Brookings VA Loan Rates, Closing Costs & Stats

Brookings, SD

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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.

    Brookings's 12 lenders originated 23 VA loans during 2023. The total origination value was $7,055,000, with an average VA loan value of $306,739.

    Brookings VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Brookings averaged 6.4% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Brookings's average VA mortgage closing costs are $5,934.

    The average rate for the prior week (2024-04-05) was 6.45% and one month ago for the week of 2024-03-08, the average rate was 6.38%.

    The average rate one year ago was 5.68%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.47%.

    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
    GUARANTEED RATE, INC. 6 6.28% $5,456
    Plains Commerce Bank 4 6.50% $9,278
    Mortgage Research Center, LLC 3 7.33% $15,383
    First Bank & Trust 1 6.25% $5,574
    NAVY FEDERAL CREDIT UNION 1 6.13% $3,429
    QUICKEN LOANS, LLC 1 5.99% $24,113
    The Federal Savings Bank 1 7.63% $16,741
    USAA Federal Savings Bank 1 5.13% $10,369
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $8,004
    Wells Fargo Bank 1 5.63% $25,819
    Dacotah Bank 1 6.38% $18,166
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $1,143

    The top Brookings VA lender as defined by loan originations is GUARANTEED RATE, INC., with 6 VA loans originated. Their average total fees are $5,456, which is $3,822 lower than the next largest lender, Plains Commerce Bank.

    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 $206,168 (-68.3%) $223,932 (-65.5%) 0.00 93
    2018-02-01 $207,675 (-57.8%) $239,121 (-51.4%) 0.00 92
    2018-03-01 $222,400 (-45.2%) $245,181 (-42.0%) 0.00 101
    2018-04-01 $224,900 (-30.8%) $241,550 (-24.1%) 0.00 110
    2018-05-01 $221,950 (-38.4%) $245,030 (-32.2%) 0.00 118
    2018-06-01 $215,643 (-34.2%) $236,494 (-31.2%) 0.00 130
    2018-07-01 $217,071 (3.4%) $242,722 (-3.0%) 0.00 142
    2018-08-01 $215,271 (4.9%) $249,605 (7.8%) 0.00 141
    2018-09-01 $212,400 (5.7%) $249,629 (8.1%) 0.00 144
    2018-10-01 $217,400 (8.5%) $248,196 (4.6%) 0.00 140
    2018-11-01 $223,725 (4.4%) $255,047 (7.7%) 0.00 131
    2018-12-01 $224,000 (3.8%) $265,413 (13.6%) 0.00 110
    2019-01-01 $231,150 (12.1%) $266,075 (18.8%) 0.00 87
    2019-02-01 $237,400 (14.3%) $276,727 (15.7%) 0.00 81
    2019-03-01 $241,186 (8.5%) $283,522 (15.6%) 0.00 82
    2019-04-01 $243,900 (8.5%) $288,677 (19.5%) 0.00 82
    2019-05-01 $260,900 (17.6%) $297,059 (21.2%) 0.00 86
    2019-06-01 $266,400 (23.5%) $295,794 (25.1%) 0.00 103
    2019-07-01 $256,900 (18.4%) $288,405 (18.8%) 0.00 113
    2019-08-01 $265,109 (23.2%) $292,957 (17.4%) 0.00 113
    2019-09-01 $258,523 (21.7%) $290,183 (16.3%) 0.00 111
    2019-10-01 $254,132 (16.9%) $288,334 (16.2%) 0.00 107
    2019-11-01 $253,400 (13.3%) $284,761 (11.7%) 0.00 99
    2019-12-01 $249,900 (11.6%) $284,943 (7.4%) 0.00 88
    2020-01-01 $244,578 (5.8%) $266,993 (0.4%) 0.00 79
    2020-02-01 $246,900 (4.0%) $271,782 (-1.8%) 0.00 78
    2020-03-01 $266,400 (10.5%) $290,447 (2.4%) 0.00 77
    2020-04-01 $276,150 (13.2%) $298,740 (3.5%) 0.00 89
    2020-05-01 $299,200 (14.7%) $299,601 (0.9%) 0.00 90
    2020-06-01 $292,150 (9.7%) $300,042 (1.4%) 0.00 100
    2020-07-01 $299,400 (16.5%) $311,555 (8.0%) 0.00 90
    2020-08-01 $269,900 (1.8%) $284,257 (-3.0%) 0.00 77
    2020-09-01 $269,900 (4.4%) $289,548 (-0.2%) 0.00 73
    2020-10-01 $274,900 (8.2%) $317,530 (10.1%) 0.00 51
    2020-11-01 $267,650 (5.6%) $310,097 (8.9%) 0.00 46
    2020-12-01 $274,200 (9.7%) $320,338 (12.4%) 0.00 40
    2021-01-01 $309,900 (26.7%) $332,424 (24.5%) 0.00 32
    2021-02-01 $301,150 (22.0%) $342,975 (26.2%) 0.00 31
    2021-03-01 $296,150 (11.2%) $363,195 (25.1%) 0.00 33
    2021-04-01 $289,400 (4.8%) $302,007 (1.1%) 0.00 29
    2021-05-01 $288,900 (-3.4%) $294,595 (-1.7%) 0.00 35
    2021-06-01 $299,900 (2.7%) $369,477 (23.1%) 0.00 44
    2021-07-01 $294,900 (-1.5%) $372,435 (19.5%) 0.00 35
    2021-08-01 $276,400 (2.4%) $368,401 (29.6%) 0.00 36
    2021-09-01 $287,650 (6.6%) $366,796 (26.7%) 0.00 35
    2021-10-01 $296,900 (8.0%) $361,430 (13.8%) 0.00 47
    2021-11-01 $297,900 (11.3%) $372,253 (20.0%) 0.00 40
    2021-12-01 $313,450 (14.3%) $394,624 (23.2%) 0.00 34
    2022-01-01 $328,400 (6.0%) $354,478 (6.6%) 0.00 27
    2022-02-01 $321,150 (6.6%) $325,500 (-5.1%) 0.00 30
    2022-03-01 $325,400 (9.9%) $333,758 (-8.1%) 0.00 34
    2022-04-01 $322,400 (11.4%) $332,796 (10.2%) 0.00 35
    2022-05-01 $324,650 (12.4%) $338,758 (15.0%) 0.00 34
    2022-06-01 $326,800 (9.0%) $357,960 (-3.1%) 0.00 39
    2022-07-01 $328,900 (11.5%) $377,939 (1.5%) 0.00 38
    2022-08-01 $328,900 (19.0%) $379,446 (3.0%) 0.00 42
    2022-09-01 $343,000 (19.2%) $383,542 (4.6%) 0.00 44
    2022-10-01 $359,900 (21.2%) $411,658 (13.9%) 0.00 48
    2022-11-01 $348,175 (16.9%) $415,880 (11.7%) 0.00 45
    2022-12-01 $349,900 (11.6%) $410,859 (4.1%) 0.00 39
    2023-01-01 $373,050 (13.6%) $396,429 (11.8%) 0.00 34
    2023-02-01 $375,550 (16.9%) $390,265 (19.9%) 0.00 32
    2023-03-01 $384,900 (18.3%) $416,259 (24.7%) 0.00 31
    2023-04-01 $367,400 (14.0%) $408,678 (22.8%) 0.00 38
    2023-05-01 $367,400 (13.2%) $417,921 (23.4%) 0.00 55
    2023-06-01 $399,700 (22.3%) $455,924 (27.4%) 0.00 57
    2023-07-01 $384,900 (17.0%) $436,647 (15.5%) 0.00 60
    2023-08-01 $387,400 (17.8%) $428,137 (12.8%) 0.00 73
    2023-09-01 $374,900 (9.3%) $425,136 (10.8%) 0.00 74
    2023-10-01 $375,438 (4.3%) $425,676 (3.4%) 0.00 76
    2023-11-01 $372,400 (7.0%) $423,876 (1.9%) 0.00 73
    2023-12-01 $369,900 (5.7%) $425,597 (3.6%) 0.00 61
    2024-01-01 $372,400 (-0.2%) $439,763 (10.9%) 0.00 58
    2024-02-01 $371,150 (-1.2%) $423,179 (8.4%) 0.00 49
    2024-03-01 $389,900 (1.3%) $436,089 (4.8%) 0.00 55
    Brookings's median listing price for 2024-03-01 was $389,900, a difference of $5,000 (1.3%) versus the prior year and $18,750 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 $436,089, a difference of $19,830 (4.8%) versus the prior year and $12,910 versus the prior month.

    For the 2024-03-01 period, Brookings had 55 MLS listings, a difference of 6 listings (12%) versus the prior month and 24 listings (77%) 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 1,280 sqft
    2018-02-01 0 days 1,290 sqft
    2018-03-01 0 days 1,328 sqft
    2018-04-01 0 days 1,334 sqft
    2018-05-01 0 days 1,344 sqft
    2018-06-01 0 days 1,344 sqft
    2018-07-01 0 days 1,354 sqft
    2018-08-01 0 days 1,364 sqft
    2018-09-01 0 days 1,354 sqft
    2018-10-01 0 days 1,349 sqft
    2018-11-01 0 days 1,347 sqft
    2018-12-01 0 days 1,375 sqft
    2019-01-01 0 days 1,375 sqft
    2019-02-01 0 days 1,395 sqft
    2019-03-01 0 days 1,421 sqft
    2019-04-01 0 days 1,430 sqft
    2019-05-01 0 days 1,437 sqft
    2019-06-01 0 days 1,495 sqft
    2019-07-01 0 days 1,487 sqft
    2019-08-01 0 days 1,484 sqft
    2019-09-01 0 days 1,468 sqft
    2019-10-01 0 days 1,458 sqft
    2019-11-01 0 days 1,426 sqft
    2019-12-01 0 days 1,441 sqft
    2020-01-01 0 days 1,376 sqft
    2020-02-01 0 days 1,379 sqft
    2020-03-01 0 days 1,417 sqft
    2020-04-01 0 days 1,477 sqft
    2020-05-01 0 days 1,478 sqft
    2020-06-01 0 days 1,493 sqft
    2020-07-01 0 days 1,528 sqft
    2020-08-01 0 days 1,523 sqft
    2020-09-01 0 days 1,501 sqft
    2020-10-01 0 days 1,586 sqft
    2020-11-01 0 days 1,515 sqft
    2020-12-01 0 days 1,513 sqft
    2021-01-01 0 days 1,679 sqft
    2021-02-01 0 days 1,531 sqft
    2021-03-01 0 days 1,562 sqft
    2021-04-01 0 days 1,494 sqft
    2021-05-01 0 days 1,358 sqft
    2021-06-01 0 days 1,516 sqft
    2021-07-01 0 days 1,494 sqft
    2021-08-01 0 days 1,508 sqft
    2021-09-01 0 days 1,573 sqft
    2021-10-01 0 days 1,510 sqft
    2021-11-01 0 days 1,571 sqft
    2021-12-01 0 days 1,560 sqft
    2022-01-01 0 days 1,573 sqft
    2022-02-01 0 days 1,500 sqft
    2022-03-01 0 days 1,448 sqft
    2022-04-01 0 days 1,450 sqft
    2022-05-01 0 days 1,448 sqft
    2022-06-01 0 days 1,511 sqft
    2022-07-01 0 days 1,485 sqft
    2022-08-01 0 days 1,464 sqft
    2022-09-01 0 days 1,588 sqft
    2022-10-01 0 days 1,671 sqft
    2022-11-01 0 days 1,570 sqft
    2022-12-01 0 days 1,629 sqft
    2023-01-01 0 days 1,629 sqft
    2023-02-01 0 days 1,586 sqft
    2023-03-01 0 days 1,648 sqft
    2023-04-01 0 days 1,586 sqft
    2023-05-01 0 days 1,558 sqft
    2023-06-01 0 days 1,648 sqft
    2023-07-01 0 days 1,668 sqft
    2023-08-01 0 days 1,656 sqft
    2023-09-01 0 days 1,500 sqft
    2023-10-01 0 days 1,470 sqft
    2023-11-01 0 days 1,470 sqft
    2023-12-01 0 days 1,485 sqft
    2024-01-01 0 days 1,462 sqft
    2024-02-01 0 days 1,462 sqft
    2024-03-01 0 days 1,500 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 1,500 sqft. One year prior, the average listing was 1,648 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.