Brookings VA Loan Rates, Closing Costs & Stats

Brookings, OR

  • 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.

    Brookings's 15 lenders originated 24 VA loans during 2023. The total origination value was $8,310,000, with an average VA loan value of $346,250.

    Brookings VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Brookings averaged 7.39% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Brookings's average VA mortgage closing costs are $7,006.

    The average rate for the prior week (2024-04-12) was 7.22% and one month ago for the week of 2024-03-15, the average rate was 6.68%.

    The average rate one year ago was 6.27%.

    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.

    Brookings 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 Brookings level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CANOPY MORTGAGE, LLC 3 7.13% $9,427
    Mortgage Research Center, LLC 3 7.13% $9,142
    NEWREZ LLC 3 6.16% $17,199
    HomeStreet Bank 2 6.38% $7,867
    USAA Federal Savings Bank 1 7.13% $5,696
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $17,830
    V.I.P. MORTGAGE, INC. 1 5.75% $10,706
    QUICKEN LOANS, LLC 1 5.63% $7,109
    ROGUE 1 6.63% $3,755
    SUMMIT FUNDING, INC. 1 6.50% $17,375
    The Federal Savings Bank 1 7.75% $31,266
    UNITED WHOLESALE MORTGAGE, LLC 1 6.59% $8,293
    Equity Prime Mortgage LLC 1 6.00% $20,172
    GUARANTEED RATE, INC. 1 7.23% $5,727
    FREEDOM MORTGAGE CORPORATION 1 6.25% $22,501

    The top Brookings VA lender as defined by loan originations is CANOPY MORTGAGE, LLC, with 3 VA loans originated. Their average total fees are $9,427, which is $285 higher than the next largest lender, Mortgage Research Center, LLC.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Brookings (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 $394,175 (-2.2%) $630,947 (4.5%) 0.00 240
    2018-02-01 $397,000 (-7.9%) $635,962 (3.4%) 0.00 234
    2018-03-01 $399,900 (-5.9%) $646,287 (4.4%) 0.00 245
    2018-04-01 $413,000 (-7.3%) $659,928 (6.4%) 0.00 243
    2018-05-01 $426,000 (-2.6%) $691,836 (11.1%) 0.00 247
    2018-06-01 $434,500 (8.7%) $666,122 (10.5%) 0.00 262
    2018-07-01 $447,000 (12.0%) $662,422 (9.2%) 0.00 282
    2018-08-01 $447,175 (7.2%) $657,509 (5.2%) 0.00 279
    2018-09-01 $454,500 (13.6%) $684,817 (10.9%) 0.00 257
    2018-10-01 $485,000 (18.4%) $693,655 (12.7%) 0.00 248
    2018-11-01 $477,975 (16.7%) $671,180 (10.6%) 0.00 227
    2018-12-01 $484,500 (21.4%) $666,904 (5.0%) 0.00 213
    2019-01-01 $478,000 (21.3%) $654,424 (3.7%) 0.00 207
    2019-02-01 $446,750 (12.5%) $640,521 (0.7%) 0.00 209
    2019-03-01 $446,814 (11.7%) $634,397 (-1.8%) 0.00 227
    2019-04-01 $448,064 (8.5%) $651,070 (-1.3%) 0.00 230
    2019-05-01 $429,000 (0.7%) $625,349 (-9.6%) 0.00 247
    2019-06-01 $430,000 (-1.0%) $615,741 (-7.6%) 0.00 270
    2019-07-01 $433,500 (-3.0%) $624,104 (-5.8%) 0.00 251
    2019-08-01 $429,909 (-3.9%) $626,004 (-4.8%) 0.00 241
    2019-09-01 $437,273 (-3.8%) $627,822 (-8.3%) 0.00 230
    2019-10-01 $446,500 (-7.9%) $629,034 (-9.3%) 0.00 217
    2019-11-01 $450,000 (-5.9%) $633,894 (-5.6%) 0.00 189
    2019-12-01 $454,250 (-6.2%) $639,884 (-4.1%) 0.00 165
    2020-01-01 $453,250 (-5.2%) $637,477 (-2.6%) 0.00 153
    2020-02-01 $450,000 (0.7%) $651,586 (1.7%) 0.00 144
    2020-03-01 $460,450 (3.1%) $598,505 (-5.7%) 0.00 140
    2020-04-01 $453,800 (1.3%) $635,046 (-2.5%) 0.00 147
    2020-05-01 $449,250 (4.7%) $644,887 (3.1%) 0.00 149
    2020-06-01 $448,000 (4.2%) $597,634 (-2.9%) 0.00 151
    2020-07-01 $444,000 (2.4%) $606,631 (-2.8%) 0.00 143
    2020-08-01 $449,450 (4.6%) $639,364 (2.1%) 0.00 118
    2020-09-01 $449,500 (2.8%) $635,243 (1.2%) 0.00 95
    2020-10-01 $420,000 (-5.9%) $598,117 (-4.9%) 0.00 94
    2020-11-01 $435,000 (-3.3%) $643,956 (1.6%) 0.00 87
    2020-12-01 $460,000 (1.3%) $671,875 (5.0%) 0.00 81
    2021-01-01 $447,500 (-1.3%) $710,811 (11.5%) 0.00 68
    2021-02-01 $434,800 (-3.4%) $608,668 (-6.6%) 0.00 58
    2021-03-01 $451,750 (-1.9%) $838,685 (40.1%) 0.00 54
    2021-04-01 $553,725 (22.0%) $1,026,183 (61.6%) 0.00 59
    2021-05-01 $550,000 (22.4%) $929,291 (44.1%) 0.00 77
    2021-06-01 $537,450 (20.0%) $923,038 (54.5%) 0.00 82
    2021-07-01 $542,950 (22.3%) $851,526 (40.4%) 0.00 88
    2021-08-01 $579,000 (28.8%) $898,508 (40.5%) 0.00 82
    2021-09-01 $591,750 (31.7%) $933,123 (46.9%) 0.00 72
    2021-10-01 $594,500 (41.6%) $927,328 (55.0%) 0.00 70
    2021-11-01 $584,000 (34.3%) $966,436 (50.1%) 0.00 65
    2021-12-01 $582,700 (26.7%) $990,805 (47.5%) 0.00 55
    2022-01-01 $585,000 (30.7%) $1,031,827 (45.2%) 0.00 43
    2022-02-01 $579,000 (33.2%) $1,066,445 (75.2%) 0.00 42
    2022-03-01 $622,000 (37.7%) $944,648 (12.6%) 0.00 43
    2022-04-01 $584,500 (5.6%) $967,237 (-5.7%) 0.00 46
    2022-05-01 $560,750 (2.0%) $1,058,007 (13.9%) 0.00 52
    2022-06-01 $604,250 (12.4%) $965,040 (4.6%) 0.00 75
    2022-07-01 $649,000 (19.5%) $1,008,452 (18.4%) 0.00 92
    2022-08-01 $615,000 (6.2%) $899,530 (0.1%) 0.00 112
    2022-09-01 $588,975 (-0.5%) $909,741 (-2.5%) 0.00 106
    2022-10-01 $577,000 (-2.9%) $964,074 (4.0%) 0.00 98
    2022-11-01 $629,500 (7.8%) $1,048,984 (8.5%) 0.00 99
    2022-12-01 $637,250 (9.4%) $1,076,113 (8.6%) 0.00 86
    2023-01-01 $637,000 (8.9%) $1,088,333 (5.5%) 0.00 87
    2023-02-01 $643,000 (11.1%) $1,086,356 (1.9%) 0.00 82
    2023-03-01 $598,750 (-3.7%) $1,062,781 (12.5%) 0.00 85
    2023-04-01 $599,000 (2.5%) $930,473 (-3.8%) 0.00 92
    2023-05-01 $590,450 (5.3%) $824,785 (-22.0%) 0.00 108
    2023-06-01 $649,250 (7.5%) $879,381 (-8.9%) 0.00 129
    2023-07-01 $649,950 (0.2%) $862,055 (-14.5%) 0.00 137
    2023-08-01 $649,600 (5.6%) $861,742 (-4.2%) 0.00 144
    2023-09-01 $649,250 (10.2%) $853,088 (-6.2%) 0.00 144
    2023-10-01 $596,000 (3.3%) $819,667 (-15.0%) 0.00 148
    2023-11-01 $572,000 (-9.1%) $814,785 (-22.3%) 0.00 146
    2023-12-01 $575,000 (-9.8%) $826,149 (-23.2%) 0.00 130
    2024-01-01 $600,750 (-5.7%) $839,478 (-22.9%) 0.00 118
    2024-02-01 $642,125 (-0.1%) $976,538 (-10.1%) 0.00 113
    2024-03-01 $649,950 (8.6%) $981,137 (-7.7%) 0.00 121
    Brookings's median listing price for 2024-03-01 was $649,950, a difference of $51,200 (8.6%) versus the prior year and $7,825 versus the prior month.

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

    Brookings's average listing price for 2024-03-01 was $981,137, a difference of $-81,644 (-7.7%) versus the prior year and $4,599 versus the prior month.

    For the 2024-03-01 period, Brookings had 121 MLS listings, a difference of 8 listings (7%) versus the prior month and 36 listings (42%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Brookings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,947 sqft
    2018-02-01 0 days 1,958 sqft
    2018-03-01 0 days 1,991 sqft
    2018-04-01 0 days 1,981 sqft
    2018-05-01 0 days 2,034 sqft
    2018-06-01 0 days 2,046 sqft
    2018-07-01 0 days 2,071 sqft
    2018-08-01 0 days 2,029 sqft
    2018-09-01 0 days 1,960 sqft
    2018-10-01 0 days 1,997 sqft
    2018-11-01 0 days 2,015 sqft
    2018-12-01 0 days 2,015 sqft
    2019-01-01 0 days 2,019 sqft
    2019-02-01 0 days 2,024 sqft
    2019-03-01 0 days 2,010 sqft
    2019-04-01 0 days 1,976 sqft
    2019-05-01 0 days 1,936 sqft
    2019-06-01 0 days 1,959 sqft
    2019-07-01 0 days 1,965 sqft
    2019-08-01 0 days 1,969 sqft
    2019-09-01 0 days 1,973 sqft
    2019-10-01 0 days 1,976 sqft
    2019-11-01 0 days 1,984 sqft
    2019-12-01 0 days 2,008 sqft
    2020-01-01 0 days 2,023 sqft
    2020-02-01 0 days 2,022 sqft
    2020-03-01 0 days 2,049 sqft
    2020-04-01 0 days 1,992 sqft
    2020-05-01 0 days 1,945 sqft
    2020-06-01 0 days 1,945 sqft
    2020-07-01 0 days 1,945 sqft
    2020-08-01 0 days 1,950 sqft
    2020-09-01 0 days 1,933 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,919 sqft
    2020-12-01 0 days 1,885 sqft
    2021-01-01 0 days 1,916 sqft
    2021-02-01 0 days 1,745 sqft
    2021-03-01 0 days 1,945 sqft
    2021-04-01 0 days 1,983 sqft
    2021-05-01 0 days 1,850 sqft
    2021-06-01 0 days 1,743 sqft
    2021-07-01 0 days 1,707 sqft
    2021-08-01 0 days 1,743 sqft
    2021-09-01 0 days 1,807 sqft
    2021-10-01 0 days 1,908 sqft
    2021-11-01 0 days 1,823 sqft
    2021-12-01 0 days 1,787 sqft
    2022-01-01 0 days 1,709 sqft
    2022-02-01 0 days 1,687 sqft
    2022-03-01 0 days 1,750 sqft
    2022-04-01 0 days 1,694 sqft
    2022-05-01 0 days 1,637 sqft
    2022-06-01 0 days 1,661 sqft
    2022-07-01 0 days 1,805 sqft
    2022-08-01 0 days 1,786 sqft
    2022-09-01 0 days 1,832 sqft
    2022-10-01 0 days 1,818 sqft
    2022-11-01 0 days 1,924 sqft
    2022-12-01 0 days 1,932 sqft
    2023-01-01 0 days 1,913 sqft
    2023-02-01 0 days 1,895 sqft
    2023-03-01 0 days 1,812 sqft
    2023-04-01 0 days 1,778 sqft
    2023-05-01 0 days 1,779 sqft
    2023-06-01 0 days 1,815 sqft
    2023-07-01 0 days 1,838 sqft
    2023-08-01 0 days 1,915 sqft
    2023-09-01 0 days 1,789 sqft
    2023-10-01 0 days 1,773 sqft
    2023-11-01 0 days 1,714 sqft
    2023-12-01 0 days 1,739 sqft
    2024-01-01 0 days 1,808 sqft
    2024-02-01 0 days 1,798 sqft
    2024-03-01 0 days 1,852 sqft
    Brookings's median listing age (time on market) for 2024-03-01 was 0 days.

    Brookings's median square footage for active listings during the 2024-03-01 period was 1,852 sqft. One year prior, the average listing was 1,812 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.