Albany VA Loan Rates, Closing Costs & Stats

ALBANY-SCHENECTADY-TROY, NY

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Albany's 51 lenders originated 427 VA loans during 2023. The total origination value was $132,075,000, with an average VA loan value of $309,309.

Albany VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Albany averaged 6.23% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Albany's average VA mortgage closing costs are $6,776.

The average rate for the prior week (2024-05-17) was 6.05% and one month ago for the week of 2024-04-19, the average rate was 6.32%.

The average rate one year ago was 6.09%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.79%.

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

Albany VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 58 6.33% $11,506
Mortgage Research Center, LLC 57 6.65% $8,719
NAVY FEDERAL CREDIT UNION 48 5.97% $8,477
UNITED WHOLESALE MORTGAGE, LLC 46 6.23% $9,558
HOMESTEAD FUNDING CORP. 44 6.47% $8,060
USAA Federal Savings Bank 17 6.32% $13,570
SEFCU SERVICES, LLC 17 6.31% $8,839
MOVEMENT MORTGAGE, LLC 14 6.44% $11,969
NEWREZ LLC 8 6.63% $9,369
PLAZA HOME MORTGAGE, INC. 8 6.38% $9,833
Premium Mortgage Corporation 8 6.55% $7,749
Barrington Bank & Trust Company, N.A. 7 6.61% $9,853
Mr. Cooper ( Nationstar Mortgage ) 6 6.04% $15,945
FREEDOM MORTGAGE CORPORATION 5 6.45% $18,824
SUNMARK FEDERAL CREDIT UNION 4 6.63% $5,028
1ST PRIORITY MORTGAGE, INC. 4 6.34% $9,259
NBKC BANK 4 6.38% $6,906
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.19% $10,424
EMM LOANS LLC 4 7.13% $7,105
RELIANCE FIRST CAPITAL, LLC 3 6.67% $9,005
GUARANTEED RATE, INC. 3 6.04% $14,620
KeyBank 3 6.63% $7,027
PENNYMAC LOAN SERVICES, LLC 3 6.13% $15,275
Evolve Bank & Trust 3 6.54% $14,495
Flagstar Bank, FSB 3 7.25% $7,848
PHH Mortgage Corporation 2 6.50% $11,241
Wells Fargo Bank 2 5.63% $12,936
PLANET HOME LENDING, LLC 2 6.81% $10,032
Magnolia Bank 2 6.62% $18,912
LOANDEPOT.COM, LLC 2 6.25% $12,227
PENTAGON FEDERAL CREDIT UNION 2 5.81% $8,866
The Federal Savings Bank 1 7.13% $12,621
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.13% $1,885
Adams Community Bank 1 6.13% $10,212
AMERICAN FINANCING CORPORATION 1 5.50% $7,793
CARDINAL FINANCIAL 1 6.50% $21,754
Chambers Bank 1 7.13% $9,535
Community First National Bank 1 6.25% $12,729
CONTOUR MORTGAGE CORPORATION 1 5.63% $10,419
CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $1,287
EMBRACE HOME LOANS, INC. 1 5.63% $7,051
Equity Prime Mortgage LLC 1 7.75% $19,447
JPMorgan Chase Bank 1 6.63% $10,565
MORTGAGE ACCESS CORP. 1 7.13% $15,199
M&T Bank 1 6.25% $9,310
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $25,302
North American Savings Bank, F.S.B. 1 6.13% $9,927
PREMIA MORTGAGE, LLC 1 5.75% $15,660
Truist 1 6.50% $5,144
U.S. Bank 1 6.50% $1,178
US MORTGAGE CORPORATION 1 6.88% $11,169

The top Albany VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 58 VA loans originated. Their average total fees are $11,506, which is $2,788 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Albany VA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,060), NAVY FEDERAL CREDIT UNION ($8,477), Mortgage Research Center, LLC ($8,719), SEFCU SERVICES, LLC ($8,839) and UNITED WHOLESALE MORTGAGE, LLC ($9,558).

The lowest rate Albany VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), SEFCU SERVICES, LLC (6.31%), USAA Federal Savings Bank (6.32%) and QUICKEN LOANS, LLC (6.33%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $277,450 (14.5%) $331,473 (8.3%) 1.03 3,263
2018-02-01 $284,900 (14.0%) $334,664 (7.8%) 1.03 3,167
2018-03-01 $289,900 (11.7%) $336,706 (6.6%) 1.02 3,125
2018-04-01 $297,900 (12.4%) $339,749 (6.0%) 1.01 3,180
2018-05-01 $296,000 (9.8%) $336,670 (4.5%) 0.99 3,482
2018-06-01 $294,900 (9.3%) $339,172 (5.0%) 0.98 3,868
2018-07-01 $292,200 (8.3%) $339,654 (5.6%) 0.98 4,060
2018-08-01 $288,200 (7.5%) $336,184 (5.5%) 0.97 4,111
2018-09-01 $289,700 (7.7%) $336,643 (5.0%) 0.97 4,209
2018-10-01 $289,900 (8.5%) $337,263 (5.3%) 0.98 4,242
2018-11-01 $292,450 (10.2%) $340,275 (6.4%) 0.99 4,169
2018-12-01 $292,900 (8.5%) $338,333 (3.7%) 1.01 3,823
2019-01-01 $299,663 (8.0%) $343,738 (3.7%) 1.04 3,460
2019-02-01 $306,400 (7.6%) $352,177 (5.2%) 1.04 3,360
2019-03-01 $309,428 (6.7%) $355,005 (5.4%) 1.01 3,355
2019-04-01 $309,878 (4.0%) $356,311 (4.9%) 0.98 3,411
2019-05-01 $299,900 (1.3%) $351,297 (4.3%) 0.94 3,534
2019-06-01 $299,500 (1.6%) $350,339 (3.3%) 0.94 3,692
2019-07-01 $299,450 (2.5%) $346,634 (2.1%) 0.94 3,720
2019-08-01 $294,198 (2.1%) $341,374 (1.5%) 0.93 3,838
2019-09-01 $291,780 (0.7%) $340,545 (1.2%) 0.93 3,896
2019-10-01 $289,900 (0.0%) $340,576 (1.0%) 0.94 3,913
2019-11-01 $289,900 (-0.9%) $338,208 (-0.6%) 0.95 3,510
2019-12-01 $294,300 (0.5%) $340,101 (0.5%) 0.98 3,157
2020-01-01 $295,825 (-1.3%) $339,778 (-1.2%) 0.99 2,854
2020-02-01 $304,900 (-0.5%) $344,026 (-2.3%) 1.00 2,704
2020-03-01 $312,500 (1.0%) $347,697 (-2.1%) 0.98 2,667
2020-04-01 $317,000 (2.3%) $353,712 (-0.7%) 0.99 2,493
2020-05-01 $320,900 (7.0%) $359,151 (2.2%) 0.98 2,452
2020-06-01 $338,950 (13.2%) $372,687 (6.4%) 1.00 2,425
2020-07-01 $342,400 (14.3%) $378,251 (9.1%) 0.99 2,315
2020-08-01 $339,900 (15.5%) $391,242 (14.6%) 0.97 2,242
2020-09-01 $335,000 (14.8%) $393,393 (15.5%) 0.96 2,246
2020-10-01 $335,650 (15.8%) $395,944 (16.3%) 0.96 2,224
2020-11-01 $337,350 (16.4%) $398,023 (17.7%) 0.99 2,135
2020-12-01 $339,000 (15.2%) $399,852 (17.6%) 1.01 1,932
2021-01-01 $344,950 (16.6%) $412,470 (21.4%) 1.03 1,666
2021-02-01 $367,900 (20.7%) $435,353 (26.6%) 1.07 1,398
2021-03-01 $369,450 (18.2%) $459,090 (32.0%) 1.05 1,319
2021-04-01 $370,075 (16.7%) $460,284 (30.1%) 1.00 1,309
2021-05-01 $364,975 (13.7%) $457,022 (27.3%) 0.97 1,343
2021-06-01 $349,900 (3.2%) $450,633 (20.9%) 0.92 1,494
2021-07-01 $349,900 (2.2%) $448,094 (18.5%) 0.92 1,633
2021-08-01 $344,750 (1.4%) $443,189 (13.3%) 0.92 1,728
2021-09-01 $334,950 (0.0%) $438,727 (11.5%) 0.89 1,693
2021-10-01 $325,000 (-3.2%) $433,139 (9.4%) 0.87 1,619
2021-11-01 $324,900 (-3.7%) $430,151 (8.1%) 0.87 1,507
2021-12-01 $344,300 (1.6%) $443,245 (10.9%) 0.93 1,358
2022-01-01 $349,900 (1.4%) $453,949 (10.1%) 0.95 1,132
2022-02-01 $367,725 (-0.1%) $483,053 (11.0%) 0.96 929
2022-03-01 $369,700 (0.1%) $489,862 (6.7%) 0.93 888
2022-04-01 $369,900 (-0.1%) $483,355 (5.0%) 0.88 924
2022-05-01 $369,900 (1.4%) $466,378 (2.1%) 0.85 1,103
2022-06-01 $369,900 (5.7%) $468,908 (4.1%) 0.82 1,281
2022-07-01 $350,000 (0.0%) $431,849 (-3.6%) 0.79 1,468
2022-08-01 $351,950 (2.1%) $430,859 (-2.8%) 0.81 1,476
2022-09-01 $344,000 (2.7%) $440,413 (0.4%) 0.80 1,429
2022-10-01 $347,500 (6.9%) $435,175 (0.5%) 0.82 1,442
2022-11-01 $339,950 (4.6%) $418,702 (-2.7%) 0.82 1,393
2022-12-01 $344,900 (0.2%) $429,195 (-3.2%) 0.85 1,267
2023-01-01 $363,311 (3.8%) $435,254 (-4.1%) 0.90 1,118
2023-02-01 $384,900 (4.7%) $457,060 (-5.4%) 0.93 1,030
2023-03-01 $399,900 (8.2%) $463,576 (-5.4%) 0.94 926
2023-04-01 $408,000 (10.3%) $473,794 (-2.0%) 0.95 886
2023-05-01 $407,475 (10.2%) $493,919 (5.9%) 0.92 965
2023-06-01 $416,950 (12.7%) $506,074 (7.9%) 0.94 1,062
2023-07-01 $419,000 (19.7%) $514,802 (19.2%) 0.95 1,140
2023-08-01 $419,900 (19.3%) $513,154 (19.1%) 0.96 1,220
2023-09-01 $417,140 (21.3%) $509,342 (15.7%) 0.97 1,262
2023-10-01 $399,394 (14.9%) $506,474 (16.4%) 0.94 1,310
2023-11-01 $392,450 (15.4%) $494,369 (18.1%) 0.93 1,337
2023-12-01 $399,000 (15.7%) $495,424 (15.4%) 0.97 1,209
2024-01-01 $423,775 (16.6%) $516,146 (18.6%) 1.03 1,058
2024-02-01 $433,960 (12.8%) $524,089 (14.7%) 1.04 985
2024-03-01 $435,900 (9.0%) $560,585 (20.9%) 1.03 897
2024-04-01 $449,899 (10.3%) $575,787 (21.5%) 1.05 880
Albany's median listing price for 2024-04-01 was $449,899, a difference of $41,899 (10.3%) versus the prior year and $13,999 versus the prior month.

Albany's median listing price comes in at 105% of the national average.

Albany's average listing price for 2024-04-01 was $575,787, a difference of $101,993 (21.5%) versus the prior year and $15,202 versus the prior month.

For the 2024-04-01 period, Albany had 880 MLS listings, a difference of -17 listings (-2%) versus the prior month and -6 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 101 days 1,832 sqft
2018-02-01 101 days 1,850 sqft
2018-03-01 89 days 1,852 sqft
2018-04-01 73 days 1,869 sqft
2018-05-01 62 days 1,874 sqft
2018-06-01 57 days 1,872 sqft
2018-07-01 62 days 1,885 sqft
2018-08-01 68 days 1,874 sqft
2018-09-01 75 days 1,875 sqft
2018-10-01 75 days 1,876 sqft
2018-11-01 77 days 1,890 sqft
2018-12-01 85 days 1,874 sqft
2019-01-01 93 days 1,882 sqft
2019-02-01 95 days 1,901 sqft
2019-03-01 85 days 1,907 sqft
2019-04-01 71 days 1,901 sqft
2019-05-01 59 days 1,908 sqft
2019-06-01 62 days 1,908 sqft
2019-07-01 68 days 1,905 sqft
2019-08-01 69 days 1,893 sqft
2019-09-01 71 days 1,883 sqft
2019-10-01 73 days 1,874 sqft
2019-11-01 80 days 1,867 sqft
2019-12-01 97 days 1,851 sqft
2020-01-01 106 days 1,852 sqft
2020-02-01 92 days 1,877 sqft
2020-03-01 72 days 1,896 sqft
2020-04-01 78 days 1,886 sqft
2020-05-01 86 days 1,900 sqft
2020-06-01 84 days 1,930 sqft
2020-07-01 64 days 1,987 sqft
2020-08-01 58 days 1,941 sqft
2020-09-01 53 days 1,914 sqft
2020-10-01 55 days 1,900 sqft
2020-11-01 66 days 1,886 sqft
2020-12-01 76 days 1,876 sqft
2021-01-01 88 days 1,857 sqft
2021-02-01 92 days 1,885 sqft
2021-03-01 71 days 1,885 sqft
2021-04-01 60 days 1,886 sqft
2021-05-01 50 days 1,876 sqft
2021-06-01 44 days 1,878 sqft
2021-07-01 49 days 1,872 sqft
2021-08-01 52 days 1,864 sqft
2021-09-01 55 days 1,831 sqft
2021-10-01 59 days 1,800 sqft
2021-11-01 60 days 1,780 sqft
2021-12-01 66 days 1,826 sqft
2022-01-01 78 days 2,034 sqft
2022-02-01 82 days 1,925 sqft
2022-03-01 56 days 1,860 sqft
2022-04-01 49 days 1,824 sqft
2022-05-01 36 days 1,817 sqft
2022-06-01 38 days 1,823 sqft
2022-07-01 40 days 1,800 sqft
2022-08-01 52 days 1,818 sqft
2022-09-01 58 days 1,810 sqft
2022-10-01 58 days 1,800 sqft
2022-11-01 60 days 1,773 sqft
2022-12-01 68 days 1,762 sqft
2023-01-01 78 days 1,762 sqft
2023-02-01 73 days 1,791 sqft
2023-03-01 68 days 1,816 sqft
2023-04-01 62 days 1,814 sqft
2023-05-01 45 days 1,846 sqft
2023-06-01 44 days 1,833 sqft
2023-07-01 49 days 1,829 sqft
2023-08-01 50 days 1,829 sqft
2023-09-01 52 days 1,819 sqft
2023-10-01 54 days 1,800 sqft
2023-11-01 58 days 1,803 sqft
2023-12-01 64 days 1,800 sqft
2024-01-01 73 days 1,800 sqft
2024-02-01 73 days 1,838 sqft
2024-03-01 62 days 1,821 sqft
2024-04-01 55 days 1,844 sqft
Albany's median listing age (time on market) for 2024-04-01 was 55 days. This is -11% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2024-04-01 period was 1,844 sqft. One year prior, the average listing was 1,814 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.