California USDA Loan Rates, Closing Costs & Stats

California

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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.

    California USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in California averaged 6.78% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    California's average USDA mortgage closing costs are $7,517.

    The average rate for the prior week (2024-04-12) was 6.43% and one month ago for the week of 2024-03-15, the average rate was 6.42%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.75%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    California 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 California level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 43 5.93% $10,868
    FIRST NATIONS HOME FINANCE CORPORATION 23 6.21% $9,420
    Century Mortgage Company DBA Century Lending Company 20 6.09% $10,631
    Sierra Pacific Mortgage Company, Inc. 16 5.83% $14,140
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.19% $10,850
    CROSSCOUNTRY MORTGAGE, LLC 11 6.32% $11,745
    Paramount Residential Mortgage Group, Inc. 9 6.28% $9,210
    AXIA FINANCIAL, LLC 8 6.30% $8,751
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.23% $7,384
    LOANDEPOT.COM, LLC 5 6.23% $11,211
    GUARANTEED RATE, INC. 5 5.95% $10,450
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.84% $15,430
    SUN WEST MORTGAGE COMPANY, INC. 4 5.72% $14,392
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 5.88% $14,751
    GUILD MORTGAGE COMPANY 4 6.28% $12,912
    MASON MCDUFFIE MORTGAGE CORPORATION 3 5.46% $16,338
    VERITAS FUNDING, LLC 3 5.71% $11,908
    NEWREZ LLC 3 7.08% $8,505
    ALAMEDA MORTGAGE CORPORATION 3 6.12% $12,471
    PLAZA HOME MORTGAGE, INC. 3 6.12% $10,083
    Commerce Home Mortgage, Inc. 3 6.38% $10,003
    OCMBC, INC. 3 5.46% $21,105
    BANC ONE MORTGAGE CORPORATION 2 9.63% $10,840
    American Mortgage & Equity Consultants, Inc. 2 6.56% $9,597
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.00% $13,464
    CALIBER HOME LOANS, INC. 2 6.69% $7,493
    CARDINAL FINANCIAL 2 6.13% $13,815
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.94% $9,828
    Hometown Equity Mortgage, LLC 2 5.69% $8,908
    Plains Commerce Bank 2 6.19% $15,502
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.12% $9,410
    SUMMIT FUNDING, INC. 2 6.75% $10,729
    U.S. Bank 2 7.25% $7,255
    MOVEMENT MORTGAGE, LLC 1 6.13% $7,038
    Nations Lending Corporation 1 5.63% $5,878
    Neighborhood Loans, Inc. 1 5.63% $13,241
    Loan Simple, Inc. 1 5.63% $11,569
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $8,895
    ON Q FINANCIAL, INC. 1 6.38% $8,475
    Franklin Loan Corporation 1 6.63% $15,657
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $11,324
    Platinum Home Mortgage Corporation 1 5.99% $13,317
    Flagstar Bank, FSB 1 6.25% $7,465
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $9,307
    Equity Prime Mortgage LLC 1 6.50% $9,271
    DIGNIFIED HOME LOANS, LLC 1 6.00% $12,459
    CMG MORTGAGE, INC. 1 5.25% $12,386
    VAN DYK MORTGAGE CORPORATION 1 7.38% $3,186
    Carrington Mortgage Services, LLC 1 6.13% $10,287
    UNION HOME MORTGAGE CORP. 1 6.63% $7,351
    MICHIGAN MUTUAL, INC. 1 6.25% $9,040
    MLD MORTGAGE INC. 1 6.13% $11,285
    Mortgage Research Center, LLC 1 6.75% $3,389
    MOUNTAIN WEST FINANCIAL, INC. 1 5.75% $6,002

    The top California USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 43 USDA loans originated. Their average total fees are $10,868, which is $1,448 higher than the next largest lender, FIRST NATIONS HOME FINANCE CORPORATION.

    The lowest fee California USDA lenders (with over 10 loans originated) are FIRST NATIONS HOME FINANCE CORPORATION ($9,420), Century Mortgage Company DBA Century Lending Company ($10,631), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,850), UNITED WHOLESALE MORTGAGE, LLC ($10,868) and CROSSCOUNTRY MORTGAGE, LLC ($11,745).

    The lowest rate California USDA lenders (with over 10 loans originated) are Sierra Pacific Mortgage Company, Inc. (5.83%), UNITED WHOLESALE MORTGAGE, LLC (5.93%), Century Mortgage Company DBA Century Lending Company (6.09%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.19%) and FIRST NATIONS HOME FINANCE CORPORATION (6.21%).