Raleigh USDA Loan Rates, Closing Costs & Stats

RALEIGH-CARY, NC

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 59 lenders originated 209 USDA loans during 2022. The total origination value was $59,635,000, with an average USDA loan value of $285,335.

Raleigh USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Raleigh averaged 6.08% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Raleigh's average USDA mortgage closing costs are $5,566.

The average rate for the prior week (2024-02-23) was 6.23% and one month ago for the week of 2024-01-26, the average rate was 5.79%.

The average rate one year ago was 5.95%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.9%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
NFM, INC. 21 4.52% $10,622
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 4.18% $6,703
MOVEMENT MORTGAGE, LLC 13 4.70% $7,102
CORNERSTONE HOME LENDING, INC. 12 4.94% $9,954
THE MORTGAGE FIRM, INC. 9 4.51% $7,477
North State Bank 9 3.62% $7,317
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.78% $8,797
HOMESPIRE MORTGAGE CORPORATION 8 4.41% $6,554
American Security Mortgage Corp. 7 4.02% $6,533
Truist 7 4.64% $8,342
UNITED WHOLESALE MORTGAGE, LLC 6 4.44% $10,573
GoPrime Mortgage, Inc. 6 4.56% $7,333
EQUITY RESOURCES, INC. 6 4.15% $7,090
Towne Bank 5 4.10% $7,730
Prosperity Home Mortgage, LLC 5 3.52% $6,527
Alcova Mortgage LLC 4 5.44% $7,824
CROSSCOUNTRY MORTGAGE, LLC 4 5.34% $6,904
DHI MORTGAGE COMPANY, LTD. 4 4.06% $5,935
ACADEMY MORTGAGE CORPORATION 3 5.21% $8,714
LOANDEPOT.COM, LLC 3 3.67% $8,620
First Heritage Mortgage, LLC 3 4.46% $6,957
CALIBER HOME LOANS, INC. 3 4.65% $11,084
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.54% $9,162
United Community Bank 3 4.25% $5,591
Corporate Investors Mortgage Group, Inc. 2 4.06% $7,784
Shamrock Home Loans, Inc. 2 4.50% $7,631
RAPID MORTGAGE COMPANY 2 4.19% $8,549
CARDINAL FINANCIAL 2 3.00% $6,536
SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $12,049
The Federal Savings Bank 1 5.00% $5,578
Victorian Finance, LLC 1 4.63% $9,498
West Town Bank & Trust 1 3.75% $4,938
ALLIED MORTGAGE GROUP, INC. 1 4.50% $5,337
Alpha Mortgage Corporation 1 5.75% $7,515
Ameris Bank 1 5.63% $6,716
Atlantic Coast Mortgage, LLC 1 5.38% $5,359
Carrington Mortgage Services, LLC 1 3.88% $7,338
Citizens Bank 1 3.13% $6,588
EMM LOANS LLC 1 5.00% $7,830
Equity Prime Mortgage LLC 1 7.63% $10,378
FBC MORTGAGE, LLC 1 3.63% $6,888
First-Citizens Bank & Trust Company 1 5.25% $7,432
First Guaranty Mortgage Corporation 1 2.75% $7,818
First Horizon Bank 1 3.63% $6,938
First Reliance Bank 1 3.50% $4,253
Flagstar Bank, FSB 1 4.63% $8,449
GUARANTEED RATE, INC. 1 3.88% $6,502
HAMILTON HOME LOANS, INC. 1 4.63% $9,848
HOME POINT FINANCIAL CORPORATION 1 5.63% $5,029
HOMESIDE FINANCIAL, LLC 1 3.63% $6,601
JET HOMELOANS, LLC 1 5.75% $7,703
LAND HOME FINANCIAL SERVICES, INC. 1 6.75% $8,431
Magnolia Bank 1 7.50% $10,177
MORIA DEVELOPMENT, INC. 1 5.50% $13,565
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.50% $10,270
MY MORTGAGE, INC. 1 4.13% $5,571
NVR Mortgage Finance, Inc. 1 4.63% $14,536
Paramount Residential Mortgage Group, Inc. 1 4.38% $9,832
PENNYMAC LOAN SERVICES, LLC 1 3.00% $5,211

The top Raleigh USDA lender as defined by loan originations is NFM, INC., with 21 USDA loans originated. Their average total fees are $10,622, which is $3,919 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Raleigh USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,703), MOVEMENT MORTGAGE, LLC ($7,102), CORNERSTONE HOME LENDING, INC. ($9,954), NFM, INC. ($10,622) and .

The lowest rate Raleigh USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.18%), NFM, INC. (4.52%), MOVEMENT MORTGAGE, LLC (4.70%), CORNERSTONE HOME LENDING, INC. (4.94%) and .


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
Raleigh's median listing price for 2024-01-01 was $439,945, a difference of $-6,005 (-1.4%) versus the prior year and $-6,510 versus the prior month.

Raleigh's median listing price comes in at 107% of the national average.

Raleigh's average listing price for 2024-01-01 was $622,802, a difference of $49,649 (8.7%) versus the prior year and $7,845 versus the prior month.

For the 2024-01-01 period, Raleigh had 2,651 MLS listings, a difference of -300 listings (-10%) versus the prior month and -549 listings (-17%) 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
Raleigh's median listing age (time on market) for 2024-01-01 was 63 days. This is -15% shorter than the same period one year ago.

Raleigh's median square footage for active listings during the 2024-01-01 period was 2,165 sqft. One year prior, the average listing was 2,285 sqft.