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 6.01% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Connecticut's average USDA mortgage closing costs are $5,975.

The average rate for the prior week (2023-05-19) was 5.85% and one month ago for the week of 2023-04-21, the average rate was 5.96%.

The average rate one year ago was 4.88%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.79%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 4.98% $8,397
HOME POINT FINANCIAL CORPORATION 17 4.00% $7,545
Paramount Residential Mortgage Group, Inc. 14 4.04% $8,212
NORWICH COMMERCIAL GROUP, INC. 11 4.19% $6,826
UNITED WHOLESALE MORTGAGE, LLC 10 4.95% $8,189
GUARANTEED RATE, INC. 10 5.69% $9,115
TOTAL MORTGAGE SERVICES, LLC 9 4.22% $9,484
EVERETT FINANCIAL, INC. 7 5.16% $5,256
FIRST WORLD MORTGAGE CORPORATION 7 4.29% $8,425
PLAZA HOME MORTGAGE, INC. 6 5.23% $6,468
MOVEMENT MORTGAGE, LLC 5 4.20% $5,481
INLAND BANK & TRUST 3 5.29% $8,891
GUILD MORTGAGE COMPANY 3 4.79% $7,526
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.99% $8,958
Charter Oak Federal Credit Union 3 5.42% $6,060
Bank of England 3 5.08% $9,948
NORTHPOINT MORTGAGE, INC. 3 4.79% $7,209
FINANCE OF AMERICA MORTGAGE LLC 3 5.04% $10,799
FREEDOM MORTGAGE CORPORATION 3 3.46% $3,292
PROVINCE MORTGAGE ASSOCIATES, INC. 2 5.69% $5,754
AMERICAN FINANCIAL RESOURCES, INC. 2 5.38% $9,282
Citizens Bank 2 5.12% $8,701
Equity Prime Mortgage LLC 2 5.00% $6,951
LEADERONE FINANCIAL CORPORATION 2 4.88% $8,589
Prosperity Home Mortgage, LLC 2 2.88% $6,026
ALLIED MORTGAGE GROUP, INC. 2 5.25% $7,486
Liberty Bank 1 3.13% $7,173
LOANDEPOT.COM, LLC 1 6.63% $8,737
ENVOY MORTGAGE, LTD 1 4.63% $8,976
Nations Lending Corporation 1 4.75% $4,042
EMBRACE HOME LOANS, INC. 1 3.25% $6,085
Chelsea Groton Bank 1 3.25% $5,029
OCEANSIDE MORTGAGE COMPANY 1 3.25% $1,435
Carrington Mortgage Services, LLC 1 4.75% $12,507
CARDINAL FINANCIAL 1 6.88% $8,889
Waterstone Mortgage Corporation 1 3.75% $5,662
WILLIAM RAVEIS MORTGAGE, LLC 1 4.00% $5,969
SUN WEST MORTGAGE COMPANY, INC. 1 5.00% $9,943
CALIBER HOME LOANS, INC. 1 3.50% $8,843
GUARANTEED RATE AFFINITY, LLC 1 4.75% $8,014
KELLER MORTGAGE, LLC 1 3.50% $4,742
BAY EQUITY LLC 1 5.25% $10,194

The top Connecticut USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 24 USDA loans originated. Their average total fees are $8,397, which is $852 higher than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee Connecticut USDA lenders (with over 10 loans originated) are NORWICH COMMERCIAL GROUP, INC. ($6,826), HOME POINT FINANCIAL CORPORATION ($7,545), UNITED WHOLESALE MORTGAGE, LLC ($8,189), Paramount Residential Mortgage Group, Inc. ($8,212) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,397).

The lowest rate Connecticut USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.00%), Paramount Residential Mortgage Group, Inc. (4.04%), NORWICH COMMERCIAL GROUP, INC. (4.19%), UNITED WHOLESALE MORTGAGE, LLC (4.95%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.98%).