Raleigh USDA Loan Rates, Closing Costs & Stats

RALEIGH-CARY, NC

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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.

    Raleigh's 54 lenders originated 144 USDA loans during 2023. The total origination value was $43,000,000, with an average USDA loan value of $298,611.

    Raleigh USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Raleigh averaged 6.74% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Raleigh's average USDA mortgage closing costs are $5,704.

    The average rate for the prior week (2024-04-12) was 6.29% and one month ago for the week of 2024-03-15, the average rate was 6.27%.

    The average rate one year ago was 5.81%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.27%.

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

    Raleigh 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 Raleigh level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.70% $6,852
    NVR Mortgage Finance, Inc. 10 5.75% $12,457
    North State Bank 10 5.85% $8,816
    UNITED WHOLESALE MORTGAGE, LLC 8 6.25% $8,833
    HOMESPIRE MORTGAGE CORPORATION 6 6.31% $6,694
    MOVEMENT MORTGAGE, LLC 6 6.00% $12,127
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 5.50% $15,433
    NFM, INC. 5 6.73% $11,518
    CORNERSTONE HOME LENDING, INC. 5 5.67% $9,539
    American Security Mortgage Corp. 5 6.53% $8,243
    GUARANTEED RATE, INC. 4 6.06% $8,683
    GoPrime Mortgage, Inc. 4 6.53% $9,329
    EQUITY RESOURCES, INC. 4 6.44% $7,251
    Truist 4 6.25% $6,920
    CARDINAL FINANCIAL 3 6.38% $8,596
    Prosperity Home Mortgage, LLC 3 6.42% $9,499
    LOANDEPOT.COM, LLC 2 5.88% $8,462
    Paramount Residential Mortgage Group, Inc. 2 6.06% $12,375
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.88% $10,432
    Towne Bank 2 4.81% $7,835
    Towne Mortgage of the Carolinas, LLC 2 6.63% $7,943
    United Community Bank 2 5.81% $6,325
    First-Citizens Bank & Trust Company 2 6.56% $7,260
    First Heritage Mortgage, LLC 2 5.88% $9,885
    Plains Commerce Bank 1 6.13% $6,627
    PLAZA HOME MORTGAGE, INC. 1 5.75% $10,891
    T2 FINANCIAL LLC 1 7.25% $9,649
    UNION HOME MORTGAGE CORP. 1 6.75% $12,550
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $14,748
    ACADEMY MORTGAGE CORPORATION 1 6.25% $7,034
    VELOCIO MORTGAGE L.L.C. 1 4.25% $19,343
    Alcova Mortgage LLC 1 6.38% $11,244
    American National Bank and Trust Company 1 7.50% $7,691
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $3,401
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $10,569
    Atlantic Coast Mortgage, LLC 1 6.50% $7,481
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $7,671
    CMG MORTGAGE, INC. 1 6.25% $7,061
    Corporate Investors Mortgage Group, Inc. 1 5.63% $10,551
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $6,235
    DELMAR FINANCIAL COMPANY 1 6.63% $8,083
    DHI MORTGAGE COMPANY, LTD. 1 5.25% $5,512
    Encompass Lending Group, LP 1 5.75% $14,156
    Flagstar Bank, FSB 1 5.25% $10,733
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $12,288
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $5,641
    HOMESIDE FINANCIAL, LLC 1 7.25% $7,253
    Integrity Home Mortgage Corp 1 7.25% $7,516
    Keystone Funding, Inc. 1 5.75% $6,821
    MATTAMY HOME FUNDING, LLC 1 5.63% $6,756
    Mortgage Research Center, LLC 1 5.50% $3,863
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $8,958
    NEWREZ LLC 1 7.25% $12,674
    Northpointe Bank 1 6.00% $10,025

    The top Raleigh USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 11 USDA loans originated. Their average total fees are $6,852, which is $5,606 lower than the next largest lender, NVR Mortgage Finance, Inc..

    The lowest fee Raleigh USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,852), North State Bank ($8,816), NVR Mortgage Finance, Inc. ($12,457), .

    The lowest rate Raleigh USDA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.75%), North State Bank (5.85%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.70%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Raleigh (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 $350,080 (2.5%) $423,693 (3.1%) 1.30 3,973
    2018-02-01 $358,693 (3.2%) $427,864 (3.1%) 1.30 4,010
    2018-03-01 $368,837 (2.5%) $439,760 (2.6%) 1.29 4,228
    2018-04-01 $369,951 (0.0%) $441,023 (0.0%) 1.25 4,498
    2018-05-01 $369,950 (0.0%) $442,374 (-0.1%) 1.24 4,821
    2018-06-01 $369,700 (1.0%) $445,449 (1.8%) 1.23 4,913
    2018-07-01 $369,450 (0.6%) $448,748 (2.9%) 1.23 4,814
    2018-08-01 $369,664 (1.6%) $447,787 (3.4%) 1.24 4,907
    2018-09-01 $365,900 (0.3%) $442,771 (2.4%) 1.23 5,031
    2018-10-01 $357,985 (-0.6%) $432,120 (0.8%) 1.21 5,275
    2018-11-01 $355,281 (-1.3%) $430,386 (0.7%) 1.20 5,155
    2018-12-01 $353,899 (-0.6%) $426,868 (-0.1%) 1.22 4,904
    2019-01-01 $349,995 (0.0%) $423,873 (0.0%) 1.21 4,626
    2019-02-01 $354,745 (-1.1%) $430,435 (0.6%) 1.20 4,580
    2019-03-01 $363,771 (-1.4%) $439,870 (0.0%) 1.19 4,596
    2019-04-01 $369,500 (-0.1%) $449,308 (1.9%) 1.17 4,723
    2019-05-01 $375,000 (1.4%) $455,927 (3.1%) 1.17 4,830
    2019-06-01 $376,000 (1.7%) $453,492 (1.8%) 1.18 4,931
    2019-07-01 $375,000 (1.5%) $452,187 (0.8%) 1.17 5,004
    2019-08-01 $371,807 (0.6%) $448,155 (0.1%) 1.18 5,084
    2019-09-01 $367,528 (0.4%) $444,569 (0.4%) 1.18 5,147
    2019-10-01 $364,100 (1.7%) $441,993 (2.3%) 1.17 5,188
    2019-11-01 $359,418 (1.2%) $440,540 (2.4%) 1.18 4,990
    2019-12-01 $359,950 (1.7%) $442,899 (3.8%) 1.20 4,532
    2020-01-01 $358,714 (2.5%) $442,855 (4.5%) 1.20 4,218
    2020-02-01 $364,645 (2.8%) $450,735 (4.7%) 1.19 4,108
    2020-03-01 $372,685 (2.5%) $461,154 (4.8%) 1.17 4,030
    2020-04-01 $363,849 (-1.5%) $451,689 (0.5%) 1.14 4,289
    2020-05-01 $369,990 (-1.3%) $465,377 (2.1%) 1.12 4,192
    2020-06-01 $381,450 (1.5%) $486,068 (7.2%) 1.12 3,573
    2020-07-01 $381,439 (1.7%) $487,119 (7.7%) 1.11 3,317
    2020-08-01 $385,000 (3.6%) $487,345 (8.7%) 1.10 3,201
    2020-09-01 $390,708 (6.3%) $495,072 (11.4%) 1.12 2,895
    2020-10-01 $389,900 (7.1%) $496,028 (12.2%) 1.12 2,854
    2020-11-01 $385,000 (7.1%) $492,706 (11.8%) 1.13 2,568
    2020-12-01 $387,376 (7.6%) $497,675 (12.4%) 1.15 2,199
    2021-01-01 $389,900 (8.7%) $508,063 (14.7%) 1.16 1,853
    2021-02-01 $395,775 (8.5%) $525,866 (16.7%) 1.15 1,478
    2021-03-01 $397,450 (6.7%) $528,581 (14.6%) 1.13 1,281
    2021-04-01 $399,510 (9.8%) $541,473 (19.9%) 1.08 1,203
    2021-05-01 $403,297 (9.0%) $550,589 (18.3%) 1.07 1,030
    2021-06-01 $408,898 (7.2%) $559,651 (15.1%) 1.08 1,046
    2021-07-01 $409,900 (7.5%) $545,206 (11.9%) 1.08 1,207
    2021-08-01 $424,630 (10.3%) $563,887 (15.7%) 1.13 1,249
    2021-09-01 $425,000 (8.8%) $554,489 (12.0%) 1.13 1,408
    2021-10-01 $425,000 (9.0%) $551,039 (11.1%) 1.13 1,461
    2021-11-01 $426,870 (10.9%) $553,907 (12.4%) 1.14 1,340
    2021-12-01 $423,320 (9.3%) $551,595 (10.8%) 1.15 1,097
    2022-01-01 $426,000 (9.3%) $567,969 (11.8%) 1.15 900
    2022-02-01 $433,862 (9.6%) $589,111 (12.0%) 1.13 660
    2022-03-01 $450,725 (13.4%) $619,727 (17.2%) 1.13 694
    2022-04-01 $476,565 (19.3%) $620,214 (14.5%) 1.14 850
    2022-05-01 $494,500 (22.6%) $608,331 (10.5%) 1.13 1,437
    2022-06-01 $499,950 (22.3%) $626,853 (12.0%) 1.11 2,103
    2022-07-01 $495,000 (20.8%) $614,383 (12.7%) 1.12 2,767
    2022-08-01 $486,247 (14.5%) $605,260 (7.3%) 1.12 3,187
    2022-09-01 $464,000 (9.2%) $580,273 (4.7%) 1.08 3,765
    2022-10-01 $455,000 (7.1%) $576,049 (4.5%) 1.07 3,935
    2022-11-01 $449,725 (5.4%) $570,347 (3.0%) 1.08 3,886
    2022-12-01 $448,900 (6.0%) $569,095 (3.2%) 1.11 3,595
    2023-01-01 $445,950 (4.7%) $573,153 (0.9%) 1.10 3,200
    2023-02-01 $449,787 (3.7%) $583,580 (-0.9%) 1.09 2,831
    2023-03-01 $450,000 (-0.2%) $597,307 (-3.6%) 1.06 2,598
    2023-04-01 $465,000 (-2.4%) $630,194 (1.6%) 1.08 2,427
    2023-05-01 $474,490 (-4.1%) $640,399 (5.3%) 1.08 2,496
    2023-06-01 $478,886 (-4.2%) $642,353 (2.5%) 1.08 2,526
    2023-07-01 $469,900 (-5.1%) $634,143 (3.2%) 1.07 2,565
    2023-08-01 $464,950 (-4.4%) $628,919 (3.9%) 1.07 2,667
    2023-09-01 $459,750 (-0.9%) $624,453 (7.6%) 1.07 2,842
    2023-10-01 $457,515 (0.6%) $621,273 (7.9%) 1.08 3,107
    2023-11-01 $451,735 (0.5%) $615,991 (8.0%) 1.08 3,202
    2023-12-01 $446,455 (-0.5%) $614,957 (8.1%) 1.09 2,951
    2024-01-01 $439,945 (-1.4%) $622,802 (8.7%) 1.07 2,651
    2024-02-01 $439,998 (-2.2%) $633,754 (8.6%) 1.06 2,648
    2024-03-01 $449,990 (0.0%) $643,395 (7.7%) 1.06 2,756
    Raleigh's median listing price for 2024-03-01 was $449,990, a difference of $-10 (0.0%) versus the prior year and $9,992 versus the prior month.

    Raleigh's median listing price comes in at 106% of the national average.

    Raleigh's average listing price for 2024-03-01 was $643,395, a difference of $46,088 (7.7%) versus the prior year and $9,641 versus the prior month.

    For the 2024-03-01 period, Raleigh had 2,756 MLS listings, a difference of 108 listings (4%) versus the prior month and 158 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 2,659 sqft
    2018-02-01 69 days 2,652 sqft
    2018-03-01 53 days 2,700 sqft
    2018-04-01 51 days 2,669 sqft
    2018-05-01 50 days 2,676 sqft
    2018-06-01 53 days 2,666 sqft
    2018-07-01 60 days 2,653 sqft
    2018-08-01 62 days 2,655 sqft
    2018-09-01 65 days 2,623 sqft
    2018-10-01 68 days 2,588 sqft
    2018-11-01 71 days 2,578 sqft
    2018-12-01 78 days 2,564 sqft
    2019-01-01 83 days 2,557 sqft
    2019-02-01 74 days 2,561 sqft
    2019-03-01 61 days 2,594 sqft
    2019-04-01 50 days 2,625 sqft
    2019-05-01 50 days 2,651 sqft
    2019-06-01 50 days 2,629 sqft
    2019-07-01 56 days 2,604 sqft
    2019-08-01 57 days 2,578 sqft
    2019-09-01 58 days 2,555 sqft
    2019-10-01 59 days 2,541 sqft
    2019-11-01 61 days 2,500 sqft
    2019-12-01 69 days 2,505 sqft
    2020-01-01 72 days 2,483 sqft
    2020-02-01 59 days 2,519 sqft
    2020-03-01 47 days 2,548 sqft
    2020-04-01 50 days 2,495 sqft
    2020-05-01 58 days 2,508 sqft
    2020-06-01 58 days 2,539 sqft
    2020-07-01 48 days 2,485 sqft
    2020-08-01 40 days 2,464 sqft
    2020-09-01 45 days 2,456 sqft
    2020-10-01 44 days 2,426 sqft
    2020-11-01 44 days 2,386 sqft
    2020-12-01 49 days 2,376 sqft
    2021-01-01 45 days 2,355 sqft
    2021-02-01 33 days 2,309 sqft
    2021-03-01 25 days 2,259 sqft
    2021-04-01 20 days 2,299 sqft
    2021-05-01 17 days 2,275 sqft
    2021-06-01 16 days 2,261 sqft
    2021-07-01 18 days 2,253 sqft
    2021-08-01 20 days 2,256 sqft
    2021-09-01 19 days 2,245 sqft
    2021-10-01 20 days 2,228 sqft
    2021-11-01 22 days 2,219 sqft
    2021-12-01 34 days 2,198 sqft
    2022-01-01 33 days 2,139 sqft
    2022-02-01 16 days 2,146 sqft
    2022-03-01 11 days 2,186 sqft
    2022-04-01 10 days 2,250 sqft
    2022-05-01 12 days 2,319 sqft
    2022-06-01 16 days 2,356 sqft
    2022-07-01 23 days 2,337 sqft
    2022-08-01 30 days 2,334 sqft
    2022-09-01 42 days 2,287 sqft
    2022-10-01 47 days 2,269 sqft
    2022-11-01 56 days 2,267 sqft
    2022-12-01 68 days 2,284 sqft
    2023-01-01 74 days 2,285 sqft
    2023-02-01 66 days 2,288 sqft
    2023-03-01 52 days 2,305 sqft
    2023-04-01 48 days 2,327 sqft
    2023-05-01 43 days 2,337 sqft
    2023-06-01 43 days 2,347 sqft
    2023-07-01 42 days 2,312 sqft
    2023-08-01 40 days 2,299 sqft
    2023-09-01 43 days 2,275 sqft
    2023-10-01 44 days 2,254 sqft
    2023-11-01 49 days 2,231 sqft
    2023-12-01 63 days 2,205 sqft
    2024-01-01 63 days 2,165 sqft
    2024-02-01 44 days 2,171 sqft
    2024-03-01 42 days 2,186 sqft
    Raleigh's median listing age (time on market) for 2024-03-01 was 42 days. This is -18% shorter than the same period one year ago.

    Raleigh's median square footage for active listings during the 2024-03-01 period was 2,186 sqft. One year prior, the average listing was 2,305 sqft.