State College USDA Loans
STATE COLLEGE, 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.
State College's 17 lenders originated 85 USDA loans during 2021. The total origination value was $16,295,000, with an average USDA loan value of $191,706.
State College USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in State College
averaged
5.25%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
4.99% and
one month ago for the week of 2022-04-08, the
average rate was 4.65%.
The average rate one year ago was 2.86%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.12%.
State College USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the State College level.
| Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
|---|---|---|---|
| Jersey Shore State Bank | 28 | 2.61% | $6,379 |
| MICHIGAN MUTUAL, INC. | 7 | 2.46% | $9,492 |
| Citizens Bank | 6 | 2.77% | $7,381 |
| First National Bank of Pennsylvania | 6 | 2.75% | $5,335 |
| Flagstar Bank, FSB | 5 | 2.78% | $5,478 |
| BROKER SOLUTIONS, INC. | 5 | 2.33% | $8,952 |
| HOMESIDE FINANCIAL, LLC | 3 | 2.88% | $5,853 |
| CALIBER HOME LOANS, INC. | 2 | 2.50% | $5,365 |
| AmeriServ Financial Bank | 1 | 2.00% | $5,776 |
| STEARNS LENDING, LLC | 1 | 2.75% | $4,690 |
| Century Mortgage Company DBA Century Lending Company | 1 | 2.25% | $6,495 |
| First Commonwealth Bank | 1 | 2.88% | $4,853 |
| Keystone Funding, Inc. | 1 | 2.88% | $6,820 |
| Manufacturers and Traders Trust Company | 1 | 2.75% | $7,751 |
| NEWREZ LLC | 1 | 3.25% | $5,579 |
| Northwest Bank | 1 | 2.88% | $7,572 |
| NORWICH COMMERCIAL GROUP, INC. | 1 | 3.00% | $7,917 |
The top State College USDA lender as defined by loan originations is Jersey Shore State Bank, with
28 USDA loans originated. Their average total fees are
$6,379, which is $3,113
lower than the next largest lender,
MICHIGAN MUTUAL, INC..
The lowest fee State College USDA lenders (with over 10 loans originated) are
Jersey Shore State Bank ($6,379), .
The lowest rate State College USDA lenders (with over 10 loans originated) are
Jersey Shore State Bank (2.61%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - State College (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 | $242,450 (11.6%) | $319,476 (9.8%) | 0.89 | 220 |
| 2018-02-01 | $259,000 (7.3%) | $340,962 (8.9%) | 0.93 | 234 |
| 2018-03-01 | $299,900 (8.5%) | $367,889 (10.0%) | 1.04 | 268 |
| 2018-04-01 | $307,500 (10.2%) | $383,940 (16.7%) | 1.03 | 272 |
| 2018-05-01 | $292,950 (8.5%) | $375,190 (17.3%) | 0.98 | 305 |
| 2018-06-01 | $315,000 (17.5%) | $384,362 (19.2%) | 1.05 | 324 |
| 2018-07-01 | $295,824 (16.0%) | $368,851 (19.7%) | 0.99 | 315 |
| 2018-08-01 | $271,200 (7.1%) | $360,516 (15.8%) | 0.91 | 301 |
| 2018-09-01 | $267,990 (3.1%) | $346,101 (8.4%) | 0.90 | 316 |
| 2018-10-01 | $262,450 (2.8%) | $338,336 (5.7%) | 0.88 | 314 |
| 2018-11-01 | $254,400 (1.8%) | $332,426 (2.4%) | 0.85 | 303 |
| 2018-12-01 | $239,900 (6.6%) | $322,891 (0.7%) | 0.82 | 257 |
| 2019-01-01 | $255,000 (5.2%) | $313,905 (-1.7%) | 0.88 | 210 |
| 2019-02-01 | $288,000 (11.2%) | $327,492 (-4.0%) | 0.96 | 240 |
| 2019-03-01 | $319,314 (6.5%) | $359,780 (-2.2%) | 1.04 | 279 |
| 2019-04-01 | $337,314 (9.7%) | $393,410 (2.5%) | 1.06 | 301 |
| 2019-05-01 | $328,500 (12.1%) | $397,210 (5.9%) | 1.01 | 305 |
| 2019-06-01 | $325,000 (3.2%) | $379,026 (-1.4%) | 1.00 | 349 |
| 2019-07-01 | $316,000 (6.8%) | $370,763 (0.5%) | 0.98 | 356 |
| 2019-08-01 | $310,957 (14.7%) | $368,952 (2.3%) | 0.98 | 352 |
| 2019-09-01 | $300,200 (12.0%) | $361,210 (4.4%) | 0.95 | 330 |
| 2019-10-01 | $269,950 (2.9%) | $335,756 (-0.8%) | 0.86 | 322 |
| 2019-11-01 | $269,000 (5.7%) | $328,106 (-1.3%) | 0.87 | 298 |
| 2019-12-01 | $252,500 (5.3%) | $317,813 (-1.6%) | 0.84 | 246 |
| 2020-01-01 | $259,950 (1.9%) | $320,498 (2.1%) | 0.87 | 206 |
| 2020-02-01 | $279,900 (-2.8%) | $351,248 (7.3%) | 0.90 | 217 |
| 2020-03-01 | $310,500 (-2.8%) | $372,980 (3.7%) | 0.97 | 260 |
| 2020-04-01 | $319,450 (-5.3%) | $380,291 (-3.3%) | 1.00 | 267 |
| 2020-05-01 | $319,900 (-2.6%) | $377,394 (-5.0%) | 0.97 | 296 |
| 2020-06-01 | $329,450 (1.4%) | $382,140 (0.8%) | 0.96 | 300 |
| 2020-07-01 | $329,000 (4.1%) | $379,770 (2.4%) | 0.94 | 297 |
| 2020-08-01 | $325,000 (4.5%) | $376,876 (2.2%) | 0.93 | 293 |
| 2020-09-01 | $299,700 (-0.2%) | $369,692 (2.4%) | 0.86 | 274 |
| 2020-10-01 | $319,000 (18.2%) | $382,805 (14.0%) | 0.91 | 251 |
| 2020-11-01 | $321,500 (19.5%) | $393,585 (20.0%) | 0.92 | 202 |
| 2020-12-01 | $312,500 (23.8%) | $379,888 (19.5%) | 0.92 | 183 |
| 2021-01-01 | $299,900 (15.4%) | $368,109 (14.9%) | 0.88 | 161 |
| 2021-02-01 | $315,000 (12.5%) | $362,583 (3.2%) | 0.91 | 132 |
| 2021-03-01 | $325,000 (4.7%) | $383,768 (2.9%) | 0.91 | 122 |
| 2021-04-01 | $292,200 (-8.5%) | $374,221 (-1.6%) | 0.79 | 135 |
| 2021-05-01 | $315,000 (-1.5%) | $383,600 (1.6%) | 0.83 | 158 |
| 2021-06-01 | $317,000 (-3.8%) | $390,827 (2.3%) | 0.82 | 164 |
| 2021-07-01 | $325,000 (-1.2%) | $396,732 (4.5%) | 0.84 | 176 |
| 2021-08-01 | $304,900 (-6.2%) | $378,536 (0.4%) | 0.80 | 187 |
| 2021-09-01 | $294,990 (-1.6%) | $368,167 (-0.4%) | 0.78 | 175 |
| 2021-10-01 | $285,000 (-10.7%) | $358,807 (-6.3%) | 0.75 | 176 |
| 2021-11-01 | $287,000 (-10.7%) | $369,033 (-6.2%) | 0.76 | 145 |
| 2021-12-01 | $294,450 (-5.8%) | $357,815 (-5.8%) | 0.79 | 112 |
| 2022-01-01 | $289,000 (-3.6%) | $373,764 (1.5%) | 0.77 | 94 |
| 2022-02-01 | $307,445 (-2.4%) | $430,699 (18.8%) | 0.78 | 82 |
| 2022-03-01 | $324,950 (0.0%) | $418,124 (9.0%) | 0.80 | 101 |
| 2022-04-01 | $339,900 (16.3%) | $428,447 (14.5%) | 0.80 | 118 |
State College's median listing price comes in at 80% of the national average.
State College's average listing price for 2022-04-01 was $428,447, a difference of $54,226 (14.5%) versus the prior year and $10,323 versus the prior month.
For the 2022-04-01 period, State College had 118 MLS listings, a difference of 17 listings (17%) versus the prior month and -17 listings (-13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - State College (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 81 days | 1,776 sqft |
| 2018-02-01 | 88 days | 1,827 sqft |
| 2018-03-01 | 61 days | 2,010 sqft |
| 2018-04-01 | 53 days | 2,106 sqft |
| 2018-05-01 | 52 days | 2,086 sqft |
| 2018-06-01 | 58 days | 2,185 sqft |
| 2018-07-01 | 65 days | 2,090 sqft |
| 2018-08-01 | 69 days | 2,134 sqft |
| 2018-09-01 | 74 days | 2,100 sqft |
| 2018-10-01 | 81 days | 2,054 sqft |
| 2018-11-01 | 85 days | 2,006 sqft |
| 2018-12-01 | 86 days | 1,978 sqft |
| 2019-01-01 | 84 days | 1,989 sqft |
| 2019-02-01 | 87 days | 2,050 sqft |
| 2019-03-01 | 92 days | 2,148 sqft |
| 2019-04-01 | 47 days | 2,272 sqft |
| 2019-05-01 | 46 days | 2,299 sqft |
| 2019-06-01 | 56 days | 2,194 sqft |
| 2019-07-01 | 62 days | 2,139 sqft |
| 2019-08-01 | 65 days | 2,130 sqft |
| 2019-09-01 | 67 days | 2,077 sqft |
| 2019-10-01 | 72 days | 1,966 sqft |
| 2019-11-01 | 71 days | 1,862 sqft |
| 2019-12-01 | 83 days | 1,790 sqft |
| 2020-01-01 | 83 days | 1,778 sqft |
| 2020-02-01 | 57 days | 1,849 sqft |
| 2020-03-01 | 39 days | 1,938 sqft |
| 2020-04-01 | 56 days | 1,944 sqft |
| 2020-05-01 | 72 days | 1,944 sqft |
| 2020-06-01 | 67 days | 2,002 sqft |
| 2020-07-01 | 56 days | 1,998 sqft |
| 2020-08-01 | 53 days | 1,963 sqft |
| 2020-09-01 | 57 days | 2,043 sqft |
| 2020-10-01 | 64 days | 2,088 sqft |
| 2020-11-01 | 73 days | 2,100 sqft |
| 2020-12-01 | 79 days | 2,014 sqft |
| 2021-01-01 | 71 days | 1,861 sqft |
| 2021-02-01 | 45 days | 1,860 sqft |
| 2021-03-01 | 48 days | 1,893 sqft |
| 2021-04-01 | 43 days | 1,791 sqft |
| 2021-05-01 | 36 days | 1,854 sqft |
| 2021-06-01 | 44 days | 1,852 sqft |
| 2021-07-01 | 46 days | 1,847 sqft |
| 2021-08-01 | 44 days | 1,901 sqft |
| 2021-09-01 | 52 days | 1,771 sqft |
| 2021-10-01 | 55 days | 1,792 sqft |
| 2021-11-01 | 53 days | 1,782 sqft |
| 2021-12-01 | 65 days | 1,794 sqft |
| 2022-01-01 | 73 days | 1,868 sqft |
| 2022-02-01 | 58 days | 1,922 sqft |
| 2022-03-01 | 34 days | 1,868 sqft |
| 2022-04-01 | 35 days | 1,924 sqft |
State College's median square footage for active listings during the 2022-04-01 period was 1,924 sqft. One year prior, the average listing was 1,791 sqft.
