Somerset USDA Loan Rates, Closing Costs & Stats

Somerset, PA

  • 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 12 lenders originated 24 USDA loans during 2023. The total origination value was $2,510,000, with an average USDA loan value of $104,583.

    Somerset USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Somerset averaged 6.41% 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 $4,302.

    The average rate for the prior week (2024-12-06) was 6.05% and one month ago for the week of 2024-11-08, the average rate was 6.36%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.2%.

    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
    SOMERSET TRUST COMPANY 5 6.53% $4,418
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.40% $5,496
    First Commonwealth Bank 3 6.42% $6,009
    EQUITY RESOURCES, INC. 1 6.99% $4,949
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $8,274
    Mortgage Research Center, LLC 1 5.25% $2,838
    MOVEMENT MORTGAGE, LLC 1 6.25% $5,908
    Wells Fargo Bank 1 6.50% $3,324
    Bank of England 1 5.63% $9,343
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 6.50% $5,148
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.75% $4,767
    EMM LOANS LLC 1 6.63% $5,048

    The top Somerset USDA lender as defined by loan originations is SOMERSET TRUST COMPANY, with 5 USDA loans originated. Their average total fees are $4,418, which is $1,079 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    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 $168,000 (-4.0%) $230,576 (-0.1%) 0.00 450
    2018-02-01 $167,400 (-4.3%) $231,383 (-0.5%) 0.00 439
    2018-03-01 $169,000 (-0.2%) $237,756 (3.0%) 0.00 464
    2018-04-01 $169,000 (-2.3%) $235,451 (2.8%) 0.00 470
    2018-05-01 $160,438 (-7.9%) $230,871 (0.8%) 0.00 466
    2018-06-01 $164,950 (-5.7%) $237,209 (4.0%) 0.00 466
    2018-07-01 $164,250 (-8.7%) $231,818 (-2.8%) 0.00 478
    2018-08-01 $165,000 (-5.7%) $227,874 (-4.7%) 0.00 471
    2018-09-01 $169,900 (-2.9%) $228,640 (-5.6%) 0.00 482
    2018-10-01 $169,900 (-2.7%) $229,109 (-4.0%) 0.00 472
    2018-11-01 $169,450 (1.8%) $231,365 (1.6%) 0.00 446
    2018-12-01 $169,900 (3.0%) $229,930 (1.4%) 0.00 430
    2019-01-01 $176,000 (4.8%) $236,844 (2.7%) 0.00 392
    2019-02-01 $176,000 (5.1%) $239,073 (3.3%) 0.00 369
    2019-03-01 $174,229 (3.1%) $231,961 (-2.4%) 0.00 367
    2019-04-01 $173,329 (2.6%) $227,677 (-3.3%) 0.00 372
    2019-05-01 $172,450 (7.5%) $233,980 (1.4%) 0.00 380
    2019-06-01 $175,000 (6.1%) $232,272 (-2.1%) 0.00 393
    2019-07-01 $174,250 (6.1%) $234,217 (1.0%) 0.00 405
    2019-08-01 $169,600 (2.8%) $229,574 (0.8%) 0.00 409
    2019-09-01 $163,750 (-3.6%) $226,243 (-1.1%) 0.00 406
    2019-10-01 $158,100 (-7.0%) $224,140 (-2.2%) 0.00 400
    2019-11-01 $159,900 (-5.6%) $226,659 (-2.0%) 0.00 379
    2019-12-01 $166,350 (-2.1%) $230,623 (0.3%) 0.00 356
    2020-01-01 $167,025 (-5.1%) $230,725 (-2.6%) 0.00 332
    2020-02-01 $168,500 (-4.3%) $232,538 (-2.7%) 0.00 331
    2020-03-01 $169,900 (-2.5%) $235,513 (1.5%) 0.00 315
    2020-04-01 $169,950 (-2.0%) $242,261 (6.4%) 0.00 290
    2020-05-01 $179,000 (3.8%) $250,276 (7.0%) 0.00 277
    2020-06-01 $168,500 (-3.7%) $248,197 (6.9%) 0.00 303
    2020-07-01 $174,000 (-0.1%) $257,113 (9.8%) 0.00 275
    2020-08-01 $169,900 (0.2%) $260,197 (13.3%) 0.00 246
    2020-09-01 $179,450 (9.6%) $278,754 (23.2%) 0.00 217
    2020-10-01 $198,500 (25.6%) $295,310 (31.8%) 0.00 204
    2020-11-01 $210,500 (31.6%) $311,072 (37.2%) 0.00 190
    2020-12-01 $218,450 (31.3%) $323,820 (40.4%) 0.00 160
    2021-01-01 $219,000 (31.1%) $343,726 (49.0%) 0.00 133
    2021-02-01 $189,000 (12.2%) $344,724 (48.2%) 0.00 127
    2021-03-01 $222,400 (30.9%) $354,880 (50.7%) 0.00 113
    2021-04-01 $226,950 (33.5%) $350,906 (44.9%) 0.00 110
    2021-05-01 $218,950 (22.3%) $349,284 (39.6%) 0.00 105
    2021-06-01 $185,300 (10.0%) $368,101 (48.3%) 0.00 116
    2021-07-01 $183,750 (5.6%) $341,797 (32.9%) 0.00 132
    2021-08-01 $171,950 (1.2%) $323,915 (24.5%) 0.00 148
    2021-09-01 $162,450 (-9.5%) $327,213 (17.4%) 0.00 154
    2021-10-01 $162,400 (-18.2%) $285,738 (-3.2%) 0.00 145
    2021-11-01 $161,175 (-23.4%) $298,313 (-4.1%) 0.00 113
    2021-12-01 $154,950 (-29.1%) $318,989 (-1.5%) 0.00 108
    2022-01-01 $134,900 (-38.4%) $292,759 (-14.8%) 0.00 84
    2022-02-01 $120,000 (-36.5%) $254,247 (-26.3%) 0.00 74
    2022-03-01 $178,725 (-19.6%) $287,006 (-19.1%) 0.00 84
    2022-04-01 $209,950 (-7.5%) $311,726 (-11.2%) 0.00 79
    2022-05-01 $233,700 (6.7%) $310,113 (-11.2%) 0.00 85
    2022-06-01 $225,975 (22.0%) $314,196 (-14.6%) 0.00 98
    2022-07-01 $207,450 (12.9%) $333,900 (-2.3%) 0.00 100
    2022-08-01 $208,850 (21.5%) $352,910 (9.0%) 0.00 112
    2022-09-01 $224,000 (37.9%) $344,354 (5.2%) 0.00 116
    2022-10-01 $179,900 (10.8%) $322,976 (13.0%) 0.00 118
    2022-11-01 $167,625 (4.0%) $304,530 (2.1%) 0.00 119
    2022-12-01 $175,000 (12.9%) $302,983 (-5.0%) 0.00 104
    2023-01-01 $188,425 (39.7%) $328,067 (12.1%) 0.00 90
    2023-02-01 $204,000 (70.0%) $359,830 (41.5%) 0.00 80
    2023-03-01 $208,000 (16.4%) $352,206 (22.7%) 0.00 68
    2023-04-01 $219,000 (4.3%) $354,147 (13.6%) 0.00 80
    2023-05-01 $249,000 (6.6%) $395,172 (27.4%) 0.00 90
    2023-06-01 $275,000 (21.7%) $390,481 (24.3%) 0.00 104
    2023-07-01 $259,000 (24.9%) $443,716 (32.9%) 0.00 100
    2023-08-01 $243,500 (16.6%) $437,907 (24.1%) 0.00 108
    2023-09-01 $226,778 (1.2%) $423,768 (23.1%) 0.00 103
    2023-10-01 $231,664 (28.8%) $454,115 (40.6%) 0.00 109
    2023-11-01 $194,950 (16.3%) $400,210 (31.4%) 0.00 122
    2023-12-01 $215,000 (22.9%) $425,097 (40.3%) 0.00 109
    2024-01-01 $249,700 (32.5%) $424,412 (29.4%) 0.00 99
    2024-02-01 $240,975 (18.1%) $431,207 (19.8%) 0.00 91
    2024-03-01 $239,900 (15.3%) $393,113 (11.6%) 0.00 99
    2024-04-01 $237,450 (8.4%) $413,260 (16.7%) 0.00 112
    2024-05-01 $252,250 (1.3%) $405,880 (2.7%) 0.00 123
    2024-06-01 $285,000 (3.6%) $442,136 (13.2%) 0.00 135
    2024-07-01 $282,450 (9.1%) $387,050 (-12.8%) 0.00 149
    2024-08-01 $267,900 (10.0%) $381,011 (-13.0%) 0.00 146
    2024-09-01 $277,000 (22.2%) $401,575 (-5.2%) 0.00 151
    2024-10-01 $258,225 (11.5%) $406,027 (-10.6%) 0.00 158
    2024-11-01 $250,000 (28.2%) $393,113 (-1.8%) 0.00 154
    Somerset's median listing price for 2024-11-01 was $250,000, a difference of $55,050 (28.2%) versus the prior year and $-8,225 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 $393,113, a difference of $-7,097 (-1.8%) versus the prior year and $-12,914 versus the prior month.

    For the 2024-11-01 period, Somerset had 154 MLS listings, a difference of -4 listings (-3%) versus the prior month and 32 listings (26%) 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 1,763 sqft
    2018-02-01 0 days 1,727 sqft
    2018-03-01 0 days 1,723 sqft
    2018-04-01 0 days 1,717 sqft
    2018-05-01 0 days 1,711 sqft
    2018-06-01 0 days 1,728 sqft
    2018-07-01 0 days 1,739 sqft
    2018-08-01 0 days 1,728 sqft
    2018-09-01 0 days 1,735 sqft
    2018-10-01 0 days 1,748 sqft
    2018-11-01 0 days 1,739 sqft
    2018-12-01 0 days 1,774 sqft
    2019-01-01 0 days 1,772 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,747 sqft
    2019-04-01 0 days 1,709 sqft
    2019-05-01 0 days 1,740 sqft
    2019-06-01 0 days 1,768 sqft
    2019-07-01 0 days 1,773 sqft
    2019-08-01 0 days 1,767 sqft
    2019-09-01 0 days 1,757 sqft
    2019-10-01 0 days 1,749 sqft
    2019-11-01 0 days 1,760 sqft
    2019-12-01 0 days 1,764 sqft
    2020-01-01 0 days 1,783 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,858 sqft
    2020-04-01 0 days 1,858 sqft
    2020-05-01 0 days 1,875 sqft
    2020-06-01 0 days 1,848 sqft
    2020-07-01 0 days 1,852 sqft
    2020-08-01 0 days 1,802 sqft
    2020-09-01 0 days 1,763 sqft
    2020-10-01 0 days 1,781 sqft
    2020-11-01 0 days 1,808 sqft
    2020-12-01 0 days 1,855 sqft
    2021-01-01 0 days 1,848 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,834 sqft
    2021-04-01 0 days 1,756 sqft
    2021-05-01 0 days 1,771 sqft
    2021-06-01 0 days 1,692 sqft
    2021-07-01 0 days 1,681 sqft
    2021-08-01 0 days 1,648 sqft
    2021-09-01 0 days 1,583 sqft
    2021-10-01 0 days 1,563 sqft
    2021-11-01 0 days 1,566 sqft
    2021-12-01 0 days 1,606 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,474 sqft
    2022-03-01 0 days 1,561 sqft
    2022-04-01 0 days 1,675 sqft
    2022-05-01 0 days 1,646 sqft
    2022-06-01 0 days 1,609 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,600 sqft
    2022-09-01 0 days 1,686 sqft
    2022-10-01 0 days 1,583 sqft
    2022-11-01 0 days 1,582 sqft
    2022-12-01 0 days 1,660 sqft
    2023-01-01 0 days 1,694 sqft
    2023-02-01 0 days 1,682 sqft
    2023-03-01 0 days 1,594 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,794 sqft
    2023-06-01 0 days 1,801 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,623 sqft
    2023-10-01 0 days 1,774 sqft
    2023-11-01 0 days 1,661 sqft
    2023-12-01 0 days 1,676 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,711 sqft
    2024-03-01 0 days 1,750 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,726 sqft
    2024-06-01 0 days 1,680 sqft
    2024-07-01 0 days 1,723 sqft
    2024-08-01 0 days 1,670 sqft
    2024-09-01 0 days 1,672 sqft
    2024-10-01 0 days 1,656 sqft
    2024-11-01 0 days 1,660 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 1,660 sqft. One year prior, the average listing was 1,661 sqft.