Reading USDA Loan Rates, Closing Costs & Stats

READING, PA

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.

Reading's 17 lenders originated 39 USDA loans during 2022. The total origination value was $7,745,000, with an average USDA loan value of $198,590.

Reading USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Reading averaged -0.22% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

Reading's average USDA mortgage closing costs are $5,719.

The average rate for the prior week (2023-11-17) was 7.07% and one month ago for the week of 2023-10-20, the average rate was 7.19%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.25%.

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

Reading 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 Reading level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage America, Inc. 9 5.33% $6,540
Northpointe Bank 6 4.23% $7,971
CROSSCOUNTRY MORTGAGE, LLC 4 5.09% $7,680
HOME POINT FINANCIAL CORPORATION 4 4.03% $6,665
CHERRY CREEK MORTGAGE, LLC 2 4.31% $1,396
SUCCESS MORTGAGE PARTNERS, INC. 2 4.69% $5,654
First National Bank of Pennsylvania 1 5.25% $7,567
MOVEMENT MORTGAGE, LLC 1 2.75% $12,933
NEWREZ LLC 1 7.13% $5,109
NP, Inc. 1 4.13% $6,965
Bank of England 1 5.63% $7,103
UNITED WHOLESALE MORTGAGE, LLC 1 5.99% $7,589
CONTOUR MORTGAGE CORPORATION 1 5.63% $6,299
ENVOY MORTGAGE, LTD 1 5.25% $8,364
Equity Prime Mortgage LLC 1 3.75% $5,815
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $6,334
FIRST HERITAGE FINANCIAL, LLC 1 3.00% $4,767

The top Reading USDA lender as defined by loan originations is Mortgage America, Inc., with 9 USDA loans originated. Their average total fees are $6,540, which is $1,431 lower than the next largest lender, Northpointe Bank.

The lowest fee Reading USDA lenders (with over 10 loans originated) are .

The lowest rate Reading USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Reading (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 $171,945 (1.2%) $224,736 (3.4%) 0.64 1,243
2018-02-01 $174,950 (0.6%) $224,422 (0.6%) 0.64 1,161
2018-03-01 $179,900 (2.8%) $232,785 (4.0%) 0.63 1,102
2018-04-01 $187,475 (1.3%) $237,518 (3.8%) 0.64 1,158
2018-05-01 $199,900 (4.1%) $247,800 (6.9%) 0.67 1,190
2018-06-01 $209,990 (10.6%) $256,687 (9.8%) 0.70 1,252
2018-07-01 $209,050 (8.2%) $255,063 (7.9%) 0.70 1,253
2018-08-01 $210,500 (12.4%) $255,859 (9.1%) 0.71 1,253
2018-09-01 $209,900 (16.7%) $253,221 (9.4%) 0.71 1,254
2018-10-01 $209,950 (16.7%) $255,392 (10.3%) 0.71 1,245
2018-11-01 $209,900 (20.2%) $254,543 (12.5%) 0.71 1,239
2018-12-01 $204,990 (17.2%) $251,406 (9.4%) 0.71 1,176
2019-01-01 $199,948 (16.3%) $251,747 (12.0%) 0.69 1,071
2019-02-01 $199,945 (14.3%) $256,610 (14.3%) 0.68 1,009
2019-03-01 $208,471 (15.9%) $261,609 (12.4%) 0.68 997
2019-04-01 $222,400 (18.6%) $268,665 (13.1%) 0.71 988
2019-05-01 $222,400 (11.3%) $269,590 (8.8%) 0.70 1,008
2019-06-01 $220,000 (4.8%) $268,804 (4.7%) 0.69 1,032
2019-07-01 $219,900 (5.2%) $265,746 (4.2%) 0.69 1,097
2019-08-01 $218,991 (4.0%) $269,098 (5.2%) 0.69 1,078
2019-09-01 $225,127 (7.3%) $273,852 (8.2%) 0.72 1,045
2019-10-01 $232,423 (10.7%) $278,512 (9.1%) 0.75 999
2019-11-01 $235,000 (12.0%) $280,092 (10.0%) 0.77 953
2019-12-01 $233,725 (14.0%) $281,449 (12.0%) 0.78 841
2020-01-01 $229,950 (15.0%) $282,298 (12.1%) 0.77 770
2020-02-01 $247,300 (23.7%) $287,164 (11.9%) 0.81 717
2020-03-01 $259,900 (24.7%) $297,699 (13.8%) 0.81 674
2020-04-01 $274,400 (23.4%) $313,554 (16.7%) 0.86 592
2020-05-01 $259,900 (16.9%) $302,981 (12.4%) 0.79 618
2020-06-01 $249,950 (13.6%) $306,332 (14.0%) 0.74 586
2020-07-01 $270,725 (23.1%) $326,177 (22.7%) 0.78 485
2020-08-01 $270,000 (23.3%) $321,979 (19.7%) 0.77 478
2020-09-01 $259,950 (15.5%) $317,509 (15.9%) 0.74 476
2020-10-01 $264,900 (14.0%) $325,720 (17.0%) 0.76 459
2020-11-01 $267,400 (13.8%) $315,915 (12.8%) 0.78 464
2020-12-01 $261,150 (11.7%) $311,097 (10.5%) 0.78 431
2021-01-01 $259,000 (12.6%) $316,954 (12.3%) 0.77 366
2021-02-01 $284,900 (15.2%) $346,614 (20.7%) 0.83 284
2021-03-01 $288,450 (11.0%) $354,445 (19.1%) 0.82 273
2021-04-01 $278,250 (1.4%) $342,029 (9.1%) 0.75 284
2021-05-01 $274,900 (5.8%) $339,512 (12.1%) 0.73 312
2021-06-01 $237,500 (-5.0%) $314,919 (2.8%) 0.63 406
2021-07-01 $248,990 (-8.0%) $322,760 (-1.1%) 0.66 413
2021-08-01 $245,995 (-8.9%) $315,320 (-2.1%) 0.66 447
2021-09-01 $242,450 (-6.7%) $312,485 (-1.6%) 0.65 437
2021-10-01 $245,990 (-7.1%) $320,169 (-1.7%) 0.66 437
2021-11-01 $243,998 (-8.8%) $310,687 (-1.7%) 0.65 410
2021-12-01 $231,250 (-11.5%) $296,522 (-4.7%) 0.63 351
2022-01-01 $239,900 (-7.4%) $308,678 (-2.6%) 0.65 272
2022-02-01 $239,450 (-16.0%) $313,873 (-9.5%) 0.62 260
2022-03-01 $257,000 (-10.9%) $332,217 (-6.3%) 0.64 251
2022-04-01 $260,000 (-6.6%) $337,078 (-1.5%) 0.62 269
2022-05-01 $253,450 (-7.8%) $333,228 (-1.9%) 0.58 281
2022-06-01 $256,750 (8.1%) $348,786 (10.8%) 0.57 343
2022-07-01 $259,900 (4.4%) $344,522 (6.7%) 0.59 397
2022-08-01 $266,225 (8.2%) $341,054 (8.2%) 0.62 416
2022-09-01 $249,450 (2.9%) $331,758 (6.2%) 0.58 427
2022-10-01 $252,450 (2.6%) $337,484 (5.4%) 0.59 425
2022-11-01 $274,900 (12.7%) $347,588 (11.9%) 0.66 415
2022-12-01 $279,900 (21.0%) $341,014 (15.0%) 0.69 361
2023-01-01 $276,175 (15.1%) $351,373 (13.8%) 0.68 308
2023-02-01 $294,225 (22.9%) $361,502 (15.2%) 0.71 282
2023-03-01 $304,350 (18.4%) $384,377 (15.7%) 0.72 285
2023-04-01 $319,900 (23.0%) $388,382 (15.2%) 0.74 299
2023-05-01 $324,925 (28.2%) $400,010 (20.0%) 0.74 310
2023-06-01 $340,329 (32.6%) $418,852 (20.1%) 0.76 325
2023-07-01 $337,754 (30.0%) $426,262 (23.7%) 0.77 310
2023-08-01 $330,825 (24.3%) $403,604 (18.3%) 0.76 325
2023-09-01 $349,900 (40.3%) $406,765 (22.6%) 0.81 342
2023-10-01 $347,671 (37.7%) $406,877 (20.6%) 0.82 367
Reading's median listing price for 2023-10-01 was $347,671, a difference of $95,221 (37.7%) versus the prior year and $-2,229 versus the prior month.

Reading's median listing price comes in at 82% of the national average.

Reading's average listing price for 2023-10-01 was $406,877, a difference of $69,393 (20.6%) versus the prior year and $112 versus the prior month.

For the 2023-10-01 period, Reading had 367 MLS listings, a difference of 25 listings (7%) versus the prior month and -58 listings (-14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 1,740 sqft
2018-02-01 90 days 1,764 sqft
2018-03-01 65 days 1,791 sqft
2018-04-01 52 days 1,811 sqft
2018-05-01 52 days 1,860 sqft
2018-06-01 53 days 1,916 sqft
2018-07-01 58 days 1,886 sqft
2018-08-01 60 days 1,887 sqft
2018-09-01 64 days 1,900 sqft
2018-10-01 67 days 1,899 sqft
2018-11-01 67 days 1,885 sqft
2018-12-01 73 days 1,860 sqft
2019-01-01 85 days 1,855 sqft
2019-02-01 87 days 1,886 sqft
2019-03-01 69 days 1,938 sqft
2019-04-01 47 days 1,995 sqft
2019-05-01 39 days 1,984 sqft
2019-06-01 40 days 1,952 sqft
2019-07-01 44 days 1,947 sqft
2019-08-01 48 days 1,960 sqft
2019-09-01 53 days 1,992 sqft
2019-10-01 58 days 2,023 sqft
2019-11-01 58 days 2,035 sqft
2019-12-01 70 days 2,009 sqft
2020-01-01 77 days 2,020 sqft
2020-02-01 66 days 2,048 sqft
2020-03-01 44 days 2,080 sqft
2020-04-01 66 days 2,134 sqft
2020-05-01 74 days 2,034 sqft
2020-06-01 40 days 2,047 sqft
2020-07-01 34 days 2,109 sqft
2020-08-01 27 days 2,144 sqft
2020-09-01 25 days 2,028 sqft
2020-10-01 41 days 2,050 sqft
2020-11-01 42 days 2,006 sqft
2020-12-01 47 days 1,960 sqft
2021-01-01 57 days 1,927 sqft
2021-02-01 62 days 2,100 sqft
2021-03-01 45 days 1,988 sqft
2021-04-01 30 days 1,960 sqft
2021-05-01 25 days 1,892 sqft
2021-06-01 31 days 1,811 sqft
2021-07-01 38 days 1,832 sqft
2021-08-01 39 days 1,812 sqft
2021-09-01 39 days 1,784 sqft
2021-10-01 43 days 1,792 sqft
2021-11-01 45 days 1,786 sqft
2021-12-01 48 days 1,754 sqft
2022-01-01 49 days 1,692 sqft
2022-02-01 42 days 1,741 sqft
2022-03-01 28 days 1,763 sqft
2022-04-01 26 days 1,810 sqft
2022-05-01 22 days 1,772 sqft
2022-06-01 23 days 1,786 sqft
2022-07-01 29 days 1,800 sqft
2022-08-01 32 days 1,799 sqft
2022-09-01 40 days 1,783 sqft
2022-10-01 39 days 1,800 sqft
2022-11-01 42 days 1,865 sqft
2022-12-01 57 days 1,852 sqft
2023-01-01 62 days 1,838 sqft
2023-02-01 52 days 1,908 sqft
2023-03-01 37 days 1,988 sqft
2023-04-01 34 days 1,978 sqft
2023-05-01 33 days 1,982 sqft
2023-06-01 37 days 1,976 sqft
2023-07-01 39 days 1,979 sqft
2023-08-01 35 days 1,924 sqft
2023-09-01 40 days 1,969 sqft
2023-10-01 38 days 1,981 sqft
Reading's median listing age (time on market) for 2023-10-01 was 38 days. This is -4% shorter than the same period one year ago.

Reading's median square footage for active listings during the 2023-10-01 period was 1,981 sqft. One year prior, the average listing was 1,800 sqft.