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 58 lenders originated 664 VA loans during 2022. The total origination value was $191,480,000, with an average VA loan value of $288,373.
Albany VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Albany
averaged
5.81%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Albany's average VA mortgage closing costs are $6,470.
The average rate for the prior week (2023-05-19) was
5.53% and
one month ago for the week of 2023-04-21, the
average rate was 5.85%.
The average rate one year ago was 4.63%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.13%.
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.
The top Albany VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
86 VA loans originated. Their average total fees are
$10,103, which is $3,381
higher than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Albany VA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($5,743), Barrington Bank & Trust Company, N.A. ($6,358), Mortgage Research Center, LLC ($6,721), SEFCU SERVICES, LLC ($6,750) and Premium Mortgage Corporation ($7,562).
The lowest rate Albany VA lenders (with over 10 loans originated) are
LOANDEPOT.COM, LLC (3.59%), HOME POINT FINANCIAL CORPORATION (3.75%), NAVY FEDERAL CREDIT UNION (3.76%), QUICKEN LOANS, LLC (3.96%) and USAA Federal Savings Bank (4.07%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $277,450 (14.5%) | $330,590 (7.9%) | 1.03 | 3,267 |
2018-02-01 | $284,800 (14.0%) | $334,472 (7.7%) | 1.04 | 3,172 |
2018-03-01 | $289,900 (11.7%) | $336,471 (6.7%) | 1.02 | 3,133 |
2018-04-01 | $297,900 (12.4%) | $339,563 (6.1%) | 1.01 | 3,189 |
2018-05-01 | $296,000 (9.8%) | $336,751 (4.6%) | 0.99 | 3,492 |
2018-06-01 | $294,900 (9.3%) | $339,293 (5.1%) | 0.98 | 3,876 |
2018-07-01 | $292,200 (8.3%) | $339,758 (5.6%) | 0.98 | 4,068 |
2018-08-01 | $288,792 (7.6%) | $336,327 (5.5%) | 0.97 | 4,120 |
2018-09-01 | $289,700 (7.5%) | $336,601 (5.1%) | 0.97 | 4,219 |
2018-10-01 | $289,825 (8.3%) | $337,199 (5.3%) | 0.98 | 4,251 |
2018-11-01 | $292,449 (10.0%) | $340,287 (6.5%) | 0.99 | 4,180 |
2018-12-01 | $292,450 (8.3%) | $338,478 (3.8%) | 1.01 | 3,828 |
2019-01-01 | $299,450 (7.9%) | $343,858 (4.0%) | 1.03 | 3,465 |
2019-02-01 | $306,339 (7.6%) | $352,211 (5.3%) | 1.03 | 3,363 |
2019-03-01 | $310,000 (6.9%) | $356,727 (6.0%) | 1.03 | 3,276 |
2019-04-01 | $309,948 (4.0%) | $357,250 (5.2%) | 0.98 | 3,403 |
2019-05-01 | $299,900 (1.3%) | $351,035 (4.2%) | 0.94 | 3,533 |
2019-06-01 | $299,335 (1.5%) | $350,205 (3.2%) | 0.94 | 3,693 |
2019-07-01 | $299,450 (2.5%) | $346,644 (2.0%) | 0.94 | 3,723 |
2019-08-01 | $299,000 (3.5%) | $344,697 (2.5%) | 0.94 | 3,805 |
2019-09-01 | $292,450 (1.0%) | $342,896 (1.9%) | 0.92 | 3,737 |
2019-10-01 | $289,900 (0.0%) | $340,364 (0.9%) | 0.94 | 3,920 |
2019-11-01 | $289,900 (-0.9%) | $338,128 (-0.6%) | 0.95 | 3,509 |
2019-12-01 | $294,150 (0.6%) | $340,012 (0.5%) | 0.98 | 3,156 |
2020-01-01 | $295,750 (-1.2%) | $339,746 (-1.2%) | 0.99 | 2,853 |
2020-02-01 | $304,900 (-0.5%) | $344,086 (-2.3%) | 1.00 | 2,701 |
2020-03-01 | $312,425 (0.8%) | $347,600 (-2.6%) | 0.98 | 2,671 |
2020-04-01 | $316,975 (2.3%) | $353,628 (-1.0%) | 0.99 | 2,497 |
2020-05-01 | $320,000 (6.7%) | $359,038 (2.3%) | 0.97 | 2,453 |
2020-06-01 | $337,525 (12.8%) | $372,505 (6.4%) | 0.99 | 2,428 |
2020-07-01 | $342,050 (14.2%) | $378,184 (9.1%) | 0.99 | 2,316 |
2020-08-01 | $339,900 (13.7%) | $391,157 (13.5%) | 0.97 | 2,240 |
2020-09-01 | $334,950 (14.5%) | $393,131 (14.7%) | 0.96 | 2,246 |
2020-10-01 | $335,000 (15.6%) | $395,720 (16.3%) | 0.96 | 2,227 |
2020-11-01 | $336,050 (15.9%) | $397,558 (17.6%) | 0.98 | 2,145 |
2020-12-01 | $338,875 (15.2%) | $399,253 (17.4%) | 1.01 | 1,942 |
2021-01-01 | $344,900 (16.6%) | $411,696 (21.2%) | 1.03 | 1,678 |
2021-02-01 | $367,209 (20.4%) | $434,874 (26.4%) | 1.07 | 1,407 |
2021-03-01 | $368,116 (17.8%) | $457,953 (31.8%) | 1.04 | 1,333 |
2021-04-01 | $368,650 (16.3%) | $459,324 (29.9%) | 1.00 | 1,320 |
2021-05-01 | $364,900 (14.0%) | $456,610 (27.2%) | 0.97 | 1,350 |
2021-06-01 | $349,900 (3.7%) | $450,225 (20.9%) | 0.92 | 1,501 |
2021-07-01 | $349,900 (2.3%) | $446,991 (18.2%) | 0.92 | 1,653 |
2021-08-01 | $344,750 (1.4%) | $442,698 (13.2%) | 0.92 | 1,732 |
2021-09-01 | $334,925 (0.0%) | $439,483 (11.8%) | 0.89 | 1,698 |
2021-10-01 | $325,000 (-3.0%) | $434,005 (9.7%) | 0.87 | 1,623 |
2021-11-01 | $325,000 (-3.3%) | $431,064 (8.4%) | 0.87 | 1,513 |
2021-12-01 | $344,900 (1.8%) | $443,810 (11.2%) | 0.93 | 1,361 |
2022-01-01 | $349,950 (1.5%) | $453,808 (10.2%) | 0.95 | 1,133 |
2022-02-01 | $368,625 (0.4%) | $483,552 (11.2%) | 0.96 | 930 |
2022-03-01 | $369,900 (0.5%) | $490,785 (7.2%) | 0.93 | 890 |
2022-04-01 | $369,900 (0.3%) | $483,009 (5.2%) | 0.88 | 926 |
2022-05-01 | $369,900 (1.4%) | $466,872 (2.3%) | 0.85 | 1,104 |
2022-06-01 | $369,900 (5.7%) | $469,801 (4.4%) | 0.82 | 1,283 |
2022-07-01 | $350,000 (0.0%) | $432,656 (-3.2%) | 0.79 | 1,470 |
2022-08-01 | $352,200 (2.2%) | $431,678 (-2.5%) | 0.81 | 1,478 |
2022-09-01 | $344,000 (2.7%) | $441,322 (0.4%) | 0.80 | 1,431 |
2022-10-01 | $349,000 (7.4%) | $436,035 (0.5%) | 0.82 | 1,444 |
2022-11-01 | $339,950 (4.6%) | $419,589 (-2.7%) | 0.82 | 1,395 |
2022-12-01 | $345,000 (0.0%) | $430,204 (-3.1%) | 0.85 | 1,269 |
2023-01-01 | $364,336 (4.1%) | $436,277 (-3.9%) | 0.90 | 1,120 |
2023-02-01 | $384,900 (4.4%) | $458,242 (-5.2%) | 0.93 | 1,031 |
2023-03-01 | $399,900 (8.1%) | $463,576 (-5.5%) | 0.94 | 926 |
2023-04-01 | $408,000 (10.3%) | $473,968 (-1.9%) | 0.95 | 885 |
Albany's median listing price comes in at 95% of the national average.
Albany's average listing price for 2023-04-01 was $473,968, a difference of $-9,041 (-1.9%) versus the prior year and $10,392 versus the prior month.
For the 2023-04-01 period, Albany had 885 MLS listings, a difference of -41 listings (-4%) versus the prior month and -41 listings (-4%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 110 days | 1,831 sqft |
2018-02-01 | 109 days | 1,850 sqft |
2018-03-01 | 102 days | 1,851 sqft |
2018-04-01 | 84 days | 1,868 sqft |
2018-05-01 | 70 days | 1,875 sqft |
2018-06-01 | 62 days | 1,872 sqft |
2018-07-01 | 67 days | 1,885 sqft |
2018-08-01 | 74 days | 1,874 sqft |
2018-09-01 | 80 days | 1,876 sqft |
2018-10-01 | 82 days | 1,875 sqft |
2018-11-01 | 85 days | 1,888 sqft |
2018-12-01 | 94 days | 1,874 sqft |
2019-01-01 | 99 days | 1,881 sqft |
2019-02-01 | 103 days | 1,900 sqft |
2019-03-01 | 96 days | 1,920 sqft |
2019-04-01 | 79 days | 1,907 sqft |
2019-05-01 | 67 days | 1,907 sqft |
2019-06-01 | 68 days | 1,906 sqft |
2019-07-01 | 74 days | 1,904 sqft |
2019-08-01 | 79 days | 1,900 sqft |
2019-09-01 | 84 days | 1,883 sqft |
2019-10-01 | 79 days | 1,873 sqft |
2019-11-01 | 88 days | 1,867 sqft |
2019-12-01 | 105 days | 1,851 sqft |
2020-01-01 | 115 days | 1,851 sqft |
2020-02-01 | 107 days | 1,877 sqft |
2020-03-01 | 90 days | 1,896 sqft |
2020-04-01 | 88 days | 1,888 sqft |
2020-05-01 | 96 days | 1,904 sqft |
2020-06-01 | 100 days | 1,932 sqft |
2020-07-01 | 79 days | 1,987 sqft |
2020-08-01 | 69 days | 1,945 sqft |
2020-09-01 | 61 days | 1,916 sqft |
2020-10-01 | 63 days | 1,900 sqft |
2020-11-01 | 73 days | 1,888 sqft |
2020-12-01 | 83 days | 1,878 sqft |
2021-01-01 | 98 days | 1,860 sqft |
2021-02-01 | 101 days | 1,891 sqft |
2021-03-01 | 84 days | 1,892 sqft |
2021-04-01 | 70 days | 1,889 sqft |
2021-05-01 | 55 days | 1,876 sqft |
2021-06-01 | 48 days | 1,878 sqft |
2021-07-01 | 53 days | 1,870 sqft |
2021-08-01 | 57 days | 1,866 sqft |
2021-09-01 | 59 days | 1,837 sqft |
2021-10-01 | 63 days | 1,800 sqft |
2021-11-01 | 65 days | 1,783 sqft |
2021-12-01 | 70 days | 1,858 sqft |
2022-01-01 | 82 days | 2,040 sqft |
2022-02-01 | 88 days | 1,926 sqft |
2022-03-01 | 64 days | 1,863 sqft |
2022-04-01 | 53 days | 1,825 sqft |
2022-05-01 | 39 days | 1,819 sqft |
2022-06-01 | 40 days | 1,824 sqft |
2022-07-01 | 44 days | 1,800 sqft |
2022-08-01 | 54 days | 1,818 sqft |
2022-09-01 | 61 days | 1,811 sqft |
2022-10-01 | 61 days | 1,800 sqft |
2022-11-01 | 64 days | 1,776 sqft |
2022-12-01 | 71 days | 1,762 sqft |
2023-01-01 | 81 days | 1,762 sqft |
2023-02-01 | 77 days | 1,791 sqft |
2023-03-01 | 72 days | 1,814 sqft |
2023-04-01 | 68 days | 1,814 sqft |
Albany's median square footage for active listings during the 2023-04-01 period was 1,814 sqft. One year prior, the average listing was 1,825 sqft.