Torrington USDA Loan Rates, Closing Costs & Stats
Torrington, CT
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.
Torrington's 10 lenders originated 17 USDA loans during 2022. The total origination value was $4,065,000, with an average USDA loan value of $239,118.
Torrington USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Torrington
averaged
6.03%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Torrington's average USDA mortgage closing costs are $6,427.
The average rate for the prior week (2023-05-19) was
5.97% and
one month ago for the week of 2023-04-21, the
average rate was 5.88%.
The average rate one year ago was 4.7%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.95%.
Torrington 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 Torrington level.
| Name | # of Loans | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| HOME POINT FINANCIAL CORPORATION | 4 | 3.88% | $7,515 |
| UNITED WHOLESALE MORTGAGE, LLC | 3 | 5.12% | $7,496 |
| Paramount Residential Mortgage Group, Inc. | 2 | 3.31% | $6,053 |
| PLAZA HOME MORTGAGE, INC. | 2 | 4.69% | $7,125 |
| BAY EQUITY LLC | 1 | 5.25% | $10,194 |
| NORWICH COMMERCIAL GROUP, INC. | 1 | 3.25% | $5,990 |
| NORTHPOINT MORTGAGE, INC. | 1 | 5.63% | $5,660 |
| FINANCE OF AMERICA MORTGAGE LLC | 1 | 5.63% | $12,165 |
| FIRST WORLD MORTGAGE CORPORATION | 1 | 5.00% | $5,117 |
| GUARANTEED RATE, INC. | 1 | 4.25% | $5,172 |
The top Torrington USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with
4 USDA loans originated. Their average total fees are
$7,515, which is $19
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Torrington USDA lenders (with over 10 loans originated) are
.
The lowest rate Torrington USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Torrington (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 | $349,900 (6.1%) | $641,343 (-0.4%) | 1.30 | 1,364 |
| 2018-02-01 | $354,500 (6.0%) | $653,188 (-0.2%) | 1.29 | 1,345 |
| 2018-03-01 | $357,700 (3.9%) | $638,650 (-6.9%) | 1.26 | 1,392 |
| 2018-04-01 | $359,000 (2.6%) | $640,199 (-6.7%) | 1.22 | 1,455 |
| 2018-05-01 | $349,900 (-2.7%) | $636,073 (-5.7%) | 1.17 | 1,587 |
| 2018-06-01 | $349,900 (-2.5%) | $645,760 (-3.9%) | 1.17 | 1,712 |
| 2018-07-01 | $350,000 (-2.8%) | $651,608 (-3.5%) | 1.17 | 1,764 |
| 2018-08-01 | $353,725 (1.2%) | $656,358 (0.4%) | 1.19 | 1,760 |
| 2018-09-01 | $349,000 (-0.3%) | $659,014 (0.6%) | 1.17 | 1,755 |
| 2018-10-01 | $344,350 (-1.6%) | $660,543 (3.0%) | 1.17 | 1,710 |
| 2018-11-01 | $349,925 (0.0%) | $676,375 (4.6%) | 1.19 | 1,585 |
| 2018-12-01 | $349,000 (-0.1%) | $681,681 (7.7%) | 1.20 | 1,477 |
| 2019-01-01 | $349,900 (0.0%) | $701,843 (9.4%) | 1.21 | 1,343 |
| 2019-02-01 | $353,475 (-0.3%) | $708,797 (8.5%) | 1.19 | 1,316 |
| 2019-03-01 | $374,900 (4.8%) | $715,745 (12.1%) | 1.25 | 1,274 |
| 2019-04-01 | $378,929 (5.6%) | $708,064 (10.6%) | 1.20 | 1,335 |
| 2019-05-01 | $369,000 (5.5%) | $690,930 (8.6%) | 1.15 | 1,457 |
| 2019-06-01 | $369,000 (5.5%) | $678,316 (5.0%) | 1.15 | 1,585 |
| 2019-07-01 | $369,450 (5.6%) | $668,004 (2.5%) | 1.16 | 1,614 |
| 2019-08-01 | $369,900 (4.6%) | $665,853 (1.5%) | 1.16 | 1,608 |
| 2019-09-01 | $379,900 (8.9%) | $674,391 (2.3%) | 1.20 | 1,554 |
| 2019-10-01 | $375,000 (8.9%) | $659,038 (-0.2%) | 1.21 | 1,575 |
| 2019-11-01 | $387,250 (10.7%) | $677,361 (0.2%) | 1.27 | 1,428 |
| 2019-12-01 | $388,575 (11.3%) | $695,654 (2.1%) | 1.30 | 1,268 |
| 2020-01-01 | $395,000 (12.9%) | $706,639 (0.7%) | 1.32 | 1,155 |
| 2020-02-01 | $395,000 (11.8%) | $704,069 (-0.7%) | 1.29 | 1,103 |
| 2020-03-01 | $399,000 (6.4%) | $713,117 (-0.4%) | 1.25 | 1,064 |
| 2020-04-01 | $398,950 (5.3%) | $720,458 (1.8%) | 1.25 | 1,002 |
| 2020-05-01 | $395,000 (7.1%) | $694,918 (0.6%) | 1.20 | 914 |
| 2020-06-01 | $416,200 (12.8%) | $789,814 (16.4%) | 1.23 | 864 |
| 2020-07-01 | $444,900 (20.4%) | $826,047 (23.7%) | 1.29 | 874 |
| 2020-08-01 | $439,900 (18.9%) | $814,641 (22.4%) | 1.26 | 869 |
| 2020-09-01 | $466,200 (22.7%) | $823,199 (22.1%) | 1.34 | 878 |
| 2020-10-01 | $479,000 (27.7%) | $848,641 (28.8%) | 1.37 | 880 |
| 2020-11-01 | $487,450 (25.9%) | $888,957 (31.2%) | 1.43 | 752 |
| 2020-12-01 | $499,450 (28.5%) | $922,267 (32.6%) | 1.49 | 656 |
| 2021-01-01 | $509,900 (29.1%) | $1,071,864 (51.7%) | 1.52 | 562 |
| 2021-02-01 | $529,000 (33.9%) | $1,122,294 (59.4%) | 1.54 | 472 |
| 2021-03-01 | $541,450 (35.7%) | $1,183,788 (66.0%) | 1.54 | 454 |
| 2021-04-01 | $539,950 (35.3%) | $1,119,098 (55.3%) | 1.46 | 471 |
| 2021-05-01 | $548,000 (38.7%) | $1,139,519 (64.0%) | 1.46 | 504 |
| 2021-06-01 | $527,000 (26.6%) | $1,096,759 (38.9%) | 1.39 | 573 |
| 2021-07-01 | $499,900 (12.4%) | $1,041,410 (26.1%) | 1.32 | 673 |
| 2021-08-01 | $499,000 (13.4%) | $1,008,902 (23.9%) | 1.33 | 687 |
| 2021-09-01 | $499,900 (7.2%) | $1,011,388 (22.9%) | 1.33 | 655 |
| 2021-10-01 | $489,900 (2.3%) | $1,000,387 (17.9%) | 1.31 | 633 |
| 2021-11-01 | $494,450 (1.4%) | $1,045,673 (17.6%) | 1.32 | 542 |
| 2021-12-01 | $502,400 (0.6%) | $1,066,235 (15.6%) | 1.36 | 462 |
| 2022-01-01 | $529,450 (3.8%) | $1,218,183 (13.7%) | 1.43 | 389 |
| 2022-02-01 | $559,500 (5.8%) | $1,280,928 (14.1%) | 1.46 | 329 |
| 2022-03-01 | $547,450 (1.1%) | $1,213,733 (2.5%) | 1.37 | 328 |
| 2022-04-01 | $549,000 (1.7%) | $1,185,915 (6.0%) | 1.31 | 347 |
| 2022-05-01 | $539,788 (-1.5%) | $1,164,542 (2.2%) | 1.23 | 428 |
| 2022-06-01 | $549,900 (4.4%) | $1,149,266 (4.8%) | 1.22 | 491 |
| 2022-07-01 | $539,900 (8.0%) | $1,085,630 (4.3%) | 1.22 | 523 |
| 2022-08-01 | $554,675 (11.2%) | $1,137,378 (12.7%) | 1.28 | 527 |
| 2022-09-01 | $553,450 (10.7%) | $1,154,949 (14.2%) | 1.29 | 496 |
| 2022-10-01 | $545,000 (11.3%) | $1,124,370 (12.4%) | 1.28 | 480 |
| 2022-11-01 | $527,000 (6.6%) | $1,143,627 (9.4%) | 1.27 | 435 |
| 2022-12-01 | $549,999 (9.5%) | $1,178,516 (10.5%) | 1.36 | 387 |
| 2023-01-01 | $566,000 (6.9%) | $1,237,991 (1.6%) | 1.40 | 325 |
| 2023-02-01 | $598,500 (7.0%) | $1,255,107 (-2.0%) | 1.44 | 293 |
| 2023-03-01 | $642,425 (17.4%) | $1,305,840 (7.6%) | 1.51 | 298 |
| 2023-04-01 | $675,000 (23.0%) | $1,336,434 (12.7%) | 1.57 | 308 |
Torrington's median listing price comes in at 157% of the national average.
Torrington's average listing price for 2023-04-01 was $1,336,434, a difference of $150,519 (12.7%) versus the prior year and $30,594 versus the prior month.
For the 2023-04-01 period, Torrington had 308 MLS listings, a difference of 10 listings (3%) versus the prior month and -39 listings (-11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Torrington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 141 days | 2,075 sqft |
| 2018-02-01 | 148 days | 2,104 sqft |
| 2018-03-01 | 144 days | 2,089 sqft |
| 2018-04-01 | 97 days | 2,121 sqft |
| 2018-05-01 | 81 days | 2,102 sqft |
| 2018-06-01 | 81 days | 2,113 sqft |
| 2018-07-01 | 87 days | 2,131 sqft |
| 2018-08-01 | 101 days | 2,127 sqft |
| 2018-09-01 | 107 days | 2,089 sqft |
| 2018-10-01 | 118 days | 2,055 sqft |
| 2018-11-01 | 126 days | 2,057 sqft |
| 2018-12-01 | 131 days | 2,031 sqft |
| 2019-01-01 | 140 days | 2,027 sqft |
| 2019-02-01 | 147 days | 2,050 sqft |
| 2019-03-01 | 140 days | 2,119 sqft |
| 2019-04-01 | 95 days | 2,137 sqft |
| 2019-05-01 | 78 days | 2,218 sqft |
| 2019-06-01 | 78 days | 2,284 sqft |
| 2019-07-01 | 85 days | 2,271 sqft |
| 2019-08-01 | 95 days | 2,304 sqft |
| 2019-09-01 | 106 days | 2,335 sqft |
| 2019-10-01 | 105 days | 2,298 sqft |
| 2019-11-01 | 113 days | 2,283 sqft |
| 2019-12-01 | 133 days | 2,258 sqft |
| 2020-01-01 | 139 days | 2,277 sqft |
| 2020-02-01 | 145 days | 2,282 sqft |
| 2020-03-01 | 143 days | 2,305 sqft |
| 2020-04-01 | 137 days | 2,301 sqft |
| 2020-05-01 | 106 days | 2,277 sqft |
| 2020-06-01 | 94 days | 2,374 sqft |
| 2020-07-01 | 61 days | 2,422 sqft |
| 2020-08-01 | 59 days | 2,400 sqft |
| 2020-09-01 | 59 days | 2,439 sqft |
| 2020-10-01 | 57 days | 2,424 sqft |
| 2020-11-01 | 72 days | 2,461 sqft |
| 2020-12-01 | 88 days | 2,471 sqft |
| 2021-01-01 | 107 days | 2,476 sqft |
| 2021-02-01 | 128 days | 2,444 sqft |
| 2021-03-01 | 120 days | 2,426 sqft |
| 2021-04-01 | 57 days | 2,409 sqft |
| 2021-05-01 | 47 days | 2,400 sqft |
| 2021-06-01 | 45 days | 2,329 sqft |
| 2021-07-01 | 47 days | 2,233 sqft |
| 2021-08-01 | 52 days | 2,116 sqft |
| 2021-09-01 | 63 days | 2,129 sqft |
| 2021-10-01 | 75 days | 2,120 sqft |
| 2021-11-01 | 86 days | 2,136 sqft |
| 2021-12-01 | 89 days | 2,144 sqft |
| 2022-01-01 | 103 days | 2,249 sqft |
| 2022-02-01 | 106 days | 2,276 sqft |
| 2022-03-01 | 59 days | 2,218 sqft |
| 2022-04-01 | 48 days | 2,150 sqft |
| 2022-05-01 | 36 days | 2,114 sqft |
| 2022-06-01 | 37 days | 2,222 sqft |
| 2022-07-01 | 42 days | 2,175 sqft |
| 2022-08-01 | 50 days | 2,361 sqft |
| 2022-09-01 | 58 days | 2,330 sqft |
| 2022-10-01 | 71 days | 2,268 sqft |
| 2022-11-01 | 75 days | 2,294 sqft |
| 2022-12-01 | 89 days | 2,322 sqft |
| 2023-01-01 | 101 days | 2,319 sqft |
| 2023-02-01 | 111 days | 2,466 sqft |
| 2023-03-01 | 71 days | 2,469 sqft |
| 2023-04-01 | 57 days | 2,466 sqft |
Torrington's median square footage for active listings during the 2023-04-01 period was 2,466 sqft. One year prior, the average listing was 2,150 sqft.