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 6.12% for the week of 2023-12-01, compared to the national average (all USDA variants) of 6.997% for the same period.

Massachusetts's average USDA mortgage closing costs are $6,523.

The average rate for the prior week (2023-11-24) was 6.23% and one month ago for the week of 2023-10-27, the average rate was 6.98%.

The average rate one year ago was 6%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.47%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GUILD MORTGAGE COMPANY 10 4.43% $8,024
ACADEMY MORTGAGE CORPORATION 10 4.83% $8,873
UNITED WHOLESALE MORTGAGE, LLC 8 4.39% $6,925
MOVEMENT MORTGAGE, LLC 6 3.92% $11,484
CALIBER HOME LOANS, INC. 3 3.43% $7,144
TOTAL MORTGAGE SERVICES, LLC 3 5.04% $10,131
GUARANTEED RATE, INC. 3 5.47% $10,034
RADIUS FINANCIAL GROUP INC. 3 3.71% $9,128
EMM LOANS LLC 3 3.63% $12,561
EQUITY RESOURCES, INC. 3 3.04% $11,322
Evolve Bank & Trust 3 5.08% $7,114
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.32% $8,729
Adams Community Bank 2 3.63% $3,821
CMG MORTGAGE, INC. 2 5.44% $10,872
FIRST HOME MORTGAGE CORPORATION 2 4.06% $7,106
FREEDOM MORTGAGE CORPORATION 2 3.88% $6,072
NORWICH COMMERCIAL GROUP, INC. 2 5.19% $13,049
PROVINCE MORTGAGE ASSOCIATES, INC. 2 4.69% $7,654
Shamrock Home Loans, Inc. 2 3.88% $5,764
LAKEVIEW LOAN SERVICING, LLC 1 3.63% $3,070
FINANCE OF AMERICA MORTGAGE LLC 1 4.25% $11,162
Nations Lending Corporation 1 5.75% $3,517
Sierra Pacific Mortgage Company, Inc. 1 3.00% $5,842
PENNYMAC LOAN SERVICES, LLC 1 3.00% $7,429
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $7,524
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $7,316
CONWAY FINANCIAL SERVICES, LLC 1 5.25% $7,722
Eastern Bank 1 3.75% $8,181
Ross Mortgage Company, Inc. 1 5.63% $7,753
CHURCHILL MORTGAGE CORPORATION 1 4.13% $5,641
GENEVA FINANCIAL, LLC 1 6.50% $11,933
BAY EQUITY LLC 1 3.50% $6,334
HOME POINT FINANCIAL CORPORATION 1 3.49% $7,183

The top Massachusetts USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 10 USDA loans originated. Their average total fees are $8,024, which is $849 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

The lowest fee Massachusetts USDA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($8,024), ACADEMY MORTGAGE CORPORATION ($8,873), .

The lowest rate Massachusetts USDA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (4.43%), ACADEMY MORTGAGE CORPORATION (4.83%), .