Austin VA Loan Rates, Closing Costs & Stats

Austin, MN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Austin's 19 lenders originated 30 VA loans during 2023. The total origination value was $6,090,000, with an average VA loan value of $203,000.

    Austin VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Austin averaged 7.01% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Austin's average VA mortgage closing costs are $4,438.

    The average rate for the prior week (2024-04-12) was 7.05% and one month ago for the week of 2024-03-15, the average rate was 6.61%.

    The average rate one year ago was 6.3%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Austin 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 Austin level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 7 7.09% $1,200
    GUARANTEED RATE, INC. 3 5.98% $6,740
    Prosperity Home Mortgage, LLC 2 6.94% $3,149
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $8,809
    LOANDEPOT.COM, LLC 1 5.13% $10,297
    Merchants Bank 1 7.13% $4,565
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,174
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $2,574
    PLAZA HOME MORTGAGE, INC. 1 6.25% $5,647
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $3,590
    QUICKEN LOANS, LLC 1 6.75% $4,236
    RESIDENTIAL BANCORP 1 5.75% $12,900
    UNION HOME MORTGAGE CORP. 1 7.00% $7,600
    UNITED WHOLESALE MORTGAGE, LLC 1 6.88% $4,499
    Associated Bank 1 6.50% $4,866
    U.S. Bank 1 6.99% $6,498
    GUILD MORTGAGE COMPANY 1 5.63% $2,968
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $13,968
    Lincoln Savings Bank 1 6.63% $17,083

    The top Austin VA lender as defined by loan originations is Mortgage Research Center, LLC, with 7 VA loans originated. Their average total fees are $1,200, which is $5,540 lower than the next largest lender, GUARANTEED RATE, INC..

    The lowest fee Austin VA lenders (with over 10 loans originated) are .

    The lowest rate Austin VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Austin (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 $113,375 (23.6%) $133,635 (12.5%) 0.00 78
    2018-02-01 $119,900 (33.9%) $131,742 (12.5%) 0.00 63
    2018-03-01 $119,900 (33.4%) $137,425 (10.5%) 0.00 73
    2018-04-01 $144,800 (52.4%) $171,809 (36.3%) 0.00 79
    2018-05-01 $149,225 (42.8%) $180,422 (38.2%) 0.00 88
    2018-06-01 $142,825 (35.8%) $174,242 (32.2%) 0.00 94
    2018-07-01 $149,925 (50.1%) $185,988 (42.3%) 0.00 96
    2018-08-01 $148,550 (30.9%) $180,334 (32.0%) 0.00 113
    2018-09-01 $146,900 (36.1%) $181,626 (30.4%) 0.00 124
    2018-10-01 $137,550 (21.2%) $184,994 (29.8%) 0.00 116
    2018-11-01 $137,425 (25.8%) $179,394 (30.7%) 0.00 125
    2018-12-01 $124,950 (14.6%) $164,176 (20.9%) 0.00 118
    2019-01-01 $115,000 (1.4%) $161,039 (20.5%) 0.00 99
    2019-02-01 $112,200 (-6.4%) $150,974 (14.6%) 0.00 80
    2019-03-01 $128,357 (7.1%) $164,511 (19.7%) 0.00 88
    2019-04-01 $147,207 (1.7%) $181,177 (5.5%) 0.00 99
    2019-05-01 $138,975 (-6.9%) $175,092 (-3.0%) 0.00 126
    2019-06-01 $149,000 (4.3%) $187,176 (7.4%) 0.00 119
    2019-07-01 $153,950 (2.7%) $184,668 (-0.7%) 0.00 134
    2019-08-01 $157,736 (6.2%) $186,608 (3.5%) 0.00 136
    2019-09-01 $160,416 (9.2%) $190,073 (4.7%) 0.00 134
    2019-10-01 $158,402 (15.2%) $191,038 (3.3%) 0.00 133
    2019-11-01 $177,000 (28.8%) $195,333 (8.9%) 0.00 129
    2019-12-01 $179,900 (44.0%) $200,126 (21.9%) 0.00 113
    2020-01-01 $184,925 (60.8%) $200,355 (24.4%) 0.00 96
    2020-02-01 $179,900 (60.3%) $194,646 (28.9%) 0.00 86
    2020-03-01 $161,225 (25.6%) $186,576 (13.4%) 0.00 97
    2020-04-01 $145,550 (-1.1%) $187,566 (3.5%) 0.00 94
    2020-05-01 $159,450 (14.7%) $197,763 (13.0%) 0.00 86
    2020-06-01 $175,825 (18.0%) $211,636 (13.1%) 0.00 85
    2020-07-01 $153,075 (-0.6%) $201,013 (8.9%) 0.00 87
    2020-08-01 $149,900 (-5.0%) $195,528 (4.8%) 0.00 88
    2020-09-01 $148,150 (-7.7%) $189,112 (-0.5%) 0.00 88
    2020-10-01 $145,000 (-8.5%) $176,463 (-7.6%) 0.00 81
    2020-11-01 $127,400 (-28.0%) $162,763 (-16.7%) 0.00 76
    2020-12-01 $126,450 (-29.7%) $165,290 (-17.4%) 0.00 68
    2021-01-01 $124,900 (-32.5%) $168,188 (-16.1%) 0.00 46
    2021-02-01 $132,400 (-26.4%) $182,883 (-6.0%) 0.00 40
    2021-03-01 $141,400 (-12.3%) $206,782 (10.8%) 0.00 40
    2021-04-01 $151,200 (3.9%) $216,047 (15.2%) 0.00 48
    2021-05-01 $144,950 (-9.1%) $209,522 (6.0%) 0.00 53
    2021-06-01 $139,450 (-20.7%) $204,087 (-3.6%) 0.00 48
    2021-07-01 $139,900 (-8.6%) $182,714 (-9.1%) 0.00 61
    2021-08-01 $139,900 (-6.7%) $196,160 (0.3%) 0.00 55
    2021-09-01 $142,425 (-3.9%) $191,142 (1.1%) 0.00 67
    2021-10-01 $144,000 (-0.7%) $180,458 (2.3%) 0.00 68
    2021-11-01 $148,450 (16.5%) $184,019 (13.1%) 0.00 64
    2021-12-01 $137,400 (8.7%) $168,462 (1.9%) 0.00 50
    2022-01-01 $139,900 (12.0%) $177,241 (5.4%) 0.00 36
    2022-02-01 $136,200 (2.9%) $161,088 (-11.9%) 0.00 37
    2022-03-01 $144,400 (2.1%) $172,334 (-16.7%) 0.00 27
    2022-04-01 $177,450 (17.4%) $205,421 (-4.9%) 0.00 24
    2022-05-01 $181,125 (25.0%) $218,828 (4.4%) 0.00 33
    2022-06-01 $191,600 (37.4%) $238,096 (16.7%) 0.00 47
    2022-07-01 $179,900 (28.6%) $208,043 (13.9%) 0.00 58
    2022-08-01 $202,700 (44.9%) $229,950 (17.2%) 0.00 60
    2022-09-01 $204,450 (43.6%) $236,654 (23.8%) 0.00 65
    2022-10-01 $200,000 (38.9%) $244,544 (35.5%) 0.00 71
    2022-11-01 $185,575 (25.0%) $235,747 (28.1%) 0.00 78
    2022-12-01 $179,900 (30.9%) $231,665 (37.5%) 0.00 62
    2023-01-01 $185,700 (32.7%) $238,108 (34.3%) 0.00 55
    2023-02-01 $186,500 (36.9%) $243,238 (51.0%) 0.00 49
    2023-03-01 $178,900 (23.9%) $238,103 (38.2%) 0.00 52
    2023-04-01 $191,450 (7.9%) $230,941 (12.4%) 0.00 50
    2023-05-01 $198,700 (9.7%) $248,478 (13.6%) 0.00 47
    2023-06-01 $234,975 (22.6%) $258,278 (8.5%) 0.00 64
    2023-07-01 $239,900 (33.4%) $267,643 (28.7%) 0.00 71
    2023-08-01 $236,150 (16.5%) $266,689 (16.0%) 0.00 79
    2023-09-01 $199,950 (-2.2%) $251,939 (6.5%) 0.00 87
    2023-10-01 $196,925 (-1.5%) $248,104 (1.5%) 0.00 78
    2023-11-01 $210,000 (13.2%) $255,764 (8.5%) 0.00 80
    2023-12-01 $209,900 (16.7%) $260,483 (12.4%) 0.00 69
    2024-01-01 $199,150 (7.2%) $266,414 (11.9%) 0.00 62
    2024-02-01 $218,450 (17.1%) $276,152 (13.5%) 0.00 51
    2024-03-01 $199,450 (11.5%) $273,958 (15.1%) 0.00 44
    Austin's median listing price for 2024-03-01 was $199,450, a difference of $20,550 (11.5%) versus the prior year and $-19,000 versus the prior month.

    Austin's median listing price comes in at 0% of the national average.

    Austin's average listing price for 2024-03-01 was $273,958, a difference of $35,855 (15.1%) versus the prior year and $-2,194 versus the prior month.

    For the 2024-03-01 period, Austin had 44 MLS listings, a difference of -7 listings (-14%) versus the prior month and -8 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Austin (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,112 sqft
    2018-02-01 0 days 2,154 sqft
    2018-03-01 0 days 2,184 sqft
    2018-04-01 0 days 2,350 sqft
    2018-05-01 0 days 2,342 sqft
    2018-06-01 0 days 2,186 sqft
    2018-07-01 0 days 2,338 sqft
    2018-08-01 0 days 2,294 sqft
    2018-09-01 0 days 2,320 sqft
    2018-10-01 0 days 2,277 sqft
    2018-11-01 0 days 2,326 sqft
    2018-12-01 0 days 2,131 sqft
    2019-01-01 0 days 1,428 sqft
    2019-02-01 0 days 1,380 sqft
    2019-03-01 0 days 1,509 sqft
    2019-04-01 0 days 1,618 sqft
    2019-05-01 0 days 1,645 sqft
    2019-06-01 0 days 1,682 sqft
    2019-07-01 0 days 1,813 sqft
    2019-08-01 0 days 1,861 sqft
    2019-09-01 0 days 1,892 sqft
    2019-10-01 0 days 1,908 sqft
    2019-11-01 0 days 1,911 sqft
    2019-12-01 0 days 2,005 sqft
    2020-01-01 0 days 2,085 sqft
    2020-02-01 0 days 1,945 sqft
    2020-03-01 0 days 1,759 sqft
    2020-04-01 0 days 1,712 sqft
    2020-05-01 0 days 1,780 sqft
    2020-06-01 0 days 1,885 sqft
    2020-07-01 0 days 1,820 sqft
    2020-08-01 0 days 1,835 sqft
    2020-09-01 0 days 1,876 sqft
    2020-10-01 0 days 1,593 sqft
    2020-11-01 0 days 1,579 sqft
    2020-12-01 0 days 1,527 sqft
    2021-01-01 0 days 1,487 sqft
    2021-02-01 0 days 1,521 sqft
    2021-03-01 0 days 1,465 sqft
    2021-04-01 0 days 1,590 sqft
    2021-05-01 0 days 1,509 sqft
    2021-06-01 0 days 1,509 sqft
    2021-07-01 0 days 1,495 sqft
    2021-08-01 0 days 1,501 sqft
    2021-09-01 0 days 1,515 sqft
    2021-10-01 0 days 1,527 sqft
    2021-11-01 0 days 1,599 sqft
    2021-12-01 0 days 1,456 sqft
    2022-01-01 0 days 1,444 sqft
    2022-02-01 0 days 1,850 sqft
    2022-03-01 0 days 1,878 sqft
    2022-04-01 0 days 2,135 sqft
    2022-05-01 0 days 1,509 sqft
    2022-06-01 0 days 1,899 sqft
    2022-07-01 0 days 1,713 sqft
    2022-08-01 0 days 1,768 sqft
    2022-09-01 0 days 1,866 sqft
    2022-10-01 0 days 1,884 sqft
    2022-11-01 0 days 1,870 sqft
    2022-12-01 0 days 1,712 sqft
    2023-01-01 0 days 1,811 sqft
    2023-02-01 0 days 1,825 sqft
    2023-03-01 0 days 1,727 sqft
    2023-04-01 0 days 1,724 sqft
    2023-05-01 0 days 1,889 sqft
    2023-06-01 0 days 1,908 sqft
    2023-07-01 0 days 1,941 sqft
    2023-08-01 0 days 1,895 sqft
    2023-09-01 0 days 1,837 sqft
    2023-10-01 0 days 1,857 sqft
    2023-11-01 0 days 1,921 sqft
    2023-12-01 0 days 1,921 sqft
    2024-01-01 0 days 1,953 sqft
    2024-02-01 0 days 1,965 sqft
    2024-03-01 0 days 1,833 sqft
    Austin's median listing age (time on market) for 2024-03-01 was 0 days.

    Austin's median square footage for active listings during the 2024-03-01 period was 1,833 sqft. One year prior, the average listing was 1,727 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.