Olean USDA Loan Rates, Closing Costs & Stats

Olean, NY

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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.

    Olean's 9 lenders originated 23 USDA loans during 2023. The total origination value was $2,475,000, with an average USDA loan value of $107,609.

    Olean USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Olean averaged 6.86% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Olean's average USDA mortgage closing costs are $3,993.

    The average rate for the prior week (2024-04-12) was 7.01% and one month ago for the week of 2024-03-15, the average rate was 6.69%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Olean 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 Olean level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PARAGON HOME LOANS INC. 11 6.74% $4,985
    PLAZA HOME MORTGAGE, INC. 3 6.83% $4,931
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.63% $5,247
    HOMESTEAD FUNDING CORP. 2 6.75% $1,648
    EVERETT FINANCIAL, INC. 1 7.13% $1,993
    U.S. Bank 1 6.25% $5,680
    MOVEMENT MORTGAGE, LLC 1 6.75% $5,516
    Northwest Bank 1 6.25% $5,293
    UNITED WHOLESALE MORTGAGE, LLC 1 6.13% $7,910

    The top Olean USDA lender as defined by loan originations is PARAGON HOME LOANS INC., with 11 USDA loans originated. Their average total fees are $4,985, which is $54 higher than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Olean USDA lenders (with over 10 loans originated) are PARAGON HOME LOANS INC. ($4,985), .

    The lowest rate Olean USDA lenders (with over 10 loans originated) are PARAGON HOME LOANS INC. (6.74%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Olean (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 $119,900 (1.2%) $195,321 (7.8%) 0.00 511
    2018-02-01 $124,950 (5.4%) $205,143 (14.4%) 0.00 496
    2018-03-01 $129,000 (7.6%) $208,260 (11.5%) 0.00 483
    2018-04-01 $126,475 (5.5%) $205,997 (9.5%) 0.00 476
    2018-05-01 $125,000 (4.2%) $202,300 (8.0%) 0.00 497
    2018-06-01 $124,450 (1.5%) $201,141 (7.6%) 0.00 537
    2018-07-01 $127,950 (2.8%) $200,751 (6.9%) 0.00 559
    2018-08-01 $126,100 (1.0%) $196,875 (2.8%) 0.00 571
    2018-09-01 $120,000 (-5.7%) $191,557 (-2.7%) 0.00 553
    2018-10-01 $121,225 (-3.0%) $189,629 (-4.9%) 0.00 539
    2018-11-01 $119,900 (-2.1%) $186,119 (-7.3%) 0.00 523
    2018-12-01 $119,900 (-1.6%) $187,835 (-8.4%) 0.00 478
    2019-01-01 $119,900 (0.0%) $191,506 (-2.0%) 0.00 444
    2019-02-01 $119,900 (-4.0%) $195,272 (-4.8%) 0.00 434
    2019-03-01 $131,686 (2.1%) $208,028 (-0.1%) 0.00 406
    2019-04-01 $148,650 (17.5%) $220,052 (6.8%) 0.00 377
    2019-05-01 $145,950 (16.8%) $214,825 (6.2%) 0.00 382
    2019-06-01 $144,900 (16.4%) $211,615 (5.2%) 0.00 408
    2019-07-01 $139,900 (9.3%) $206,967 (3.1%) 0.00 426
    2019-08-01 $143,445 (13.8%) $209,050 (6.2%) 0.00 423
    2019-09-01 $144,264 (20.2%) $211,533 (10.4%) 0.00 423
    2019-10-01 $141,859 (17.0%) $210,811 (11.2%) 0.00 424
    2019-11-01 $131,950 (10.1%) $206,454 (10.9%) 0.00 405
    2019-12-01 $135,475 (13.0%) $212,417 (13.1%) 0.00 386
    2020-01-01 $154,950 (29.2%) $229,290 (19.7%) 0.00 353
    2020-02-01 $157,500 (31.4%) $228,850 (17.2%) 0.00 345
    2020-03-01 $153,750 (16.8%) $225,375 (8.3%) 0.00 338
    2020-04-01 $158,250 (6.5%) $229,055 (4.1%) 0.00 318
    2020-05-01 $164,900 (13.0%) $229,797 (7.0%) 0.00 321
    2020-06-01 $169,500 (17.0%) $226,567 (7.1%) 0.00 303
    2020-07-01 $162,450 (16.1%) $225,541 (9.0%) 0.00 287
    2020-08-01 $168,900 (17.8%) $234,502 (12.2%) 0.00 276
    2020-09-01 $143,150 (-0.8%) $229,320 (8.4%) 0.00 264
    2020-10-01 $138,450 (-2.4%) $235,427 (11.7%) 0.00 246
    2020-11-01 $132,400 (0.3%) $230,408 (11.6%) 0.00 219
    2020-12-01 $127,075 (-6.2%) $229,241 (7.9%) 0.00 205
    2021-01-01 $135,000 (-12.9%) $239,274 (4.4%) 0.00 181
    2021-02-01 $121,500 (-22.9%) $239,160 (4.5%) 0.00 158
    2021-03-01 $125,950 (-18.1%) $243,992 (8.3%) 0.00 135
    2021-04-01 $137,500 (-13.1%) $239,839 (4.7%) 0.00 129
    2021-05-01 $127,000 (-23.0%) $226,245 (-1.6%) 0.00 126
    2021-06-01 $127,200 (-25.0%) $221,699 (-2.2%) 0.00 142
    2021-07-01 $137,000 (-15.7%) $213,869 (-5.2%) 0.00 161
    2021-08-01 $139,900 (-17.2%) $211,305 (-9.9%) 0.00 157
    2021-09-01 $131,450 (-8.2%) $206,635 (-9.9%) 0.00 158
    2021-10-01 $136,500 (-1.4%) $208,496 (-11.4%) 0.00 157
    2021-11-01 $128,000 (-3.3%) $214,882 (-6.7%) 0.00 146
    2021-12-01 $121,500 (-4.4%) $213,552 (-6.8%) 0.00 136
    2022-01-01 $115,000 (-14.8%) $215,998 (-9.7%) 0.00 119
    2022-02-01 $125,000 (2.9%) $202,644 (-15.3%) 0.00 96
    2022-03-01 $121,225 (-3.8%) $196,827 (-19.3%) 0.00 100
    2022-04-01 $124,900 (-9.2%) $220,417 (-8.1%) 0.00 105
    2022-05-01 $122,400 (-3.6%) $219,545 (-3.0%) 0.00 112
    2022-06-01 $129,900 (2.1%) $225,092 (1.5%) 0.00 125
    2022-07-01 $149,000 (8.8%) $207,062 (-3.2%) 0.00 143
    2022-08-01 $133,425 (-4.6%) $204,577 (-3.2%) 0.00 149
    2022-09-01 $124,975 (-4.9%) $190,658 (-7.7%) 0.00 146
    2022-10-01 $131,500 (-3.7%) $188,803 (-9.5%) 0.00 143
    2022-11-01 $121,475 (-5.1%) $176,853 (-17.7%) 0.00 143
    2022-12-01 $112,400 (-7.5%) $183,970 (-13.9%) 0.00 123
    2023-01-01 $113,650 (-1.2%) $193,397 (-10.5%) 0.00 112
    2023-02-01 $119,730 (-4.2%) $216,983 (7.1%) 0.00 116
    2023-03-01 $128,675 (6.2%) $237,584 (20.7%) 0.00 109
    2023-04-01 $125,000 (0.1%) $223,681 (1.5%) 0.00 96
    2023-05-01 $143,050 (16.9%) $223,541 (1.8%) 0.00 108
    2023-06-01 $139,900 (7.7%) $226,301 (0.5%) 0.00 131
    2023-07-01 $142,500 (-4.4%) $230,090 (11.1%) 0.00 145
    2023-08-01 $142,450 (6.8%) $292,085 (42.8%) 0.00 161
    2023-09-01 $140,000 (12.0%) $303,421 (59.1%) 0.00 164
    2023-10-01 $159,900 (21.6%) $325,519 (72.4%) 0.00 167
    2023-11-01 $156,575 (28.9%) $327,411 (85.1%) 0.00 154
    2023-12-01 $139,950 (24.5%) $333,835 (81.5%) 0.00 141
    2024-01-01 $164,087 (44.4%) $333,179 (72.3%) 0.00 126
    2024-02-01 $175,925 (46.9%) $351,002 (61.8%) 0.00 137
    2024-03-01 $199,000 (54.7%) $410,785 (72.9%) 0.00 134
    Olean's median listing price for 2024-03-01 was $199,000, a difference of $70,325 (54.7%) versus the prior year and $23,075 versus the prior month.

    Olean's median listing price comes in at 0% of the national average.

    Olean's average listing price for 2024-03-01 was $410,785, a difference of $173,201 (72.9%) versus the prior year and $59,783 versus the prior month.

    For the 2024-03-01 period, Olean had 134 MLS listings, a difference of -3 listings (-2%) versus the prior month and 25 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Olean (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,594 sqft
    2018-02-01 0 days 1,586 sqft
    2018-03-01 0 days 1,602 sqft
    2018-04-01 0 days 1,641 sqft
    2018-05-01 0 days 1,617 sqft
    2018-06-01 0 days 1,622 sqft
    2018-07-01 0 days 1,648 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,620 sqft
    2018-10-01 0 days 1,617 sqft
    2018-11-01 0 days 1,619 sqft
    2018-12-01 0 days 1,621 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,598 sqft
    2019-03-01 0 days 1,665 sqft
    2019-04-01 0 days 1,670 sqft
    2019-05-01 0 days 1,673 sqft
    2019-06-01 0 days 1,626 sqft
    2019-07-01 0 days 1,633 sqft
    2019-08-01 0 days 1,660 sqft
    2019-09-01 0 days 1,672 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,680 sqft
    2020-01-01 0 days 1,708 sqft
    2020-02-01 0 days 1,714 sqft
    2020-03-01 0 days 1,706 sqft
    2020-04-01 0 days 1,706 sqft
    2020-05-01 0 days 1,677 sqft
    2020-06-01 0 days 1,679 sqft
    2020-07-01 0 days 1,677 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,611 sqft
    2020-10-01 0 days 1,624 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,575 sqft
    2021-01-01 0 days 1,624 sqft
    2021-02-01 0 days 1,548 sqft
    2021-03-01 0 days 1,546 sqft
    2021-04-01 0 days 1,548 sqft
    2021-05-01 0 days 1,483 sqft
    2021-06-01 0 days 1,523 sqft
    2021-07-01 0 days 1,584 sqft
    2021-08-01 0 days 1,653 sqft
    2021-09-01 0 days 1,692 sqft
    2021-10-01 0 days 1,688 sqft
    2021-11-01 0 days 1,551 sqft
    2021-12-01 0 days 1,544 sqft
    2022-01-01 0 days 1,470 sqft
    2022-02-01 0 days 1,373 sqft
    2022-03-01 0 days 1,466 sqft
    2022-04-01 0 days 1,454 sqft
    2022-05-01 0 days 1,450 sqft
    2022-06-01 0 days 1,527 sqft
    2022-07-01 0 days 1,573 sqft
    2022-08-01 0 days 1,617 sqft
    2022-09-01 0 days 1,566 sqft
    2022-10-01 0 days 1,536 sqft
    2022-11-01 0 days 1,437 sqft
    2022-12-01 0 days 1,440 sqft
    2023-01-01 0 days 1,428 sqft
    2023-02-01 0 days 1,454 sqft
    2023-03-01 0 days 1,499 sqft
    2023-04-01 0 days 1,438 sqft
    2023-05-01 0 days 1,483 sqft
    2023-06-01 0 days 1,465 sqft
    2023-07-01 0 days 1,440 sqft
    2023-08-01 0 days 1,460 sqft
    2023-09-01 0 days 1,559 sqft
    2023-10-01 0 days 1,516 sqft
    2023-11-01 0 days 1,536 sqft
    2023-12-01 0 days 1,512 sqft
    2024-01-01 0 days 1,512 sqft
    2024-02-01 0 days 1,574 sqft
    2024-03-01 0 days 1,568 sqft
    Olean's median listing age (time on market) for 2024-03-01 was 0 days.

    Olean's median square footage for active listings during the 2024-03-01 period was 1,568 sqft. One year prior, the average listing was 1,499 sqft.