Lancaster VA Loan Rates, Closing Costs & Stats

LANCASTER, 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.

    Lancaster's 63 lenders originated 244 VA loans during 2023. The total origination value was $77,650,000, with an average VA loan value of $318,238.

    Lancaster VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lancaster averaged 6.56% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Lancaster's average VA mortgage closing costs are $7,170.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 7.7%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.69%.

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

    Lancaster 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 Lancaster level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 37 6.74% $7,849
    UNITED WHOLESALE MORTGAGE, LLC 19 6.04% $11,228
    GUILD MORTGAGE COMPANY 14 6.58% $13,317
    NAVY FEDERAL CREDIT UNION 12 5.69% $9,408
    QUICKEN LOANS, LLC 11 6.26% $15,940
    EMM LOANS LLC 8 6.38% $10,818
    LOANDEPOT.COM, LLC 7 6.10% $13,966
    PENNYMAC LOAN SERVICES, LLC 7 5.45% $8,704
    BROKER SOLUTIONS, INC. 6 6.48% $16,166
    CALIBER HOME LOANS, INC. 6 5.67% $9,571
    CROSSCOUNTRY MORTGAGE, LLC 6 6.80% $13,667
    FREEDOM MORTGAGE CORPORATION 5 6.25% $19,842
    NEW DAY FINANCIAL, LLC 5 7.60% $11,053
    GUARANTEED RATE, INC. 4 6.04% $10,585
    Homesale Mortgage, LLC 4 6.50% $13,330
    NEWREZ LLC 4 6.59% $14,363
    Fulton Bank 3 6.46% $10,643
    USAA Federal Savings Bank 3 5.83% $7,961
    VILLAGE CAPITAL MORTGAGE 3 6.00% $7,673
    Citizens Bank 3 6.21% $17,899
    Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $20,211
    York Traditions Bank 2 6.75% $10,220
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.00% $24,796
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $13,547
    First National Bank of Pennsylvania 2 5.75% $20,571
    GREENTREE MORTGAGE COMPANY, L.P. 2 6.75% $12,458
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.81% $5,301
    MEMBERS 1ST FEDERAL CREDIT UNION 2 6.63% $6,139
    Northpointe Bank 2 6.38% $11,435
    Orrstown Bank 2 6.13% $9,298
    Paramount Residential Mortgage Group, Inc. 2 6.37% $6,389
    RADIUS FINANCIAL GROUP INC. 2 7.13% $15,624
    Sierra Pacific Mortgage Company, Inc. 2 6.19% $8,023
    The Federal Savings Bank 2 6.00% $14,446
    Wells Fargo Bank 2 5.25% $5,588
    MOVEMENT MORTGAGE, LLC 1 7.13% $3,363
    GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $11,594
    NATION ONE MORTGAGE CORPORATION 1 6.63% $20,067
    Nations Lending Corporation 1 5.63% $24,180
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $5,846
    GSF Mortgage Corporation 1 6.75% $7,278
    CMG MORTGAGE, INC. 1 5.75% $19,036
    UNION HOME MORTGAGE CORP. 1 5.38% $19,657
    Barrington Bank & Trust Company, N.A. 1 6.25% $17,408
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $13,962
    CARDINAL FINANCIAL 1 5.50% $6,363
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $13,220
    PHH Mortgage Corporation 1 6.99% $18,625
    BNC National Bank 1 5.25% $4,676
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $5,745
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $6,713
    Alcova Mortgage LLC 1 7.38% $776
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.75% $21,609
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $20,187
    Wilmington Savings Fund Society, FSB 1 6.75% $15,641
    Keystone Funding, Inc. 1 7.13% $4,118
    HOMESPIRE MORTGAGE CORPORATION 1 7.13% $7,826
    Magnolia Bank 1 7.00% $19,585
    MCLEAN MORTGAGE CORPORATION 1 5.63% $12,551
    TOP FLITE FINANCIAL, INC. 1 6.75% $20,517
    Mid-Continent Funding, Inc. 1 5.50% $5,363
    Mid Penn Bank 1 6.75% $30,848
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.99% $25,674

    The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $7,849, which is $3,379 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lancaster VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,849), NAVY FEDERAL CREDIT UNION ($9,408), UNITED WHOLESALE MORTGAGE, LLC ($11,228), GUILD MORTGAGE COMPANY ($13,317) and QUICKEN LOANS, LLC ($15,940).

    The lowest rate Lancaster VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.69%), UNITED WHOLESALE MORTGAGE, LLC (6.04%), QUICKEN LOANS, LLC (6.26%), GUILD MORTGAGE COMPANY (6.58%) and Mortgage Research Center, LLC (6.74%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lancaster (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 $259,800 (6.0%) $296,089 (5.1%) 0.96 1,191
    2018-02-01 $267,073 (10.8%) $306,972 (7.5%) 0.97 1,133
    2018-03-01 $273,679 (11.7%) $315,487 (8.8%) 0.96 1,126
    2018-04-01 $269,900 (8.9%) $311,649 (5.1%) 0.92 1,185
    2018-05-01 $274,845 (10.0%) $316,846 (5.3%) 0.92 1,181
    2018-06-01 $272,977 (9.3%) $316,444 (5.8%) 0.91 1,271
    2018-07-01 $274,900 (12.2%) $318,976 (8.2%) 0.92 1,320
    2018-08-01 $271,350 (10.4%) $320,200 (9.6%) 0.91 1,315
    2018-09-01 $272,700 (10.2%) $320,918 (10.3%) 0.92 1,298
    2018-10-01 $269,900 (8.0%) $323,464 (10.4%) 0.91 1,307
    2018-11-01 $269,900 (9.9%) $321,295 (13.7%) 0.91 1,299
    2018-12-01 $274,900 (10.0%) $323,928 (12.5%) 0.95 1,242
    2019-01-01 $275,000 (5.9%) $325,801 (10.0%) 0.95 1,190
    2019-02-01 $278,948 (4.5%) $329,752 (7.4%) 0.94 1,123
    2019-03-01 $288,043 (5.3%) $337,760 (7.1%) 0.94 1,090
    2019-04-01 $296,093 (9.7%) $345,658 (10.9%) 0.94 1,090
    2019-05-01 $291,973 (6.2%) $343,061 (8.3%) 0.91 1,120
    2019-06-01 $289,900 (6.2%) $346,786 (9.6%) 0.91 1,130
    2019-07-01 $287,725 (4.7%) $347,633 (9.0%) 0.90 1,097
    2019-08-01 $286,682 (5.7%) $348,345 (8.8%) 0.91 1,083
    2019-09-01 $289,356 (6.1%) $348,673 (8.7%) 0.93 1,075
    2019-10-01 $290,420 (7.6%) $348,656 (7.8%) 0.94 1,069
    2019-11-01 $290,000 (7.5%) $346,118 (7.7%) 0.95 1,021
    2019-12-01 $298,316 (8.5%) $353,435 (9.1%) 0.99 891
    2020-01-01 $306,445 (11.4%) $360,929 (10.8%) 1.02 794
    2020-02-01 $319,900 (14.7%) $367,223 (11.4%) 1.05 744
    2020-03-01 $320,200 (11.2%) $374,686 (10.9%) 1.00 718
    2020-04-01 $326,250 (10.2%) $389,335 (12.6%) 1.02 686
    2020-05-01 $319,900 (9.6%) $382,250 (11.4%) 0.97 719
    2020-06-01 $319,900 (10.4%) $378,803 (9.2%) 0.94 740
    2020-07-01 $320,950 (11.6%) $385,764 (11.0%) 0.93 657
    2020-08-01 $334,900 (16.8%) $401,694 (15.3%) 0.96 603
    2020-09-01 $327,095 (13.0%) $395,202 (13.3%) 0.94 574
    2020-10-01 $326,000 (12.3%) $395,735 (13.5%) 0.93 542
    2020-11-01 $329,900 (13.8%) $394,365 (13.9%) 0.96 512
    2020-12-01 $331,400 (11.1%) $388,988 (10.1%) 0.99 482
    2021-01-01 $344,900 (12.6%) $400,804 (11.1%) 1.03 415
    2021-02-01 $354,948 (11.0%) $418,382 (13.9%) 1.03 355
    2021-03-01 $350,000 (9.3%) $409,277 (9.2%) 0.99 361
    2021-04-01 $349,900 (7.3%) $412,695 (6.0%) 0.95 387
    2021-05-01 $350,000 (9.4%) $410,742 (7.5%) 0.93 403
    2021-06-01 $323,750 (1.2%) $390,538 (3.1%) 0.85 466
    2021-07-01 $319,900 (-0.3%) $383,547 (-0.6%) 0.84 463
    2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
    2021-09-01 $323,725 (-1.0%) $421,584 (6.7%) 0.86 469
    2021-10-01 $322,000 (-1.2%) $416,637 (5.3%) 0.86 469
    2021-11-01 $333,370 (1.1%) $425,534 (7.9%) 0.89 424
    2021-12-01 $349,900 (5.6%) $441,724 (13.6%) 0.95 345
    2022-01-01 $369,900 (7.3%) $495,422 (23.6%) 1.00 251
    2022-02-01 $355,000 (0.0%) $473,439 (13.2%) 0.92 261
    2022-03-01 $368,200 (5.2%) $440,737 (7.7%) 0.92 322
    2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
    2022-05-01 $379,950 (8.6%) $469,875 (14.4%) 0.87 374
    2022-06-01 $365,625 (12.9%) $453,750 (16.2%) 0.81 450
    2022-07-01 $364,900 (14.1%) $454,661 (18.5%) 0.82 473
    2022-08-01 $366,443 (11.3%) $458,517 (10.5%) 0.85 458
    2022-09-01 $346,366 (7.0%) $446,199 (5.8%) 0.81 428
    2022-10-01 $379,900 (18.0%) $470,063 (12.8%) 0.89 431
    2022-11-01 $388,725 (16.6%) $476,175 (11.9%) 0.93 442
    2022-12-01 $395,000 (12.9%) $472,056 (6.9%) 0.98 390
    2023-01-01 $399,950 (8.1%) $479,141 (-3.3%) 0.99 379
    2023-02-01 $422,450 (19.0%) $493,382 (4.2%) 1.02 352
    2023-03-01 $428,725 (16.4%) $492,351 (11.7%) 1.01 370
    2023-04-01 $399,900 (6.6%) $484,721 (6.7%) 0.93 327
    2023-05-01 $399,925 (5.3%) $470,852 (0.2%) 0.91 352
    2023-06-01 $398,725 (9.1%) $465,966 (2.7%) 0.90 357
    2023-07-01 $399,000 (9.4%) $472,372 (3.9%) 0.91 352
    2023-08-01 $395,750 (8.0%) $470,996 (2.7%) 0.91 363
    2023-09-01 $399,000 (15.2%) $471,268 (5.6%) 0.93 368
    2023-10-01 $375,000 (-1.3%) $464,265 (-1.2%) 0.88 431
    2023-11-01 $399,900 (2.9%) $484,366 (1.7%) 0.95 408
    2023-12-01 $411,157 (4.1%) $500,049 (5.9%) 1.00 368
    2024-01-01 $429,900 (7.5%) $494,847 (3.3%) 1.05 332
    2024-02-01 $420,250 (-0.5%) $495,608 (0.5%) 1.01 314
    2024-03-01 $419,950 (-2.1%) $502,502 (2.1%) 0.99 298
    2024-04-01 $423,725 (6.0%) $492,422 (1.6%) 0.99 374
    2024-05-01 $444,836 (11.2%) $513,767 (9.1%) 1.01 374
    2024-06-01 $431,385 (8.2%) $498,332 (7.0%) 0.97 403
    2024-07-01 $424,975 (6.5%) $487,514 (3.2%) 0.97 441
    2024-08-01 $414,090 (4.6%) $480,676 (2.1%) 0.96 465
    2024-09-01 $403,450 (1.1%) $474,203 (0.6%) 0.95 498
    2024-10-01 $389,900 (4.0%) $470,654 (1.4%) 0.92 544
    Lancaster's median listing price for 2024-10-01 was $389,900, a difference of $14,900 (4.0%) versus the prior year and $-13,550 versus the prior month.

    Lancaster's median listing price comes in at 92% of the national average.

    Lancaster's average listing price for 2024-10-01 was $470,654, a difference of $6,389 (1.4%) versus the prior year and $-3,549 versus the prior month.

    For the 2024-10-01 period, Lancaster had 544 MLS listings, a difference of 46 listings (9%) versus the prior month and 113 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 1,864 sqft
    2018-02-01 84 days 1,895 sqft
    2018-03-01 64 days 1,917 sqft
    2018-04-01 54 days 1,900 sqft
    2018-05-01 53 days 1,897 sqft
    2018-06-01 46 days 2,043 sqft
    2018-07-01 47 days 2,038 sqft
    2018-08-01 54 days 2,028 sqft
    2018-09-01 58 days 2,040 sqft
    2018-10-01 56 days 1,993 sqft
    2018-11-01 54 days 1,985 sqft
    2018-12-01 69 days 1,970 sqft
    2019-01-01 71 days 1,942 sqft
    2019-02-01 72 days 1,958 sqft
    2019-03-01 61 days 2,013 sqft
    2019-04-01 44 days 2,083 sqft
    2019-05-01 40 days 2,067 sqft
    2019-06-01 45 days 2,046 sqft
    2019-07-01 46 days 2,030 sqft
    2019-08-01 45 days 2,033 sqft
    2019-09-01 45 days 2,048 sqft
    2019-10-01 44 days 2,058 sqft
    2019-11-01 53 days 2,040 sqft
    2019-12-01 65 days 2,049 sqft
    2020-01-01 71 days 2,110 sqft
    2020-02-01 67 days 2,160 sqft
    2020-03-01 42 days 2,140 sqft
    2020-04-01 61 days 2,150 sqft
    2020-05-01 68 days 2,122 sqft
    2020-06-01 36 days 2,146 sqft
    2020-07-01 34 days 2,161 sqft
    2020-08-01 37 days 2,208 sqft
    2020-09-01 37 days 2,121 sqft
    2020-10-01 43 days 2,054 sqft
    2020-11-01 45 days 2,093 sqft
    2020-12-01 51 days 2,019 sqft
    2021-01-01 52 days 2,064 sqft
    2021-02-01 52 days 2,113 sqft
    2021-03-01 39 days 2,088 sqft
    2021-04-01 26 days 2,075 sqft
    2021-05-01 29 days 2,051 sqft
    2021-06-01 35 days 1,910 sqft
    2021-07-01 39 days 1,927 sqft
    2021-08-01 37 days 1,982 sqft
    2021-09-01 42 days 1,925 sqft
    2021-10-01 40 days 1,968 sqft
    2021-11-01 43 days 1,932 sqft
    2021-12-01 50 days 1,924 sqft
    2022-01-01 48 days 1,975 sqft
    2022-02-01 30 days 1,955 sqft
    2022-03-01 26 days 1,918 sqft
    2022-04-01 33 days 1,976 sqft
    2022-05-01 30 days 2,000 sqft
    2022-06-01 30 days 1,970 sqft
    2022-07-01 32 days 1,970 sqft
    2022-08-01 36 days 1,972 sqft
    2022-09-01 41 days 1,911 sqft
    2022-10-01 37 days 1,969 sqft
    2022-11-01 42 days 2,013 sqft
    2022-12-01 50 days 1,974 sqft
    2023-01-01 54 days 1,945 sqft
    2023-02-01 49 days 1,972 sqft
    2023-03-01 41 days 1,982 sqft
    2023-04-01 34 days 2,043 sqft
    2023-05-01 29 days 2,017 sqft
    2023-06-01 31 days 2,052 sqft
    2023-07-01 34 days 2,055 sqft
    2023-08-01 31 days 1,934 sqft
    2023-09-01 31 days 1,920 sqft
    2023-10-01 30 days 1,924 sqft
    2023-11-01 34 days 1,947 sqft
    2023-12-01 42 days 1,960 sqft
    2024-01-01 47 days 1,941 sqft
    2024-02-01 39 days 1,981 sqft
    2024-03-01 37 days 1,907 sqft
    2024-04-01 29 days 1,918 sqft
    2024-05-01 29 days 1,988 sqft
    2024-06-01 29 days 1,961 sqft
    2024-07-01 33 days 1,969 sqft
    2024-08-01 34 days 1,920 sqft
    2024-09-01 37 days 1,901 sqft
    2024-10-01 31 days 1,879 sqft
    Lancaster's median listing age (time on market) for 2024-10-01 was 31 days. This is 3% longer than the same period one year ago.

    Lancaster's median square footage for active listings during the 2024-10-01 period was 1,879 sqft. One year prior, the average listing was 1,924 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.