Billings VA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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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.

    Billings's 54 lenders originated 320 VA loans during 2023. The total origination value was $117,790,000, with an average VA loan value of $368,094.

    Billings VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Billings averaged 6.83% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Billings's average VA mortgage closing costs are $6,989.

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.01%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.91%.

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

    Billings 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 Billings level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 53 6.69% $7,725
    Stockman Bank of Montana 33 6.22% $8,120
    Opportunity Bank of Montana 26 5.85% $8,746
    GUARANTEED RATE, INC. 20 5.79% $12,683
    QUICKEN LOANS, LLC 16 5.80% $15,994
    UNIVERSAL LENDING CORPORATION 13 6.18% $13,531
    FREEDOM MORTGAGE CORPORATION 12 6.52% $19,751
    UNITED WHOLESALE MORTGAGE, LLC 10 6.53% $8,527
    GUILD MORTGAGE COMPANY 9 6.36% $15,286
    CROSSCOUNTRY MORTGAGE, LLC 9 6.68% $9,040
    NAVY FEDERAL CREDIT UNION 9 5.63% $7,042
    MORTGAGE SOLUTIONS OF COLORADO, LLC 9 7.54% $2,875
    NEW DAY FINANCIAL, LLC 8 7.50% $11,610
    PENNYMAC LOAN SERVICES, LLC 8 6.03% $7,261
    CORNERSTONE HOME LENDING, INC. 7 6.14% $5,210
    USAA Federal Savings Bank 7 6.05% $7,533
    Flagstar Bank, FSB 6 6.38% $3,996
    Servion, Inc. 4 6.38% $3,639
    The Federal Savings Bank 3 6.88% $16,545
    CMG MORTGAGE, INC. 3 7.00% $8,422
    Glacier Bank 3 5.42% $5,774
    LOANDEPOT.COM, LLC 3 5.75% $14,693
    MANN FINANCIAL INC. 3 6.67% $7,518
    Mr. Cooper ( Nationstar Mortgage ) 2 5.50% $14,777
    Barrington Bank & Trust Company, N.A. 2 5.94% $4,503
    MOVEMENT MORTGAGE, LLC 2 7.25% $2,618
    AMCAP MORTGAGE, LTD. 2 6.69% $7,947
    The Yellowstone Bank 2 5.06% $7,897
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $5,436
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.88% $18,182
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.50% $7,682
    NBKC BANK 1 5.50% $25,187
    Equity Prime Mortgage LLC 1 7.75% $4,237
    NEWREZ LLC 1 6.75% $21,558
    CRESCENT MORTGAGE COMPANY 1 6.63% $1,184
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $6,087
    PENTAGON FEDERAL CREDIT UNION 1 6.00% $3,631
    Plains Commerce Bank 1 6.75% $3,353
    PNC Bank 1 6.38% $12,001
    Century Mortgage Company DBA Century Lending Company 1 4.88% $13,047
    RELIANCE FIRST CAPITAL, LLC 1 6.25% $10,879
    CALCON MUTUAL MORTGAGE LLC 1 7.13% $11,220
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.88% $23,764
    SUMMIT FUNDING, INC. 1 6.50% $23,793
    AXIA FINANCIAL, LLC 1 5.88% $14,554
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $15,521
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $17,713
    GUARANTEED RATE AFFINITY, LLC 1 5.25% $10,738
    JPMorgan Chase Bank 1 6.13% $13,374
    F&M Bank 1 5.75% $3,588
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $12,024
    U.S. Bank 1 6.25% $5,388
    VILLAGE CAPITAL MORTGAGE 1 6.00% $5,569
    First Western Trust Bank 1 7.00% $16,628

    The top Billings VA lender as defined by loan originations is Mortgage Research Center, LLC, with 53 VA loans originated. Their average total fees are $7,725, which is $395 lower than the next largest lender, Stockman Bank of Montana.

    The lowest fee Billings VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,725), Stockman Bank of Montana ($8,120), UNITED WHOLESALE MORTGAGE, LLC ($8,527), Opportunity Bank of Montana ($8,746) and GUARANTEED RATE, INC. ($12,683).

    The lowest rate Billings VA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. (5.79%), QUICKEN LOANS, LLC (5.80%), Opportunity Bank of Montana (5.85%), UNIVERSAL LENDING CORPORATION (6.18%) and Stockman Bank of Montana (6.22%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Billings (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 $289,950 (0.8%) $385,884 (-8.3%) 1.07 785
    2018-02-01 $291,175 (0.1%) $389,718 (-8.9%) 1.06 790
    2018-03-01 $299,000 (3.1%) $403,263 (-3.9%) 1.05 806
    2018-04-01 $299,450 (-0.2%) $401,313 (-5.4%) 1.02 852
    2018-05-01 $299,900 (-1.7%) $409,588 (-2.9%) 1.00 963
    2018-06-01 $299,900 (-1.7%) $418,303 (-0.8%) 1.00 1,040
    2018-07-01 $299,700 (-1.7%) $419,317 (-0.6%) 1.00 1,143
    2018-08-01 $299,450 (-0.2%) $423,791 (0.8%) 1.00 1,149
    2018-09-01 $298,000 (-0.3%) $410,022 (-2.2%) 1.00 1,167
    2018-10-01 $295,000 (1.0%) $408,460 (-3.2%) 1.00 1,137
    2018-11-01 $295,875 (2.1%) $410,517 (-3.2%) 1.00 1,037
    2018-12-01 $295,000 (0.0%) $418,469 (-4.4%) 1.02 966
    2019-01-01 $293,338 (1.2%) $420,794 (9.1%) 1.01 870
    2019-02-01 $286,950 (-1.5%) $407,693 (4.6%) 0.97 881
    2019-03-01 $293,671 (-1.8%) $407,892 (1.2%) 0.96 805
    2019-04-01 $303,700 (1.4%) $404,641 (0.8%) 0.96 771
    2019-05-01 $315,000 (5.0%) $410,206 (0.2%) 0.98 777
    2019-06-01 $309,950 (3.4%) $422,974 (1.1%) 0.97 811
    2019-07-01 $303,750 (1.4%) $427,434 (1.9%) 0.95 853
    2019-08-01 $303,432 (1.3%) $419,832 (-0.9%) 0.96 851
    2019-09-01 $301,080 (1.0%) $402,387 (-1.9%) 0.96 824
    2019-10-01 $297,125 (0.7%) $386,425 (-5.4%) 0.96 804
    2019-11-01 $295,000 (-0.3%) $386,138 (-5.9%) 0.97 729
    2019-12-01 $297,000 (0.7%) $381,963 (-8.7%) 0.99 633
    2020-01-01 $299,948 (2.3%) $390,715 (-7.2%) 1.00 561
    2020-02-01 $299,000 (4.2%) $402,521 (-1.3%) 0.98 540
    2020-03-01 $298,625 (1.7%) $441,768 (8.3%) 0.94 518
    2020-04-01 $318,250 (4.8%) $444,109 (9.8%) 1.00 552
    2020-05-01 $329,900 (4.7%) $459,456 (12.0%) 1.00 540
    2020-06-01 $349,950 (12.9%) $499,149 (18.0%) 1.03 522
    2020-07-01 $349,900 (15.2%) $504,888 (18.1%) 1.01 487
    2020-08-01 $349,900 (15.3%) $513,657 (22.4%) 1.00 451
    2020-09-01 $354,675 (17.8%) $526,750 (30.9%) 1.02 437
    2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
    2020-11-01 $374,510 (27.0%) $603,224 (56.2%) 1.10 334
    2020-12-01 $373,060 (25.6%) $610,669 (59.9%) 1.11 286
    2021-01-01 $379,900 (26.7%) $655,481 (67.8%) 1.13 231
    2021-02-01 $406,175 (35.8%) $678,313 (68.5%) 1.18 175
    2021-03-01 $411,250 (37.7%) $680,869 (54.1%) 1.17 174
    2021-04-01 $376,225 (18.2%) $658,971 (48.4%) 1.02 167
    2021-05-01 $425,000 (28.8%) $649,722 (41.4%) 1.13 182
    2021-06-01 $444,925 (27.1%) $701,724 (40.6%) 1.17 211
    2021-07-01 $449,900 (28.6%) $703,673 (39.4%) 1.19 257
    2021-08-01 $434,700 (24.2%) $651,230 (26.8%) 1.16 289
    2021-09-01 $423,225 (19.3%) $677,128 (28.6%) 1.13 307
    2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
    2021-11-01 $474,975 (26.8%) $841,354 (39.5%) 1.27 224
    2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.35 195
    2022-01-01 $549,900 (44.8%) $911,671 (39.1%) 1.49 150
    2022-02-01 $530,147 (30.5%) $960,074 (41.5%) 1.38 148
    2022-03-01 $440,000 (7.0%) $833,751 (22.5%) 1.10 153
    2022-04-01 $477,450 (26.9%) $794,252 (20.5%) 1.14 170
    2022-05-01 $516,225 (21.5%) $744,007 (14.5%) 1.18 267
    2022-06-01 $512,500 (15.2%) $727,374 (3.7%) 1.14 346
    2022-07-01 $499,406 (11.0%) $701,237 (-0.4%) 1.13 431
    2022-08-01 $487,450 (12.1%) $672,550 (3.3%) 1.13 449
    2022-09-01 $494,450 (16.8%) $668,002 (-1.4%) 1.16 456
    2022-10-01 $499,888 (11.1%) $662,182 (-13.9%) 1.18 463
    2022-11-01 $480,500 (1.2%) $638,707 (-24.1%) 1.16 463
    2022-12-01 $470,000 (-6.0%) $629,590 (-32.1%) 1.16 442
    2023-01-01 $497,950 (-9.5%) $626,755 (-31.3%) 1.23 376
    2023-02-01 $509,200 (-4.0%) $686,536 (-28.5%) 1.23 328
    2023-03-01 $534,450 (21.5%) $720,033 (-13.6%) 1.26 340
    2023-04-01 $529,000 (10.8%) $727,028 (-8.5%) 1.23 371
    2023-05-01 $546,225 (5.8%) $741,930 (-0.3%) 1.24 397
    2023-06-01 $534,450 (4.3%) $736,530 (1.3%) 1.20 473
    2023-07-01 $517,500 (3.6%) $715,902 (2.1%) 1.18 499
    2023-08-01 $499,938 (2.6%) $668,551 (-0.6%) 1.15 545
    2023-09-01 $499,900 (1.1%) $661,209 (-1.0%) 1.16 572
    2023-10-01 $497,750 (-0.4%) $638,325 (-3.6%) 1.17 577
    2023-11-01 $494,500 (2.9%) $633,646 (-0.8%) 1.18 549
    2023-12-01 $484,900 (3.2%) $625,331 (-0.7%) 1.18 524
    2024-01-01 $479,950 (-3.6%) $617,478 (-1.5%) 1.17 485
    2024-02-01 $499,938 (-1.8%) $629,924 (-8.3%) 1.20 428
    2024-03-01 $499,900 (-6.5%) $630,213 (-12.5%) 1.18 427
    Billings's median listing price for 2024-03-01 was $499,900, a difference of $-34,550 (-6.5%) versus the prior year and $-38 versus the prior month.

    Billings's median listing price comes in at 118% of the national average.

    Billings's average listing price for 2024-03-01 was $630,213, a difference of $-89,820 (-12.5%) versus the prior year and $289 versus the prior month.

    For the 2024-03-01 period, Billings had 427 MLS listings, a difference of -1 listings (0%) versus the prior month and 87 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 2,419 sqft
    2018-02-01 84 days 2,407 sqft
    2018-03-01 61 days 2,440 sqft
    2018-04-01 53 days 2,461 sqft
    2018-05-01 50 days 2,473 sqft
    2018-06-01 51 days 2,448 sqft
    2018-07-01 56 days 2,457 sqft
    2018-08-01 62 days 2,400 sqft
    2018-09-01 68 days 2,400 sqft
    2018-10-01 71 days 2,400 sqft
    2018-11-01 80 days 2,380 sqft
    2018-12-01 92 days 2,377 sqft
    2019-01-01 97 days 2,361 sqft
    2019-02-01 88 days 2,275 sqft
    2019-03-01 76 days 2,311 sqft
    2019-04-01 62 days 2,384 sqft
    2019-05-01 48 days 2,363 sqft
    2019-06-01 50 days 2,385 sqft
    2019-07-01 51 days 2,408 sqft
    2019-08-01 55 days 2,364 sqft
    2019-09-01 60 days 2,307 sqft
    2019-10-01 65 days 2,252 sqft
    2019-11-01 67 days 2,220 sqft
    2019-12-01 78 days 2,210 sqft
    2020-01-01 84 days 2,244 sqft
    2020-02-01 75 days 2,230 sqft
    2020-03-01 64 days 2,247 sqft
    2020-04-01 57 days 2,251 sqft
    2020-05-01 53 days 2,365 sqft
    2020-06-01 42 days 2,402 sqft
    2020-07-01 41 days 2,487 sqft
    2020-08-01 38 days 2,433 sqft
    2020-09-01 44 days 2,353 sqft
    2020-10-01 47 days 2,434 sqft
    2020-11-01 49 days 2,483 sqft
    2020-12-01 61 days 2,374 sqft
    2021-01-01 66 days 2,260 sqft
    2021-02-01 45 days 2,370 sqft
    2021-03-01 34 days 2,232 sqft
    2021-04-01 26 days 2,260 sqft
    2021-05-01 21 days 2,261 sqft
    2021-06-01 22 days 2,374 sqft
    2021-07-01 25 days 2,300 sqft
    2021-08-01 29 days 2,227 sqft
    2021-09-01 38 days 2,185 sqft
    2021-10-01 45 days 2,371 sqft
    2021-11-01 60 days 2,376 sqft
    2021-12-01 59 days 2,321 sqft
    2022-01-01 57 days 2,390 sqft
    2022-02-01 38 days 2,480 sqft
    2022-03-01 34 days 2,343 sqft
    2022-04-01 19 days 2,282 sqft
    2022-05-01 19 days 2,426 sqft
    2022-06-01 28 days 2,561 sqft
    2022-07-01 32 days 2,492 sqft
    2022-08-01 43 days 2,386 sqft
    2022-09-01 43 days 2,337 sqft
    2022-10-01 44 days 2,402 sqft
    2022-11-01 44 days 2,297 sqft
    2022-12-01 58 days 2,280 sqft
    2023-01-01 66 days 2,254 sqft
    2023-02-01 64 days 2,305 sqft
    2023-03-01 50 days 2,452 sqft
    2023-04-01 36 days 2,469 sqft
    2023-05-01 33 days 2,543 sqft
    2023-06-01 31 days 2,480 sqft
    2023-07-01 39 days 2,490 sqft
    2023-08-01 40 days 2,449 sqft
    2023-09-01 46 days 2,360 sqft
    2023-10-01 47 days 2,433 sqft
    2023-11-01 58 days 2,390 sqft
    2023-12-01 64 days 2,288 sqft
    2024-01-01 67 days 2,246 sqft
    2024-02-01 64 days 2,269 sqft
    2024-03-01 50 days 2,344 sqft
    Billings's median listing age (time on market) for 2024-03-01 was 50 days. This is 0% longer than the same period one year ago.

    Billings's median square footage for active listings during the 2024-03-01 period was 2,344 sqft. One year prior, the average listing was 2,452 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.