Norwich USDA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

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 18 lenders originated 44 USDA loans during 2022. The total origination value was $11,400,000, with an average USDA loan value of $259,091.

Norwich USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Norwich averaged 6.23% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Norwich's average USDA mortgage closing costs are $5,889.

The average rate for the prior week (2024-02-23) was 6.08% and one month ago for the week of 2024-01-26, the average rate was 5.94%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.28%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOME POINT FINANCIAL CORPORATION 11 3.79% $7,327
NORWICH COMMERCIAL GROUP, INC. 5 4.53% $6,910
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.69% $11,599
TOTAL MORTGAGE SERVICES, LLC 4 4.75% $6,747
Charter Oak Federal Credit Union 3 5.42% $6,060
GUARANTEED RATE, INC. 2 7.00% $8,892
Prosperity Home Mortgage, LLC 2 2.88% $6,026
MOVEMENT MORTGAGE, LLC 2 4.38% $9,794
FIRST WORLD MORTGAGE CORPORATION 1 4.88% $12,228
ALLIED MORTGAGE GROUP, INC. 1 3.88% $6,906
UNITED WHOLESALE MORTGAGE, LLC 1 4.88% $6,973
AMERICAN FINANCIAL RESOURCES, INC. 1 5.00% $9,364
CARDINAL FINANCIAL 1 6.88% $8,889
Carrington Mortgage Services, LLC 1 4.75% $12,507
Chelsea Groton Bank 1 3.25% $5,029
Citizens Bank 1 4.99% $10,743
EMBRACE HOME LOANS, INC. 1 3.25% $6,085
FINANCE OF AMERICA MORTGAGE LLC 1 3.88% $7,403

The top Norwich USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 11 USDA loans originated. Their average total fees are $7,327, which is $417 higher than the next largest lender, NORWICH COMMERCIAL GROUP, INC..

The lowest fee Norwich USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION ($7,327), .

The lowest rate Norwich USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.79%), .


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
Norwich's median listing price for 2024-01-01 was $454,675, a difference of $14,950 (3.4%) versus the prior year and $4,775 versus the prior month.

Norwich's median listing price comes in at 111% of the national average.

Norwich's average listing price for 2024-01-01 was $797,253, a difference of $13,102 (1.7%) versus the prior year and $-1,661 versus the prior month.

For the 2024-01-01 period, Norwich had 298 MLS listings, a difference of -15 listings (-5%) versus the prior month and 10 listings (3%) 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
Norwich's median listing age (time on market) for 2024-01-01 was 55 days. This is -25% shorter than the same period one year ago.

Norwich's median square footage for active listings during the 2024-01-01 period was 1,860 sqft. One year prior, the average listing was 1,851 sqft.