Somerset USDA Loan Rates, Closing Costs & Stats
Somerset, KY
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.
Somerset's 17 lenders originated 29 USDA loans during 2023. The total origination value was $4,615,000, with an average USDA loan value of $159,138.
Somerset USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Somerset
averaged
6.39%
for the week of 2024-12-06, compared to the national average (all USDA variants) of
6.328% for the same period.
Somerset's average USDA mortgage closing costs are $4,688.
The average rate for the prior week (2024-11-29) was
6.36% and
one month ago for the week of 2024-11-01, the
average rate was 6.31%.
The average rate one year ago was 7.12%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.43%.
Somerset 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 Somerset level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
HOMESIDE FINANCIAL, LLC | 4 | 5.84% | $7,478 |
Republic State Mortgage Co. | 3 | 6.33% | $6,574 |
GoPrime Mortgage, Inc. | 3 | 7.00% | $4,438 |
UNITED WHOLESALE MORTGAGE, LLC | 2 | 6.76% | $5,243 |
BROKER SOLUTIONS, INC. | 2 | 6.56% | $6,573 |
POLARIS HOME FUNDING CORP. | 2 | 6.25% | $6,655 |
GENEVA FINANCIAL, LLC | 1 | 6.25% | $7,695 |
CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.19% | $6,836 |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 6.88% | $7,196 |
MOVEMENT MORTGAGE, LLC | 1 | 6.75% | $8,182 |
Paramount Residential Mortgage Group, Inc. | 1 | 6.63% | $7,314 |
AMCAP MORTGAGE, LTD. | 1 | 7.13% | $5,976 |
PRIMARY RESIDENTIAL MORTGAGE, INC. | 1 | 6.63% | $3,408 |
AMERICAN FINANCIAL RESOURCES, INC. | 1 | 6.88% | $4,117 |
SOUTHPOINT FINANCIAL SERVICES, INC. | 1 | 6.63% | $2,237 |
STOCKTON MORTGAGE CORPORATION | 1 | 6.75% | $7,236 |
DAS Acquisition Company, LLC | 1 | 7.00% | $9,648 |
The top Somerset USDA lender as defined by loan originations is HOMESIDE FINANCIAL, LLC, with
4 USDA loans originated. Their average total fees are
$7,478, which is $904
higher than the next largest lender,
Republic State Mortgage Co..
The lowest fee Somerset USDA lenders (with over 10 loans originated) are
.
The lowest rate Somerset USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $159,900 (0.0%) | $207,462 (-0.8%) | 0.00 | 401 |
2018-02-01 | $159,900 (0.0%) | $205,723 (-0.4%) | 0.00 | 413 |
2018-03-01 | $159,900 (0.0%) | $214,127 (2.6%) | 0.00 | 416 |
2018-04-01 | $168,650 (-0.2%) | $212,896 (-1.3%) | 0.00 | 432 |
2018-05-01 | $169,900 (0.0%) | $214,561 (-0.3%) | 0.00 | 439 |
2018-06-01 | $170,000 (0.6%) | $214,704 (1.1%) | 0.00 | 441 |
2018-07-01 | $175,000 (6.1%) | $215,264 (1.9%) | 0.00 | 457 |
2018-08-01 | $172,225 (3.8%) | $210,917 (-0.8%) | 0.00 | 460 |
2018-09-01 | $175,900 (3.5%) | $216,538 (0.7%) | 0.00 | 450 |
2018-10-01 | $177,600 (4.8%) | $217,399 (2.5%) | 0.00 | 431 |
2018-11-01 | $175,225 (3.1%) | $217,836 (2.6%) | 0.00 | 433 |
2018-12-01 | $175,700 (9.9%) | $222,628 (5.7%) | 0.00 | 406 |
2019-01-01 | $170,600 (6.7%) | $217,171 (4.7%) | 0.00 | 387 |
2019-02-01 | $169,925 (6.3%) | $215,848 (4.9%) | 0.00 | 378 |
2019-03-01 | $169,900 (6.3%) | $212,970 (-0.5%) | 0.00 | 385 |
2019-04-01 | $169,900 (0.7%) | $213,819 (0.4%) | 0.00 | 390 |
2019-05-01 | $169,900 (0.0%) | $212,784 (-0.8%) | 0.00 | 395 |
2019-06-01 | $174,500 (2.7%) | $216,373 (0.8%) | 0.00 | 413 |
2019-07-01 | $179,000 (2.3%) | $218,611 (1.6%) | 0.00 | 421 |
2019-08-01 | $180,609 (4.9%) | $221,499 (5.0%) | 0.00 | 393 |
2019-09-01 | $183,023 (4.1%) | $226,319 (4.5%) | 0.00 | 373 |
2019-10-01 | $185,842 (4.6%) | $230,838 (6.2%) | 0.00 | 359 |
2019-11-01 | $183,900 (5.0%) | $228,638 (5.0%) | 0.00 | 346 |
2019-12-01 | $179,900 (2.4%) | $229,158 (2.9%) | 0.00 | 327 |
2020-01-01 | $179,900 (5.5%) | $229,096 (5.5%) | 0.00 | 293 |
2020-02-01 | $184,900 (8.8%) | $239,817 (11.1%) | 0.00 | 304 |
2020-03-01 | $192,400 (13.2%) | $243,654 (14.4%) | 0.00 | 312 |
2020-04-01 | $199,800 (17.6%) | $245,918 (15.0%) | 0.00 | 302 |
2020-05-01 | $195,000 (14.8%) | $240,007 (12.8%) | 0.00 | 271 |
2020-06-01 | $207,450 (18.9%) | $257,377 (19.0%) | 0.00 | 238 |
2020-07-01 | $199,900 (11.7%) | $255,471 (16.9%) | 0.00 | 235 |
2020-08-01 | $207,350 (14.8%) | $263,699 (19.1%) | 0.00 | 224 |
2020-09-01 | $219,450 (19.9%) | $273,534 (20.9%) | 0.00 | 185 |
2020-10-01 | $214,450 (15.4%) | $265,444 (15.0%) | 0.00 | 188 |
2020-11-01 | $216,125 (17.5%) | $273,886 (19.8%) | 0.00 | 168 |
2020-12-01 | $219,000 (21.7%) | $270,396 (18.0%) | 0.00 | 171 |
2021-01-01 | $199,900 (11.1%) | $269,360 (17.6%) | 0.00 | 166 |
2021-02-01 | $199,225 (7.8%) | $277,473 (15.7%) | 0.00 | 146 |
2021-03-01 | $219,950 (14.3%) | $322,166 (32.2%) | 0.00 | 104 |
2021-04-01 | $247,450 (23.9%) | $341,425 (38.8%) | 0.00 | 110 |
2021-05-01 | $259,900 (33.3%) | $343,384 (43.1%) | 0.00 | 119 |
2021-06-01 | $269,475 (29.9%) | $335,492 (30.4%) | 0.00 | 132 |
2021-07-01 | $279,000 (39.6%) | $345,632 (35.3%) | 0.00 | 153 |
2021-08-01 | $283,750 (36.9%) | $351,681 (33.4%) | 0.00 | 166 |
2021-09-01 | $254,950 (16.2%) | $330,496 (20.8%) | 0.00 | 184 |
2021-10-01 | $268,500 (25.2%) | $335,147 (26.3%) | 0.00 | 177 |
2021-11-01 | $249,400 (15.4%) | $324,610 (18.5%) | 0.00 | 177 |
2021-12-01 | $245,925 (12.3%) | $331,871 (22.7%) | 0.00 | 167 |
2022-01-01 | $249,000 (24.6%) | $328,258 (21.9%) | 0.00 | 157 |
2022-02-01 | $243,950 (22.5%) | $289,794 (4.4%) | 0.00 | 132 |
2022-03-01 | $238,125 (8.3%) | $292,850 (-9.1%) | 0.00 | 119 |
2022-04-01 | $249,900 (1.0%) | $302,295 (-11.5%) | 0.00 | 124 |
2022-05-01 | $244,450 (-5.9%) | $313,606 (-8.7%) | 0.00 | 149 |
2022-06-01 | $266,725 (-1.0%) | $323,142 (-3.7%) | 0.00 | 175 |
2022-07-01 | $277,777 (-0.4%) | $334,383 (-3.3%) | 0.00 | 206 |
2022-08-01 | $290,000 (2.2%) | $341,689 (-2.8%) | 0.00 | 231 |
2022-09-01 | $274,950 (7.8%) | $337,804 (2.2%) | 0.00 | 246 |
2022-10-01 | $274,950 (2.4%) | $333,516 (-0.5%) | 0.00 | 232 |
2022-11-01 | $269,675 (8.1%) | $328,438 (1.2%) | 0.00 | 239 |
2022-12-01 | $270,000 (9.8%) | $330,726 (-0.4%) | 0.00 | 200 |
2023-01-01 | $264,900 (6.4%) | $327,542 (-0.2%) | 0.00 | 186 |
2023-02-01 | $269,925 (10.7%) | $331,199 (14.3%) | 0.00 | 173 |
2023-03-01 | $274,900 (15.4%) | $342,394 (16.9%) | 0.00 | 166 |
2023-04-01 | $283,500 (13.5%) | $356,228 (17.8%) | 0.00 | 156 |
2023-05-01 | $294,450 (20.5%) | $352,910 (12.5%) | 0.00 | 162 |
2023-06-01 | $283,375 (6.2%) | $345,352 (6.9%) | 0.00 | 175 |
2023-07-01 | $285,000 (2.6%) | $336,513 (0.6%) | 0.00 | 190 |
2023-08-01 | $299,900 (3.4%) | $342,241 (0.2%) | 0.00 | 207 |
2023-09-01 | $299,000 (8.8%) | $353,106 (4.5%) | 0.00 | 219 |
2023-10-01 | $294,900 (7.3%) | $358,832 (7.6%) | 0.00 | 221 |
2023-11-01 | $295,950 (9.7%) | $359,519 (9.5%) | 0.00 | 225 |
2023-12-01 | $309,450 (14.6%) | $368,990 (11.6%) | 0.00 | 217 |
2024-01-01 | $309,900 (17.0%) | $372,292 (13.7%) | 0.00 | 225 |
2024-02-01 | $318,225 (17.9%) | $373,241 (12.7%) | 0.00 | 219 |
2024-03-01 | $315,000 (14.6%) | $363,977 (6.3%) | 0.00 | 228 |
2024-04-01 | $313,725 (10.7%) | $354,716 (-0.4%) | 0.00 | 263 |
2024-05-01 | $317,000 (7.7%) | $370,749 (5.1%) | 0.00 | 267 |
2024-06-01 | $315,000 (11.2%) | $370,575 (7.3%) | 0.00 | 265 |
2024-07-01 | $307,450 (7.9%) | $367,810 (9.3%) | 0.00 | 272 |
2024-08-01 | $309,000 (3.0%) | $360,300 (5.3%) | 0.00 | 307 |
2024-09-01 | $303,950 (1.7%) | $354,243 (0.3%) | 0.00 | 315 |
2024-10-01 | $310,000 (5.1%) | $354,801 (-1.1%) | 0.00 | 302 |
2024-11-01 | $299,900 (1.3%) | $355,738 (-1.1%) | 0.00 | 307 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2024-11-01 was $355,738, a difference of $-3,781 (-1.1%) versus the prior year and $937 versus the prior month.
For the 2024-11-01 period, Somerset had 307 MLS listings, a difference of 5 listings (2%) versus the prior month and 82 listings (36%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,862 sqft |
2018-02-01 | 0 days | 1,928 sqft |
2018-03-01 | 0 days | 1,948 sqft |
2018-04-01 | 0 days | 1,843 sqft |
2018-05-01 | 0 days | 1,841 sqft |
2018-06-01 | 0 days | 1,800 sqft |
2018-07-01 | 0 days | 1,817 sqft |
2018-08-01 | 0 days | 1,847 sqft |
2018-09-01 | 0 days | 1,873 sqft |
2018-10-01 | 0 days | 1,881 sqft |
2018-11-01 | 0 days | 1,941 sqft |
2018-12-01 | 0 days | 1,910 sqft |
2019-01-01 | 0 days | 1,827 sqft |
2019-02-01 | 0 days | 1,785 sqft |
2019-03-01 | 0 days | 1,750 sqft |
2019-04-01 | 0 days | 1,763 sqft |
2019-05-01 | 0 days | 1,884 sqft |
2019-06-01 | 0 days | 1,900 sqft |
2019-07-01 | 0 days | 1,987 sqft |
2019-08-01 | 0 days | 2,000 sqft |
2019-09-01 | 0 days | 2,000 sqft |
2019-10-01 | 0 days | 2,007 sqft |
2019-11-01 | 0 days | 2,006 sqft |
2019-12-01 | 0 days | 1,981 sqft |
2020-01-01 | 0 days | 1,934 sqft |
2020-02-01 | 0 days | 2,000 sqft |
2020-03-01 | 0 days | 1,983 sqft |
2020-04-01 | 0 days | 2,020 sqft |
2020-05-01 | 0 days | 1,944 sqft |
2020-06-01 | 0 days | 2,063 sqft |
2020-07-01 | 0 days | 2,064 sqft |
2020-08-01 | 0 days | 2,100 sqft |
2020-09-01 | 0 days | 2,119 sqft |
2020-10-01 | 0 days | 2,079 sqft |
2020-11-01 | 0 days | 2,106 sqft |
2020-12-01 | 0 days | 2,095 sqft |
2021-01-01 | 0 days | 2,072 sqft |
2021-02-01 | 0 days | 2,002 sqft |
2021-03-01 | 0 days | 2,057 sqft |
2021-04-01 | 0 days | 2,218 sqft |
2021-05-01 | 0 days | 2,081 sqft |
2021-06-01 | 0 days | 2,131 sqft |
2021-07-01 | 0 days | 2,079 sqft |
2021-08-01 | 0 days | 2,129 sqft |
2021-09-01 | 0 days | 2,000 sqft |
2021-10-01 | 0 days | 1,980 sqft |
2021-11-01 | 0 days | 1,902 sqft |
2021-12-01 | 0 days | 1,863 sqft |
2022-01-01 | 0 days | 1,870 sqft |
2022-02-01 | 0 days | 1,838 sqft |
2022-03-01 | 0 days | 1,788 sqft |
2022-04-01 | 0 days | 1,988 sqft |
2022-05-01 | 0 days | 1,833 sqft |
2022-06-01 | 0 days | 1,951 sqft |
2022-07-01 | 0 days | 2,068 sqft |
2022-08-01 | 0 days | 2,082 sqft |
2022-09-01 | 0 days | 2,064 sqft |
2022-10-01 | 0 days | 2,039 sqft |
2022-11-01 | 0 days | 1,990 sqft |
2022-12-01 | 0 days | 1,914 sqft |
2023-01-01 | 0 days | 1,882 sqft |
2023-02-01 | 0 days | 1,794 sqft |
2023-03-01 | 0 days | 1,805 sqft |
2023-04-01 | 0 days | 1,820 sqft |
2023-05-01 | 0 days | 1,994 sqft |
2023-06-01 | 0 days | 1,938 sqft |
2023-07-01 | 0 days | 1,840 sqft |
2023-08-01 | 0 days | 1,864 sqft |
2023-09-01 | 0 days | 1,853 sqft |
2023-10-01 | 0 days | 1,900 sqft |
2023-11-01 | 0 days | 1,877 sqft |
2023-12-01 | 0 days | 1,963 sqft |
2024-01-01 | 0 days | 1,962 sqft |
2024-02-01 | 0 days | 1,966 sqft |
2024-03-01 | 0 days | 1,953 sqft |
2024-04-01 | 0 days | 1,875 sqft |
2024-05-01 | 0 days | 1,978 sqft |
2024-06-01 | 0 days | 1,964 sqft |
2024-07-01 | 0 days | 1,976 sqft |
2024-08-01 | 0 days | 1,964 sqft |
2024-09-01 | 0 days | 1,850 sqft |
2024-10-01 | 0 days | 1,900 sqft |
2024-11-01 | 0 days | 1,888 sqft |
Somerset's median square footage for active listings during the 2024-11-01 period was 1,888 sqft. One year prior, the average listing was 1,877 sqft.