New York USDA Loan Rates, Closing Costs & Stats

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

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 -0.37% for the week of 2024-11-15, compared to the national average (all USDA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.49% and one month ago for the week of 2024-10-11, the average rate was 5.95%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.11%.

    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
    2024-04-01 $769,000 (9.9%) $1,689,995 (4.9%) 1.79 30,930
    2024-05-01 $789,301 (7.5%) $1,710,952 (2.3%) 1.78 32,611
    2024-06-01 $789,000 (5.3%) $1,684,483 (3.7%) 1.77 34,281
    2024-07-01 $764,450 (3.7%) $1,617,739 (1.6%) 1.75 34,128
    2024-08-01 $750,000 (4.6%) $1,577,155 (1.4%) 1.74 33,477
    2024-09-01 $764,000 (6.3%) $1,641,046 (6.5%) 1.80 35,296
    2024-10-01 $762,375 (4.5%) $1,645,493 (2.3%) 1.79 35,331
    New York's median listing price for 2024-10-01 was $762,375, a difference of $32,931 (4.5%) versus the prior year and $-1,625 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 2024-10-01 was $1,645,493, a difference of $37,281 (2.3%) versus the prior year and $4,447 versus the prior month.

    For the 2024-10-01 period, New York had 35,331 MLS listings, a difference of 35 listings (0%) versus the prior month and 1,434 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 1,499 sqft
    2024-03-01 50 days 1,500 sqft
    2024-04-01 45 days 1,505 sqft
    2024-05-01 43 days 1,538 sqft
    2024-06-01 45 days 1,556 sqft
    2024-07-01 52 days 1,575 sqft
    2024-08-01 58 days 1,556 sqft
    2024-09-01 57 days 1,567 sqft
    2024-10-01 54 days 1,560 sqft
    New York's median listing age (time on market) for 2024-10-01 was 54 days. This is -4% shorter than the same period one year ago.

    New York's median square footage for active listings during the 2024-10-01 period was 1,560 sqft. One year prior, the average listing was 1,564 sqft.