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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.