Connecticut USDA Loan Rates, Closing Costs & Stats

Connecticut

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.

Connecticut USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Connecticut averaged 6.48% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Connecticut's average USDA mortgage closing costs are $6,023.

The average rate for the prior week (2024-05-17) was 6.76% and one month ago for the week of 2024-04-19, the average rate was 7%.

The average rate one year ago was 6.21%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.01%.

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

Connecticut 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 Connecticut level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUARANTEED RATE, INC. 7 6.69% $10,779
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.97% $6,051
UNITED WHOLESALE MORTGAGE, LLC 3 6.25% $7,652
NEWREZ LLC 3 6.00% $7,457
Paramount Residential Mortgage Group, Inc. 3 6.50% $7,159
PLAZA HOME MORTGAGE, INC. 3 6.25% $8,643
NORWICH COMMERCIAL GROUP, INC. 2 6.50% $6,535
PROVINCE MORTGAGE ASSOCIATES, INC. 2 7.06% $8,500
T2 FINANCIAL LLC 2 7.19% $9,389
Plains Commerce Bank 2 5.94% $8,475
MOVEMENT MORTGAGE, LLC 2 6.69% $6,778
CMG MORTGAGE, INC. 1 6.25% $16,052
Prosperity Home Mortgage, LLC 1 6.49% $6,460
FIRST WORLD MORTGAGE CORPORATION 1 6.13% $12,420
HOMESTEAD FUNDING CORP. 1 5.63% $8,275
LEADERONE FINANCIAL CORPORATION 1 6.63% $7,435
Keystone Funding, Inc. 1 6.75% $13,068
LOANDEPOT.COM, LLC 1 7.25% $13,744
MORTGAGE EQUITY PARTNERS LLC 1 6.50% $6,842
NFM, INC. 1 6.63% $10,683
TOTAL MORTGAGE SERVICES, LLC 1 6.13% $12,878

The top Connecticut USDA lender as defined by loan originations is GUARANTEED RATE, INC., with 7 USDA loans originated. Their average total fees are $10,779, which is $4,728 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Connecticut USDA lenders (with over 10 loans originated) are .

The lowest rate Connecticut USDA lenders (with over 10 loans originated) are .