Albany VA Loan Rates, Closing Costs & Stats

ALBANY-SCHENECTADY-TROY, NY

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    • 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%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 86 3.96% $10,103
    Mortgage Research Center, LLC 85 5.09% $6,721
    HOMESTEAD FUNDING CORP. 76 4.68% $8,431
    NAVY FEDERAL CREDIT UNION 68 3.76% $7,845
    UNITED WHOLESALE MORTGAGE, LLC 49 4.60% $9,128
    USAA Federal Savings Bank 27 4.07% $10,013
    Barrington Bank & Trust Company, N.A. 21 4.42% $6,358
    Premium Mortgage Corporation 20 4.34% $7,562
    SEFCU SERVICES, LLC 19 4.19% $6,750
    PLAZA HOME MORTGAGE, INC. 18 5.10% $8,534
    Mr. Cooper ( Nationstar Mortgage ) 13 5.09% $5,743
    FREEDOM MORTGAGE CORPORATION 12 4.76% $8,139
    LOANDEPOT.COM, LLC 11 3.59% $8,402
    HOME POINT FINANCIAL CORPORATION 10 3.75% $8,655
    MOVEMENT MORTGAGE, LLC 8 5.20% $10,213
    SUNMARK FEDERAL CREDIT UNION 8 4.00% $10,393
    CALIBER HOME LOANS, INC. 7 4.03% $6,926
    Flagstar Bank, FSB 6 3.33% $10,409
    Evolve Bank & Trust 5 4.98% $9,608
    NEWREZ LLC 5 3.42% $4,618
    RELIANCE FIRST CAPITAL, LLC 5 4.28% $12,187
    1ST PRIORITY MORTGAGE, INC. 4 5.16% $7,241
    Carrington Mortgage Services, LLC 3 5.50% $6,724
    AMERICAN FINANCING CORPORATION 3 3.46% $10,195
    CONTOUR MORTGAGE CORPORATION 3 4.17% $12,547
    CROSSCOUNTRY MORTGAGE, LLC 3 5.04% $10,632
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.42% $10,891
    GUARANTEED RATE, INC. 3 4.75% $9,032
    NP, Inc. 3 5.04% $15,030
    The Federal Savings Bank 3 4.46% $18,272
    PENTAGON FEDERAL CREDIT UNION 2 4.50% $4,579
    GUARANTEED RATE AFFINITY, LLC 2 4.58% $10,673
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.62% $8,970
    CARDINAL FINANCIAL 2 4.94% $16,520
    Wells Fargo Bank 2 2.75% $12,535
    Paramount Bank 2 3.94% $5,742
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.94% $14,791
    KeyBank 2 5.00% $8,443
    NATIONWIDE MORTGAGE BANKERS, INC. 2 5.31% $11,133
    Equity Prime Mortgage LLC 1 5.75% $7,950
    PREMIA MORTGAGE, LLC 1 5.25% $0
    EMM LOANS LLC 1 6.63% $15,964
    EMBRACE HOME LOANS, INC. 1 5.49% $9,563
    CMG MORTGAGE, INC. 1 5.50% $7,972
    RESIDENTIAL HOME FUNDING CORP. 1 5.50% $14,981
    Citizens Bank 1 3.00% $9,398
    Union Savings Bank 1 4.88% $9,741
    BNC National Bank 1 2.63% $3,637
    Magnolia Bank 1 4.50% $26,255
    HUNT MORTGAGE CORPORATION 1 5.38% $9,868
    HUDSON VALLEY CREDIT UNION 1 5.38% $3,180
    M&T Bank 1 5.75% $16,288
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $17,829
    NETWORK CAPITAL FUNDING CORPORATION 1 4.13% $22,964
    EVERETT FINANCIAL, INC. 1 4.13% $10,892
    North American Savings Bank, F.S.B. 1 4.88% $15,493
    Berkshire Bank 1 3.25% $10,233
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $8,296

    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. 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%) $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 for 2023-04-01 was $408,000, a difference of $38,100 (10.3%) versus the prior year and $8,100 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2023-04-01 was 68 days. This is 27% longer than the same period one year ago.

    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.

    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.