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
7.07%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Worcester's average USDA mortgage closing costs are $5,858.
The average rate for the prior week (2024-04-12) was
6.92% and
one month ago for the week of 2024-03-15, the
average rate was 6.4%.
The average rate one year ago was 6.44%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.71%.
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 |
Worcester's median listing price comes in at 118% of the national average.
Worcester's average listing price for 2024-03-01 was $643,339, a difference of $8,181 (1.3%) versus the prior year and $9,920 versus the prior month.
For the 2024-03-01 period, Worcester had 640 MLS listings, a difference of 42 listings (7%) versus the prior month and 58 listings (10%) 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 | 1,814 sqft |
| 2024-03-01 | 23 days | 1,813 sqft |
Worcester's median square footage for active listings during the 2024-03-01 period was 1,813 sqft. One year prior, the average listing was 1,875 sqft.