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MintRates.com Marketplace: Personal, Business, and Home Loans Comparison
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The Average USDA 30-Year Fixed Mortgage Rates in the US Today: Sat, Apr 27, 2024

The Current Average USDA 30-Year Fixed Mortgage Rates in the US - Updated: Sat, Apr 27, 2024

Rate type Average Rate 1W Change 1M Change 1Y Change
USDA 30-Year Fixed-Rate6.80%0.01%-0.04%0.11%Calculate paymentPersonalize rate

According to data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices, As of the latest data, mortgage rates continue to exhibit downward trends across various loan programs. Here's a snapshot of the recent changes:

  • USDA 30-Year Fixed-Rate: The average rate for USDA 30-Year Fixed-Rate is now at 6.80%. Over the past week, we've seen a slight increase of 0.01%, while the rates have decreased by -0.04% over the past month. Looking back a year, the rate has risen by 0.11%.
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Commonly asked questions about USDA Loans

A USDA Loan is a mortgage program backed by the U.S. Department of Agriculture (USDA) that provides affordable financing options for rural and some suburban homebuyers.

Eligibility is based on factors such as location, income, and credit history. Borrowers in designated rural areas and meeting income requirements may qualify.

Benefits include no down payment requirements, potentially lower interest rates, and flexible credit guidelines.

No, USDA Loans are intended for owner-occupied primary residences only.

Eligible properties include single-family homes and certain approved condominiums located in eligible rural areas.

Income limits vary based on the location of the property and the number of household members.

Yes, the upfront guarantee fee can be financed as part of the loan amount, allowing you to avoid an upfront out-of-pocket payment.

USDA Loans require an appraisal to determine the property's value and ensure it meets USDA's property standards for safety and habitability.

Yes, you may be able to use gift funds from family members or other sources for the down payment.

Yes, USDA Loans require both an upfront guarantee fee and an annual fee for mortgage insurance to protect the lender.

To apply for a USDA Loan, you'll need to work with an approved lender and provide required documentation, including income verification and property details.

Yes, the USDA offers a streamlined refinance program for eligible borrowers who currently have a USDA Loan.

The U.S. Department of Agriculture (USDA) guarantees USDA Loans, providing lenders with added security and allowing them to offer more favorable terms to borrowers.

In general, borrowers are limited to one active USDA Loan at a time. Certain exceptions may apply based on specific circumstances.

Yes, USDA Loans are specifically designed for properties located in eligible rural and suburban areas as determined by USDA maps and guidelines.