Norwich USDA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

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    • 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.

    Norwich's 7 lenders originated 9 USDA loans during 2023. The total origination value was $1,975,000, with an average USDA loan value of $219,444.

    Norwich USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Norwich averaged 6.46% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Norwich's average USDA mortgage closing costs are $5,939.

    The average rate for the prior week (2024-12-06) was 6.39% and one month ago for the week of 2024-11-08, the average rate was 6.21%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.93%.

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

    Norwich 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 Norwich level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUARANTEED RATE, INC. 3 6.75% $11,454
    NEWREZ LLC 1 5.50% $6,973
    NFM, INC. 1 6.63% $10,683
    PLAZA HOME MORTGAGE, INC. 1 6.63% $5,654
    Prosperity Home Mortgage, LLC 1 6.49% $6,460
    T2 FINANCIAL LLC 1 7.50% $10,318
    UNITED WHOLESALE MORTGAGE, LLC 1 5.62% $7,810

    The top Norwich USDA lender as defined by loan originations is GUARANTEED RATE, INC., with 3 USDA loans originated. Their average total fees are $11,454, which is $4,482 higher than the next largest lender, NEWREZ LLC.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norwich (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 $269,450 (-2.0%) $385,081 (0.1%) 1.00 1,335
    2018-02-01 $272,400 (-2.7%) $386,997 (-0.2%) 0.99 1,295
    2018-03-01 $289,900 (1.0%) $400,665 (1.2%) 1.02 1,313
    2018-04-01 $296,475 (-1.1%) $409,713 (-0.5%) 1.01 1,426
    2018-05-01 $299,450 (-3.2%) $409,893 (-3.0%) 1.00 1,525
    2018-06-01 $309,900 (-0.8%) $418,627 (-1.6%) 1.03 1,575
    2018-07-01 $299,999 (-4.5%) $421,173 (-2.6%) 1.00 1,686
    2018-08-01 $299,000 (-0.1%) $414,876 (-1.9%) 1.00 1,668
    2018-09-01 $289,900 (-3.0%) $404,089 (-5.1%) 0.97 1,692
    2018-10-01 $289,000 (-0.3%) $405,538 (-2.9%) 0.98 1,671
    2018-11-01 $284,950 (0.0%) $411,966 (1.0%) 0.97 1,581
    2018-12-01 $274,900 (-1.7%) $395,930 (-1.7%) 0.95 1,461
    2019-01-01 $272,400 (1.1%) $393,474 (2.2%) 0.94 1,269
    2019-02-01 $277,000 (1.7%) $397,604 (2.7%) 0.94 1,265
    2019-03-01 $288,471 (-0.5%) $408,820 (2.0%) 0.94 1,282
    2019-04-01 $299,900 (1.2%) $425,227 (3.8%) 0.95 1,304
    2019-05-01 $313,675 (4.8%) $433,047 (5.7%) 0.98 1,385
    2019-06-01 $319,900 (3.2%) $436,947 (4.4%) 1.00 1,462
    2019-07-01 $309,450 (3.2%) $431,292 (2.4%) 0.97 1,472
    2019-08-01 $306,518 (2.5%) $425,426 (2.5%) 0.97 1,451
    2019-09-01 $302,795 (4.5%) $421,812 (4.4%) 0.97 1,432
    2019-10-01 $299,925 (3.8%) $419,402 (3.4%) 0.97 1,412
    2019-11-01 $299,900 (5.3%) $419,905 (1.9%) 0.98 1,324
    2019-12-01 $299,675 (9.0%) $415,076 (4.8%) 1.00 1,160
    2020-01-01 $299,000 (9.8%) $409,355 (4.0%) 1.00 1,006
    2020-02-01 $298,000 (7.6%) $409,008 (2.9%) 0.98 961
    2020-03-01 $299,000 (3.7%) $414,497 (1.4%) 0.94 967
    2020-04-01 $316,500 (5.5%) $437,159 (2.8%) 0.99 923
    2020-05-01 $329,000 (4.9%) $459,513 (6.1%) 1.00 854
    2020-06-01 $329,900 (3.1%) $475,218 (8.8%) 0.97 794
    2020-07-01 $341,450 (10.3%) $492,577 (14.2%) 0.99 690
    2020-08-01 $349,900 (14.2%) $515,012 (21.1%) 1.00 634
    2020-09-01 $352,250 (16.3%) $514,954 (22.1%) 1.01 636
    2020-10-01 $349,450 (16.5%) $508,598 (21.3%) 1.00 648
    2020-11-01 $349,900 (16.7%) $517,699 (23.3%) 1.02 591
    2020-12-01 $350,000 (16.8%) $525,467 (26.6%) 1.04 516
    2021-01-01 $339,900 (13.7%) $523,248 (27.8%) 1.01 420
    2021-02-01 $357,475 (20.0%) $559,045 (36.7%) 1.04 329
    2021-03-01 $367,400 (22.9%) $577,307 (39.3%) 1.04 323
    2021-04-01 $377,400 (19.2%) $584,547 (33.7%) 1.02 356
    2021-05-01 $399,000 (21.3%) $561,238 (22.1%) 1.06 396
    2021-06-01 $365,950 (10.9%) $532,517 (12.1%) 0.96 477
    2021-07-01 $349,900 (2.5%) $527,190 (7.0%) 0.92 541
    2021-08-01 $345,000 (-1.4%) $506,939 (-1.6%) 0.92 576
    2021-09-01 $348,125 (-1.2%) $492,433 (-4.4%) 0.93 563
    2021-10-01 $349,000 (-0.1%) $547,747 (7.7%) 0.93 527
    2021-11-01 $349,375 (-0.2%) $553,324 (6.9%) 0.93 462
    2021-12-01 $336,725 (-3.8%) $578,364 (10.1%) 0.91 381
    2022-01-01 $344,500 (1.4%) $611,830 (16.9%) 0.93 284
    2022-02-01 $369,900 (3.5%) $650,357 (16.3%) 0.96 274
    2022-03-01 $369,900 (0.7%) $631,607 (9.4%) 0.93 287
    2022-04-01 $369,900 (-2.0%) $612,659 (4.8%) 0.88 299
    2022-05-01 $399,900 (0.2%) $690,484 (23.0%) 0.91 365
    2022-06-01 $399,725 (9.2%) $680,004 (27.7%) 0.89 421
    2022-07-01 $402,500 (15.0%) $673,025 (27.7%) 0.91 466
    2022-08-01 $411,250 (19.2%) $710,674 (40.2%) 0.95 467
    2022-09-01 $399,900 (14.9%) $716,877 (45.6%) 0.93 453
    2022-10-01 $399,900 (14.6%) $765,721 (39.8%) 0.94 446
    2022-11-01 $431,950 (23.6%) $791,414 (43.0%) 1.04 419
    2022-12-01 $435,000 (29.2%) $822,100 (42.1%) 1.07 335
    2023-01-01 $439,725 (27.6%) $784,151 (28.2%) 1.09 288
    2023-02-01 $481,725 (30.2%) $858,192 (32.0%) 1.16 261
    2023-03-01 $508,948 (37.6%) $919,378 (45.6%) 1.20 249
    2023-04-01 $499,389 (35.0%) $849,623 (38.7%) 1.16 282
    2023-05-01 $499,900 (25.0%) $816,168 (18.2%) 1.13 319
    2023-06-01 $537,000 (34.3%) $841,489 (23.8%) 1.21 330
    2023-07-01 $499,900 (24.2%) $814,118 (21.0%) 1.14 322
    2023-08-01 $432,425 (5.2%) $703,908 (-1.0%) 0.99 328
    2023-09-01 $449,900 (12.5%) $733,303 (2.3%) 1.05 314
    2023-10-01 $479,500 (19.9%) $794,470 (3.8%) 1.13 336
    2023-11-01 $459,675 (6.4%) $791,694 (0.0%) 1.09 349
    2023-12-01 $449,900 (3.4%) $798,914 (-2.8%) 1.10 313
    2024-01-01 $454,675 (3.4%) $797,253 (1.7%) 1.11 298
    2024-02-01 $478,475 (-0.7%) $858,791 (0.1%) 1.15 276
    2024-03-01 $459,900 (-9.6%) $864,073 (-6.0%) 1.08 279
    2024-04-01 $499,900 (0.1%) $901,985 (6.2%) 1.16 301
    2024-05-01 $541,500 (8.3%) $955,544 (17.1%) 1.22 361
    2024-06-01 $544,450 (1.4%) $962,167 (14.3%) 1.22 386
    2024-07-01 $512,225 (2.5%) $906,542 (11.4%) 1.17 394
    2024-08-01 $489,900 (13.3%) $878,730 (24.8%) 1.14 403
    2024-09-01 $473,750 (5.3%) $817,740 (11.5%) 1.11 444
    2024-10-01 $470,725 (-1.8%) $799,486 (0.6%) 1.11 446
    2024-11-01 $450,000 (-2.1%) $722,095 (-8.8%) 1.08 401
    Norwich's median listing price for 2024-11-01 was $450,000, a difference of $-9,675 (-2.1%) versus the prior year and $-20,725 versus the prior month.

    Norwich's median listing price comes in at 108% of the national average.

    Norwich's average listing price for 2024-11-01 was $722,095, a difference of $-69,599 (-8.8%) versus the prior year and $-77,391 versus the prior month.

    For the 2024-11-01 period, Norwich had 401 MLS listings, a difference of -45 listings (-10%) versus the prior month and 52 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,703 sqft
    2018-02-01 96 days 1,691 sqft
    2018-03-01 73 days 1,730 sqft
    2018-04-01 57 days 1,764 sqft
    2018-05-01 54 days 1,746 sqft
    2018-06-01 60 days 1,798 sqft
    2018-07-01 65 days 1,796 sqft
    2018-08-01 72 days 1,757 sqft
    2018-09-01 74 days 1,750 sqft
    2018-10-01 79 days 1,755 sqft
    2018-11-01 84 days 1,759 sqft
    2018-12-01 96 days 1,726 sqft
    2019-01-01 100 days 1,724 sqft
    2019-02-01 100 days 1,707 sqft
    2019-03-01 81 days 1,698 sqft
    2019-04-01 57 days 1,728 sqft
    2019-05-01 53 days 1,810 sqft
    2019-06-01 58 days 1,883 sqft
    2019-07-01 65 days 1,908 sqft
    2019-08-01 68 days 1,919 sqft
    2019-09-01 69 days 1,933 sqft
    2019-10-01 71 days 1,944 sqft
    2019-11-01 75 days 1,905 sqft
    2019-12-01 90 days 1,905 sqft
    2020-01-01 97 days 1,881 sqft
    2020-02-01 96 days 1,858 sqft
    2020-03-01 62 days 1,853 sqft
    2020-04-01 65 days 1,875 sqft
    2020-05-01 79 days 1,875 sqft
    2020-06-01 62 days 1,886 sqft
    2020-07-01 50 days 1,898 sqft
    2020-08-01 46 days 1,922 sqft
    2020-09-01 37 days 1,910 sqft
    2020-10-01 38 days 1,934 sqft
    2020-11-01 47 days 1,913 sqft
    2020-12-01 59 days 1,880 sqft
    2021-01-01 70 days 1,816 sqft
    2021-02-01 53 days 1,812 sqft
    2021-03-01 33 days 1,812 sqft
    2021-04-01 25 days 1,828 sqft
    2021-05-01 24 days 1,800 sqft
    2021-06-01 27 days 1,779 sqft
    2021-07-01 31 days 1,777 sqft
    2021-08-01 30 days 1,699 sqft
    2021-09-01 39 days 1,743 sqft
    2021-10-01 40 days 1,755 sqft
    2021-11-01 44 days 1,716 sqft
    2021-12-01 54 days 1,700 sqft
    2022-01-01 62 days 1,702 sqft
    2022-02-01 40 days 1,605 sqft
    2022-03-01 31 days 1,600 sqft
    2022-04-01 28 days 1,653 sqft
    2022-05-01 19 days 1,760 sqft
    2022-06-01 24 days 1,809 sqft
    2022-07-01 29 days 1,838 sqft
    2022-08-01 37 days 1,945 sqft
    2022-09-01 46 days 1,905 sqft
    2022-10-01 40 days 1,874 sqft
    2022-11-01 49 days 1,914 sqft
    2022-12-01 63 days 1,892 sqft
    2023-01-01 74 days 1,851 sqft
    2023-02-01 64 days 1,960 sqft
    2023-03-01 44 days 2,040 sqft
    2023-04-01 30 days 2,086 sqft
    2023-05-01 31 days 2,049 sqft
    2023-06-01 32 days 2,147 sqft
    2023-07-01 33 days 2,092 sqft
    2023-08-01 40 days 1,885 sqft
    2023-09-01 43 days 1,885 sqft
    2023-10-01 40 days 1,897 sqft
    2023-11-01 42 days 1,888 sqft
    2023-12-01 52 days 1,872 sqft
    2024-01-01 55 days 1,860 sqft
    2024-02-01 48 days 1,811 sqft
    2024-03-01 37 days 1,772 sqft
    2024-04-01 35 days 1,792 sqft
    2024-05-01 28 days 1,864 sqft
    2024-06-01 30 days 1,840 sqft
    2024-07-01 43 days 1,786 sqft
    2024-08-01 42 days 1,795 sqft
    2024-09-01 39 days 1,797 sqft
    2024-10-01 42 days 1,775 sqft
    2024-11-01 51 days 1,720 sqft
    Norwich's median listing age (time on market) for 2024-11-01 was 51 days. This is 23% longer than the same period one year ago.

    Norwich's median square footage for active listings during the 2024-11-01 period was 1,720 sqft. One year prior, the average listing was 1,888 sqft.