California USDA Loan Rates, Closing Costs & Stats
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
for the week of 2023-11-24, compared to the national average (all USDA variants) of
0% for the same period.
California's average USDA mortgage closing costs are $7,400.
The average rate for the prior week (2023-11-17) was 6.37% and one month ago for the week of 2023-10-20, the average rate was 6.89%.
The average rate one year ago was 6.13%.
For refis of the same type during the week of 2023-11-24, the average rate was -1.68%.
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.
The top California USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with
71 USDA loans originated. Their average total fees are
$8,802, which is $1,453
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee California USDA lenders (with over 10 loans originated) are FIRST NATIONS HOME FINANCE CORPORATION ($7,581), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,351), HOME POINT FINANCIAL CORPORATION ($8,802), Sierra Pacific Mortgage Company, Inc. ($9,093) and COUNTRY CLUB MORTGAGE, INC. ($9,199).
The lowest rate California USDA lenders (with over 10 loans originated) are FINANCE OF AMERICA MORTGAGE LLC (3.87%), Commerce Home Mortgage, Inc. (3.90%), HOME POINT FINANCIAL CORPORATION (3.90%), CALIBER HOME LOANS, INC. (3.96%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (4.01%).