Billings VA Loan Rates, Closing Costs & Stats
BILLINGS, MT
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 69 lenders originated 474 VA loans during 2022. The total origination value was $170,330,000, with an average VA loan value of $359,346.
Billings VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Billings
averaged
6.12%
for the week of 2023-03-17, compared to the national average (all VA variants) of
6.138% for the same period.
Billings's average VA mortgage closing costs are $6,710.
The average rate for the prior week (2023-03-10) was
6.4% and
one month ago for the week of 2023-02-10, the
average rate was 5.92%.
The average rate one year ago was 3.62%.
For refis of the same type during the week of 2023-03-17, the average rate
was 5.06%.
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.
The top Billings VA lender as defined by loan originations is Mortgage Research Center, LLC, with
57 VA loans originated. Their average total fees are
$8,414, which is $1,774
lower than the next largest lender,
Opportunity Bank of Montana.
The lowest fee Billings VA lenders (with over 10 loans originated) are
USAA Federal Savings Bank ($5,373), NAVY FEDERAL CREDIT UNION ($6,387), Mortgage Research Center, LLC ($8,414), UNIVERSAL LENDING CORPORATION ($8,550) and CORNERSTONE HOME LENDING, INC. ($8,904).
The lowest rate Billings VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.32%), QUICKEN LOANS, LLC (4.03%), LOANDEPOT.COM, LLC (4.06%), NAVY FEDERAL CREDIT UNION (4.21%) and GUILD MORTGAGE COMPANY (4.22%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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%) | 1.08 | 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 (0.9%) | 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%) | $407,775 (1.1%) | 0.96 | 805 |
2019-04-01 | $303,700 (1.4%) | $404,509 (0.8%) | 0.96 | 772 |
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%) | 0.97 | 540 |
2020-03-01 | $298,625 (1.7%) | $441,768 (8.3%) | 0.93 | 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%) | $514,608 (22.6%) | 1.00 | 451 |
2020-09-01 | $354,900 (17.9%) | $527,005 (31.0%) | 1.02 | 437 |
2020-10-01 | $365,000 (22.8%) | $577,156 (49.4%) | 1.05 | 380 |
2020-11-01 | $374,900 (27.1%) | $603,945 (56.4%) | 1.09 | 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%) | 1.12 | 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%) | 1.18 | 257 |
2021-08-01 | $434,700 (24.2%) | $651,230 (26.6%) | 1.15 | 289 |
2021-09-01 | $423,225 (19.3%) | $677,128 (28.5%) | 1.13 | 307 |
2021-10-01 | $449,900 (23.3%) | $768,976 (33.2%) | 1.20 | 276 |
2021-11-01 | $474,975 (26.7%) | $841,354 (39.3%) | 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%) | 1.12 | 431 |
2022-08-01 | $487,450 (12.1%) | $672,550 (3.3%) | 1.12 | 449 |
2022-09-01 | $494,450 (16.8%) | $668,002 (-1.4%) | 1.15 | 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%) | 1.15 | 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 |
Billings's median listing price comes in at 123% of the national average.
Billings's average listing price for 2023-02-01 was $686,536, a difference of $-273,538 (-28.5%) versus the prior year and $59,781 versus the prior month.
For the 2023-02-01 period, Billings had 328 MLS listings, a difference of -48 listings (-13%) versus the prior month and 180 listings (122%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 99 days | 2,413 sqft |
2018-02-01 | 94 days | 2,405 sqft |
2018-03-01 | 67 days | 2,440 sqft |
2018-04-01 | 60 days | 2,458 sqft |
2018-05-01 | 54 days | 2,468 sqft |
2018-06-01 | 54 days | 2,448 sqft |
2018-07-01 | 61 days | 2,454 sqft |
2018-08-01 | 66 days | 2,400 sqft |
2018-09-01 | 72 days | 2,400 sqft |
2018-10-01 | 77 days | 2,400 sqft |
2018-11-01 | 85 days | 2,379 sqft |
2018-12-01 | 98 days | 2,376 sqft |
2019-01-01 | 106 days | 2,359 sqft |
2019-02-01 | 100 days | 2,271 sqft |
2019-03-01 | 86 days | 2,309 sqft |
2019-04-01 | 70 days | 2,382 sqft |
2019-05-01 | 52 days | 2,363 sqft |
2019-06-01 | 54 days | 2,385 sqft |
2019-07-01 | 55 days | 2,408 sqft |
2019-08-01 | 57 days | 2,364 sqft |
2019-09-01 | 63 days | 2,307 sqft |
2019-10-01 | 69 days | 2,252 sqft |
2019-11-01 | 74 days | 2,220 sqft |
2019-12-01 | 83 days | 2,210 sqft |
2020-01-01 | 88 days | 2,244 sqft |
2020-02-01 | 82 days | 2,230 sqft |
2020-03-01 | 68 days | 2,247 sqft |
2020-04-01 | 63 days | 2,251 sqft |
2020-05-01 | 58 days | 2,365 sqft |
2020-06-01 | 46 days | 2,402 sqft |
2020-07-01 | 45 days | 2,487 sqft |
2020-08-01 | 42 days | 2,433 sqft |
2020-09-01 | 46 days | 2,356 sqft |
2020-10-01 | 52 days | 2,434 sqft |
2020-11-01 | 53 days | 2,483 sqft |
2020-12-01 | 66 days | 2,374 sqft |
2021-01-01 | 68 days | 2,260 sqft |
2021-02-01 | 50 days | 2,370 sqft |
2021-03-01 | 35 days | 2,232 sqft |
2021-04-01 | 27 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 | 61 days | 2,376 sqft |
2021-12-01 | 60 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 | 20 days | 2,282 sqft |
2022-05-01 | 19 days | 2,426 sqft |
2022-06-01 | 28 days | 2,561 sqft |
2022-07-01 | 33 days | 2,492 sqft |
2022-08-01 | 43 days | 2,386 sqft |
2022-09-01 | 44 days | 2,337 sqft |
2022-10-01 | 45 days | 2,402 sqft |
2022-11-01 | 45 days | 2,297 sqft |
2022-12-01 | 58 days | 2,280 sqft |
2023-01-01 | 70 days | 2,254 sqft |
2023-02-01 | 68 days | 2,305 sqft |
Billings's median square footage for active listings during the 2023-02-01 period was 2,305 sqft. One year prior, the average listing was 2,480 sqft.