Massachusetts USDA Loan Rates, Closing Costs & Stats

Massachusetts

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.

Massachusetts USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Massachusetts averaged 6.54% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Massachusetts's average USDA mortgage closing costs are $6,656.

The average rate for the prior week (2024-05-17) was 6.32% and one month ago for the week of 2024-04-19, the average rate was 6.46%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.4%.

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

Massachusetts 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 Massachusetts level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUILD MORTGAGE COMPANY 6 6.27% $10,182
TOTAL MORTGAGE SERVICES, LLC 4 6.31% $15,473
UNITED WHOLESALE MORTGAGE, LLC 3 6.20% $8,614
ACADEMY MORTGAGE CORPORATION 3 7.17% $12,220
NEWREZ LLC 2 7.00% $6,961
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $7,373
Keystone Funding, Inc. 2 5.50% $11,490
The Camden National Bank 2 6.56% $12,146
GENEVA FINANCIAL, LLC 1 6.50% $13,995
GUARANTEED RATE AFFINITY, LLC 1 6.75% $8,457
GUARANTEED RATE, INC. 1 6.75% $6,949
CIBM Bank 1 6.38% $6,224
American Mortgage & Equity Consultants, Inc. 1 6.38% $18,366
CARDINAL FINANCIAL 1 5.00% $14,023
Northpointe Bank 1 6.38% $11,138
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $7,588
Plains Commerce Bank 1 6.50% $10,634
PLAZA HOME MORTGAGE, INC. 1 6.25% $17,240
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.88% $11,744
RADIUS FINANCIAL GROUP INC. 1 5.63% $10,829
Shamrock Home Loans, Inc. 1 7.25% $7,612
T2 FINANCIAL LLC 1 7.63% $11,101
U.S. Bank 1 6.25% $9,050
CROSSCOUNTRY MORTGAGE, LLC 1 5.50% $22,737
EVERETT FINANCIAL, INC. 1 7.13% $15,343
Bank of England 1 5.50% $9,915

The top Massachusetts USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 6 USDA loans originated. Their average total fees are $10,182, which is $5,291 lower than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

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

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