Detroit VA Loan Rates, Closing Costs & Stats
Detroit-Warren-Dearborn, MI
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.
Detroit's 137 lenders originated 2,231 VA loans during 2023. The total origination value was $632,655,000, with an average VA loan value of $283,575.
Detroit VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Detroit
averaged
5.72%
for the week of 2024-10-04, compared to the national average (all VA variants) of
5.596% for the same period.
Detroit's average VA mortgage closing costs are $5,367.
The average rate for the prior week (2024-09-27) was
5.75% and
one month ago for the week of 2024-08-30, the
average rate was 6.07%.
The average rate one year ago was 7.31%.
For refis of the same type during the week of 2024-10-04, the average rate
was 5.8%.
Detroit 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 Detroit level.
The top Detroit VA lender as defined by loan originations is Mortgage Research Center, LLC, with
370 VA loans originated. Their average total fees are
$6,485, which is $2,976
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Detroit VA lenders (with over 10 loans originated) are
The Huntington National Bank ($5,391), JPMorgan Chase Bank ($5,398), NAVY FEDERAL CREDIT UNION ($5,447), GUARANTEED RATE, INC. ($5,919) and LAKE MICHIGAN CREDIT UNION ($5,944).
The lowest rate Detroit VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.53%), AMERISAVE MORTGAGE CORPORATION (5.74%), NAVY FEDERAL CREDIT UNION (5.92%), Mr. Cooper ( Nationstar Mortgage ) (6.10%) and Barrington Bank & Trust Company, N.A. (6.10%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Detroit (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 | $199,900 (7.3%) | $309,468 (5.2%) | 0.74 | 9,939 |
2018-02-01 | $205,500 (6.8%) | $318,782 (6.5%) | 0.75 | 9,269 |
2018-03-01 | $224,900 (5.9%) | $337,975 (8.2%) | 0.79 | 9,082 |
2018-04-01 | $242,450 (7.8%) | $343,455 (5.1%) | 0.82 | 9,491 |
2018-05-01 | $249,900 (6.6%) | $348,685 (3.2%) | 0.83 | 10,496 |
2018-06-01 | $253,200 (7.5%) | $353,380 (3.9%) | 0.84 | 11,781 |
2018-07-01 | $249,900 (6.3%) | $346,045 (2.7%) | 0.83 | 12,978 |
2018-08-01 | $244,950 (8.0%) | $336,152 (2.9%) | 0.82 | 14,301 |
2018-09-01 | $239,900 (6.6%) | $334,379 (2.9%) | 0.81 | 14,957 |
2018-10-01 | $230,950 (4.3%) | $326,364 (1.2%) | 0.78 | 14,879 |
2018-11-01 | $225,000 (4.2%) | $318,603 (0.1%) | 0.76 | 14,428 |
2018-12-01 | $219,900 (4.8%) | $314,446 (-0.2%) | 0.76 | 13,252 |
2019-01-01 | $218,550 (9.3%) | $313,254 (1.2%) | 0.76 | 12,159 |
2019-02-01 | $219,950 (7.0%) | $316,952 (-0.6%) | 0.74 | 11,495 |
2019-03-01 | $232,814 (3.5%) | $329,647 (-2.5%) | 0.76 | 11,352 |
2019-04-01 | $249,950 (3.1%) | $345,374 (0.6%) | 0.79 | 11,488 |
2019-05-01 | $259,900 (4.0%) | $351,992 (1.0%) | 0.81 | 12,362 |
2019-06-01 | $262,000 (3.5%) | $350,214 (-0.9%) | 0.82 | 13,710 |
2019-07-01 | $259,900 (4.0%) | $344,094 (-0.6%) | 0.81 | 14,992 |
2019-08-01 | $253,355 (3.4%) | $337,144 (0.3%) | 0.80 | 15,526 |
2019-09-01 | $243,536 (1.5%) | $328,210 (-1.8%) | 0.78 | 15,829 |
2019-10-01 | $236,991 (2.6%) | $321,784 (-1.4%) | 0.76 | 15,906 |
2019-11-01 | $229,900 (2.2%) | $317,751 (-0.3%) | 0.75 | 14,871 |
2019-12-01 | $224,900 (2.3%) | $311,231 (-1.0%) | 0.75 | 13,035 |
2020-01-01 | $219,950 (0.6%) | $310,474 (-0.9%) | 0.74 | 11,629 |
2020-02-01 | $222,250 (1.1%) | $315,582 (-0.4%) | 0.73 | 10,735 |
2020-03-01 | $237,850 (2.2%) | $329,570 (0.0%) | 0.75 | 10,380 |
2020-04-01 | $243,950 (-2.4%) | $333,299 (-3.5%) | 0.76 | 9,897 |
2020-05-01 | $249,900 (-3.9%) | $338,713 (-3.8%) | 0.76 | 10,722 |
2020-06-01 | $272,725 (4.1%) | $365,212 (4.3%) | 0.80 | 10,264 |
2020-07-01 | $278,375 (7.1%) | $374,372 (8.8%) | 0.81 | 9,832 |
2020-08-01 | $274,900 (8.5%) | $373,949 (10.9%) | 0.79 | 9,311 |
2020-09-01 | $269,950 (10.9%) | $373,481 (13.8%) | 0.77 | 8,992 |
2020-10-01 | $264,975 (11.8%) | $373,814 (16.2%) | 0.76 | 8,484 |
2020-11-01 | $254,950 (10.9%) | $373,410 (17.5%) | 0.75 | 7,677 |
2020-12-01 | $249,950 (11.1%) | $370,800 (19.1%) | 0.74 | 6,754 |
2021-01-01 | $249,900 (13.6%) | $372,940 (20.1%) | 0.75 | 5,690 |
2021-02-01 | $250,000 (12.5%) | $388,674 (23.2%) | 0.73 | 4,731 |
2021-03-01 | $266,138 (11.9%) | $398,112 (20.8%) | 0.76 | 4,597 |
2021-04-01 | $269,950 (10.7%) | $405,925 (21.8%) | 0.73 | 4,725 |
2021-05-01 | $279,900 (12.0%) | $409,975 (21.0%) | 0.74 | 5,266 |
2021-06-01 | $276,575 (1.4%) | $396,675 (8.6%) | 0.73 | 6,498 |
2021-07-01 | $275,000 (-1.2%) | $391,506 (4.6%) | 0.73 | 7,192 |
2021-08-01 | $267,400 (-2.7%) | $383,727 (2.6%) | 0.71 | 7,991 |
2021-09-01 | $249,950 (-7.4%) | $370,605 (-0.8%) | 0.67 | 8,195 |
2021-10-01 | $242,990 (-8.3%) | $360,143 (-3.7%) | 0.65 | 7,880 |
2021-11-01 | $227,450 (-10.8%) | $348,427 (-6.7%) | 0.61 | 7,274 |
2021-12-01 | $216,950 (-13.2%) | $345,696 (-6.8%) | 0.59 | 6,293 |
2022-01-01 | $205,000 (-18.0%) | $341,364 (-8.5%) | 0.55 | 5,189 |
2022-02-01 | $216,100 (-13.6%) | $354,193 (-8.9%) | 0.56 | 4,626 |
2022-03-01 | $227,450 (-14.5%) | $360,375 (-9.5%) | 0.57 | 4,771 |
2022-04-01 | $249,900 (-7.4%) | $376,980 (-7.1%) | 0.60 | 5,012 |
2022-05-01 | $274,000 (-2.1%) | $384,656 (-6.2%) | 0.63 | 6,341 |
2022-06-01 | $279,950 (1.2%) | $388,401 (-2.1%) | 0.62 | 7,666 |
2022-07-01 | $279,900 (1.8%) | $381,932 (-2.5%) | 0.63 | 9,283 |
2022-08-01 | $272,400 (1.9%) | $370,532 (-3.4%) | 0.63 | 9,869 |
2022-09-01 | $263,950 (5.6%) | $366,213 (-1.2%) | 0.62 | 9,757 |
2022-10-01 | $250,000 (2.9%) | $355,627 (-1.3%) | 0.59 | 9,855 |
2022-11-01 | $247,000 (8.6%) | $347,733 (-0.2%) | 0.59 | 9,742 |
2022-12-01 | $230,000 (6.0%) | $341,678 (-1.2%) | 0.57 | 8,672 |
2023-01-01 | $227,125 (10.8%) | $343,290 (0.6%) | 0.56 | 7,431 |
2023-02-01 | $229,450 (6.2%) | $347,618 (-1.9%) | 0.55 | 6,513 |
2023-03-01 | $236,950 (4.2%) | $362,617 (0.6%) | 0.56 | 5,940 |
2023-04-01 | $250,000 (0.0%) | $384,503 (2.0%) | 0.58 | 5,885 |
2023-05-01 | $267,450 (-2.4%) | $399,457 (3.9%) | 0.61 | 6,033 |
2023-06-01 | $270,000 (-3.6%) | $402,235 (3.6%) | 0.61 | 6,448 |
2023-07-01 | $269,000 (-3.9%) | $393,621 (3.1%) | 0.61 | 6,988 |
2023-08-01 | $272,400 (0.0%) | $389,930 (5.2%) | 0.63 | 7,448 |
2023-09-01 | $262,000 (-0.7%) | $386,050 (5.4%) | 0.61 | 7,660 |
2023-10-01 | $252,250 (0.9%) | $382,592 (7.6%) | 0.59 | 7,907 |
2023-11-01 | $247,000 (0.0%) | $373,047 (7.3%) | 0.59 | 8,116 |
2023-12-01 | $235,250 (2.3%) | $365,972 (7.1%) | 0.57 | 7,356 |
2024-01-01 | $229,450 (1.0%) | $363,472 (5.9%) | 0.56 | 6,424 |
2024-02-01 | $229,450 (0.0%) | $368,064 (5.9%) | 0.55 | 6,201 |
2024-03-01 | $239,900 (1.2%) | $380,019 (4.8%) | 0.56 | 6,151 |
2024-04-01 | $250,000 (0.0%) | $387,737 (0.8%) | 0.58 | 6,144 |
2024-05-01 | $259,500 (-3.0%) | $409,085 (2.4%) | 0.59 | 6,544 |
2024-06-01 | $275,000 (1.9%) | $425,713 (5.8%) | 0.62 | 7,111 |
2024-07-01 | $279,900 (4.1%) | $430,586 (9.4%) | 0.64 | 7,737 |
2024-08-01 | $279,900 (2.8%) | $417,041 (7.0%) | 0.65 | 8,525 |
2024-09-01 | $277,000 (5.7%) | $407,313 (5.5%) | 0.00 | 8,921 |
Detroit's median listing price comes in at 0% of the national average.
Detroit's average listing price for 2024-09-01 was $407,313, a difference of $21,263 (5.5%) versus the prior year and $-9,728 versus the prior month.
For the 2024-09-01 period, Detroit had 8,921 MLS listings, a difference of 396 listings (5%) versus the prior month and 1,261 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 63 days | 1,578 sqft |
2018-02-01 | 58 days | 1,581 sqft |
2018-03-01 | 45 days | 1,644 sqft |
2018-04-01 | 36 days | 1,686 sqft |
2018-05-01 | 33 days | 1,713 sqft |
2018-06-01 | 33 days | 1,734 sqft |
2018-07-01 | 36 days | 1,723 sqft |
2018-08-01 | 35 days | 1,700 sqft |
2018-09-01 | 40 days | 1,692 sqft |
2018-10-01 | 43 days | 1,642 sqft |
2018-11-01 | 46 days | 1,613 sqft |
2018-12-01 | 56 days | 1,585 sqft |
2019-01-01 | 61 days | 1,581 sqft |
2019-02-01 | 60 days | 1,595 sqft |
2019-03-01 | 45 days | 1,631 sqft |
2019-04-01 | 36 days | 1,683 sqft |
2019-05-01 | 34 days | 1,717 sqft |
2019-06-01 | 36 days | 1,728 sqft |
2019-07-01 | 37 days | 1,724 sqft |
2019-08-01 | 40 days | 1,706 sqft |
2019-09-01 | 43 days | 1,675 sqft |
2019-10-01 | 45 days | 1,651 sqft |
2019-11-01 | 51 days | 1,624 sqft |
2019-12-01 | 62 days | 1,598 sqft |
2020-01-01 | 69 days | 1,584 sqft |
2020-02-01 | 58 days | 1,586 sqft |
2020-03-01 | 47 days | 1,604 sqft |
2020-04-01 | 59 days | 1,620 sqft |
2020-05-01 | 65 days | 1,640 sqft |
2020-06-01 | 38 days | 1,725 sqft |
2020-07-01 | 37 days | 1,740 sqft |
2020-08-01 | 33 days | 1,710 sqft |
2020-09-01 | 35 days | 1,669 sqft |
2020-10-01 | 36 days | 1,641 sqft |
2020-11-01 | 40 days | 1,600 sqft |
2020-12-01 | 48 days | 1,576 sqft |
2021-01-01 | 51 days | 1,557 sqft |
2021-02-01 | 39 days | 1,562 sqft |
2021-03-01 | 28 days | 1,577 sqft |
2021-04-01 | 22 days | 1,595 sqft |
2021-05-01 | 18 days | 1,604 sqft |
2021-06-01 | 19 days | 1,600 sqft |
2021-07-01 | 22 days | 1,590 sqft |
2021-08-01 | 24 days | 1,558 sqft |
2021-09-01 | 30 days | 1,514 sqft |
2021-10-01 | 31 days | 1,493 sqft |
2021-11-01 | 36 days | 1,451 sqft |
2021-12-01 | 43 days | 1,420 sqft |
2022-01-01 | 52 days | 1,406 sqft |
2022-02-01 | 34 days | 1,416 sqft |
2022-03-01 | 25 days | 1,441 sqft |
2022-04-01 | 22 days | 1,486 sqft |
2022-05-01 | 20 days | 1,537 sqft |
2022-06-01 | 23 days | 1,559 sqft |
2022-07-01 | 28 days | 1,551 sqft |
2022-08-01 | 32 days | 1,532 sqft |
2022-09-01 | 39 days | 1,522 sqft |
2022-10-01 | 39 days | 1,500 sqft |
2022-11-01 | 43 days | 1,484 sqft |
2022-12-01 | 52 days | 1,453 sqft |
2023-01-01 | 62 days | 1,444 sqft |
2023-02-01 | 55 days | 1,456 sqft |
2023-03-01 | 46 days | 1,473 sqft |
2023-04-01 | 37 days | 1,508 sqft |
2023-05-01 | 30 days | 1,531 sqft |
2023-06-01 | 31 days | 1,536 sqft |
2023-07-01 | 32 days | 1,532 sqft |
2023-08-01 | 36 days | 1,523 sqft |
2023-09-01 | 40 days | 1,508 sqft |
2023-10-01 | 40 days | 1,480 sqft |
2023-11-01 | 41 days | 1,460 sqft |
2023-12-01 | 50 days | 1,445 sqft |
2024-01-01 | 50 days | 1,458 sqft |
2024-02-01 | 46 days | 1,447 sqft |
2024-03-01 | 42 days | 1,463 sqft |
2024-04-01 | 39 days | 1,479 sqft |
2024-05-01 | 32 days | 1,498 sqft |
2024-06-01 | 31 days | 1,516 sqft |
2024-07-01 | 37 days | 1,522 sqft |
2024-08-01 | 36 days | 1,520 sqft |
2024-09-01 | 0 days | 1,511 sqft |
Detroit's median square footage for active listings during the 2024-09-01 period was 1,511 sqft. One year prior, the average listing was 1,508 sqft.