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%.

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

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. Louis
Date 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 for 2024-11-01 was $299,900, a difference of $3,950 (1.3%) versus the prior year and $-10,100 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2024-11-01 was 0 days.

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.