Duluth VA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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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.

    Duluth's 65 lenders originated 343 VA loans during 2022. The total origination value was $82,325,000, with an average VA loan value of $240,015.

    Duluth VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Duluth averaged 6.71% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Duluth's average VA mortgage closing costs are $4,915.

    The average rate for the prior week (2023-05-19) was 6.44% and one month ago for the week of 2023-04-21, the average rate was 6.16%.

    The average rate one year ago was 5.13%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.24%.

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

    Duluth 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 Duluth level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 79 5.20% $5,381
    QUICKEN LOANS, LLC 26 4.32% $7,802
    North Shore Bank of Commerce 22 4.98% $5,832
    USAA Federal Savings Bank 22 4.38% $7,588
    FREEDOM MORTGAGE CORPORATION 12 3.79% $6,660
    PENNYMAC LOAN SERVICES, LLC 10 3.38% $9,374
    Flagstar Bank, FSB 7 4.14% $10,181
    GUILD MORTGAGE COMPANY 7 4.82% $6,701
    LOANDEPOT.COM, LLC 7 4.25% $6,873
    HANCOCK MORTGAGE PARTNERS, LLC 6 5.29% $10,952
    Regent Financial Group, Inc. 6 5.77% $8,689
    NEW DAY FINANCIAL, LLC 6 4.69% $8,461
    NEWREZ LLC 5 5.93% $7,102
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.40% $6,197
    RESULTS MORTGAGE, LLC 5 4.28% $7,037
    Barrington Bank & Trust Company, N.A. 5 3.78% $6,134
    Wells Fargo Bank 5 4.18% $2,610
    BROKER SOLUTIONS, INC. 5 5.77% $11,663
    Mr. Cooper ( Nationstar Mortgage ) 4 4.53% $5,207
    CROSSCOUNTRY MORTGAGE, LLC 4 4.56% $5,957
    EVERETT FINANCIAL, INC. 4 5.72% $5,789
    GUARANTEED RATE, INC. 4 5.13% $6,071
    Prosperity Home Mortgage, LLC 4 5.75% $5,876
    UNITED WHOLESALE MORTGAGE, LLC 4 4.94% $5,110
    GUARANTEED RATE AFFINITY, LLC 3 5.17% $2,921
    Servion, Inc. 3 5.38% $6,419
    North American Savings Bank, F.S.B. 3 5.08% $2,125
    The Huntington National Bank 2 5.19% $6,384
    BAY EQUITY LLC 2 5.19% $10,377
    NAVY FEDERAL CREDIT UNION 2 5.13% $11,506
    CALIBER HOME LOANS, INC. 2 4.81% $7,011
    First Guaranty Mortgage Corporation 2 3.69% $7,032
    Mid-Continent Funding, Inc. 2 5.63% $6,641
    CARDINAL FINANCIAL 2 4.38% $20,560
    MANN FINANCIAL INC. 2 5.63% $5,146
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $5,590
    ALAMEDA MORTGAGE CORPORATION 1 5.63% $6,965
    M&T Bank 1 2.75% $7,799
    Bell Bank 1 6.63% $6,677
    Paramount Residential Mortgage Group, Inc. 1 3.63% $16,714
    Bankers' Bank 1 6.75% $7,096
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $5,131
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $0
    V.I.P. MORTGAGE, INC. 1 6.25% $5,099
    Associated Bank 1 5.50% $8,938
    Armed Forces Bank 1 2.50% $2,314
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $2,548
    Royal Credit Union 1 3.88% $4,108
    South State Bank 1 6.25% $8,249
    AMERICAN FINANCING CORPORATION 1 3.50% $3,774
    American Mortgage & Equity Consultants, Inc. 1 6.25% $5,858
    U.S. Bank 1 5.25% $3,951
    EMBRACE HOME LOANS, INC. 1 5.25% $3,434
    CORTRUST MORTGAGE, INC. 1 4.63% $11,273
    CRESCENT MORTGAGE COMPANY 1 4.75% $15,439
    GSF Mortgage Corporation 1 6.00% $3,176
    VILLAGE CAPITAL MORTGAGE 1 2.25% $3,985
    CONTOUR MORTGAGE CORPORATION 1 5.75% $5,590
    CMG MORTGAGE, INC. 1 4.63% $21,900
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.63% $5,895
    HOME POINT FINANCIAL CORPORATION 1 3.63% $25,224
    HomePromise Corporation 1 5.63% $19,085
    Johnson Bank 1 5.25% $9,777
    Lend Smart Mortgage, LLC 1 3.75% $15,691
    Capital Bank 1 6.25% $9,821

    The top Duluth VA lender as defined by loan originations is Mortgage Research Center, LLC, with 79 VA loans originated. Their average total fees are $5,381, which is $2,421 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Duluth VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,381), North Shore Bank of Commerce ($5,832), FREEDOM MORTGAGE CORPORATION ($6,660), USAA Federal Savings Bank ($7,588) and QUICKEN LOANS, LLC ($7,802).

    The lowest rate Duluth VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.38%), FREEDOM MORTGAGE CORPORATION (3.79%), QUICKEN LOANS, LLC (4.32%), USAA Federal Savings Bank (4.38%) and North Shore Bank of Commerce (4.98%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Duluth (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 $154,958 (3.7%) $242,349 (7.1%) 0.57 1,184
    2018-02-01 $159,900 (6.6%) $250,314 (7.1%) 0.58 1,170
    2018-03-01 $169,000 (5.7%) $266,737 (11.1%) 0.59 1,209
    2018-04-01 $177,975 (7.9%) $273,441 (12.8%) 0.60 1,240
    2018-05-01 $184,450 (8.5%) $275,955 (11.0%) 0.62 1,411
    2018-06-01 $185,000 (4.8%) $270,920 (8.2%) 0.62 1,673
    2018-07-01 $185,000 (5.7%) $270,015 (5.5%) 0.62 1,752
    2018-08-01 $185,000 (5.7%) $264,928 (3.8%) 0.62 1,753
    2018-09-01 $183,900 (6.2%) $259,117 (3.1%) 0.62 1,718
    2018-10-01 $179,950 (5.9%) $259,651 (5.4%) 0.61 1,667
    2018-11-01 $179,450 (12.2%) $256,213 (6.3%) 0.61 1,518
    2018-12-01 $174,500 (9.8%) $252,648 (4.1%) 0.60 1,315
    2019-01-01 $171,225 (10.5%) $267,180 (10.3%) 0.59 1,059
    2019-02-01 $170,450 (6.6%) $265,166 (5.9%) 0.58 1,008
    2019-03-01 $191,250 (13.2%) $283,997 (6.5%) 0.64 1,054
    2019-04-01 $206,950 (16.3%) $286,932 (4.9%) 0.66 1,118
    2019-05-01 $201,225 (9.1%) $287,739 (4.3%) 0.63 1,271
    2019-06-01 $200,000 (8.1%) $283,339 (4.6%) 0.63 1,457
    2019-07-01 $202,400 (9.4%) $285,216 (5.6%) 0.63 1,580
    2019-08-01 $199,900 (8.1%) $280,942 (6.0%) 0.63 1,643
    2019-09-01 $192,475 (4.7%) $273,314 (5.5%) 0.61 1,526
    2019-10-01 $194,925 (8.3%) $268,103 (3.3%) 0.63 1,538
    2019-11-01 $189,900 (5.8%) $260,678 (1.7%) 0.62 1,338
    2019-12-01 $187,000 (7.2%) $261,283 (3.4%) 0.62 1,112
    2020-01-01 $184,950 (8.0%) $266,863 (-0.1%) 0.62 918
    2020-02-01 $199,900 (17.3%) $286,248 (8.0%) 0.65 871
    2020-03-01 $218,000 (14.0%) $304,988 (7.4%) 0.68 888
    2020-04-01 $222,450 (7.5%) $304,737 (6.2%) 0.70 934
    2020-05-01 $220,000 (9.3%) $299,051 (3.9%) 0.67 1,000
    2020-06-01 $229,000 (14.5%) $304,609 (7.5%) 0.67 1,041
    2020-07-01 $229,125 (13.2%) $311,175 (9.1%) 0.66 1,023
    2020-08-01 $225,000 (12.6%) $308,404 (9.8%) 0.64 945
    2020-09-01 $222,975 (15.9%) $306,295 (12.1%) 0.64 861
    2020-10-01 $218,250 (12.0%) $309,738 (15.5%) 0.63 771
    2020-11-01 $212,300 (11.8%) $309,310 (18.7%) 0.62 665
    2020-12-01 $209,613 (12.1%) $315,882 (20.9%) 0.62 567
    2021-01-01 $199,900 (8.1%) $328,993 (23.3%) 0.60 435
    2021-02-01 $212,950 (6.5%) $336,210 (17.5%) 0.62 350
    2021-03-01 $219,225 (0.6%) $335,536 (10.0%) 0.62 348
    2021-04-01 $226,450 (1.8%) $338,006 (10.9%) 0.61 374
    2021-05-01 $218,500 (-0.7%) $322,476 (7.8%) 0.58 462
    2021-06-01 $211,975 (-7.4%) $315,416 (3.6%) 0.56 563
    2021-07-01 $209,950 (-8.4%) $309,946 (-0.4%) 0.55 590
    2021-08-01 $199,500 (-11.3%) $291,854 (-5.4%) 0.53 576
    2021-09-01 $199,225 (-10.7%) $290,201 (-5.3%) 0.53 549
    2021-10-01 $199,000 (-8.8%) $271,909 (-12.2%) 0.53 518
    2021-11-01 $198,750 (-6.4%) $293,445 (-5.1%) 0.53 416
    2021-12-01 $189,175 (-9.8%) $294,682 (-6.7%) 0.51 326
    2022-01-01 $189,900 (-5.0%) $311,383 (-5.4%) 0.51 279
    2022-02-01 $217,800 (2.3%) $362,562 (7.8%) 0.57 231
    2022-03-01 $232,975 (6.3%) $385,653 (14.9%) 0.58 223
    2022-04-01 $247,500 (9.3%) $369,447 (9.3%) 0.59 262
    2022-05-01 $254,500 (16.5%) $377,681 (17.1%) 0.58 350
    2022-06-01 $259,675 (22.5%) $372,767 (18.2%) 0.58 433
    2022-07-01 $259,900 (23.8%) $366,039 (18.1%) 0.59 527
    2022-08-01 $250,000 (25.3%) $350,861 (20.2%) 0.58 595
    2022-09-01 $252,450 (26.7%) $351,294 (21.1%) 0.59 590
    2022-10-01 $252,450 (26.9%) $363,246 (33.6%) 0.59 548
    2022-11-01 $250,000 (25.8%) $359,012 (22.3%) 0.60 495
    2022-12-01 $250,000 (32.2%) $360,895 (22.5%) 0.62 429
    2023-01-01 $259,350 (36.6%) $364,689 (17.1%) 0.64 309
    2023-02-01 $272,075 (24.9%) $376,662 (3.9%) 0.66 263
    2023-03-01 $277,000 (18.9%) $387,118 (0.4%) 0.65 258
    2023-04-01 $295,000 (19.2%) $397,502 (7.6%) 0.69 317
    Duluth's median listing price for 2023-04-01 was $295,000, a difference of $47,500 (19.2%) versus the prior year and $18,000 versus the prior month.

    Duluth's median listing price comes in at 69% of the national average.

    Duluth's average listing price for 2023-04-01 was $397,502, a difference of $28,055 (7.6%) versus the prior year and $10,384 versus the prior month.

    For the 2023-04-01 period, Duluth had 317 MLS listings, a difference of 59 listings (23%) versus the prior month and 55 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 124 days 1,491 sqft
    2018-02-01 123 days 1,509 sqft
    2018-03-01 103 days 1,544 sqft
    2018-04-01 83 days 1,567 sqft
    2018-05-01 71 days 1,561 sqft
    2018-06-01 60 days 1,568 sqft
    2018-07-01 66 days 1,564 sqft
    2018-08-01 73 days 1,562 sqft
    2018-09-01 80 days 1,530 sqft
    2018-10-01 87 days 1,488 sqft
    2018-11-01 97 days 1,490 sqft
    2018-12-01 115 days 1,456 sqft
    2019-01-01 127 days 1,493 sqft
    2019-02-01 137 days 1,500 sqft
    2019-03-01 136 days 1,520 sqft
    2019-04-01 93 days 1,563 sqft
    2019-05-01 65 days 1,566 sqft
    2019-06-01 57 days 1,544 sqft
    2019-07-01 61 days 1,552 sqft
    2019-08-01 75 days 1,512 sqft
    2019-09-01 88 days 1,447 sqft
    2019-10-01 91 days 1,441 sqft
    2019-11-01 106 days 1,439 sqft
    2019-12-01 128 days 1,443 sqft
    2020-01-01 136 days 1,462 sqft
    2020-02-01 142 days 1,462 sqft
    2020-03-01 137 days 1,476 sqft
    2020-04-01 101 days 1,502 sqft
    2020-05-01 82 days 1,496 sqft
    2020-06-01 75 days 1,497 sqft
    2020-07-01 62 days 1,538 sqft
    2020-08-01 64 days 1,538 sqft
    2020-09-01 69 days 1,494 sqft
    2020-10-01 74 days 1,504 sqft
    2020-11-01 80 days 1,451 sqft
    2020-12-01 87 days 1,455 sqft
    2021-01-01 106 days 1,421 sqft
    2021-02-01 118 days 1,436 sqft
    2021-03-01 89 days 1,445 sqft
    2021-04-01 49 days 1,515 sqft
    2021-05-01 40 days 1,512 sqft
    2021-06-01 33 days 1,504 sqft
    2021-07-01 43 days 1,501 sqft
    2021-08-01 53 days 1,429 sqft
    2021-09-01 53 days 1,445 sqft
    2021-10-01 52 days 1,446 sqft
    2021-11-01 60 days 1,473 sqft
    2021-12-01 73 days 1,448 sqft
    2022-01-01 83 days 1,405 sqft
    2022-02-01 81 days 1,607 sqft
    2022-03-01 62 days 1,668 sqft
    2022-04-01 32 days 1,638 sqft
    2022-05-01 27 days 1,589 sqft
    2022-06-01 32 days 1,620 sqft
    2022-07-01 35 days 1,615 sqft
    2022-08-01 39 days 1,567 sqft
    2022-09-01 48 days 1,580 sqft
    2022-10-01 53 days 1,600 sqft
    2022-11-01 60 days 1,557 sqft
    2022-12-01 79 days 1,545 sqft
    2023-01-01 99 days 1,515 sqft
    2023-02-01 102 days 1,592 sqft
    2023-03-01 88 days 1,564 sqft
    2023-04-01 44 days 1,558 sqft
    Duluth's median listing age (time on market) for 2023-04-01 was 44 days. This is 38% longer than the same period one year ago.

    Duluth's median square footage for active listings during the 2023-04-01 period was 1,558 sqft. One year prior, the average listing was 1,638 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.