Albert Lea VA Loan Rates, Closing Costs & Stats
Albert Lea, MN
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.
Albert Lea's 11 lenders originated 23 VA loans during 2023. The total origination value was $4,825,000, with an average VA loan value of $209,783.
Albert Lea VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Albert Lea
averaged
6.56%
for the week of 2024-12-13, compared to the national average (all VA variants) of
6.077% for the same period.
Albert Lea's average VA mortgage closing costs are $4,177.
The average rate for the prior week (2024-12-06) was
6.5% and
one month ago for the week of 2024-11-08, the
average rate was 6.39%.
The average rate one year ago was 6.64%.
For refis of the same type during the week of 2024-12-13, the average rate
was 5.88%.
Albert Lea 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 Albert Lea level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 8 | 6.89% | $4,337 |
| GUARANTEED RATE, INC. | 3 | 6.12% | $2,552 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 3 | 7.00% | $4,339 |
| LAKEVIEW LOAN SERVICING, LLC | 2 | 7.00% | $6,346 |
| PENNYMAC LOAN SERVICES, LLC | 1 | 5.13% | $2,737 |
| UNION HOME MORTGAGE CORP. | 1 | 6.88% | $17,508 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.63% | $2,485 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.38% | $4,792 |
| EVERETT FINANCIAL, INC. | 1 | 7.63% | $10,858 |
| LAND HOME FINANCIAL SERVICES, INC. | 1 | 6.50% | $4,627 |
| NAVY FEDERAL CREDIT UNION | 1 | 5.13% | $100 |
The top Albert Lea VA lender as defined by loan originations is Mortgage Research Center, LLC, with
8 VA loans originated. Their average total fees are
$4,337, which is $1,785
higher than the next largest lender,
GUARANTEED RATE, INC..
The lowest fee Albert Lea VA lenders (with over 10 loans originated) are
.
The lowest rate Albert Lea VA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Albert Lea (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 | $88,700 (-16.4%) | $144,353 (2.2%) | 0.00 | 83 |
| 2018-02-01 | $110,925 (9.7%) | $149,606 (0.7%) | 0.00 | 75 |
| 2018-03-01 | $114,900 (14.6%) | $146,910 (-1.0%) | 0.00 | 74 |
| 2018-04-01 | $147,175 (28.1%) | $166,938 (8.8%) | 0.00 | 68 |
| 2018-05-01 | $159,650 (29.1%) | $183,682 (20.3%) | 0.00 | 81 |
| 2018-06-01 | $150,950 (17.1%) | $181,077 (9.5%) | 0.00 | 99 |
| 2018-07-01 | $138,350 (15.4%) | $170,575 (5.1%) | 0.00 | 95 |
| 2018-08-01 | $123,500 (9.9%) | $167,574 (7.0%) | 0.00 | 89 |
| 2018-09-01 | $119,900 (9.1%) | $165,142 (6.3%) | 0.00 | 85 |
| 2018-10-01 | $129,775 (18.1%) | $163,958 (3.1%) | 0.00 | 95 |
| 2018-11-01 | $128,400 (16.8%) | $156,269 (0.1%) | 0.00 | 93 |
| 2018-12-01 | $129,950 (45.2%) | $162,702 (10.0%) | 0.00 | 89 |
| 2019-01-01 | $138,325 (56.0%) | $171,003 (18.5%) | 0.00 | 70 |
| 2019-02-01 | $140,900 (27.0%) | $174,896 (16.9%) | 0.00 | 56 |
| 2019-03-01 | $144,043 (25.4%) | $178,005 (21.2%) | 0.00 | 67 |
| 2019-04-01 | $153,900 (4.6%) | $184,015 (10.2%) | 0.00 | 84 |
| 2019-05-01 | $155,650 (-2.5%) | $180,962 (-1.5%) | 0.00 | 93 |
| 2019-06-01 | $164,900 (9.2%) | $186,051 (2.8%) | 0.00 | 97 |
| 2019-07-01 | $162,400 (17.4%) | $181,832 (6.6%) | 0.00 | 104 |
| 2019-08-01 | $149,900 (21.4%) | $172,561 (3.0%) | 0.00 | 113 |
| 2019-09-01 | $149,900 (25.0%) | $174,048 (5.4%) | 0.00 | 119 |
| 2019-10-01 | $149,900 (15.5%) | $174,627 (6.5%) | 0.00 | 125 |
| 2019-11-01 | $148,900 (16.0%) | $172,258 (10.2%) | 0.00 | 123 |
| 2019-12-01 | $143,650 (10.5%) | $167,550 (3.0%) | 0.00 | 115 |
| 2020-01-01 | $139,625 (0.9%) | $169,323 (-1.0%) | 0.00 | 103 |
| 2020-02-01 | $142,900 (1.4%) | $174,375 (-0.3%) | 0.00 | 92 |
| 2020-03-01 | $144,900 (0.6%) | $178,250 (0.1%) | 0.00 | 99 |
| 2020-04-01 | $149,950 (-2.6%) | $177,391 (-3.6%) | 0.00 | 100 |
| 2020-05-01 | $163,900 (5.3%) | $191,108 (5.6%) | 0.00 | 105 |
| 2020-06-01 | $158,400 (-3.9%) | $195,567 (5.1%) | 0.00 | 95 |
| 2020-07-01 | $156,650 (-3.5%) | $208,145 (14.5%) | 0.00 | 81 |
| 2020-08-01 | $159,900 (6.7%) | $209,367 (21.3%) | 0.00 | 85 |
| 2020-09-01 | $153,900 (2.7%) | $205,178 (17.9%) | 0.00 | 76 |
| 2020-10-01 | $145,700 (-2.8%) | $190,376 (9.0%) | 0.00 | 71 |
| 2020-11-01 | $131,200 (-11.9%) | $165,572 (-3.9%) | 0.00 | 66 |
| 2020-12-01 | $122,400 (-14.8%) | $160,821 (-4.0%) | 0.00 | 52 |
| 2021-01-01 | $125,400 (-10.2%) | $163,177 (-3.6%) | 0.00 | 35 |
| 2021-02-01 | $121,900 (-14.7%) | $173,673 (-0.4%) | 0.00 | 29 |
| 2021-03-01 | $149,500 (3.2%) | $202,360 (13.5%) | 0.00 | 29 |
| 2021-04-01 | $168,725 (12.5%) | $225,764 (27.3%) | 0.00 | 23 |
| 2021-05-01 | $184,900 (12.8%) | $237,376 (24.2%) | 0.00 | 30 |
| 2021-06-01 | $192,400 (21.5%) | $241,133 (23.3%) | 0.00 | 27 |
| 2021-07-01 | $169,900 (8.5%) | $217,513 (4.5%) | 0.00 | 38 |
| 2021-08-01 | $142,050 (-11.2%) | $195,828 (-6.5%) | 0.00 | 57 |
| 2021-09-01 | $149,225 (-3.0%) | $193,462 (-5.7%) | 0.00 | 61 |
| 2021-10-01 | $149,000 (2.3%) | $190,143 (-0.1%) | 0.00 | 70 |
| 2021-11-01 | $137,925 (5.1%) | $180,510 (9.0%) | 0.00 | 71 |
| 2021-12-01 | $119,950 (-2.0%) | $178,142 (10.8%) | 0.00 | 55 |
| 2022-01-01 | $128,000 (2.1%) | $189,438 (16.1%) | 0.00 | 51 |
| 2022-02-01 | $147,400 (20.9%) | $210,922 (21.5%) | 0.00 | 35 |
| 2022-03-01 | $146,200 (-2.2%) | $198,906 (-1.7%) | 0.00 | 34 |
| 2022-04-01 | $159,900 (-5.2%) | $224,765 (-0.4%) | 0.00 | 29 |
| 2022-05-01 | $173,400 (-6.2%) | $250,429 (5.5%) | 0.00 | 34 |
| 2022-06-01 | $212,400 (10.4%) | $262,744 (9.0%) | 0.00 | 42 |
| 2022-07-01 | $235,900 (38.9%) | $262,157 (20.5%) | 0.00 | 51 |
| 2022-08-01 | $204,900 (44.2%) | $251,372 (28.4%) | 0.00 | 56 |
| 2022-09-01 | $199,900 (34.0%) | $252,303 (30.4%) | 0.00 | 61 |
| 2022-10-01 | $220,000 (47.7%) | $256,843 (35.1%) | 0.00 | 58 |
| 2022-11-01 | $218,225 (58.2%) | $274,918 (52.3%) | 0.00 | 54 |
| 2022-12-01 | $201,900 (68.3%) | $249,034 (39.8%) | 0.00 | 56 |
| 2023-01-01 | $190,150 (48.6%) | $251,005 (32.5%) | 0.00 | 46 |
| 2023-02-01 | $195,425 (32.6%) | $247,707 (17.4%) | 0.00 | 43 |
| 2023-03-01 | $180,000 (23.1%) | $240,434 (20.9%) | 0.00 | 40 |
| 2023-04-01 | $190,900 (19.4%) | $238,998 (6.3%) | 0.00 | 42 |
| 2023-05-01 | $232,175 (33.9%) | $269,978 (7.8%) | 0.00 | 50 |
| 2023-06-01 | $224,900 (5.9%) | $266,097 (1.3%) | 0.00 | 52 |
| 2023-07-01 | $224,900 (-4.7%) | $259,330 (-1.1%) | 0.00 | 57 |
| 2023-08-01 | $210,000 (2.5%) | $248,989 (-1.0%) | 0.00 | 57 |
| 2023-09-01 | $259,900 (30.0%) | $260,125 (3.1%) | 0.00 | 55 |
| 2023-10-01 | $262,900 (19.5%) | $255,882 (-0.4%) | 0.00 | 59 |
| 2023-11-01 | $219,925 (0.8%) | $241,041 (-12.3%) | 0.00 | 58 |
| 2023-12-01 | $229,500 (13.7%) | $242,352 (-2.7%) | 0.00 | 53 |
| 2024-01-01 | $200,000 (5.2%) | $229,071 (-8.7%) | 0.00 | 45 |
| 2024-02-01 | $219,950 (12.6%) | $243,533 (-1.7%) | 0.00 | 39 |
| 2024-03-01 | $232,450 (29.1%) | $261,036 (8.6%) | 0.00 | 39 |
| 2024-04-01 | $254,900 (33.5%) | $266,618 (11.6%) | 0.00 | 46 |
| 2024-05-01 | $255,200 (9.9%) | $276,701 (2.5%) | 0.00 | 53 |
| 2024-06-01 | $286,900 (27.6%) | $314,277 (18.1%) | 0.00 | 55 |
| 2024-07-01 | $257,425 (14.5%) | $298,492 (15.1%) | 0.00 | 66 |
| 2024-08-01 | $276,450 (31.6%) | $315,600 (26.8%) | 0.00 | 69 |
| 2024-09-01 | $248,900 (-4.2%) | $301,913 (16.1%) | 0.00 | 79 |
| 2024-10-01 | $243,650 (-7.3%) | $294,749 (15.2%) | 0.00 | 75 |
| 2024-11-01 | $259,900 (18.2%) | $300,216 (24.6%) | 0.00 | 70 |
Albert Lea's median listing price comes in at 0% of the national average.
Albert Lea's average listing price for 2024-11-01 was $300,216, a difference of $59,175 (24.6%) versus the prior year and $5,467 versus the prior month.
For the 2024-11-01 period, Albert Lea had 70 MLS listings, a difference of -5 listings (-7%) versus the prior month and 12 listings (21%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 2,080 sqft |
| 2018-02-01 | 0 days | 2,151 sqft |
| 2018-03-01 | 0 days | 2,112 sqft |
| 2018-04-01 | 0 days | 2,247 sqft |
| 2018-05-01 | 0 days | 2,278 sqft |
| 2018-06-01 | 0 days | 2,472 sqft |
| 2018-07-01 | 0 days | 2,280 sqft |
| 2018-08-01 | 0 days | 2,237 sqft |
| 2018-09-01 | 0 days | 2,240 sqft |
| 2018-10-01 | 0 days | 2,244 sqft |
| 2018-11-01 | 0 days | 2,221 sqft |
| 2018-12-01 | 0 days | 2,240 sqft |
| 2019-01-01 | 0 days | 1,624 sqft |
| 2019-02-01 | 0 days | 1,553 sqft |
| 2019-03-01 | 0 days | 1,664 sqft |
| 2019-04-01 | 0 days | 1,800 sqft |
| 2019-05-01 | 0 days | 1,786 sqft |
| 2019-06-01 | 0 days | 1,871 sqft |
| 2019-07-01 | 0 days | 1,919 sqft |
| 2019-08-01 | 0 days | 1,738 sqft |
| 2019-09-01 | 0 days | 1,793 sqft |
| 2019-10-01 | 0 days | 1,769 sqft |
| 2019-11-01 | 0 days | 1,776 sqft |
| 2019-12-01 | 0 days | 1,652 sqft |
| 2020-01-01 | 0 days | 1,643 sqft |
| 2020-02-01 | 0 days | 1,652 sqft |
| 2020-03-01 | 0 days | 1,832 sqft |
| 2020-04-01 | 0 days | 1,827 sqft |
| 2020-05-01 | 0 days | 1,826 sqft |
| 2020-06-01 | 0 days | 1,833 sqft |
| 2020-07-01 | 0 days | 1,805 sqft |
| 2020-08-01 | 0 days | 1,808 sqft |
| 2020-09-01 | 0 days | 1,803 sqft |
| 2020-10-01 | 0 days | 1,776 sqft |
| 2020-11-01 | 0 days | 1,604 sqft |
| 2020-12-01 | 0 days | 1,541 sqft |
| 2021-01-01 | 0 days | 1,540 sqft |
| 2021-02-01 | 0 days | 1,512 sqft |
| 2021-03-01 | 0 days | 1,569 sqft |
| 2021-04-01 | 0 days | 1,736 sqft |
| 2021-05-01 | 0 days | 1,717 sqft |
| 2021-06-01 | 0 days | 1,685 sqft |
| 2021-07-01 | 0 days | 1,700 sqft |
| 2021-08-01 | 0 days | 1,468 sqft |
| 2021-09-01 | 0 days | 1,352 sqft |
| 2021-10-01 | 0 days | 1,488 sqft |
| 2021-11-01 | 0 days | 1,588 sqft |
| 2021-12-01 | 0 days | 1,486 sqft |
| 2022-01-01 | 0 days | 1,578 sqft |
| 2022-02-01 | 0 days | 2,112 sqft |
| 2022-03-01 | 0 days | 1,957 sqft |
| 2022-04-01 | 0 days | 2,100 sqft |
| 2022-05-01 | 0 days | 1,785 sqft |
| 2022-06-01 | 0 days | 1,842 sqft |
| 2022-07-01 | 0 days | 1,830 sqft |
| 2022-08-01 | 0 days | 1,750 sqft |
| 2022-09-01 | 0 days | 1,745 sqft |
| 2022-10-01 | 0 days | 1,876 sqft |
| 2022-11-01 | 0 days | 1,924 sqft |
| 2022-12-01 | 0 days | 1,835 sqft |
| 2023-01-01 | 0 days | 1,793 sqft |
| 2023-02-01 | 0 days | 1,757 sqft |
| 2023-03-01 | 0 days | 1,870 sqft |
| 2023-04-01 | 0 days | 1,781 sqft |
| 2023-05-01 | 0 days | 1,801 sqft |
| 2023-06-01 | 0 days | 1,658 sqft |
| 2023-07-01 | 0 days | 1,704 sqft |
| 2023-08-01 | 0 days | 1,669 sqft |
| 2023-09-01 | 0 days | 1,802 sqft |
| 2023-10-01 | 0 days | 1,780 sqft |
| 2023-11-01 | 0 days | 1,659 sqft |
| 2023-12-01 | 0 days | 1,701 sqft |
| 2024-01-01 | 0 days | 1,624 sqft |
| 2024-02-01 | 0 days | 1,638 sqft |
| 2024-03-01 | 0 days | 1,785 sqft |
| 2024-04-01 | 0 days | 1,808 sqft |
| 2024-05-01 | 0 days | 1,773 sqft |
| 2024-06-01 | 0 days | 1,890 sqft |
| 2024-07-01 | 0 days | 1,904 sqft |
| 2024-08-01 | 0 days | 1,920 sqft |
| 2024-09-01 | 0 days | 1,879 sqft |
| 2024-10-01 | 0 days | 1,799 sqft |
| 2024-11-01 | 0 days | 1,892 sqft |
Albert Lea's median square footage for active listings during the 2024-11-01 period was 1,892 sqft. One year prior, the average listing was 1,659 sqft.