Raleigh USDA Loans

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 102 lenders originated 849 USDA loans during 2021. The total origination value was $213,505,000, with an average USDA loan value of $251,478.

Raleigh USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Raleigh averaged 5.26% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.29% and one month ago for the week of 2022-07-01, the average rate was 5.42%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.88%.

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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Raleigh level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
North State Bank 67 2.60% $5,051
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 52 3.07% $5,097
MOVEMENT MORTGAGE, LLC 51 2.94% $5,666
CORNERSTONE HOME LENDING, INC. 47 3.15% $6,250
PRIMARY RESIDENTIAL MORTGAGE, INC. 35 2.99% $8,459
GoPrime Mortgage, Inc. 32 3.09% $6,570
Towne Bank 31 2.68% $7,109
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 3.14% $6,445
Truist Bank 26 2.66% $6,375
American Security Mortgage Corp. 24 2.83% $5,615
Alcova Mortgage LLC 22 2.93% $5,636
THE MORTGAGE FIRM, INC. 22 2.85% $5,866
EQUITY RESOURCES, INC. 19 2.61% $5,567
NFM, INC. 17 3.29% $7,099
HOMESPIRE MORTGAGE CORPORATION 17 2.72% $5,604
CALCON MUTUAL MORTGAGE LLC 15 3.15% $7,578
RESIDENTIAL MORTGAGE SERVICES, INC. 13 2.76% $5,959
PENNYMAC LOAN SERVICES, LLC 13 2.87% $5,987
Prosperity Home Mortgage, LLC 13 2.88% $6,308
CALIBER HOME LOANS, INC. 12 2.94% $5,814
CROSSCOUNTRY MORTGAGE, LLC 12 2.85% $5,480
Colten Mortgage, LLC 11 2.70% $4,833
United Community Bank 10 2.71% $5,728
HOME POINT FINANCIAL CORPORATION 10 2.65% $6,098
Towne Mortgage of the Carolinas, LLC 9 2.68% $5,806
Corporate Investors Mortgage Group, Inc. 9 2.82% $5,468
AMERIFIRST FINANCIAL CORPORATION 8 3.03% $6,658
Flagstar Bank, FSB 8 2.65% $5,423
Ameris Bank 8 2.92% $6,672
First-Citizens Bank & Trust Company 7 2.70% $6,029
DHI MORTGAGE COMPANY, LTD. 7 2.54% $5,192
GUARANTEED RATE, INC. 7 2.73% $6,908
First Heritage Mortgage, LLC 7 2.84% $5,556
SOUTHERN TRUST MORTGAGE, LLC 6 2.90% $5,799
CMG MORTGAGE, INC. 6 2.79% $6,931
Victorian Finance, LLC 6 2.71% $6,396
Wells Fargo Bank 5 3.05% $4,505
VANDERBILT MORTGAGE AND FINANCE, INC. 5 2.85% $5,942
UNION HOME MORTGAGE CORP. 5 2.65% $6,536
Magnolia Bank 5 3.23% $6,207
LOANDEPOT.COM, LLC 5 2.88% $6,519
LEADERONE FINANCIAL CORPORATION 5 2.75% $4,718
T2 FINANCIAL LLC 5 3.43% $6,473
INTERCOASTAL MORTGAGE COMPANY 5 2.85% $5,708
ACADEMY MORTGAGE CORPORATION 4 3.13% $6,437
BROKER SOLUTIONS, INC. 4 3.06% $5,969
FBC MORTGAGE, LLC 4 3.06% $6,269
FINANCE OF AMERICA MORTGAGE LLC 4 3.13% $6,375
HOMESIDE FINANCIAL, LLC 4 2.75% $6,943
The Central Trust Bank 3 2.75% $5,556
Bank of England 3 3.04% $7,045
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.88% $7,060
MATTAMY HOME FUNDING, LLC 3 2.58% $7,424
First Guaranty Mortgage Corporation 3 3.25% $8,590
U.S. Bank 3 3.04% $5,260
UNITED WHOLESALE MORTGAGE, LLC 3 2.75% $7,453
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.56% $8,370
Allen Tate Mortgage Partners, LLC 2 2.75% $5,526
KBHS HOME LOANS, LLC 2 3.25% $6,749
LAKEVIEW LOAN SERVICING, LLC 2 3.07% $3,772
First Horizon Bank 2 2.56% $5,381
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.19% $9,130
Nations Lending Corporation 2 3.31% $5,904
NTFN, INC. 2 3.06% $2,052
Paramount Residential Mortgage Group, Inc. 2 2.50% $10,629
Carrington Mortgage Services, LLC 2 2.56% $5,769
RESOURCE FINANCIAL SERVICES, INC. 2 2.38% $5,166
Shamrock Home Loans, Inc. 2 3.00% $8,404
STEARNS LENDING, LLC 2 3.69% $5,292
SUCCESS MORTGAGE PARTNERS, INC. 2 2.88% $6,759
BAYSHORE MORTGAGE FUNDING, LLC 2 3.31% $5,419
The Federal Savings Bank 2 2.56% $6,891
Austin Capital Bank SSB 2 2.56% $5,089
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 3.06% $6,824
ANGEL OAK HOME LOANS LLC 2 2.94% $5,654
HAMILTON HOME LOANS, INC. 2 3.00% $5,345
First Home Bank 1 2.63% $10,972
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $4,877
S1L, Inc. 1 3.25% $6,573
VILLAGE CAPITAL & INVESTMENT LLC 1 3.25% $5,106
SIGNATURE MORTGAGE CORPORATION 1 2.75% $6,808
Blue Ridge Bank 1 3.13% $5,364
AmRes Corporation 1 3.25% $8,430
GMFS LLC 1 2.88% $5,885
GSF Mortgage Corporation 1 3.75% $12,178
First Reliance Bank 1 2.50% $3,710
US MORTGAGE CORPORATION 1 3.25% $9,591
MORTGAGE EQUITY PARTNERS LLC 1 3.13% $7,442
The Fidelity Bank 1 3.25% $4,169
MID AMERICA MORTGAGE, INC. 1 3.25% $6,001
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $7,966
FREEDOM MORTGAGE CORPORATION 1 2.75% $7,135
First Bank 1 2.00% $5,214
DATA MORTGAGE, INC. 1 2.88% $7,409
TIDEWATER MORTGAGE SERVICES, INC. 1 2.50% $5,731
NVR Mortgage Finance, Inc. 1 2.88% $11,087
AMERISAVE MORTGAGE CORPORATION 1 2.63% $5,104
DAS Acquisition Company, LLC 1 2.75% $5,617
Citizens Bank 1 2.50% $4,705
CERTAINTY HOME LOANS, LLC 1 3.50% $8,266
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 2.88% $7,065
RAPID MORTGAGE COMPANY 1 2.50% $6,216

The top Raleigh USDA lender as defined by loan originations is North State Bank, with 67 USDA loans originated. Their average total fees are $5,051, which is $45 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Raleigh USDA lenders (with over 10 loans originated) are Colten Mortgage, LLC ($4,833), North State Bank ($5,051), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,097), CROSSCOUNTRY MORTGAGE, LLC ($5,480) and EQUITY RESOURCES, INC. ($5,567).

The lowest rate Raleigh USDA lenders (with over 10 loans originated) are North State Bank (2.60%), EQUITY RESOURCES, INC. (2.61%), HOME POINT FINANCIAL CORPORATION (2.65%), Truist Bank (2.66%) and Towne Bank (2.68%).


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 $353,742 (3.6%) $425,099 (3.9%) 1.30 4,048
2018-02-01 $359,900 (3.6%) $428,887 (3.9%) 1.30 4,098
2018-03-01 $369,900 (2.8%) $440,880 (3.4%) 1.28 4,322
2018-04-01 $374,700 (1.8%) $442,115 (0.9%) 1.26 4,592
2018-05-01 $374,205 (1.2%) $444,706 (0.7%) 1.25 4,902
2018-06-01 $370,000 (1.4%) $448,058 (2.9%) 1.23 4,967
2018-07-01 $369,945 (1.4%) $449,779 (3.2%) 1.23 4,926
2018-08-01 $369,900 (1.6%) $448,388 (3.6%) 1.24 5,024
2018-09-01 $366,560 (0.5%) $444,302 (2.6%) 1.23 5,154
2018-10-01 $359,450 (-0.2%) $433,361 (0.7%) 1.20 5,399
2018-11-01 $354,950 (-1.4%) $430,588 (0.4%) 1.19 5,299
2018-12-01 $352,290 (-1.7%) $426,282 (-0.5%) 1.21 5,019
2019-01-01 $349,990 (-1.1%) $422,788 (-0.5%) 1.21 4,745
2019-02-01 $352,245 (-2.1%) $428,724 (0.0%) 1.18 4,717
2019-03-01 $363,743 (-1.7%) $439,143 (-0.4%) 1.19 4,707
2019-04-01 $369,995 (-1.3%) $449,632 (1.7%) 1.17 4,820
2019-05-01 $376,250 (0.6%) $457,233 (2.8%) 1.16 4,909
2019-06-01 $379,900 (2.7%) $456,497 (1.9%) 1.17 4,998
2019-07-01 $375,000 (1.4%) $454,546 (1.1%) 1.17 5,076
2019-08-01 $374,107 (1.1%) $450,811 (0.5%) 1.18 5,113
2019-09-01 $371,459 (1.3%) $446,679 (0.5%) 1.18 5,128
2019-10-01 $365,000 (1.5%) $444,197 (2.5%) 1.16 5,280
2019-11-01 $359,900 (1.4%) $442,820 (2.8%) 1.16 5,093
2019-12-01 $362,100 (2.8%) $445,520 (4.5%) 1.21 4,649
2020-01-01 $359,900 (2.8%) $444,663 (5.2%) 1.20 4,319
2020-02-01 $365,000 (3.6%) $450,856 (5.2%) 1.18 4,127
2020-03-01 $374,950 (3.1%) $462,522 (5.3%) 1.17 4,088
2020-04-01 $366,000 (-1.1%) $453,062 (0.8%) 1.14 4,348
2020-05-01 $374,900 (-0.4%) $466,999 (2.1%) 1.14 4,190
2020-06-01 $384,950 (1.3%) $487,082 (6.7%) 1.12 3,581
2020-07-01 $384,170 (2.5%) $487,805 (7.3%) 1.10 3,333
2020-08-01 $386,193 (3.2%) $487,666 (8.2%) 1.10 3,218
2020-09-01 $391,000 (5.3%) $496,732 (11.2%) 1.12 2,932
2020-10-01 $389,900 (6.8%) $497,109 (11.9%) 1.11 2,888
2020-11-01 $385,000 (7.0%) $493,715 (11.5%) 1.10 2,598
2020-12-01 $385,000 (6.3%) $496,449 (11.4%) 1.13 2,231
2021-01-01 $389,900 (8.3%) $507,114 (14.0%) 1.15 1,846
2021-02-01 $395,000 (8.2%) $525,054 (16.5%) 1.14 1,483
2021-03-01 $398,793 (6.4%) $531,609 (14.9%) 1.12 1,271
2021-04-01 $402,740 (10.0%) $544,638 (20.2%) 1.08 1,195
2021-05-01 $407,190 (8.6%) $554,238 (18.7%) 1.07 999
2021-06-01 $410,131 (6.5%) $562,410 (15.5%) 1.07 1,014
2021-07-01 $408,500 (6.3%) $547,527 (12.2%) 1.06 1,181
2021-08-01 $422,255 (9.3%) $567,561 (16.4%) 1.11 1,228
2021-09-01 $427,133 (9.2%) $559,329 (12.6%) 1.12 1,372
2021-10-01 $425,000 (9.0%) $556,756 (12.0%) 1.12 1,423
2021-11-01 $425,000 (10.4%) $554,431 (12.3%) 1.12 1,349
2021-12-01 $419,900 (9.1%) $551,202 (11.0%) 1.12 1,113
2022-01-01 $424,706 (8.9%) $569,984 (12.4%) 1.13 909
2022-02-01 $430,000 (8.9%) $594,027 (13.1%) 1.10 666
2022-03-01 $448,625 (12.5%) $632,932 (19.1%) 1.11 662
2022-04-01 $475,000 (17.9%) $624,166 (14.6%) 1.12 808
2022-05-01 $493,558 (21.2%) $609,128 (9.9%) 1.10 1,415
2022-06-01 $499,950 (21.9%) $624,124 (11.0%) 1.11 2,147
Raleigh's median listing price for 2022-06-01 was $499,950, a difference of $89,819 (21.9%) versus the prior year and $6,392 versus the prior month.

Raleigh's median listing price comes in at 111% of the national average.

Raleigh's average listing price for 2022-06-01 was $624,124, a difference of $61,714 (11.0%) versus the prior year and $14,996 versus the prior month.

For the 2022-06-01 period, Raleigh had 2,147 MLS listings, a difference of 732 listings (52%) versus the prior month and 1,133 listings (112%) 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 85 days 2,663 sqft
2018-02-01 72 days 2,655 sqft
2018-03-01 56 days 2,700 sqft
2018-04-01 53 days 2,681 sqft
2018-05-01 52 days 2,685 sqft
2018-06-01 56 days 2,668 sqft
2018-07-01 63 days 2,653 sqft
2018-08-01 65 days 2,654 sqft
2018-09-01 67 days 2,623 sqft
2018-10-01 72 days 2,592 sqft
2018-11-01 73 days 2,578 sqft
2018-12-01 82 days 2,563 sqft
2019-01-01 87 days 2,554 sqft
2019-02-01 82 days 2,558 sqft
2019-03-01 57 days 2,594 sqft
2019-04-01 50 days 2,630 sqft
2019-05-01 51 days 2,655 sqft
2019-06-01 51 days 2,639 sqft
2019-07-01 57 days 2,611 sqft
2019-08-01 59 days 2,595 sqft
2019-09-01 59 days 2,576 sqft
2019-10-01 60 days 2,544 sqft
2019-11-01 63 days 2,514 sqft
2019-12-01 69 days 2,520 sqft
2020-01-01 73 days 2,498 sqft
2020-02-01 64 days 2,530 sqft
2020-03-01 50 days 2,558 sqft
2020-04-01 50 days 2,503 sqft
2020-05-01 59 days 2,518 sqft
2020-06-01 63 days 2,547 sqft
2020-07-01 51 days 2,498 sqft
2020-08-01 43 days 2,474 sqft
2020-09-01 48 days 2,467 sqft
2020-10-01 49 days 2,425 sqft
2020-11-01 47 days 2,387 sqft
2020-12-01 51 days 2,378 sqft
2021-01-01 53 days 2,355 sqft
2021-02-01 36 days 2,309 sqft
2021-03-01 30 days 2,260 sqft
2021-04-01 23 days 2,303 sqft
2021-05-01 20 days 2,292 sqft
2021-06-01 15 days 2,254 sqft
2021-07-01 18 days 2,266 sqft
2021-08-01 19 days 2,258 sqft
2021-09-01 19 days 2,258 sqft
2021-10-01 19 days 2,249 sqft
2021-11-01 23 days 2,230 sqft
2021-12-01 33 days 2,198 sqft
2022-01-01 36 days 2,134 sqft
2022-02-01 20 days 2,161 sqft
2022-03-01 11 days 2,189 sqft
2022-04-01 9 days 2,260 sqft
2022-05-01 9 days 2,325 sqft
2022-06-01 15 days 2,354 sqft
Raleigh's median listing age (time on market) for 2022-06-01 was 15 days. This is -3% shorter than the same period one year ago.

Raleigh's median square footage for active listings during the 2022-06-01 period was 2,354 sqft. One year prior, the average listing was 2,254 sqft.