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 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 6.19% for the week of 2024-06-14, compared to the national average (all USDA variants) of 6.709% for the same period.

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

The average rate for the prior week (2024-06-07) was 6.28% and one month ago for the week of 2024-05-10, the average rate was 6.36%.

The average rate one year ago was 6.52%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.11%.

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
2024-04-01 $451,258 (-3.0%) $640,046 (1.6%) 1.05 2,925
2024-05-01 $462,135 (-2.6%) $651,317 (1.7%) 1.04 3,195
Raleigh's median listing price for 2024-05-01 was $462,135, a difference of $-12,355 (-2.6%) versus the prior year and $10,877 versus the prior month.

Raleigh's median listing price comes in at 104% of the national average.

Raleigh's average listing price for 2024-05-01 was $651,317, a difference of $10,918 (1.7%) versus the prior year and $11,271 versus the prior month.

For the 2024-05-01 period, Raleigh had 3,195 MLS listings, a difference of 270 listings (9%) versus the prior month and 699 listings (28%) 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
2024-04-01 38 days 2,167 sqft
2024-05-01 32 days 2,175 sqft
Raleigh's median listing age (time on market) for 2024-05-01 was 32 days. This is -27% shorter than the same period one year ago.

Raleigh's median square footage for active listings during the 2024-05-01 period was 2,175 sqft. One year prior, the average listing was 2,337 sqft.