Des Moines VA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

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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.

    Des Moines's 72 lenders originated 778 VA loans during 2023. The total origination value was $234,480,000, with an average VA loan value of $301,388.

    Des Moines VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Des Moines averaged 6.96% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Des Moines's average VA mortgage closing costs are $5,159.

    The average rate for the prior week (2024-04-12) was 6.59% and one month ago for the week of 2024-03-15, the average rate was 6.35%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.49%.

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

    Des Moines 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 Des Moines level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 132 6.71% $5,785
    HOMESERVICES LENDING, LLC 53 6.09% $6,642
    DHI MORTGAGE COMPANY, LTD. 41 5.36% $8,627
    GREENSTATE CREDIT UNION 39 5.83% $5,926
    GERSHMAN INVESTMENT CORP. 32 6.33% $6,295
    Lincoln Savings Bank 28 5.96% $6,790
    QUICKEN LOANS, LLC 26 6.18% $11,237
    VERIDIAN CREDIT UNION 23 5.64% $4,833
    UNITED WHOLESALE MORTGAGE, LLC 22 6.27% $7,678
    GUILD MORTGAGE COMPANY 19 6.57% $8,151
    USAA Federal Savings Bank 18 6.32% $7,274
    FREEDOM MORTGAGE CORPORATION 18 6.84% $12,806
    BROKER SOLUTIONS, INC. 17 6.46% $9,763
    NEW DAY FINANCIAL, LLC 15 7.51% $13,545
    NEWREZ LLC 15 6.46% $8,331
    Fortress Bank 14 6.52% $5,621
    The Central Trust Bank 14 6.15% $9,374
    U.S. Bank 14 6.03% $5,349
    NAVY FEDERAL CREDIT UNION 13 6.02% $5,851
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.65% $5,816
    Barrington Bank & Trust Company, N.A. 11 6.07% $12,880
    LAND HOME FINANCIAL SERVICES, INC. 10 6.35% $10,213
    Ixonia Bank 9 6.97% $10,082
    PENNYMAC LOAN SERVICES, LLC 9 6.07% $9,121
    FRONTIER FINANCIAL, INC. 9 6.17% $8,696
    Northwest Bank 8 6.34% $8,647
    Flagstar Bank, FSB 8 6.37% $8,895
    GUARANTEED RATE, INC. 8 6.08% $9,913
    Plains Commerce Bank 7 6.11% $7,363
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.46% $9,792
    HOMESIDE FINANCIAL, LLC 7 6.57% $4,312
    MOVEMENT MORTGAGE, LLC 6 6.60% $7,458
    IOWA BANKERS MORTGAGE CORPORATION 6 6.52% $5,410
    Wells Fargo Bank 5 5.63% $12,784
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.45% $3,661
    PLANET HOME LENDING, LLC 4 6.28% $3,471
    The Federal Savings Bank 4 5.94% $14,275
    UNION HOME MORTGAGE CORP. 3 6.42% $11,602
    COMPASS MORTGAGE, INC. 3 6.95% $7,914
    LOANDEPOT.COM, LLC 3 6.46% $17,462
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.21% $11,045
    PLAZA HOME MORTGAGE, INC. 2 6.44% $4,886
    Great Southern Bank 2 6.81% $4,821
    First Savings Bank 2 5.88% $20,766
    Mr. Cooper ( Nationstar Mortgage ) 2 5.88% $7,896
    CMG MORTGAGE, INC. 2 5.69% $7,951
    CARDINAL FINANCIAL 2 6.31% $17,094
    VILLAGE CAPITAL MORTGAGE 2 5.75% $13,963
    V.I.P. MORTGAGE, INC. 2 6.44% $5,634
    COMMUNITY MORTGAGE, LLC 1 6.25% $17,140
    Paramount Residential Mortgage Group, Inc. 1 6.75% $3,423
    Community Choice Credit Union 1 7.25% $2,734
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $10,370
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.00% $13,606
    Lincoln FSB of Nebraska 1 6.25% $8,652
    POLARIS HOME FUNDING CORP. 1 7.25% $6,537
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $5,720
    Regions Bank 1 5.63% $2,709
    ROYAL UNITED MORTGAGE LLC 1 7.13% $22,797
    Summit Mortgage Corporation 1 7.25% $6,576
    Chickasaw Community Bank 1 5.75% $18,622
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $27,803
    TOWNE MORTGAGE COMPANY 1 6.13% $3,691
    MID AMERICA MORTGAGE, INC. 1 7.75% $3,365
    Union Savings Bank 1 5.38% $22,059
    Magnolia Bank 1 5.63% $12,222
    BNC National Bank 1 5.13% $7,275
    Armed Forces Bank 1 5.50% $2,427
    First National Bank of Omaha 1 6.63% $6,645
    First Interstate Bank 1 6.63% $1,981
    Equity Prime Mortgage LLC 1 5.88% $11,383
    First State Bank of St. Charles, Missouri 1 6.13% $2,874

    The top Des Moines VA lender as defined by loan originations is Mortgage Research Center, LLC, with 132 VA loans originated. Their average total fees are $5,785, which is $857 lower than the next largest lender, HOMESERVICES LENDING, LLC.

    The lowest fee Des Moines VA lenders (with over 10 loans originated) are VERIDIAN CREDIT UNION ($4,833), U.S. Bank ($5,349), Fortress Bank ($5,621), Mortgage Research Center, LLC ($5,785) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,816).

    The lowest rate Des Moines VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.36%), VERIDIAN CREDIT UNION (5.64%), GREENSTATE CREDIT UNION (5.83%), Lincoln Savings Bank (5.96%) and NAVY FEDERAL CREDIT UNION (6.02%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Des Moines (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 $281,250 (6.0%) $296,297 (-0.3%) 1.04 2,919
    2018-02-01 $289,178 (5.7%) $306,338 (-0.4%) 1.05 2,845
    2018-03-01 $289,500 (5.1%) $310,723 (0.0%) 1.02 2,833
    2018-04-01 $292,416 (3.7%) $317,787 (0.0%) 0.99 2,836
    2018-05-01 $291,225 (2.0%) $321,301 (0.7%) 0.97 2,906
    2018-06-01 $289,900 (3.6%) $317,875 (2.0%) 0.97 3,149
    2018-07-01 $289,900 (5.3%) $316,746 (3.0%) 0.97 3,261
    2018-08-01 $283,950 (5.2%) $313,014 (4.0%) 0.95 3,396
    2018-09-01 $279,975 (3.7%) $308,391 (4.5%) 0.94 3,576
    2018-10-01 $281,359 (3.2%) $308,992 (5.6%) 0.95 3,554
    2018-11-01 $281,118 (2.2%) $307,995 (5.1%) 0.95 3,506
    2018-12-01 $279,900 (1.1%) $303,759 (3.3%) 0.97 3,320
    2019-01-01 $283,235 (0.7%) $306,573 (3.5%) 0.98 3,163
    2019-02-01 $287,400 (-0.6%) $310,791 (1.5%) 0.97 3,073
    2019-03-01 $288,914 (-0.2%) $314,421 (1.2%) 0.94 3,006
    2019-04-01 $288,814 (-1.2%) $317,544 (-0.1%) 0.92 3,014
    2019-05-01 $283,200 (-2.8%) $318,326 (-0.9%) 0.89 3,142
    2019-06-01 $279,900 (-3.5%) $317,088 (-0.3%) 0.87 3,287
    2019-07-01 $276,750 (-4.5%) $314,608 (-0.7%) 0.87 3,408
    2019-08-01 $271,427 (-4.4%) $310,678 (-0.8%) 0.86 3,535
    2019-09-01 $263,818 (-5.8%) $303,604 (-1.6%) 0.84 3,668
    2019-10-01 $259,545 (-7.8%) $299,315 (-3.1%) 0.84 3,733
    2019-11-01 $255,000 (-9.3%) $296,007 (-3.9%) 0.84 3,503
    2019-12-01 $255,000 (-8.9%) $294,438 (-3.1%) 0.85 3,320
    2020-01-01 $258,900 (-8.6%) $294,677 (-3.9%) 0.87 3,148
    2020-02-01 $264,900 (-7.8%) $301,303 (-3.1%) 0.87 3,034
    2020-03-01 $268,305 (-7.1%) $307,230 (-2.3%) 0.84 3,032
    2020-04-01 $268,302 (-7.1%) $306,904 (-3.4%) 0.84 3,073
    2020-05-01 $274,500 (-3.1%) $315,196 (-1.0%) 0.83 2,887
    2020-06-01 $277,643 (-0.8%) $324,120 (2.2%) 0.82 2,624
    2020-07-01 $274,763 (-0.7%) $325,272 (3.4%) 0.80 2,472
    2020-08-01 $272,760 (0.5%) $321,963 (3.6%) 0.78 2,435
    2020-09-01 $270,979 (2.7%) $317,172 (4.5%) 0.78 2,366
    2020-10-01 $270,096 (4.1%) $315,795 (5.5%) 0.77 2,365
    2020-11-01 $269,950 (5.9%) $313,238 (5.8%) 0.79 2,311
    2020-12-01 $272,450 (6.8%) $316,629 (7.5%) 0.81 2,112
    2021-01-01 $275,000 (6.2%) $324,924 (10.3%) 0.82 1,811
    2021-02-01 $280,750 (6.0%) $332,447 (10.3%) 0.82 1,652
    2021-03-01 $284,950 (6.2%) $337,577 (9.9%) 0.81 1,508
    2021-04-01 $298,777 (11.4%) $350,707 (14.3%) 0.81 1,450
    2021-05-01 $299,450 (9.1%) $357,764 (13.5%) 0.80 1,456
    2021-06-01 $302,400 (8.9%) $356,851 (10.1%) 0.80 1,563
    2021-07-01 $304,900 (11.0%) $350,167 (7.7%) 0.80 1,601
    2021-08-01 $301,991 (10.7%) $354,250 (10.0%) 0.81 1,754
    2021-09-01 $302,123 (11.5%) $356,685 (12.5%) 0.81 1,786
    2021-10-01 $303,275 (12.3%) $355,552 (12.6%) 0.81 1,807
    2021-11-01 $308,851 (14.4%) $357,397 (14.1%) 0.83 1,816
    2021-12-01 $314,140 (15.3%) $354,893 (12.1%) 0.85 1,725
    2022-01-01 $327,183 (19.0%) $365,520 (12.5%) 0.88 1,466
    2022-02-01 $349,900 (24.6%) $387,334 (16.5%) 0.91 1,295
    2022-03-01 $351,450 (23.3%) $391,829 (16.1%) 0.88 1,302
    2022-04-01 $359,900 (20.5%) $398,719 (13.7%) 0.86 1,346
    2022-05-01 $355,256 (18.6%) $402,431 (12.5%) 0.81 1,530
    2022-06-01 $357,123 (18.1%) $407,087 (14.1%) 0.80 1,692
    2022-07-01 $350,100 (14.8%) $401,042 (14.5%) 0.79 1,996
    2022-08-01 $351,000 (16.2%) $405,725 (14.5%) 0.81 2,098
    2022-09-01 $357,025 (18.2%) $409,243 (14.7%) 0.83 2,217
    2022-10-01 $350,000 (15.4%) $403,980 (13.6%) 0.82 2,432
    2022-11-01 $349,900 (13.3%) $398,805 (11.6%) 0.84 2,519
    2022-12-01 $349,000 (11.1%) $400,955 (13.0%) 0.86 2,321
    2023-01-01 $357,450 (9.3%) $407,763 (11.6%) 0.89 2,115
    2023-02-01 $369,945 (5.7%) $420,672 (8.6%) 0.89 1,965
    2023-03-01 $369,950 (5.3%) $425,373 (8.6%) 0.87 1,971
    2023-04-01 $374,900 (4.2%) $432,892 (8.6%) 0.87 1,922
    2023-05-01 $375,000 (5.6%) $444,501 (10.5%) 0.85 1,937
    2023-06-01 $374,990 (5.0%) $449,446 (10.4%) 0.84 2,090
    2023-07-01 $374,900 (7.1%) $449,220 (12.0%) 0.85 2,198
    2023-08-01 $369,995 (5.4%) $441,557 (8.8%) 0.85 2,358
    2023-09-01 $369,900 (3.6%) $440,075 (7.5%) 0.86 2,383
    2023-10-01 $365,495 (4.4%) $436,716 (8.1%) 0.86 2,554
    2023-11-01 $359,900 (2.9%) $426,797 (7.0%) 0.86 2,580
    2023-12-01 $357,990 (2.6%) $423,676 (5.7%) 0.87 2,414
    2024-01-01 $363,245 (1.6%) $429,964 (5.4%) 0.89 2,157
    2024-02-01 $364,950 (-1.4%) $437,850 (4.1%) 0.88 2,062
    2024-03-01 $368,000 (-0.5%) $439,472 (3.3%) 0.87 2,221
    Des Moines's median listing price for 2024-03-01 was $368,000, a difference of $-1,950 (-0.5%) versus the prior year and $3,050 versus the prior month.

    Des Moines's median listing price comes in at 87% of the national average.

    Des Moines's average listing price for 2024-03-01 was $439,472, a difference of $14,099 (3.3%) versus the prior year and $1,622 versus the prior month.

    For the 2024-03-01 period, Des Moines had 2,221 MLS listings, a difference of 159 listings (8%) versus the prior month and 250 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Des Moines (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,619 sqft
    2018-02-01 88 days 1,627 sqft
    2018-03-01 73 days 1,630 sqft
    2018-04-01 66 days 1,634 sqft
    2018-05-01 59 days 1,642 sqft
    2018-06-01 57 days 1,633 sqft
    2018-07-01 57 days 1,632 sqft
    2018-08-01 61 days 1,620 sqft
    2018-09-01 64 days 1,610 sqft
    2018-10-01 68 days 1,608 sqft
    2018-11-01 77 days 1,607 sqft
    2018-12-01 87 days 1,596 sqft
    2019-01-01 91 days 1,589 sqft
    2019-02-01 95 days 1,596 sqft
    2019-03-01 83 days 1,599 sqft
    2019-04-01 64 days 1,602 sqft
    2019-05-01 52 days 1,606 sqft
    2019-06-01 53 days 1,609 sqft
    2019-07-01 59 days 1,599 sqft
    2019-08-01 60 days 1,586 sqft
    2019-09-01 63 days 1,568 sqft
    2019-10-01 64 days 1,556 sqft
    2019-11-01 65 days 1,544 sqft
    2019-12-01 74 days 1,537 sqft
    2020-01-01 82 days 1,528 sqft
    2020-02-01 86 days 1,546 sqft
    2020-03-01 67 days 1,563 sqft
    2020-04-01 62 days 1,557 sqft
    2020-05-01 61 days 1,579 sqft
    2020-06-01 62 days 1,596 sqft
    2020-07-01 58 days 1,595 sqft
    2020-08-01 56 days 1,575 sqft
    2020-09-01 60 days 1,552 sqft
    2020-10-01 59 days 1,532 sqft
    2020-11-01 64 days 1,519 sqft
    2020-12-01 71 days 1,516 sqft
    2021-01-01 78 days 1,512 sqft
    2021-02-01 74 days 1,510 sqft
    2021-03-01 57 days 1,515 sqft
    2021-04-01 49 days 1,518 sqft
    2021-05-01 43 days 1,518 sqft
    2021-06-01 50 days 1,522 sqft
    2021-07-01 51 days 1,514 sqft
    2021-08-01 52 days 1,512 sqft
    2021-09-01 51 days 1,503 sqft
    2021-10-01 54 days 1,498 sqft
    2021-11-01 58 days 1,494 sqft
    2021-12-01 62 days 1,494 sqft
    2022-01-01 81 days 1,501 sqft
    2022-02-01 73 days 1,511 sqft
    2022-03-01 49 days 1,514 sqft
    2022-04-01 46 days 1,534 sqft
    2022-05-01 44 days 1,534 sqft
    2022-06-01 46 days 1,545 sqft
    2022-07-01 46 days 1,540 sqft
    2022-08-01 52 days 1,554 sqft
    2022-09-01 56 days 1,552 sqft
    2022-10-01 57 days 1,540 sqft
    2022-11-01 60 days 1,550 sqft
    2022-12-01 73 days 1,550 sqft
    2023-01-01 89 days 1,552 sqft
    2023-02-01 93 days 1,562 sqft
    2023-03-01 72 days 1,566 sqft
    2023-04-01 65 days 1,566 sqft
    2023-05-01 58 days 1,598 sqft
    2023-06-01 51 days 1,601 sqft
    2023-07-01 53 days 1,605 sqft
    2023-08-01 57 days 1,601 sqft
    2023-09-01 61 days 1,599 sqft
    2023-10-01 61 days 1,586 sqft
    2023-11-01 61 days 1,567 sqft
    2023-12-01 71 days 1,564 sqft
    2024-01-01 81 days 1,564 sqft
    2024-02-01 76 days 1,566 sqft
    2024-03-01 52 days 1,558 sqft
    Des Moines's median listing age (time on market) for 2024-03-01 was 52 days. This is -28% shorter than the same period one year ago.

    Des Moines's median square footage for active listings during the 2024-03-01 period was 1,558 sqft. One year prior, the average listing was 1,566 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.