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 21 lenders originated 38 USDA loans during 2023. The total origination value was $11,020,000, with an average USDA loan value of $290,000.

Worcester USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Worcester averaged 6.99% for the week of 2024-05-10, compared to the national average (all USDA variants) of 6.785% for the same period.

Worcester's average USDA mortgage closing costs are $5,858.

The average rate for the prior week (2024-05-03) was 6.98% and one month ago for the week of 2024-04-05, the average rate was 6.73%.

The average rate one year ago was 6.42%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.54%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUARANTEED RATE, INC. 5 6.66% $9,608
TOTAL MORTGAGE SERVICES, LLC 4 6.31% $15,473
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.08% $7,014
Paramount Residential Mortgage Group, Inc. 3 6.50% $7,159
Plains Commerce Bank 3 6.13% $9,195
Keystone Funding, Inc. 2 5.50% $11,490
PLAZA HOME MORTGAGE, INC. 2 6.31% $13,704
UNITED WHOLESALE MORTGAGE, LLC 2 6.56% $7,572
NORWICH COMMERCIAL GROUP, INC. 2 6.50% $5,639
Shamrock Home Loans, Inc. 1 7.25% $7,612
T2 FINANCIAL LLC 1 6.88% $8,460
American Mortgage & Equity Consultants, Inc. 1 6.38% $18,366
U.S. Bank 1 6.25% $9,050
CARDINAL FINANCIAL 1 5.00% $14,023
CMG MORTGAGE, INC. 1 6.25% $16,052
GUILD MORTGAGE COMPANY 1 5.25% $16,417
HOMESTEAD FUNDING CORP. 1 5.63% $8,275
LOANDEPOT.COM, LLC 1 7.25% $13,744
MORTGAGE EQUITY PARTNERS LLC 1 6.50% $6,842
NEWREZ LLC 1 7.25% $6,154
PROVINCE MORTGAGE ASSOCIATES, INC. 1 7.00% $7,606

The top Worcester USDA lender as defined by loan originations is GUARANTEED RATE, INC., with 5 USDA loans originated. Their average total fees are $9,608, which is $5,865 lower than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

The lowest fee Worcester USDA lenders (with over 10 loans originated) are .

The lowest rate Worcester USDA lenders (with over 10 loans originated) are .


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 $322,438 (7.8%) $387,342 (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 $312,000 (7.8%) $378,225 (8.3%) 1.06 3,048
2018-11-01 $309,900 (7.2%) $371,841 (6.1%) 1.05 2,873
2018-12-01 $304,000 (5.2%) $368,778 (6.3%) 1.05 2,402
2019-01-01 $304,988 (7.0%) $370,805 (7.4%) 1.05 2,045
2019-02-01 $321,200 (10.8%) $377,180 (7.1%) 1.09 1,899
2019-03-01 $335,614 (11.9%) $390,601 (6.3%) 1.10 1,939
2019-04-01 $351,550 (10.4%) $405,694 (5.8%) 1.12 2,040
2019-05-01 $359,900 (11.6%) $413,484 (6.8%) 1.12 2,299
2019-06-01 $359,900 (10.8%) $422,344 (9.0%) 1.12 2,532
2019-07-01 $354,900 (9.2%) $417,377 (7.4%) 1.11 2,552
2019-08-01 $350,809 (9.7%) $413,552 (7.8%) 1.11 2,563
2019-09-01 $344,673 (7.8%) $406,959 (6.5%) 1.10 2,598
2019-10-01 $343,357 (10.1%) $402,327 (6.4%) 1.11 2,603
2019-11-01 $344,900 (11.3%) $399,114 (7.3%) 1.13 2,360
2019-12-01 $344,700 (13.4%) $396,896 (7.6%) 1.15 1,908
2020-01-01 $344,675 (13.0%) $400,188 (7.9%) 1.15 1,627
2020-02-01 $349,900 (8.9%) $414,469 (9.9%) 1.15 1,459
2020-03-01 $364,950 (8.7%) $432,462 (10.7%) 1.14 1,532
2020-04-01 $370,950 (5.5%) $429,618 (5.9%) 1.16 1,548
2020-05-01 $379,900 (5.6%) $438,213 (6.0%) 1.15 1,595
2020-06-01 $395,400 (9.9%) $461,864 (9.4%) 1.16 1,444
2020-07-01 $397,425 (12.0%) $463,616 (11.1%) 1.15 1,300
2020-08-01 $389,900 (11.1%) $467,523 (13.1%) 1.12 1,184
2020-09-01 $389,675 (13.1%) $472,711 (16.2%) 1.12 1,187
2020-10-01 $385,000 (12.1%) $477,667 (18.7%) 1.10 1,206
2020-11-01 $381,150 (10.5%) $472,067 (18.3%) 1.11 1,077
2020-12-01 $389,600 (13.0%) $472,512 (19.1%) 1.16 920
2021-01-01 $399,900 (16.0%) $489,820 (22.4%) 1.19 698
2021-02-01 $399,900 (14.3%) $488,560 (17.9%) 1.16 583
2021-03-01 $394,950 (8.2%) $483,649 (11.8%) 1.12 639
2021-04-01 $396,000 (6.8%) $476,153 (10.8%) 1.07 706
2021-05-01 $399,000 (5.0%) $482,777 (10.2%) 1.06 766
2021-06-01 $420,000 (6.2%) $490,866 (6.3%) 1.11 894
2021-07-01 $415,000 (4.4%) $485,508 (4.7%) 1.10 1,026
2021-08-01 $405,000 (3.9%) $479,811 (2.6%) 1.08 1,086
2021-09-01 $404,900 (3.9%) $481,572 (1.9%) 1.08 1,094
2021-10-01 $395,000 (2.6%) $469,813 (-1.6%) 1.05 1,099
2021-11-01 $394,084 (3.4%) $497,717 (5.4%) 1.05 924
2021-12-01 $387,475 (-0.6%) $505,277 (6.9%) 1.05 719
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 $438,675 (11.1%) $627,123 (29.7%) 1.10 508
2022-04-01 $449,000 (13.4%) $619,822 (30.2%) 1.07 615
2022-05-01 $469,450 (17.7%) $612,460 (26.9%) 1.07 789
2022-06-01 $449,950 (7.1%) $591,110 (20.4%) 1.00 963
2022-07-01 $449,900 (8.4%) $573,407 (18.1%) 1.01 1,164
2022-08-01 $449,900 (11.1%) $577,450 (20.4%) 1.04 1,129
2022-09-01 $439,925 (8.7%) $524,257 (8.9%) 1.03 1,066
2022-10-01 $449,900 (13.9%) $561,800 (19.6%) 1.06 1,093
2022-11-01 $449,450 (14.1%) $573,388 (15.2%) 1.08 1,055
2022-12-01 $445,000 (14.9%) $590,266 (16.8%) 1.10 819
2023-01-01 $464,905 (16.5%) $605,979 (14.7%) 1.15 728
2023-02-01 $494,450 (16.8%) $638,376 (2.5%) 1.19 609
2023-03-01 $493,000 (12.4%) $635,158 (1.3%) 1.16 582
2023-04-01 $504,900 (12.5%) $634,396 (2.4%) 1.17 674
2023-05-01 $516,175 (10.0%) $638,486 (4.3%) 1.17 714
2023-06-01 $509,950 (13.3%) $606,152 (2.5%) 1.15 774
2023-07-01 $519,400 (15.5%) $603,164 (5.2%) 1.18 730
2023-08-01 $499,450 (11.0%) $615,996 (6.7%) 1.15 811
2023-09-01 $490,000 (11.4%) $615,970 (17.5%) 1.14 893
2023-10-01 $487,400 (8.3%) $580,248 (3.3%) 1.15 927
2023-11-01 $475,000 (5.7%) $589,158 (2.8%) 1.13 942
2023-12-01 $479,450 (7.7%) $600,335 (1.7%) 1.17 766
2024-01-01 $498,000 (7.1%) $610,971 (0.8%) 1.22 621
2024-02-01 $499,350 (1.0%) $633,419 (-0.8%) 1.20 598
2024-03-01 $499,999 (1.4%) $643,339 (1.3%) 1.18 640
2024-04-01 $524,800 (3.9%) $660,384 (4.1%) 1.22 732
Worcester's median listing price for 2024-04-01 was $524,800, a difference of $19,900 (3.9%) versus the prior year and $24,801 versus the prior month.

Worcester's median listing price comes in at 122% of the national average.

Worcester's average listing price for 2024-04-01 was $660,384, a difference of $25,988 (4.1%) versus the prior year and $17,045 versus the prior month.

For the 2024-04-01 period, Worcester had 732 MLS listings, a difference of 92 listings (14%) versus the prior month and 58 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 80 days 1,792 sqft
2018-02-01 75 days 1,800 sqft
2018-03-01 47 days 1,804 sqft
2018-04-01 39 days 1,840 sqft
2018-05-01 33 days 1,836 sqft
2018-06-01 37 days 1,858 sqft
2018-07-01 44 days 1,876 sqft
2018-08-01 51 days 1,880 sqft
2018-09-01 51 days 1,876 sqft
2018-10-01 54 days 1,869 sqft
2018-11-01 60 days 1,851 sqft
2018-12-01 70 days 1,820 sqft
2019-01-01 79 days 1,802 sqft
2019-02-01 78 days 1,828 sqft
2019-03-01 60 days 1,879 sqft
2019-04-01 39 days 1,971 sqft
2019-05-01 38 days 2,019 sqft
2019-06-01 39 days 2,030 sqft
2019-07-01 48 days 2,000 sqft
2019-08-01 52 days 1,981 sqft
2019-09-01 53 days 1,952 sqft
2019-10-01 53 days 1,943 sqft
2019-11-01 58 days 1,920 sqft
2019-12-01 75 days 1,892 sqft
2020-01-01 79 days 1,877 sqft
2020-02-01 58 days 1,904 sqft
2020-03-01 35 days 1,988 sqft
2020-04-01 44 days 2,000 sqft
2020-05-01 52 days 2,000 sqft
2020-06-01 41 days 2,000 sqft
2020-07-01 37 days 2,000 sqft
2020-08-01 36 days 2,002 sqft
2020-09-01 26 days 1,960 sqft
2020-10-01 26 days 1,952 sqft
2020-11-01 42 days 1,920 sqft
2020-12-01 54 days 1,873 sqft
2021-01-01 54 days 1,900 sqft
2021-02-01 47 days 1,810 sqft
2021-03-01 16 days 1,801 sqft
2021-04-01 15 days 1,793 sqft
2021-05-01 14 days 1,815 sqft
2021-06-01 16 days 1,843 sqft
2021-07-01 22 days 1,830 sqft
2021-08-01 24 days 1,808 sqft
2021-09-01 27 days 1,808 sqft
2021-10-01 26 days 1,778 sqft
2021-11-01 35 days 1,768 sqft
2021-12-01 39 days 1,718 sqft
2022-01-01 47 days 1,706 sqft
2022-02-01 28 days 1,768 sqft
2022-03-01 16 days 1,798 sqft
2022-04-01 10 days 1,846 sqft
2022-05-01 14 days 1,895 sqft
2022-06-01 16 days 1,874 sqft
2022-07-01 23 days 1,875 sqft
2022-08-01 30 days 1,885 sqft
2022-09-01 32 days 1,869 sqft
2022-10-01 33 days 1,879 sqft
2022-11-01 37 days 1,878 sqft
2022-12-01 52 days 1,850 sqft
2023-01-01 52 days 1,872 sqft
2023-02-01 42 days 1,889 sqft
2023-03-01 31 days 1,875 sqft
2023-04-01 19 days 1,921 sqft
2023-05-01 19 days 1,973 sqft
2023-06-01 18 days 1,956 sqft
2023-07-01 25 days 1,939 sqft
2023-08-01 23 days 1,877 sqft
2023-09-01 27 days 1,879 sqft
2023-10-01 27 days 1,871 sqft
2023-11-01 32 days 1,855 sqft
2023-12-01 44 days 1,824 sqft
2024-01-01 45 days 1,830 sqft
2024-02-01 30 days 1,813 sqft
2024-03-01 23 days 1,812 sqft
2024-04-01 22 days 1,877 sqft
Worcester's median listing age (time on market) for 2024-04-01 was 22 days. This is 19% longer than the same period one year ago.

Worcester's median square footage for active listings during the 2024-04-01 period was 1,877 sqft. One year prior, the average listing was 1,921 sqft.