Hutchinson VA Loan Rates, Closing Costs & Stats

Hutchinson, MN

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.

Hutchinson's 15 lenders originated 27 VA loans during 2023. The total origination value was $7,275,000, with an average VA loan value of $269,444.

Hutchinson VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Hutchinson averaged 7.01% for the week of 2024-03-22, compared to the national average (all VA variants) of 6.539% for the same period.

Hutchinson's average VA mortgage closing costs are $4,993.

The average rate for the prior week (2024-03-15) was 6.72% and one month ago for the week of 2024-02-16, the average rate was 6.85%.

The average rate one year ago was 6.58%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.54%.

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

Hutchinson 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 Hutchinson level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 6 6.75% $3,790
Summit Mortgage Corporation 3 6.46% $15,522
NEW DAY FINANCIAL, LLC 2 7.49% $14,642
PENNYMAC LOAN SERVICES, LLC 2 4.94% $4,533
BROKER SOLUTIONS, INC. 2 7.50% $7,748
UNITED WHOLESALE MORTGAGE, LLC 2 6.13% $3,864
NAVY FEDERAL CREDIT UNION 1 5.88% $4,263
QUICKEN LOANS, LLC 1 6.99% $4,613
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $8,796
USAA Federal Savings Bank 1 6.25% $2,835
Bell Bank 1 6.63% $2,319
CONTOUR MORTGAGE CORPORATION 1 6.75% $5,625
CORTRUST MORTGAGE, INC. 1 5.75% $7,149
LOANDEPOT.COM, LLC 1 6.63% $9,207
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $0

The top Hutchinson VA lender as defined by loan originations is Mortgage Research Center, LLC, with 6 VA loans originated. Their average total fees are $3,790, which is $11,732 lower than the next largest lender, Summit Mortgage Corporation.

The lowest fee Hutchinson VA lenders (with over 10 loans originated) are .

The lowest rate Hutchinson VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hutchinson (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 $183,450 (9.6%) $196,951 (0.4%) 0.00 69
2018-02-01 $179,900 (-2.1%) $203,128 (0.2%) 0.00 68
2018-03-01 $202,900 (10.0%) $217,164 (8.9%) 0.00 60
2018-04-01 $189,800 (11.7%) $216,940 (10.4%) 0.00 57
2018-05-01 $197,425 (14.5%) $222,967 (13.6%) 0.00 65
2018-06-01 $218,350 (19.0%) $235,513 (14.8%) 0.00 83
2018-07-01 $202,700 (13.4%) $228,635 (13.9%) 0.00 97
2018-08-01 $209,925 (17.3%) $224,212 (10.7%) 0.00 98
2018-09-01 $209,900 (23.5%) $223,603 (15.0%) 0.00 104
2018-10-01 $188,700 (2.5%) $222,034 (10.6%) 0.00 115
2018-11-01 $189,900 (7.4%) $220,650 (13.5%) 0.00 115
2018-12-01 $184,950 (5.7%) $217,612 (12.4%) 0.00 90
2019-01-01 $197,400 (7.6%) $215,309 (9.3%) 0.00 80
2019-02-01 $189,900 (5.6%) $227,036 (11.8%) 0.00 72
2019-03-01 $206,421 (1.7%) $232,376 (7.0%) 0.00 72
2019-04-01 $221,946 (16.9%) $236,543 (9.0%) 0.00 84
2019-05-01 $234,900 (19.0%) $247,466 (11.0%) 0.00 93
2019-06-01 $223,400 (2.3%) $239,993 (1.9%) 0.00 116
2019-07-01 $227,400 (12.2%) $241,054 (5.4%) 0.00 123
2019-08-01 $218,823 (4.2%) $238,388 (6.3%) 0.00 130
2019-09-01 $217,207 (3.5%) $242,156 (8.3%) 0.00 128
2019-10-01 $215,425 (14.2%) $239,227 (7.7%) 0.00 124
2019-11-01 $227,400 (19.8%) $240,783 (9.1%) 0.00 113
2019-12-01 $238,800 (29.1%) $246,600 (13.3%) 0.00 92
2020-01-01 $239,500 (21.3%) $248,992 (15.6%) 0.00 87
2020-02-01 $242,400 (27.7%) $249,114 (9.7%) 0.00 79
2020-03-01 $235,250 (14.0%) $239,697 (3.2%) 0.00 71
2020-04-01 $217,150 (-2.2%) $236,556 (0.0%) 0.00 68
2020-05-01 $229,900 (-2.1%) $244,539 (-1.2%) 0.00 75
2020-06-01 $225,500 (0.9%) $250,589 (4.4%) 0.00 81
2020-07-01 $229,450 (0.9%) $257,613 (6.9%) 0.00 71
2020-08-01 $229,900 (5.1%) $261,136 (9.5%) 0.00 66
2020-09-01 $228,675 (5.3%) $253,609 (4.7%) 0.00 63
2020-10-01 $232,450 (7.9%) $254,861 (6.5%) 0.00 51
2020-11-01 $225,000 (-1.1%) $254,006 (5.5%) 0.00 38
2020-12-01 $219,950 (-7.9%) $247,278 (0.3%) 0.00 31
2021-01-01 $249,950 (4.4%) $270,006 (8.4%) 0.00 30
2021-02-01 $238,700 (-1.5%) $246,379 (-1.1%) 0.00 27
2021-03-01 $251,700 (7.0%) $280,587 (17.1%) 0.00 29
2021-04-01 $262,530 (20.9%) $291,596 (23.3%) 0.00 39
2021-05-01 $256,900 (11.7%) $263,926 (7.9%) 0.00 31
2021-06-01 $267,175 (18.5%) $273,216 (9.0%) 0.00 37
2021-07-01 $253,450 (10.5%) $300,827 (16.8%) 0.00 40
2021-08-01 $272,400 (18.5%) $328,315 (25.7%) 0.00 50
2021-09-01 $255,400 (11.7%) $319,824 (26.1%) 0.00 68
2021-10-01 $264,900 (14.0%) $312,885 (22.8%) 0.00 61
2021-11-01 $259,900 (15.5%) $317,678 (25.1%) 0.00 56
2021-12-01 $256,750 (16.7%) $310,155 (25.4%) 0.00 40
2022-01-01 $259,900 (4.0%) $282,300 (4.6%) 0.00 32
2022-02-01 $278,750 (16.8%) $337,803 (37.1%) 0.00 27
2022-03-01 $272,200 (8.1%) $342,063 (21.9%) 0.00 24
2022-04-01 $299,900 (14.2%) $349,409 (19.8%) 0.00 31
2022-05-01 $305,000 (18.7%) $361,701 (37.1%) 0.00 37
2022-06-01 $312,425 (16.9%) $364,590 (33.4%) 0.00 44
2022-07-01 $314,900 (24.3%) $355,382 (18.1%) 0.00 49
2022-08-01 $297,750 (9.3%) $350,375 (6.7%) 0.00 47
2022-09-01 $258,475 (1.2%) $330,555 (3.4%) 0.00 47
2022-10-01 $249,950 (-5.6%) $314,056 (0.4%) 0.00 56
2022-11-01 $274,450 (5.6%) $315,416 (-0.7%) 0.00 55
2022-12-01 $254,950 (-0.7%) $287,538 (-7.3%) 0.00 40
2023-01-01 $269,900 (3.9%) $283,049 (0.3%) 0.00 37
2023-02-01 $317,400 (13.9%) $325,077 (-3.8%) 0.00 26
2023-03-01 $348,675 (28.1%) $364,525 (6.6%) 0.00 25
2023-04-01 $319,900 (6.7%) $372,292 (6.6%) 0.00 34
2023-05-01 $335,975 (10.2%) $376,697 (4.2%) 0.00 41
2023-06-01 $312,450 (0.0%) $365,181 (0.2%) 0.00 45
2023-07-01 $284,950 (-9.5%) $340,629 (-4.2%) 0.00 44
2023-08-01 $305,000 (2.4%) $344,152 (-1.8%) 0.00 48
2023-09-01 $309,900 (19.9%) $339,476 (2.7%) 0.00 54
2023-10-01 $317,200 (26.9%) $334,304 (6.5%) 0.00 64
2023-11-01 $300,000 (9.3%) $325,145 (3.1%) 0.00 58
2023-12-01 $279,500 (9.6%) $307,714 (7.0%) 0.00 37
2024-01-01 $294,050 (9.0%) $315,069 (11.3%) 0.00 30
2024-02-01 $310,975 (-2.0%) $337,140 (3.7%) 0.00 30
Hutchinson's median listing price for 2024-02-01 was $310,975, a difference of $-6,425 (-2.0%) versus the prior year and $16,925 versus the prior month.

Hutchinson's median listing price comes in at 0% of the national average.

Hutchinson's average listing price for 2024-02-01 was $337,140, a difference of $12,063 (3.7%) versus the prior year and $22,071 versus the prior month.

For the 2024-02-01 period, Hutchinson had 30 MLS listings, a difference of 0 listings (0%) versus the prior month and 4 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hutchinson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,765 sqft
2018-02-01 0 days 1,835 sqft
2018-03-01 0 days 1,892 sqft
2018-04-01 0 days 1,859 sqft
2018-05-01 0 days 1,880 sqft
2018-06-01 0 days 2,005 sqft
2018-07-01 0 days 1,892 sqft
2018-08-01 0 days 1,963 sqft
2018-09-01 0 days 2,020 sqft
2018-10-01 0 days 2,020 sqft
2018-11-01 0 days 2,045 sqft
2018-12-01 0 days 1,890 sqft
2019-01-01 0 days 1,856 sqft
2019-02-01 0 days 1,941 sqft
2019-03-01 0 days 1,928 sqft
2019-04-01 0 days 1,936 sqft
2019-05-01 0 days 1,900 sqft
2019-06-01 0 days 1,939 sqft
2019-07-01 0 days 1,950 sqft
2019-08-01 0 days 1,939 sqft
2019-09-01 0 days 1,922 sqft
2019-10-01 0 days 1,907 sqft
2019-11-01 0 days 1,938 sqft
2019-12-01 0 days 2,039 sqft
2020-01-01 0 days 2,001 sqft
2020-02-01 0 days 2,050 sqft
2020-03-01 0 days 1,924 sqft
2020-04-01 0 days 1,873 sqft
2020-05-01 0 days 1,955 sqft
2020-06-01 0 days 1,974 sqft
2020-07-01 0 days 1,972 sqft
2020-08-01 0 days 1,823 sqft
2020-09-01 0 days 1,784 sqft
2020-10-01 0 days 1,885 sqft
2020-11-01 0 days 2,058 sqft
2020-12-01 0 days 1,934 sqft
2021-01-01 0 days 1,886 sqft
2021-02-01 0 days 1,572 sqft
2021-03-01 0 days 1,982 sqft
2021-04-01 0 days 1,845 sqft
2021-05-01 0 days 1,767 sqft
2021-06-01 0 days 1,799 sqft
2021-07-01 0 days 1,646 sqft
2021-08-01 0 days 1,871 sqft
2021-09-01 0 days 1,831 sqft
2021-10-01 0 days 1,872 sqft
2021-11-01 0 days 1,903 sqft
2021-12-01 0 days 1,877 sqft
2022-01-01 0 days 1,706 sqft
2022-02-01 0 days 2,392 sqft
2022-03-01 0 days 2,236 sqft
2022-04-01 0 days 2,424 sqft
2022-05-01 0 days 2,108 sqft
2022-06-01 0 days 2,076 sqft
2022-07-01 0 days 2,068 sqft
2022-08-01 0 days 2,045 sqft
2022-09-01 0 days 1,828 sqft
2022-10-01 0 days 1,799 sqft
2022-11-01 0 days 1,902 sqft
2022-12-01 0 days 1,797 sqft
2023-01-01 0 days 1,686 sqft
2023-02-01 0 days 1,800 sqft
2023-03-01 0 days 2,072 sqft
2023-04-01 0 days 2,161 sqft
2023-05-01 0 days 2,192 sqft
2023-06-01 0 days 2,099 sqft
2023-07-01 0 days 1,833 sqft
2023-08-01 0 days 1,901 sqft
2023-09-01 0 days 2,123 sqft
2023-10-01 0 days 2,008 sqft
2023-11-01 0 days 1,853 sqft
2023-12-01 0 days 1,854 sqft
2024-01-01 0 days 1,719 sqft
2024-02-01 0 days 1,778 sqft
Hutchinson's median listing age (time on market) for 2024-02-01 was 0 days.

Hutchinson's median square footage for active listings during the 2024-02-01 period was 1,778 sqft. One year prior, the average listing was 1,800 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.