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 6.24% for the week of 2023-12-08, compared to the national average (all USDA variants) of 6.821% for the same period.

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

The average rate for the prior week (2023-12-01) was 6.69% and one month ago for the week of 2023-11-03, the average rate was 6.83%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2023-12-08, the average rate was 5.32%.

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%), .