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
7%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Connecticut's average USDA mortgage closing costs are $6,023.
The average rate for the prior week (2024-04-12) was
6.85% and
one month ago for the week of 2024-03-15, the
average rate was 6.74%.
The average rate one year ago was 6.38%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.03%.
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
.