Worcester USDA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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    • 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.

    Worcester's 55 lenders originated 257 USDA loans during 2021. The total origination value was $63,895,000, with an average USDA loan value of $248,619.

    Worcester USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Worcester averaged 0.1% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

    Worcester's average USDA mortgage closing costs are $5,589.

    The average rate for the prior week (2022-11-18) was 6.45% and one month ago for the week of 2022-10-21, the average rate was 6.67%.

    The average rate one year ago was 3.31%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.26%.

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

    Worcester 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 Worcester level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    FREEDOM MORTGAGE CORPORATION 40 3.04% $4,300
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 39 3.09% $6,464
    Paramount Residential Mortgage Group, Inc. 23 2.90% $6,524
    HOME POINT FINANCIAL CORPORATION 13 2.85% $5,631
    RESIDENTIAL MORTGAGE SERVICES, INC. 13 3.15% $6,312
    NORWICH COMMERCIAL GROUP, INC. 10 3.06% $6,655
    PRIMARY RESIDENTIAL MORTGAGE, INC. 9 3.06% $7,308
    TOTAL MORTGAGE SERVICES, LLC 9 3.32% $8,211
    NEWREZ LLC 7 2.84% $7,419
    NORTHPOINT MORTGAGE, INC. 4 3.06% $6,771
    Evolve Bank & Trust 4 2.72% $4,656
    GUARANTEED RATE, INC. 4 2.88% $6,885
    LOANDEPOT.COM, LLC 4 2.94% $6,164
    MOVEMENT MORTGAGE, LLC 3 2.79% $10,987
    INLAND BANK & TRUST 3 3.00% $6,933
    Shamrock Home Loans, Inc. 3 3.04% $6,505
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.96% $6,526
    ACADEMY MORTGAGE CORPORATION 3 3.63% $6,747
    Carrington Mortgage Services, LLC 3 3.17% $9,596
    Charter Oak Federal Credit Union 3 2.63% $4,760
    Prosperity Home Mortgage, LLC 3 2.75% $6,736
    PLAZA HOME MORTGAGE, INC. 3 2.87% $6,284
    UNITED WHOLESALE MORTGAGE, LLC 3 2.86% $6,794
    PENNYMAC LOAN SERVICES, LLC 3 2.92% $4,869
    Bank of England 3 3.08% $10,419
    CALIBER HOME LOANS, INC. 2 2.94% $5,498
    ALLIED MORTGAGE GROUP, INC. 2 3.19% $6,381
    ENVOY MORTGAGE, LTD 2 3.06% $8,226
    FIRST HOME MORTGAGE CORPORATION 2 3.19% $5,916
    Flagstar Bank, FSB 2 2.69% $6,374
    HARBORONE MORTGAGE, LLC 2 2.75% $5,614
    LAKEVIEW LOAN SERVICING, LLC 2 3.00% $3,649
    MORTGAGE EQUITY PARTNERS LLC 2 2.50% $6,421
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 2.94% $6,609
    Sierra Pacific Mortgage Company, Inc. 2 3.06% $7,409
    GUARANTEED RATE AFFINITY, LLC 1 2.88% $5,743
    BAY EQUITY LLC 1 2.75% $6,595
    GENEVA FINANCIAL, LLC 1 2.75% $7,819
    Nations Lending Corporation 1 2.50% $6,701
    First Guaranty Mortgage Corporation 1 3.50% $8,236
    FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $4,127
    FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $3,694
    EVERETT FINANCIAL, INC. 1 2.88% $4,715
    Equity Prime Mortgage LLC 1 2.75% $9,480
    EMM LOANS LLC 1 2.88% $6,482
    CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $7,049
    Country Bank for Savings 1 3.00% $6,754
    AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $6,698
    RADIUS FINANCIAL GROUP INC. 1 2.25% $6,581
    Century Mortgage Company DBA Century Lending Company 1 2.88% $5,733
    BROKER SOLUTIONS, INC. 1 2.88% $5,696
    Homestar Mortgage, Inc. 1 2.88% $7,345
    HUNT MORTGAGE CORPORATION 1 2.63% $6,144
    GUILD MORTGAGE COMPANY 1 2.75% $5,810
    Wells Fargo Bank 1 3.38% $7,920

    The top Worcester USDA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 40 USDA loans originated. Their average total fees are $4,300, which is $2,164 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Worcester USDA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,300), HOME POINT FINANCIAL CORPORATION ($5,631), RESIDENTIAL MORTGAGE SERVICES, INC. ($6,312), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,464) and Paramount Residential Mortgage Group, Inc. ($6,524).

    The lowest rate Worcester USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.85%), Paramount Residential Mortgage Group, Inc. (2.90%), FREEDOM MORTGAGE CORPORATION (3.04%), NORWICH COMMERCIAL GROUP, INC. (3.06%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.09%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Worcester (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 $284,975 (6.5%) $345,132 (4.8%) 1.06 1,935
    2018-02-01 $289,900 (5.5%) $352,279 (6.3%) 1.05 1,825
    2018-03-01 $299,900 (7.2%) $367,340 (8.9%) 1.05 1,851
    2018-04-01 $318,375 (8.1%) $383,405 (9.8%) 1.08 2,007
    2018-05-01 $322,450 (7.8%) $387,331 (9.5%) 1.08 2,257
    2018-06-01 $324,900 (6.5%) $387,347 (7.4%) 1.08 2,596
    2018-07-01 $324,900 (8.3%) $388,514 (9.3%) 1.08 2,717
    2018-08-01 $319,900 (9.4%) $383,473 (8.9%) 1.07 2,825
    2018-09-01 $319,606 (10.3%) $382,196 (9.4%) 1.07 3,034
    2018-10-01 $312,000 (7.8%) $378,225 (8.3%) 1.05 3,048
    2018-11-01 $309,900 (7.2%) $371,841 (6.1%) 1.05 2,873
    2018-12-01 $304,000 (5.2%) $368,755 (6.3%) 1.05 2,403
    2019-01-01 $304,969 (7.0%) $370,772 (7.4%) 1.05 2,046
    2019-02-01 $321,200 (10.8%) $377,142 (7.1%) 1.08 1,900
    2019-03-01 $335,614 (11.9%) $390,551 (6.3%) 1.10 1,938
    2019-04-01 $351,900 (10.5%) $405,770 (5.8%) 1.12 2,039
    2019-05-01 $359,900 (11.6%) $413,324 (6.7%) 1.12 2,308
    2019-06-01 $359,900 (10.8%) $422,186 (9.0%) 1.12 2,544
    2019-07-01 $354,900 (9.2%) $416,589 (7.2%) 1.11 2,563
    2019-08-01 $350,809 (9.7%) $412,901 (7.7%) 1.11 2,575
    2019-09-01 $344,673 (7.8%) $406,522 (6.4%) 1.10 2,610
    2019-10-01 $343,132 (10.0%) $402,045 (6.3%) 1.11 2,616
    2019-11-01 $344,900 (11.3%) $398,819 (7.3%) 1.13 2,373
    2019-12-01 $344,950 (13.5%) $397,476 (7.8%) 1.15 1,920
    2020-01-01 $344,900 (13.1%) $401,691 (8.3%) 1.15 1,640
    2020-02-01 $349,900 (8.9%) $415,850 (10.3%) 1.14 1,473
    2020-03-01 $364,950 (8.7%) $433,599 (11.0%) 1.14 1,546
    2020-04-01 $369,925 (5.1%) $430,782 (6.2%) 1.16 1,562
    2020-05-01 $379,900 (5.6%) $439,315 (6.3%) 1.15 1,607
    2020-06-01 $394,950 (9.7%) $462,859 (9.6%) 1.16 1,459
    2020-07-01 $395,450 (11.4%) $464,731 (11.6%) 1.15 1,315
    2020-08-01 $389,271 (11.0%) $467,045 (13.1%) 1.12 1,198
    2020-09-01 $389,450 (13.0%) $471,491 (16.0%) 1.12 1,200
    2020-10-01 $385,000 (12.2%) $476,686 (18.6%) 1.10 1,218
    2020-11-01 $379,900 (10.2%) $471,003 (18.1%) 1.11 1,091
    2020-12-01 $389,200 (12.8%) $472,888 (19.0%) 1.16 936
    2021-01-01 $399,000 (15.7%) $487,285 (21.3%) 1.19 711
    2021-02-01 $399,900 (14.3%) $485,895 (16.8%) 1.16 596
    2021-03-01 $393,000 (7.7%) $481,133 (11.0%) 1.12 653
    2021-04-01 $394,950 (6.8%) $473,975 (10.0%) 1.07 720
    2021-05-01 $398,000 (4.8%) $484,650 (10.3%) 1.05 780
    2021-06-01 $419,950 (6.3%) $490,703 (6.0%) 1.11 909
    2021-07-01 $414,950 (4.9%) $483,873 (4.1%) 1.09 1,040
    2021-08-01 $404,925 (4.0%) $478,279 (2.4%) 1.08 1,100
    2021-09-01 $404,900 (4.0%) $479,737 (1.8%) 1.08 1,107
    2021-10-01 $395,000 (2.6%) $468,438 (-1.7%) 1.05 1,113
    2021-11-01 $391,250 (3.0%) $495,736 (5.3%) 1.04 938
    2021-12-01 $387,200 (-0.5%) $502,535 (6.3%) 1.05 733
    2022-01-01 $395,450 (-0.9%) $524,067 (7.6%) 1.07 558
    2022-02-01 $419,950 (5.0%) $615,798 (26.7%) 1.09 503
    2022-03-01 $432,450 (10.0%) $620,266 (28.9%) 1.08 522
    2022-04-01 $447,000 (13.2%) $614,226 (29.6%) 1.07 629
    2022-05-01 $465,000 (16.8%) $608,170 (25.5%) 1.06 804
    2022-06-01 $449,500 (7.0%) $588,170 (19.9%) 1.00 978
    2022-07-01 $449,450 (8.3%) $570,973 (18.0%) 1.02 1,178
    2022-08-01 $449,900 (11.1%) $575,235 (20.3%) 1.04 1,143
    2022-09-01 $439,675 (8.6%) $522,449 (8.9%) 1.03 1,080
    2022-10-01 $449,000 (13.7%) $559,274 (19.4%) 1.06 1,108
    Worcester's median listing price for 2022-10-01 was $449,000, a difference of $54,000 (13.7%) versus the prior year and $9,325 versus the prior month.

    Worcester's median listing price comes in at 106% of the national average.

    Worcester's average listing price for 2022-10-01 was $559,274, a difference of $90,836 (19.4%) versus the prior year and $36,825 versus the prior month.

    For the 2022-10-01 period, Worcester had 1,108 MLS listings, a difference of 28 listings (3%) versus the prior month and -5 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 1,792 sqft
    2018-02-01 82 days 1,800 sqft
    2018-03-01 52 days 1,802 sqft
    2018-04-01 42 days 1,839 sqft
    2018-05-01 36 days 1,836 sqft
    2018-06-01 39 days 1,858 sqft
    2018-07-01 47 days 1,876 sqft
    2018-08-01 53 days 1,880 sqft
    2018-09-01 53 days 1,876 sqft
    2018-10-01 57 days 1,869 sqft
    2018-11-01 64 days 1,851 sqft
    2018-12-01 72 days 1,818 sqft
    2019-01-01 83 days 1,802 sqft
    2019-02-01 84 days 1,826 sqft
    2019-03-01 64 days 1,878 sqft
    2019-04-01 42 days 1,970 sqft
    2019-05-01 39 days 2,018 sqft
    2019-06-01 42 days 2,029 sqft
    2019-07-01 51 days 2,000 sqft
    2019-08-01 55 days 1,981 sqft
    2019-09-01 56 days 1,952 sqft
    2019-10-01 57 days 1,943 sqft
    2019-11-01 63 days 1,920 sqft
    2019-12-01 79 days 1,891 sqft
    2020-01-01 86 days 1,877 sqft
    2020-02-01 73 days 1,904 sqft
    2020-03-01 40 days 1,991 sqft
    2020-04-01 48 days 2,000 sqft
    2020-05-01 58 days 2,000 sqft
    2020-06-01 49 days 2,000 sqft
    2020-07-01 43 days 1,999 sqft
    2020-08-01 40 days 2,000 sqft
    2020-09-01 31 days 1,960 sqft
    2020-10-01 30 days 1,953 sqft
    2020-11-01 45 days 1,922 sqft
    2020-12-01 58 days 1,884 sqft
    2021-01-01 60 days 1,900 sqft
    2021-02-01 56 days 1,815 sqft
    2021-03-01 19 days 1,801 sqft
    2021-04-01 18 days 1,794 sqft
    2021-05-01 16 days 1,817 sqft
    2021-06-01 16 days 1,849 sqft
    2021-07-01 23 days 1,834 sqft
    2021-08-01 26 days 1,809 sqft
    2021-09-01 29 days 1,812 sqft
    2021-10-01 28 days 1,780 sqft
    2021-11-01 37 days 1,768 sqft
    2021-12-01 44 days 1,723 sqft
    2022-01-01 52 days 1,709 sqft
    2022-02-01 33 days 1,771 sqft
    2022-03-01 19 days 1,800 sqft
    2022-04-01 12 days 1,848 sqft
    2022-05-01 15 days 1,897 sqft
    2022-06-01 16 days 1,874 sqft
    2022-07-01 23 days 1,875 sqft
    2022-08-01 31 days 1,886 sqft
    2022-09-01 33 days 1,871 sqft
    2022-10-01 36 days 1,879 sqft
    Worcester's median listing age (time on market) for 2022-10-01 was 36 days. This is 29% longer than the same period one year ago.

    Worcester's median square footage for active listings during the 2022-10-01 period was 1,879 sqft. One year prior, the average listing was 1,780 sqft.