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 6.31% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

Massachusetts's average USDA mortgage closing costs are $6,401.

The average rate for the prior week (2023-03-10) was 6.63% and one month ago for the week of 2023-02-10, the average rate was 6.29%.

The average rate one year ago was 4.18%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.1%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
RESIDENTIAL MORTGAGE SERVICES, INC. 29 2.87% $6,827
ACADEMY MORTGAGE CORPORATION 18 3.65% $6,960
NEWREZ LLC 15 2.82% $6,977
TOTAL MORTGAGE SERVICES, LLC 13 3.35% $8,300
Adams Community Bank 13 3.38% $4,361
RADIUS FINANCIAL GROUP INC. 9 2.54% $5,050
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.08% $4,804
FREEDOM MORTGAGE CORPORATION 8 2.97% $6,457
LOANDEPOT.COM, LLC 7 3.09% $6,470
MOVEMENT MORTGAGE, LLC 6 3.27% $6,146
Sierra Pacific Mortgage Company, Inc. 6 2.98% $6,706
GUARANTEED RATE, INC. 6 3.08% $7,109
HARBORONE MORTGAGE, LLC 6 2.90% $7,141
HOME POINT FINANCIAL CORPORATION 6 2.79% $6,511
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 3.08% $6,557
CALIBER HOME LOANS, INC. 5 2.55% $6,992
Envision Bank 5 2.65% $6,220
UNITED WHOLESALE MORTGAGE, LLC 5 2.89% $7,533
FINANCE OF AMERICA MORTGAGE LLC 5 3.03% $6,560
FIRST HOME MORTGAGE CORPORATION 5 2.78% $8,458
NORWICH COMMERCIAL GROUP, INC. 5 3.05% $6,585
NORTHPOINT MORTGAGE, INC. 5 3.00% $7,140
Evolve Bank & Trust 4 2.72% $4,656
Mortgage Network, Inc. 4 3.25% $6,598
Paramount Residential Mortgage Group, Inc. 3 2.92% $6,182
CONWAY FINANCIAL SERVICES, LLC 3 3.13% $7,343
BROKER SOLUTIONS, INC. 3 2.88% $5,429
PLAZA HOME MORTGAGE, INC. 3 2.91% $10,056
INLAND BANK & TRUST 3 2.88% $6,749
EQUITY RESOURCES, INC. 3 2.63% $8,153
EMM LOANS LLC 3 3.13% $8,638
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.25% $8,010
AMERICAN FINANCIAL NETWORK, INC. 2 2.88% $8,367
Bank of England 2 3.06% $10,629
ENVOY MORTGAGE, LTD 2 3.06% $8,226
First Guaranty Mortgage Corporation 2 2.94% $7,645
Flagstar Bank, FSB 2 2.56% $5,891
GENEVA FINANCIAL, LLC 2 2.75% $7,694
HUNT MORTGAGE CORPORATION 2 2.56% $6,551
MORTGAGE EQUITY PARTNERS LLC 2 2.69% $8,233
Republic State Mortgage Co. 2 2.88% $8,176
STEARNS LENDING, LLC 2 2.38% $6,797
BAY EQUITY LLC 1 2.75% $6,595
LAKEVIEW LOAN SERVICING, LLC 1 3.25% $3,390
HOMESPIRE MORTGAGE CORPORATION 1 2.75% $7,421
HOMESIDE FINANCIAL, LLC 1 3.50% $7,430
Northpointe Bank 1 3.00% $8,371
GUILD MORTGAGE COMPANY 1 2.75% $5,810
GUARANTEED RATE AFFINITY, LLC 1 2.88% $5,743
OCEANSIDE MORTGAGE COMPANY 1 2.99% $2,668
Florence Bank 1 2.75% $4,064
Farm Credit East, ACA 1 4.00% $24,372
Poli Mortgage Group, Inc. 1 2.63% $5,794
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,217
Prosperity Home Mortgage, LLC 1 2.88% $6,845
EVERETT FINANCIAL, INC. 1 3.38% $5,908
AMERISAVE MORTGAGE CORPORATION 1 3.13% $6,062
CROSSCOUNTRY MORTGAGE, LLC 1 2.88% $5,621
Shamrock Home Loans, Inc. 1 3.00% $6,352
Country Bank for Savings 1 3.00% $6,754
Wells Fargo Bank 1 3.38% $7,920
The Camden National Bank 1 2.88% $7,484
LEADERONE FINANCIAL CORPORATION 1 3.50% $8,132
Magnolia Bank 1 2.75% $8,819
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.13% $6,967

The top Massachusetts USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with 29 USDA loans originated. Their average total fees are $6,827, which is $133 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Massachusetts USDA lenders (with over 10 loans originated) are Adams Community Bank ($4,361), RESIDENTIAL MORTGAGE SERVICES, INC. ($6,827), ACADEMY MORTGAGE CORPORATION ($6,960), NEWREZ LLC ($6,977) and TOTAL MORTGAGE SERVICES, LLC ($8,300).

The lowest rate Massachusetts USDA lenders (with over 10 loans originated) are NEWREZ LLC (2.82%), RESIDENTIAL MORTGAGE SERVICES, INC. (2.87%), TOTAL MORTGAGE SERVICES, LLC (3.35%), Adams Community Bank (3.38%) and ACADEMY MORTGAGE CORPORATION (3.65%).