Somerset USDA Loan Rates, Closing Costs & Stats

Somerset, KY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.36% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Somerset's average USDA mortgage closing costs are $4,688.

    The average rate for the prior week (2024-12-06) was 6.6% and one month ago for the week of 2024-11-08, the average rate was 6.61%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.3%.

    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.