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 6.27% for the week of 2023-12-01, compared to the national average (all USDA variants) of 6.997% for the same period.

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

The average rate for the prior week (2023-11-24) was 6.37% and one month ago for the week of 2023-10-27, the average rate was 7.02%.

The average rate one year ago was 5.94%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.35%.

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%) $1,187,290 (7.0%) 1.89 50,519
2018-03-01 $529,990 (11.6%) $1,165,830 (4.1%) 1.86 54,044
2018-04-01 $549,288 (12.1%) $1,162,468 (1.3%) 1.86 57,192
2018-05-01 $559,000 (11.9%) $1,155,699 (1.3%) 1.87 62,369
2018-06-01 $559,900 (12.0%) $1,137,634 (0.1%) 1.87 65,396
2018-07-01 $552,746 (10.6%) $1,118,190 (-0.6%) 1.85 66,072
2018-08-01 $549,000 (10.2%) $1,084,990 (-1.6%) 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%) $1,103,774 (-3.8%) 1.86 66,124
2018-11-01 $549,900 (10.0%) $1,115,330 (-3.2%) 1.86 63,702
2018-12-01 $540,000 (8.0%) $1,115,419 (-4.1%) 1.86 57,619
2019-01-01 $535,000 (7.2%) $1,114,648 (-5.9%) 1.85 53,021
2019-02-01 $547,000 (5.4%) $1,128,535 (-5.0%) 1.85 55,004
2019-03-01 $560,143 (5.7%) $1,129,832 (-3.1%) 1.83 58,573
2019-04-01 $575,000 (4.7%) $1,125,884 (-3.2%) 1.83 62,600
2019-05-01 $589,000 (5.4%) $1,130,654 (-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 $575,818 (4.9%) $1,102,068 (1.6%) 1.82 68,034
2019-09-01 $577,045 (4.9%) $1,114,874 (2.0%) 1.85 67,168
2019-10-01 $577,864 (5.1%) $1,125,163 (1.9%) 1.86 66,028
2019-11-01 $575,000 (4.6%) $1,138,453 (2.1%) 1.89 62,137
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%) $1,176,774 (4.3%) 1.89 51,377
2020-03-01 $589,950 (5.3%) $1,181,586 (4.6%) 1.85 52,873
2020-04-01 $598,919 (4.2%) $1,221,279 (8.5%) 1.88 48,982
2020-05-01 $599,000 (1.7%) $1,197,451 (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 (11.2%) $1,250,249 (13.5%) 1.83 54,382
2020-09-01 $649,000 (12.5%) $1,264,201 (13.4%) 1.86 54,573
2020-10-01 $649,999 (12.5%) $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%) $1,375,909 (17.3%) 1.94 40,460
2021-02-01 $649,950 (13.0%) $1,399,963 (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%) $1,392,774 (14.0%) 1.76 40,119
2021-05-01 $649,995 (8.5%) $1,380,641 (15.3%) 1.73 42,340
2021-06-01 $645,371 (7.6%) $1,341,064 (12.6%) 1.70 44,884
2021-07-01 $625,000 (-0.3%) $1,297,611 (7.4%) 1.65 45,176
2021-08-01 $617,000 (-3.6%) $1,281,947 (2.5%) 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%) $1,303,291 (0.8%) 1.65 43,541
2021-11-01 $621,950 (-4.2%) $1,352,541 (3.4%) 1.66 39,094
2021-12-01 $619,250 (-4.6%) $1,385,108 (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%) $1,442,437 (3.0%) 1.66 28,501
2022-03-01 $649,444 (0.1%) $1,450,488 (4.8%) 1.63 30,422
2022-04-01 $660,000 (1.6%) $1,448,165 (4.0%) 1.57 32,093
2022-05-01 $675,000 (3.9%) $1,431,685 (3.7%) 1.54 36,017
2022-06-01 $675,000 (4.6%) $1,377,868 (2.7%) 1.50 38,792
2022-07-01 $659,000 (5.4%) $1,336,147 (3.0%) 1.48 41,019
2022-08-01 $650,000 (5.4%) $1,318,876 (2.9%) 1.50 40,186
2022-09-01 $660,000 (9.1%) $1,365,893 (6.3%) 1.54 39,688
2022-10-01 $674,495 (9.0%) $1,454,790 (11.6%) 1.59 40,051
2022-11-01 $669,500 (7.7%) $1,496,955 (10.7%) 1.61 38,651
2022-12-01 $660,000 (6.6%) $1,519,408 (9.7%) 1.63 33,980
2023-01-01 $662,500 (6.0%) $1,547,386 (3.5%) 1.64 30,695
2023-02-01 $679,950 (6.7%) $1,577,426 (9.4%) 1.64 30,175
2023-03-01 $698,500 (7.6%) $1,590,348 (9.6%) 1.65 30,145
2023-04-01 $699,999 (6.1%) $1,611,768 (11.3%) 1.63 31,315
2023-05-01 $734,889 (8.9%) $1,673,035 (16.9%) 1.66 32,420
2023-06-01 $749,000 (11.0%) $1,624,692 (17.9%) 1.68 33,239
2023-07-01 $737,500 (11.9%) $1,591,886 (19.1%) 1.68 33,112
2023-08-01 $717,000 (10.3%) $1,555,281 (17.9%) 1.65 32,798
2023-09-01 $719,000 (8.9%) $1,541,832 (12.9%) 1.67 34,729
2023-10-01 $729,500 (8.2%) $1,608,290 (10.6%) 1.72 33,896
2023-11-01 $728,000 (8.7%) $1,667,908 (11.4%) 1.73 34,209
New York's median listing price for 2023-11-01 was $728,000, a difference of $58,500 (8.7%) versus the prior year and $-1,500 versus the prior month.

New York's median listing price comes in at 173% of the national average.

New York's average listing price for 2023-11-01 was $1,667,908, a difference of $170,953 (11.4%) versus the prior year and $59,618 versus the prior month.

For the 2023-11-01 period, New York had 34,209 MLS listings, a difference of 313 listings (1%) versus the prior month and -4,442 listings (-11%) 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 1,839 sqft
2018-02-01 72 days 1,856 sqft
2018-03-01 52 days 1,882 sqft
2018-04-01 51 days 1,895 sqft
2018-05-01 46 days 1,909 sqft
2018-06-01 50 days 1,917 sqft
2018-07-01 59 days 1,918 sqft
2018-08-01 65 days 1,912 sqft
2018-09-01 66 days 1,900 sqft
2018-10-01 64 days 1,886 sqft
2018-11-01 65 days 1,862 sqft
2018-12-01 78 days 1,840 sqft
2019-01-01 82 days 1,822 sqft
2019-02-01 73 days 1,833 sqft
2019-03-01 59 days 1,867 sqft
2019-04-01 50 days 1,909 sqft
2019-05-01 50 days 1,927 sqft
2019-06-01 55 days 1,936 sqft
2019-07-01 64 days 1,928 sqft
2019-08-01 67 days 1,923 sqft
2019-09-01 69 days 1,914 sqft
2019-10-01 70 days 1,908 sqft
2019-11-01 71 days 1,860 sqft
2019-12-01 85 days 1,840 sqft
2020-01-01 90 days 1,826 sqft
2020-02-01 75 days 1,842 sqft
2020-03-01 54 days 1,854 sqft
2020-04-01 71 days 1,861 sqft
2020-05-01 85 days 1,872 sqft
2020-06-01 86 days 1,869 sqft
2020-07-01 47 days 1,806 sqft
2020-08-01 47 days 1,758 sqft
2020-09-01 51 days 1,702 sqft
2020-10-01 51 days 1,686 sqft
2020-11-01 60 days 1,648 sqft
2020-12-01 74 days 1,607 sqft
2021-01-01 84 days 1,568 sqft
2021-02-01 78 days 1,533 sqft
2021-03-01 55 days 1,531 sqft
2021-04-01 44 days 1,542 sqft
2021-05-01 41 days 1,564 sqft
2021-06-01 44 days 1,577 sqft
2021-07-01 47 days 1,590 sqft
2021-08-01 53 days 1,581 sqft
2021-09-01 57 days 1,561 sqft
2021-10-01 57 days 1,534 sqft
2021-11-01 59 days 1,506 sqft
2021-12-01 70 days 1,458 sqft
2022-01-01 79 days 1,427 sqft
2022-02-01 60 days 1,406 sqft
2022-03-01 40 days 1,429 sqft
2022-04-01 39 days 1,450 sqft
2022-05-01 38 days 1,504 sqft
2022-06-01 39 days 1,551 sqft
2022-07-01 44 days 1,566 sqft
2022-08-01 54 days 1,553 sqft
2022-09-01 59 days 1,548 sqft
2022-10-01 59 days 1,536 sqft
2022-11-01 62 days 1,528 sqft
2022-12-01 75 days 1,502 sqft
2023-01-01 82 days 1,490 sqft
2023-02-01 75 days 1,485 sqft
2023-03-01 55 days 1,489 sqft
2023-04-01 50 days 1,498 sqft
2023-05-01 48 days 1,506 sqft
2023-06-01 51 days 1,530 sqft
2023-07-01 54 days 1,560 sqft
2023-08-01 59 days 1,559 sqft
2023-09-01 60 days 1,563 sqft
2023-10-01 56 days 1,572 sqft
2023-11-01 58 days 1,567 sqft
New York's median listing age (time on market) for 2023-11-01 was 58 days. This is -6% shorter than the same period one year ago.

New York's median square footage for active listings during the 2023-11-01 period was 1,567 sqft. One year prior, the average listing was 1,528 sqft.