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 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
0.05%
for the week of 2024-11-15, compared to the national average (all USDA variants) of
0% for the same period.
Norwich's average USDA mortgage closing costs are $5,939.
The average rate for the prior week (2024-11-08) was
6.61% and
one month ago for the week of 2024-10-11, the
average rate was 6.07%.
The average rate one year ago was 7.3%.
For refis of the same type during the week of 2024-11-15, the average rate
was -0.18%.
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 |
Norwich's median listing price comes in at 111% of the national average.
Norwich's average listing price for 2024-10-01 was $799,486, a difference of $5,016 (0.6%) versus the prior year and $-18,254 versus the prior month.
For the 2024-10-01 period, Norwich had 446 MLS listings, a difference of 2 listings (0%) versus the prior month and 110 listings (33%) 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 |
Norwich's median square footage for active listings during the 2024-10-01 period was 1,775 sqft. One year prior, the average listing was 1,897 sqft.