Worcester USDA Loan Rates, Closing Costs & Stats

WORCESTER, MA-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.

Worcester's 27 lenders originated 85 USDA loans during 2022. The total origination value was $22,465,000, with an average USDA loan value of $264,294.

Worcester USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Worcester averaged 6.45% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Worcester's average USDA mortgage closing costs are $5,739.

The average rate for the prior week (2023-05-19) was 6.29% and one month ago for the week of 2023-04-21, the average rate was 6.2%.

The average rate one year ago was 4.82%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.93%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.05% $7,960
Paramount Residential Mortgage Group, Inc. 9 4.43% $7,790
GUARANTEED RATE, INC. 8 5.69% $10,306
GUILD MORTGAGE COMPANY 6 4.27% $7,962
TOTAL MORTGAGE SERVICES, LLC 5 4.70% $9,962
EVERETT FINANCIAL, INC. 5 4.90% $5,106
MOVEMENT MORTGAGE, LLC 4 4.16% $12,911
UNITED WHOLESALE MORTGAGE, LLC 4 5.34% $6,530
FREEDOM MORTGAGE CORPORATION 4 3.66% $3,727
NORWICH COMMERCIAL GROUP, INC. 3 4.00% $6,491
PROVINCE MORTGAGE ASSOCIATES, INC. 2 5.69% $5,754
EMM LOANS LLC 2 3.06% $11,425
INLAND BANK & TRUST 2 5.63% $9,025
Shamrock Home Loans, Inc. 2 3.88% $5,764
HOME POINT FINANCIAL CORPORATION 1 5.63% $6,904
BAY EQUITY LLC 1 3.50% $6,334
Equity Prime Mortgage LLC 1 4.38% $9,806
Evolve Bank & Trust 1 4.13% $6,567
FINANCE OF AMERICA MORTGAGE LLC 1 5.63% $12,831
FIRST HOME MORTGAGE CORPORATION 1 5.25% $5,482
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.00% $6,972
ACADEMY MORTGAGE CORPORATION 1 5.00% $16,530
KELLER MORTGAGE, LLC 1 3.50% $4,742
LOANDEPOT.COM, LLC 1 6.63% $8,737
Nations Lending Corporation 1 5.75% $3,517
Ross Mortgage Company, Inc. 1 5.63% $7,753
SUN WEST MORTGAGE COMPANY, INC. 1 5.00% $9,943

The top Worcester USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 16 USDA loans originated. Their average total fees are $7,960, which is $171 higher than the next largest lender, Paramount Residential Mortgage Group, Inc..

The lowest fee Worcester USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,960), .

The lowest rate Worcester USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.05%), .


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%) 1.09 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 $312,125 (7.8%) $378,293 (8.3%) 1.06 3,048
2018-11-01 $309,900 (7.2%) $371,989 (6.2%) 1.05 2,874
2018-12-01 $304,000 (5.2%) $368,933 (6.4%) 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%) 1.09 1,900
2019-03-01 $335,900 (12.0%) $395,422 (7.6%) 1.12 1,839
2019-04-01 $351,900 (10.5%) $405,713 (5.8%) 1.12 2,040
2019-05-01 $359,900 (11.6%) $413,455 (6.7%) 1.12 2,299
2019-06-01 $359,900 (10.8%) $422,300 (9.0%) 1.12 2,534
2019-07-01 $354,900 (9.2%) $416,878 (7.3%) 1.11 2,550
2019-08-01 $353,000 (10.4%) $416,564 (8.6%) 1.11 2,500
2019-09-01 $349,900 (9.5%) $412,481 (7.9%) 1.10 2,409
2019-10-01 $342,500 (9.7%) $402,268 (6.3%) 1.11 2,606
2019-11-01 $344,900 (11.3%) $399,047 (7.3%) 1.13 2,359
2019-12-01 $344,950 (13.5%) $397,762 (7.8%) 1.15 1,906
2020-01-01 $344,900 (13.1%) $402,054 (8.4%) 1.15 1,626
2020-02-01 $349,900 (8.9%) $416,385 (10.4%) 1.15 1,459
2020-03-01 $364,950 (8.7%) $434,253 (9.8%) 1.14 1,532
2020-04-01 $370,950 (5.4%) $431,412 (6.3%) 1.16 1,548
2020-05-01 $379,900 (5.6%) $440,037 (6.4%) 1.15 1,593
2020-06-01 $395,973 (10.0%) $463,955 (9.9%) 1.17 1,446
2020-07-01 $398,225 (12.2%) $465,943 (11.8%) 1.15 1,302
2020-08-01 $389,900 (10.5%) $468,391 (12.4%) 1.12 1,185
2020-09-01 $389,900 (11.4%) $472,856 (14.6%) 1.12 1,188
2020-10-01 $385,000 (12.4%) $477,986 (18.8%) 1.10 1,206
2020-11-01 $381,150 (10.5%) $472,186 (18.3%) 1.11 1,078
2020-12-01 $390,700 (13.3%) $474,179 (19.2%) 1.16 922
2021-01-01 $399,900 (16.0%) $489,761 (21.8%) 1.19 697
2021-02-01 $399,900 (14.3%) $488,560 (17.3%) 1.16 583
2021-03-01 $394,950 (8.2%) $483,688 (11.4%) 1.12 639
2021-04-01 $396,500 (6.9%) $476,231 (10.4%) 1.07 707
2021-05-01 $399,000 (5.0%) $487,098 (10.7%) 1.06 767
2021-06-01 $421,725 (6.5%) $494,021 (6.5%) 1.11 900
2021-07-01 $415,755 (4.4%) $486,360 (4.4%) 1.10 1,029
2021-08-01 $406,125 (4.2%) $481,067 (2.7%) 1.08 1,090
2021-09-01 $406,050 (4.1%) $482,468 (2.0%) 1.08 1,097
2021-10-01 $395,400 (2.7%) $470,695 (-1.5%) 1.05 1,102
2021-11-01 $394,364 (3.5%) $498,260 (5.5%) 1.05 926
2021-12-01 $387,725 (-0.8%) $506,216 (6.8%) 1.05 720
2022-01-01 $399,000 (-0.2%) $528,389 (7.9%) 1.08 544
2022-02-01 $423,250 (5.8%) $622,995 (27.5%) 1.10 489
2022-03-01 $439,700 (11.3%) $628,278 (29.9%) 1.10 509
2022-04-01 $449,900 (13.5%) $622,260 (30.7%) 1.07 618
2022-05-01 $469,675 (17.7%) $614,055 (26.1%) 1.07 793
2022-06-01 $449,950 (6.7%) $592,647 (20.0%) 1.00 966
2022-07-01 $449,900 (8.2%) $574,686 (18.2%) 1.02 1,164
2022-08-01 $449,900 (10.8%) $577,824 (20.1%) 1.04 1,129
2022-09-01 $439,950 (8.4%) $524,417 (8.7%) 1.03 1,066
2022-10-01 $449,900 (13.8%) $561,654 (19.3%) 1.06 1,094
2022-11-01 $449,450 (14.0%) $573,206 (15.0%) 1.08 1,056
2022-12-01 $445,000 (14.8%) $589,809 (16.5%) 1.10 820
2023-01-01 $464,905 (16.5%) $605,979 (14.7%) 1.15 728
2023-02-01 $493,950 (16.7%) $638,117 (2.4%) 1.19 609
2023-03-01 $493,000 (12.1%) $634,903 (1.1%) 1.16 582
2023-04-01 $504,900 (12.2%) $634,396 (2.0%) 1.17 674
Worcester's median listing price for 2023-04-01 was $504,900, a difference of $55,000 (12.2%) versus the prior year and $11,900 versus the prior month.

Worcester's median listing price comes in at 117% of the national average.

Worcester's average listing price for 2023-04-01 was $634,396, a difference of $12,136 (2.0%) versus the prior year and $-507 versus the prior month.

For the 2023-04-01 period, Worcester had 674 MLS listings, a difference of 92 listings (16%) versus the prior month and 56 listings (9%) 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 1,803 sqft
2018-04-01 42 days 1,840 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 1,820 sqft
2019-01-01 83 days 1,802 sqft
2019-02-01 84 days 1,827 sqft
2019-03-01 61 days 1,872 sqft
2019-04-01 42 days 1,971 sqft
2019-05-01 39 days 2,019 sqft
2019-06-01 41 days 2,030 sqft
2019-07-01 51 days 2,000 sqft
2019-08-01 65 days 2,016 sqft
2019-09-01 67 days 2,000 sqft
2019-10-01 57 days 1,940 sqft
2019-11-01 61 days 1,920 sqft
2019-12-01 78 days 1,891 sqft
2020-01-01 85 days 1,877 sqft
2020-02-01 71 days 1,904 sqft
2020-03-01 39 days 1,991 sqft
2020-04-01 47 days 2,000 sqft
2020-05-01 58 days 2,000 sqft
2020-06-01 48 days 2,000 sqft
2020-07-01 42 days 2,000 sqft
2020-08-01 40 days 2,000 sqft
2020-09-01 30 days 1,960 sqft
2020-10-01 29 days 1,953 sqft
2020-11-01 45 days 1,922 sqft
2020-12-01 57 days 1,883 sqft
2021-01-01 59 days 1,900 sqft
2021-02-01 50 days 1,810 sqft
2021-03-01 17 days 1,801 sqft
2021-04-01 17 days 1,791 sqft
2021-05-01 15 days 1,815 sqft
2021-06-01 16 days 1,849 sqft
2021-07-01 23 days 1,832 sqft
2021-08-01 25 days 1,809 sqft
2021-09-01 29 days 1,812 sqft
2021-10-01 26 days 1,778 sqft
2021-11-01 37 days 1,768 sqft
2021-12-01 42 days 1,721 sqft
2022-01-01 51 days 1,706 sqft
2022-02-01 30 days 1,768 sqft
2022-03-01 17 days 1,800 sqft
2022-04-01 11 days 1,848 sqft
2022-05-01 15 days 1,901 sqft
2022-06-01 16 days 1,875 sqft
2022-07-01 23 days 1,876 sqft
2022-08-01 30 days 1,886 sqft
2022-09-01 33 days 1,871 sqft
2022-10-01 34 days 1,879 sqft
2022-11-01 38 days 1,878 sqft
2022-12-01 52 days 1,849 sqft
2023-01-01 55 days 1,872 sqft
2023-02-01 44 days 1,889 sqft
2023-03-01 33 days 1,874 sqft
2023-04-01 19 days 1,921 sqft
Worcester's median listing age (time on market) for 2023-04-01 was 19 days. This is 73% longer than the same period one year ago.

Worcester's median square footage for active listings during the 2023-04-01 period was 1,921 sqft. One year prior, the average listing was 1,848 sqft.