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 5.95% for the week of 2024-11-08, compared to the national average (all USDA variants) of 6.477% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 5.45%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.88%.

    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%), .