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 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.