Philadelphia USDA Loan Rates, Closing Costs & Stats
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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.
Philadelphia's 116 lenders originated 708 USDA loans during 2021. The total origination value was $173,850,000, with an average USDA loan value of $245,551.
Philadelphia USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Philadelphia
averaged
6.32%
for the week of 2023-01-27, compared to the national average (all USDA variants) of
6.195% for the same period.
Philadelphia's average USDA mortgage closing costs are $6,217.
The average rate for the prior week (2023-01-20) was
6.01% and
one month ago for the week of 2022-12-23, the
average rate was 6.24%.
The average rate one year ago was 3.99%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.13%.
Philadelphia 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 Philadelphia level.
The top Philadelphia USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with
53 USDA loans originated. Their average total fees are
$6,606, which is $1,886
lower than the next largest lender,
NVR Mortgage Finance, Inc..
The lowest fee Philadelphia USDA lenders (with over 10 loans originated) are
Gateway First Bank ($5,048), GREENTREE MORTGAGE COMPANY, L.P. ($5,278), Nations Lending Corporation ($5,467), PENNYMAC LOAN SERVICES, LLC ($5,475) and ALLIED MORTGAGE GROUP, INC. ($6,013).
The lowest rate Philadelphia USDA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (2.77%), Meridian Bank Corporation (2.78%), CALIBER HOME LOANS, INC. (2.81%), FINANCE OF AMERICA MORTGAGE LLC (2.88%) and Mortgage America, Inc. (2.90%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Philadelphia (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 | $229,995 (5.0%) | $343,032 (3.1%) | 0.85 | 20,095 |
| 2018-02-01 | $236,450 (7.5%) | $345,565 (2.6%) | 0.86 | 20,323 |
| 2018-03-01 | $240,000 (5.3%) | $355,219 (2.9%) | 0.84 | 19,664 |
| 2018-04-01 | $249,950 (6.4%) | $368,548 (4.1%) | 0.85 | 20,535 |
| 2018-05-01 | $264,500 (8.2%) | $382,187 (5.4%) | 0.88 | 21,368 |
| 2018-06-01 | $269,000 (8.7%) | $387,896 (5.6%) | 0.90 | 21,953 |
| 2018-07-01 | $269,900 (8.2%) | $387,569 (6.0%) | 0.90 | 22,045 |
| 2018-08-01 | $262,450 (5.8%) | $381,709 (5.9%) | 0.88 | 22,059 |
| 2018-09-01 | $260,000 (5.3%) | $381,134 (5.3%) | 0.87 | 22,375 |
| 2018-10-01 | $264,900 (6.0%) | $381,516 (4.1%) | 0.90 | 22,722 |
| 2018-11-01 | $262,000 (8.1%) | $378,687 (7.1%) | 0.89 | 21,975 |
| 2018-12-01 | $252,900 (6.3%) | $372,121 (7.1%) | 0.87 | 20,170 |
| 2019-01-01 | $249,900 (8.7%) | $362,568 (5.7%) | 0.86 | 18,671 |
| 2019-02-01 | $250,000 (5.7%) | $367,855 (6.5%) | 0.84 | 18,442 |
| 2019-03-01 | $263,571 (9.8%) | $382,692 (7.7%) | 0.86 | 18,992 |
| 2019-04-01 | $275,000 (10.0%) | $395,209 (7.2%) | 0.87 | 19,617 |
| 2019-05-01 | $285,000 (7.8%) | $405,354 (6.1%) | 0.89 | 20,175 |
| 2019-06-01 | $289,884 (7.8%) | $406,934 (4.9%) | 0.91 | 20,623 |
| 2019-07-01 | $285,750 (5.9%) | $404,510 (4.4%) | 0.89 | 20,494 |
| 2019-08-01 | $288,745 (10.0%) | $407,647 (6.8%) | 0.91 | 19,940 |
| 2019-09-01 | $294,514 (13.3%) | $416,816 (9.4%) | 0.94 | 19,203 |
| 2019-10-01 | $298,359 (12.6%) | $423,748 (11.1%) | 0.96 | 18,566 |
| 2019-11-01 | $293,995 (12.2%) | $421,080 (11.2%) | 0.96 | 17,441 |
| 2019-12-01 | $285,000 (12.7%) | $419,166 (12.6%) | 0.95 | 15,086 |
| 2020-01-01 | $283,935 (13.6%) | $416,475 (14.9%) | 0.95 | 13,616 |
| 2020-02-01 | $289,900 (16.0%) | $429,454 (16.8%) | 0.95 | 13,220 |
| 2020-03-01 | $299,925 (13.8%) | $442,660 (15.7%) | 0.94 | 13,340 |
| 2020-04-01 | $299,900 (9.1%) | $441,974 (11.8%) | 0.94 | 11,904 |
| 2020-05-01 | $309,900 (8.7%) | $450,820 (11.2%) | 0.94 | 12,403 |
| 2020-06-01 | $327,000 (12.8%) | $471,489 (15.9%) | 0.96 | 12,524 |
| 2020-07-01 | $339,900 (19.0%) | $494,745 (22.3%) | 0.99 | 11,441 |
| 2020-08-01 | $339,900 (17.7%) | $502,628 (23.3%) | 0.97 | 10,865 |
| 2020-09-01 | $339,750 (15.4%) | $505,299 (21.2%) | 0.97 | 10,887 |
| 2020-10-01 | $343,990 (15.3%) | $513,440 (21.2%) | 0.99 | 10,839 |
| 2020-11-01 | $337,200 (14.7%) | $508,364 (20.7%) | 0.98 | 10,419 |
| 2020-12-01 | $325,000 (14.0%) | $498,534 (18.9%) | 0.97 | 9,112 |
| 2021-01-01 | $319,900 (12.7%) | $499,790 (20.0%) | 0.95 | 7,991 |
| 2021-02-01 | $319,950 (10.4%) | $511,146 (19.0%) | 0.93 | 7,150 |
| 2021-03-01 | $325,000 (8.4%) | $521,091 (17.7%) | 0.92 | 7,291 |
| 2021-04-01 | $335,000 (11.7%) | $536,457 (21.4%) | 0.91 | 7,648 |
| 2021-05-01 | $337,900 (9.0%) | $523,527 (16.1%) | 0.89 | 8,315 |
| 2021-06-01 | $330,000 (0.9%) | $500,900 (6.2%) | 0.87 | 9,883 |
| 2021-07-01 | $325,000 (-4.4%) | $483,524 (-2.3%) | 0.86 | 10,687 |
| 2021-08-01 | $319,900 (-5.9%) | $470,663 (-6.4%) | 0.85 | 10,999 |
| 2021-09-01 | $319,450 (-6.0%) | $467,735 (-7.4%) | 0.85 | 11,037 |
| 2021-10-01 | $319,900 (-7.0%) | $470,644 (-8.3%) | 0.85 | 10,727 |
| 2021-11-01 | $309,950 (-8.1%) | $469,550 (-7.6%) | 0.83 | 9,808 |
| 2021-12-01 | $299,950 (-7.7%) | $465,134 (-6.7%) | 0.81 | 8,443 |
| 2022-01-01 | $299,900 (-6.3%) | $475,569 (-4.9%) | 0.81 | 6,999 |
| 2022-02-01 | $299,950 (-6.3%) | $485,278 (-5.1%) | 0.78 | 6,589 |
| 2022-03-01 | $310,000 (-4.6%) | $494,610 (-5.1%) | 0.78 | 6,952 |
| 2022-04-01 | $325,000 (-3.0%) | $500,262 (-6.8%) | 0.78 | 7,349 |
| 2022-05-01 | $339,900 (0.6%) | $505,097 (-3.5%) | 0.78 | 8,576 |
| 2022-06-01 | $347,450 (5.3%) | $503,367 (0.5%) | 0.77 | 9,688 |
| 2022-07-01 | $345,000 (6.2%) | $499,099 (3.2%) | 0.78 | 10,821 |
| 2022-08-01 | $338,598 (5.8%) | $494,862 (5.1%) | 0.78 | 10,807 |
| 2022-09-01 | $335,000 (4.9%) | $494,716 (5.8%) | 0.78 | 10,767 |
| 2022-10-01 | $335,000 (4.7%) | $498,003 (5.8%) | 0.79 | 11,182 |
| 2022-11-01 | $329,950 (6.5%) | $497,580 (6.0%) | 0.79 | 11,024 |
| 2022-12-01 | $320,000 (6.7%) | $488,151 (5.0%) | 0.80 | 9,772 |
Philadelphia's median listing price comes in at 80% of the national average.
Philadelphia's average listing price for 2022-12-01 was $488,151, a difference of $23,017 (5.0%) versus the prior year and $-9,429 versus the prior month.
For the 2022-12-01 period, Philadelphia had 9,772 MLS listings, a difference of -1,252 listings (-11%) versus the prior month and 1,329 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 87 days | 1,700 sqft |
| 2018-02-01 | 80 days | 1,705 sqft |
| 2018-03-01 | 59 days | 1,716 sqft |
| 2018-04-01 | 55 days | 1,755 sqft |
| 2018-05-01 | 53 days | 1,800 sqft |
| 2018-06-01 | 54 days | 1,825 sqft |
| 2018-07-01 | 60 days | 1,826 sqft |
| 2018-08-01 | 63 days | 1,805 sqft |
| 2018-09-01 | 65 days | 1,800 sqft |
| 2018-10-01 | 64 days | 1,800 sqft |
| 2018-11-01 | 66 days | 1,800 sqft |
| 2018-12-01 | 75 days | 1,763 sqft |
| 2019-01-01 | 83 days | 1,752 sqft |
| 2019-02-01 | 79 days | 1,774 sqft |
| 2019-03-01 | 63 days | 1,805 sqft |
| 2019-04-01 | 50 days | 1,830 sqft |
| 2019-05-01 | 48 days | 1,862 sqft |
| 2019-06-01 | 52 days | 1,875 sqft |
| 2019-07-01 | 60 days | 1,854 sqft |
| 2019-08-01 | 61 days | 1,857 sqft |
| 2019-09-01 | 62 days | 1,874 sqft |
| 2019-10-01 | 63 days | 1,883 sqft |
| 2019-11-01 | 66 days | 1,850 sqft |
| 2019-12-01 | 77 days | 1,827 sqft |
| 2020-01-01 | 85 days | 1,800 sqft |
| 2020-02-01 | 71 days | 1,825 sqft |
| 2020-03-01 | 49 days | 1,843 sqft |
| 2020-04-01 | 63 days | 1,828 sqft |
| 2020-05-01 | 75 days | 1,860 sqft |
| 2020-06-01 | 65 days | 1,880 sqft |
| 2020-07-01 | 49 days | 1,874 sqft |
| 2020-08-01 | 46 days | 1,844 sqft |
| 2020-09-01 | 44 days | 1,789 sqft |
| 2020-10-01 | 50 days | 1,776 sqft |
| 2020-11-01 | 53 days | 1,738 sqft |
| 2020-12-01 | 62 days | 1,685 sqft |
| 2021-01-01 | 69 days | 1,630 sqft |
| 2021-02-01 | 65 days | 1,605 sqft |
| 2021-03-01 | 48 days | 1,620 sqft |
| 2021-04-01 | 39 days | 1,655 sqft |
| 2021-05-01 | 36 days | 1,673 sqft |
| 2021-06-01 | 36 days | 1,666 sqft |
| 2021-07-01 | 39 days | 1,650 sqft |
| 2021-08-01 | 43 days | 1,622 sqft |
| 2021-09-01 | 47 days | 1,602 sqft |
| 2021-10-01 | 49 days | 1,595 sqft |
| 2021-11-01 | 51 days | 1,557 sqft |
| 2021-12-01 | 58 days | 1,528 sqft |
| 2022-01-01 | 65 days | 1,504 sqft |
| 2022-02-01 | 53 days | 1,514 sqft |
| 2022-03-01 | 38 days | 1,532 sqft |
| 2022-04-01 | 36 days | 1,544 sqft |
| 2022-05-01 | 34 days | 1,596 sqft |
| 2022-06-01 | 37 days | 1,640 sqft |
| 2022-07-01 | 40 days | 1,617 sqft |
| 2022-08-01 | 46 days | 1,590 sqft |
| 2022-09-01 | 51 days | 1,584 sqft |
| 2022-10-01 | 51 days | 1,596 sqft |
| 2022-11-01 | 55 days | 1,588 sqft |
| 2022-12-01 | 66 days | 1,560 sqft |
Philadelphia's median square footage for active listings during the 2022-12-01 period was 1,560 sqft. One year prior, the average listing was 1,528 sqft.