Erie VA Loan Rates, Closing Costs & Stats

ERIE, PA

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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.

    Erie's 45 lenders originated 163 VA loans during 2023. The total origination value was $33,325,000, with an average VA loan value of $204,448.

    Erie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Erie averaged 7.05% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Erie's average VA mortgage closing costs are $5,196.

    The average rate for the prior week (2024-04-12) was 7.09% and one month ago for the week of 2024-03-15, the average rate was 6.75%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Erie 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 Erie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 43 6.84% $5,472
    QUICKEN LOANS, LLC 19 6.23% $7,207
    UNITED WHOLESALE MORTGAGE, LLC 13 6.93% $9,144
    NAVY FEDERAL CREDIT UNION 8 6.23% $5,518
    USAA Federal Savings Bank 6 6.21% $8,281
    AFFORDABLE MORTGAGE ADVISORS, LLC. 6 7.50% $9,541
    Equity Prime Mortgage LLC 6 7.15% $6,082
    The Federal Savings Bank 4 6.31% $13,235
    PLAZA HOME MORTGAGE, INC. 3 6.08% $10,288
    FREEDOM MORTGAGE CORPORATION 3 6.92% $11,469
    MOVEMENT MORTGAGE, LLC 3 6.46% $5,075
    NEW DAY FINANCIAL, LLC 3 7.58% $7,959
    GUARANTEED RATE, INC. 2 6.38% $5,752
    Barrington Bank & Trust Company, N.A. 2 6.50% $9,344
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $7,637
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $4,097
    PNC Bank 2 6.75% $4,453
    EQUITY RESOURCES, INC. 2 6.56% $3,233
    Northwest Bank 2 6.19% $3,208
    MICHIGAN MUTUAL, INC. 1 6.13% $3,719
    First Federal Bank of Kansas City 1 7.63% $4,692
    Wells Fargo Bank 1 5.88% $7,170
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $6,735
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,781
    NBKC BANK 1 5.63% $3,950
    ZILLOW HOME LOANS, LLC 1 7.63% $12,555
    Paramount Residential Mortgage Group, Inc. 1 6.13% $8,646
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,375
    Plains Commerce Bank 1 6.88% $2,864
    PLANET HOME LENDING, LLC 1 7.25% $7,878
    CONTOUR MORTGAGE CORPORATION 1 5.63% $11,015
    BROKER SOLUTIONS, INC. 1 6.75% $8,074
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $8,119
    BNC National Bank 1 5.13% $4,804
    Victorian Finance, LLC 1 6.38% $7,777
    FIRST HERITAGE FINANCIAL, LLC 1 5.75% $4,509
    First National Bank of Pennsylvania 1 6.38% $4,708
    Flagstar Bank, FSB 1 7.13% $12,151
    First Western Trust Bank 1 5.88% $3,439
    VILLAGE CAPITAL MORTGAGE 1 5.50% $7,920
    HOMESIDE FINANCIAL, LLC 1 7.75% $25,537
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.75% $5,143
    Ixonia Bank 1 6.13% $8,148
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $8,967
    Magnolia Bank 1 5.99% $12,635

    The top Erie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $5,472, which is $1,735 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Erie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,472), QUICKEN LOANS, LLC ($7,207), UNITED WHOLESALE MORTGAGE, LLC ($9,144), .

    The lowest rate Erie VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), Mortgage Research Center, LLC (6.84%), UNITED WHOLESALE MORTGAGE, LLC (6.93%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Erie (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 $129,900 (8.3%) $190,862 (7.4%) 0.48 1,011
    2018-02-01 $133,250 (11.1%) $191,592 (4.8%) 0.48 947
    2018-03-01 $134,900 (12.0%) $194,171 (5.0%) 0.47 968
    2018-04-01 $139,900 (8.2%) $203,656 (4.2%) 0.47 940
    2018-05-01 $147,363 (15.0%) $206,804 (5.8%) 0.49 984
    2018-06-01 $144,000 (10.8%) $209,543 (4.3%) 0.48 1,042
    2018-07-01 $144,900 (5.0%) $207,969 (2.7%) 0.48 1,089
    2018-08-01 $141,175 (4.6%) $204,465 (2.4%) 0.47 1,122
    2018-09-01 $136,950 (1.4%) $201,985 (1.5%) 0.46 1,162
    2018-10-01 $138,400 (4.7%) $200,402 (2.6%) 0.47 1,137
    2018-11-01 $134,925 (2.9%) $200,125 (2.4%) 0.46 1,078
    2018-12-01 $134,900 (3.8%) $199,376 (3.5%) 0.47 1,005
    2019-01-01 $136,400 (5.0%) $199,894 (4.7%) 0.47 912
    2019-02-01 $139,900 (5.0%) $206,435 (7.8%) 0.47 884
    2019-03-01 $146,400 (8.5%) $210,557 (8.4%) 0.48 871
    2019-04-01 $155,000 (10.8%) $217,173 (6.6%) 0.49 858
    2019-05-01 $161,944 (9.9%) $227,642 (10.1%) 0.51 864
    2019-06-01 $167,950 (16.6%) $229,506 (9.5%) 0.52 897
    2019-07-01 $166,250 (14.7%) $225,689 (8.5%) 0.52 919
    2019-08-01 $159,155 (12.7%) $222,171 (8.7%) 0.50 920
    2019-09-01 $151,136 (10.4%) $216,765 (7.3%) 0.48 909
    2019-10-01 $142,413 (2.9%) $211,858 (5.7%) 0.46 899
    2019-11-01 $140,000 (3.8%) $206,675 (3.3%) 0.46 822
    2019-12-01 $136,775 (1.4%) $205,037 (2.8%) 0.46 732
    2020-01-01 $134,900 (-1.1%) $201,860 (1.0%) 0.45 663
    2020-02-01 $137,999 (-1.4%) $209,083 (1.3%) 0.45 599
    2020-03-01 $145,287 (-0.8%) $221,563 (5.2%) 0.46 537
    2020-04-01 $151,900 (-2.0%) $232,417 (7.0%) 0.48 506
    2020-05-01 $164,800 (1.8%) $236,492 (3.9%) 0.50 500
    2020-06-01 $171,325 (2.0%) $242,633 (5.7%) 0.50 455
    2020-07-01 $167,450 (0.7%) $238,506 (5.7%) 0.49 458
    2020-08-01 $162,900 (2.4%) $234,005 (5.3%) 0.47 419
    2020-09-01 $153,450 (1.5%) $224,339 (3.5%) 0.44 392
    2020-10-01 $139,950 (-1.7%) $214,619 (1.3%) 0.40 408
    2020-11-01 $134,800 (-3.7%) $206,960 (0.1%) 0.39 382
    2020-12-01 $129,900 (-5.0%) $209,033 (2.0%) 0.39 332
    2021-01-01 $135,000 (0.1%) $220,454 (9.2%) 0.40 274
    2021-02-01 $139,175 (0.9%) $222,857 (6.6%) 0.41 217
    2021-03-01 $137,400 (-5.4%) $225,047 (1.6%) 0.39 207
    2021-04-01 $134,900 (-11.2%) $219,258 (-5.7%) 0.37 188
    2021-05-01 $149,900 (-9.0%) $252,874 (6.9%) 0.40 201
    2021-06-01 $162,900 (-4.9%) $270,943 (11.7%) 0.43 263
    2021-07-01 $160,000 (-4.5%) $260,742 (9.3%) 0.42 300
    2021-08-01 $147,400 (-9.5%) $250,343 (7.0%) 0.39 319
    2021-09-01 $149,900 (-2.3%) $247,559 (10.4%) 0.40 319
    2021-10-01 $149,950 (7.2%) $255,610 (19.1%) 0.40 311
    2021-11-01 $139,900 (3.8%) $254,738 (23.1%) 0.37 292
    2021-12-01 $139,900 (7.7%) $278,740 (33.4%) 0.38 278
    2022-01-01 $133,450 (-1.2%) $289,737 (31.4%) 0.36 236
    2022-02-01 $138,725 (-0.3%) $286,784 (28.7%) 0.36 189
    2022-03-01 $167,500 (21.9%) $313,198 (39.2%) 0.42 184
    2022-04-01 $174,950 (29.7%) $304,085 (38.7%) 0.42 196
    2022-05-01 $189,900 (26.7%) $296,170 (17.1%) 0.43 236
    2022-06-01 $185,550 (13.9%) $281,611 (3.9%) 0.41 271
    2022-07-01 $189,450 (18.4%) $275,649 (5.7%) 0.43 293
    2022-08-01 $184,750 (25.3%) $281,288 (12.4%) 0.43 315
    2022-09-01 $188,802 (26.0%) $271,753 (9.8%) 0.44 315
    2022-10-01 $200,000 (33.4%) $283,120 (10.8%) 0.47 299
    2022-11-01 $199,900 (42.9%) $287,172 (12.7%) 0.48 262
    2022-12-01 $192,000 (37.2%) $279,029 (0.1%) 0.47 233
    2023-01-01 $187,872 (40.8%) $278,772 (-3.8%) 0.47 216
    2023-02-01 $182,450 (31.5%) $275,806 (-3.8%) 0.44 182
    2023-03-01 $197,450 (17.9%) $284,830 (-9.1%) 0.47 182
    2023-04-01 $229,950 (31.4%) $319,702 (5.1%) 0.53 173
    2023-05-01 $239,450 (26.1%) $321,004 (8.4%) 0.54 191
    2023-06-01 $229,500 (23.7%) $312,621 (11.0%) 0.52 193
    2023-07-01 $209,900 (10.8%) $306,957 (11.4%) 0.48 231
    2023-08-01 $220,650 (19.4%) $305,594 (8.6%) 0.51 243
    2023-09-01 $222,450 (17.8%) $316,024 (16.3%) 0.52 258
    2023-10-01 $227,000 (13.5%) $313,648 (10.8%) 0.53 277
    2023-11-01 $225,000 (12.6%) $308,312 (7.4%) 0.54 291
    2023-12-01 $215,950 (12.5%) $299,671 (7.4%) 0.53 241
    2024-01-01 $224,950 (19.7%) $305,878 (9.7%) 0.55 227
    2024-02-01 $231,200 (26.7%) $317,788 (15.2%) 0.56 193
    2024-03-01 $264,900 (34.2%) $352,988 (23.9%) 0.62 178
    Erie's median listing price for 2024-03-01 was $264,900, a difference of $67,450 (34.2%) versus the prior year and $33,700 versus the prior month.

    Erie's median listing price comes in at 62% of the national average.

    Erie's average listing price for 2024-03-01 was $352,988, a difference of $68,158 (23.9%) versus the prior year and $35,200 versus the prior month.

    For the 2024-03-01 period, Erie had 178 MLS listings, a difference of -15 listings (-8%) versus the prior month and -4 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Erie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 122 days 1,611 sqft
    2018-02-01 121 days 1,614 sqft
    2018-03-01 107 days 1,613 sqft
    2018-04-01 84 days 1,628 sqft
    2018-05-01 70 days 1,637 sqft
    2018-06-01 61 days 1,621 sqft
    2018-07-01 65 days 1,612 sqft
    2018-08-01 67 days 1,581 sqft
    2018-09-01 68 days 1,600 sqft
    2018-10-01 77 days 1,583 sqft
    2018-11-01 89 days 1,574 sqft
    2018-12-01 102 days 1,560 sqft
    2019-01-01 113 days 1,559 sqft
    2019-02-01 116 days 1,573 sqft
    2019-03-01 104 days 1,600 sqft
    2019-04-01 88 days 1,628 sqft
    2019-05-01 75 days 1,642 sqft
    2019-06-01 72 days 1,683 sqft
    2019-07-01 61 days 1,662 sqft
    2019-08-01 65 days 1,632 sqft
    2019-09-01 72 days 1,623 sqft
    2019-10-01 78 days 1,608 sqft
    2019-11-01 87 days 1,593 sqft
    2019-12-01 103 days 1,568 sqft
    2020-01-01 109 days 1,550 sqft
    2020-02-01 110 days 1,560 sqft
    2020-03-01 91 days 1,586 sqft
    2020-04-01 96 days 1,600 sqft
    2020-05-01 89 days 1,640 sqft
    2020-06-01 66 days 1,657 sqft
    2020-07-01 54 days 1,652 sqft
    2020-08-01 53 days 1,668 sqft
    2020-09-01 54 days 1,555 sqft
    2020-10-01 55 days 1,512 sqft
    2020-11-01 69 days 1,487 sqft
    2020-12-01 78 days 1,472 sqft
    2021-01-01 85 days 1,509 sqft
    2021-02-01 77 days 1,505 sqft
    2021-03-01 51 days 1,491 sqft
    2021-04-01 43 days 1,499 sqft
    2021-05-01 36 days 1,524 sqft
    2021-06-01 32 days 1,570 sqft
    2021-07-01 38 days 1,544 sqft
    2021-08-01 39 days 1,515 sqft
    2021-09-01 51 days 1,554 sqft
    2021-10-01 55 days 1,542 sqft
    2021-11-01 64 days 1,544 sqft
    2021-12-01 70 days 1,561 sqft
    2022-01-01 81 days 1,544 sqft
    2022-02-01 84 days 1,584 sqft
    2022-03-01 67 days 1,641 sqft
    2022-04-01 39 days 1,648 sqft
    2022-05-01 35 days 1,667 sqft
    2022-06-01 34 days 1,618 sqft
    2022-07-01 39 days 1,608 sqft
    2022-08-01 43 days 1,591 sqft
    2022-09-01 46 days 1,657 sqft
    2022-10-01 54 days 1,696 sqft
    2022-11-01 63 days 1,724 sqft
    2022-12-01 74 days 1,696 sqft
    2023-01-01 80 days 1,647 sqft
    2023-02-01 85 days 1,655 sqft
    2023-03-01 55 days 1,653 sqft
    2023-04-01 45 days 1,667 sqft
    2023-05-01 38 days 1,674 sqft
    2023-06-01 40 days 1,660 sqft
    2023-07-01 40 days 1,647 sqft
    2023-08-01 37 days 1,657 sqft
    2023-09-01 44 days 1,650 sqft
    2023-10-01 43 days 1,646 sqft
    2023-11-01 42 days 1,690 sqft
    2023-12-01 61 days 1,649 sqft
    2024-01-01 73 days 1,642 sqft
    2024-02-01 73 days 1,712 sqft
    2024-03-01 50 days 1,745 sqft
    Erie's median listing age (time on market) for 2024-03-01 was 50 days. This is -10% shorter than the same period one year ago.

    Erie's median square footage for active listings during the 2024-03-01 period was 1,745 sqft. One year prior, the average listing was 1,653 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.