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 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.