-08-01 59 days 1,557 sqft
2023-09-01 60 days 1,560 sqft
2023-10-01 56 days 1,564 sqft
2023-11-01 58 days 1,559 sqft
2023-12-01 71 days 1,543 sqft
2024-01-01 79 days 1,509 sqft
2024-02-01 69 days 1,500 sqft
2024-03-01 50 days 1,502 sqft
New York's median listing age (time on market) for 2024-03-01 was 50 days. This is -9% shorter than the same period one year ago.

New York's median square footage for active listings during the 2024-03-01 period was 1,502 sqft. One year prior, the average listing was 1,488 sqft.