Hutchinson VA Loan Rates, Closing Costs & Stats

Hutchinson, MN

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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.

    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 6.55% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.48% and one month ago for the week of 2024-11-08, the average rate was 6.38%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.98%.

    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
    2024-03-01 $339,900 (-2.5%) $345,866 (-5.1%) 0.00 31
    2024-04-01 $320,250 (0.1%) $360,010 (-3.3%) 0.00 43
    2024-05-01 $344,950 (2.7%) $384,607 (2.1%) 0.00 45
    2024-06-01 $359,900 (15.2%) $407,376 (11.6%) 0.00 50
    2024-07-01 $344,900 (21.0%) $386,374 (13.4%) 0.00 59
    2024-08-01 $339,000 (11.2%) $381,925 (11.0%) 0.00 67
    2024-09-01 $333,000 (7.5%) $376,310 (10.9%) 0.00 71
    2024-10-01 $332,450 (4.8%) $375,118 (12.2%) 0.00 75
    2024-11-01 $325,000 (8.3%) $371,758 (14.3%) 0.00 75
    Hutchinson's median listing price for 2024-11-01 was $325,000, a difference of $25,000 (8.3%) versus the prior year and $-7,450 versus the prior month.

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

    Hutchinson's average listing price for 2024-11-01 was $371,758, a difference of $46,613 (14.3%) versus the prior year and $-3,360 versus the prior month.

    For the 2024-11-01 period, Hutchinson had 75 MLS listings, a difference of 0 listings (0%) versus the prior month and 17 listings (29%) 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
    2024-03-01 0 days 1,830 sqft
    2024-04-01 0 days 1,834 sqft
    2024-05-01 0 days 1,990 sqft
    2024-06-01 0 days 1,959 sqft
    2024-07-01 0 days 1,856 sqft
    2024-08-01 0 days 2,055 sqft
    2024-09-01 0 days 2,096 sqft
    2024-10-01 0 days 2,063 sqft
    2024-11-01 0 days 2,092 sqft
    Hutchinson's median listing age (time on market) for 2024-11-01 was 0 days.

    Hutchinson's median square footage for active listings during the 2024-11-01 period was 2,092 sqft. One year prior, the average listing was 1,853 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.