Duluth VA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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.