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%.

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.