Lancaster VA Loan Rates, Closing Costs & Stats
LANCASTER, PA
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 75 lenders originated 397 VA loans during 2022. The total origination value was $120,235,000, with an average VA loan value of $302,859.
Lancaster VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Lancaster
averaged
6.48%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Lancaster's average VA mortgage closing costs are $6,830.
The average rate for the prior week (2023-05-19) was
6.1% and
one month ago for the week of 2023-04-21, the
average rate was 6.12%.
The average rate one year ago was 5.19%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.03%.
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.
The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with
70 VA loans originated. Their average total fees are
$9,104, which is $295
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Lancaster VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($6,622), PENNYMAC LOAN SERVICES, LLC ($8,866), Mortgage Research Center, LLC ($9,104), LOANDEPOT.COM, LLC ($9,372) and GUILD MORTGAGE COMPANY ($9,399).
The lowest rate Lancaster VA lenders (with over 10 loans originated) are
LOANDEPOT.COM, LLC (3.33%), PENNYMAC LOAN SERVICES, LLC (3.54%), CALIBER HOME LOANS, INC. (3.91%), QUICKEN LOANS, LLC (3.94%) and NAVY FEDERAL CREDIT UNION (4.28%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,700 (6.0%) | $296,078 (5.2%) | 0.96 | 1,190 |
2018-02-01 | $266,900 (10.8%) | $306,970 (7.6%) | 0.97 | 1,132 |
2018-03-01 | $273,358 (11.6%) | $315,492 (8.9%) | 0.96 | 1,125 |
2018-04-01 | $269,900 (8.9%) | $311,650 (5.1%) | 0.92 | 1,184 |
2018-05-01 | $274,728 (9.9%) | $316,851 (5.3%) | 0.92 | 1,180 |
2018-06-01 | $272,900 (9.2%) | $316,449 (5.8%) | 0.91 | 1,270 |
2018-07-01 | $274,900 (12.2%) | $318,983 (8.3%) | 0.92 | 1,319 |
2018-08-01 | $271,248 (10.4%) | $320,207 (9.7%) | 0.91 | 1,314 |
2018-09-01 | $272,500 (10.1%) | $320,926 (10.5%) | 0.92 | 1,297 |
2018-10-01 | $269,900 (8.0%) | $323,473 (10.4%) | 0.91 | 1,306 |
2018-11-01 | $269,900 (9.9%) | $321,303 (13.7%) | 0.91 | 1,298 |
2018-12-01 | $274,900 (10.0%) | $323,939 (12.5%) | 0.95 | 1,241 |
2019-01-01 | $275,000 (5.9%) | $325,806 (10.0%) | 0.95 | 1,189 |
2019-02-01 | $278,945 (4.5%) | $329,761 (7.4%) | 0.94 | 1,122 |
2019-03-01 | $285,000 (4.3%) | $334,817 (6.1%) | 0.95 | 1,084 |
2019-04-01 | $295,000 (9.3%) | $345,090 (10.7%) | 0.94 | 1,081 |
2019-05-01 | $289,950 (5.5%) | $342,505 (8.1%) | 0.91 | 1,116 |
2019-06-01 | $289,900 (6.2%) | $346,231 (9.4%) | 0.91 | 1,127 |
2019-07-01 | $287,173 (4.5%) | $347,072 (8.8%) | 0.90 | 1,094 |
2019-08-01 | $289,900 (6.9%) | $352,288 (10.0%) | 0.91 | 1,108 |
2019-09-01 | $306,250 (12.4%) | $370,415 (15.4%) | 0.97 | 949 |
2019-10-01 | $289,900 (7.4%) | $348,110 (7.6%) | 0.94 | 1,068 |
2019-11-01 | $289,999 (7.5%) | $345,481 (7.5%) | 0.95 | 1,018 |
2019-12-01 | $297,550 (8.2%) | $352,975 (9.0%) | 0.99 | 891 |
2020-01-01 | $305,881 (11.2%) | $360,415 (10.6%) | 1.02 | 794 |
2020-02-01 | $319,900 (14.7%) | $366,681 (11.2%) | 1.05 | 744 |
2020-03-01 | $320,200 (12.4%) | $374,354 (11.8%) | 1.00 | 718 |
2020-04-01 | $326,250 (10.6%) | $389,335 (12.8%) | 1.02 | 686 |
2020-05-01 | $319,900 (10.3%) | $382,250 (11.6%) | 0.97 | 719 |
2020-06-01 | $319,675 (10.3%) | $378,542 (9.3%) | 0.94 | 739 |
2020-07-01 | $320,900 (11.7%) | $385,175 (11.0%) | 0.93 | 657 |
2020-08-01 | $334,900 (15.5%) | $401,397 (13.9%) | 0.96 | 603 |
2020-09-01 | $326,618 (6.7%) | $394,671 (6.6%) | 0.94 | 573 |
2020-10-01 | $325,750 (12.4%) | $395,386 (13.6%) | 0.93 | 541 |
2020-11-01 | $329,900 (13.8%) | $393,979 (14.0%) | 0.96 | 511 |
2020-12-01 | $331,400 (11.4%) | $388,582 (10.1%) | 0.99 | 481 |
2021-01-01 | $344,900 (12.8%) | $400,339 (11.1%) | 1.03 | 414 |
2021-02-01 | $354,948 (11.0%) | $418,382 (14.1%) | 1.03 | 355 |
2021-03-01 | $350,000 (9.3%) | $409,277 (9.3%) | 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 (1.3%) | $390,538 (3.2%) | 0.85 | 466 |
2021-07-01 | $319,900 (-0.3%) | $383,547 (-0.4%) | 0.84 | 463 |
2021-08-01 | $329,204 (-1.7%) | $415,139 (3.4%) | 0.88 | 482 |
2021-09-01 | $323,725 (-0.9%) | $421,584 (6.8%) | 0.86 | 469 |
2021-10-01 | $322,000 (-1.2%) | $416,637 (5.4%) | 0.86 | 469 |
2021-11-01 | $333,370 (1.1%) | $425,534 (8.0%) | 0.89 | 424 |
2021-12-01 | $349,900 (5.6%) | $441,484 (13.6%) | 0.95 | 344 |
2022-01-01 | $369,900 (7.3%) | $495,422 (23.8%) | 1.00 | 251 |
2022-02-01 | $355,000 (0.0%) | $473,356 (13.1%) | 0.92 | 261 |
2022-03-01 | $367,225 (4.9%) | $440,397 (7.6%) | 0.92 | 321 |
2022-04-01 | $374,998 (7.2%) | $454,485 (10.1%) | 0.89 | 336 |
2022-05-01 | $379,950 (8.6%) | $469,536 (14.3%) | 0.87 | 374 |
2022-06-01 | $364,067 (12.5%) | $453,136 (16.0%) | 0.81 | 449 |
2022-07-01 | $364,900 (14.1%) | $455,305 (18.7%) | 0.82 | 474 |
2022-08-01 | $366,617 (11.4%) | $458,532 (10.5%) | 0.85 | 460 |
2022-09-01 | $348,841 (7.8%) | $446,025 (5.8%) | 0.82 | 430 |
2022-10-01 | $379,900 (18.0%) | $469,767 (12.8%) | 0.89 | 432 |
2022-11-01 | $388,725 (16.6%) | $475,970 (11.9%) | 0.93 | 443 |
2022-12-01 | $395,000 (12.9%) | $471,958 (6.9%) | 0.98 | 391 |
2023-01-01 | $399,950 (8.1%) | $479,082 (-3.3%) | 0.99 | 379 |
2023-02-01 | $422,450 (19.0%) | $494,194 (4.4%) | 1.02 | 352 |
2023-03-01 | $428,725 (16.8%) | $492,351 (11.8%) | 1.01 | 370 |
2023-04-01 | $399,900 (6.6%) | $484,721 (6.7%) | 0.93 | 327 |
Lancaster's median listing price comes in at 93% of the national average.
Lancaster's average listing price for 2023-04-01 was $484,721, a difference of $30,236 (6.7%) versus the prior year and $-7,630 versus the prior month.
For the 2023-04-01 period, Lancaster had 327 MLS listings, a difference of -43 listings (-12%) versus the prior month and -9 listings (-3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 94 days | 1,858 sqft |
2018-02-01 | 96 days | 1,894 sqft |
2018-03-01 | 78 days | 1,917 sqft |
2018-04-01 | 65 days | 1,897 sqft |
2018-05-01 | 65 days | 1,897 sqft |
2018-06-01 | 53 days | 2,043 sqft |
2018-07-01 | 54 days | 2,038 sqft |
2018-08-01 | 62 days | 2,028 sqft |
2018-09-01 | 68 days | 2,040 sqft |
2018-10-01 | 66 days | 1,993 sqft |
2018-11-01 | 66 days | 1,984 sqft |
2018-12-01 | 78 days | 1,969 sqft |
2019-01-01 | 81 days | 1,941 sqft |
2019-02-01 | 81 days | 1,958 sqft |
2019-03-01 | 75 days | 2,011 sqft |
2019-04-01 | 51 days | 2,083 sqft |
2019-05-01 | 46 days | 2,062 sqft |
2019-06-01 | 51 days | 2,043 sqft |
2019-07-01 | 53 days | 2,027 sqft |
2019-08-01 | 67 days | 2,009 sqft |
2019-09-01 | 71 days | 2,137 sqft |
2019-10-01 | 51 days | 2,062 sqft |
2019-11-01 | 61 days | 2,040 sqft |
2019-12-01 | 76 days | 2,046 sqft |
2020-01-01 | 85 days | 2,105 sqft |
2020-02-01 | 85 days | 2,160 sqft |
2020-03-01 | 60 days | 2,139 sqft |
2020-04-01 | 79 days | 2,150 sqft |
2020-05-01 | 78 days | 2,120 sqft |
2020-06-01 | 47 days | 2,145 sqft |
2020-07-01 | 41 days | 2,159 sqft |
2020-08-01 | 46 days | 2,200 sqft |
2020-09-01 | 49 days | 2,120 sqft |
2020-10-01 | 56 days | 2,048 sqft |
2020-11-01 | 52 days | 2,091 sqft |
2020-12-01 | 58 days | 2,018 sqft |
2021-01-01 | 63 days | 2,063 sqft |
2021-02-01 | 68 days | 2,113 sqft |
2021-03-01 | 48 days | 2,088 sqft |
2021-04-01 | 31 days | 2,075 sqft |
2021-05-01 | 34 days | 2,051 sqft |
2021-06-01 | 39 days | 1,910 sqft |
2021-07-01 | 42 days | 1,929 sqft |
2021-08-01 | 41 days | 1,987 sqft |
2021-09-01 | 44 days | 1,926 sqft |
2021-10-01 | 44 days | 1,968 sqft |
2021-11-01 | 47 days | 1,932 sqft |
2021-12-01 | 58 days | 1,924 sqft |
2022-01-01 | 57 days | 1,975 sqft |
2022-02-01 | 39 days | 1,955 sqft |
2022-03-01 | 31 days | 1,917 sqft |
2022-04-01 | 36 days | 1,976 sqft |
2022-05-01 | 35 days | 2,000 sqft |
2022-06-01 | 34 days | 1,966 sqft |
2022-07-01 | 36 days | 1,971 sqft |
2022-08-01 | 39 days | 1,972 sqft |
2022-09-01 | 42 days | 1,911 sqft |
2022-10-01 | 39 days | 1,968 sqft |
2022-11-01 | 43 days | 2,020 sqft |
2022-12-01 | 52 days | 1,974 sqft |
2023-01-01 | 57 days | 1,948 sqft |
2023-02-01 | 59 days | 2,000 sqft |
2023-03-01 | 49 days | 1,982 sqft |
2023-04-01 | 36 days | 2,043 sqft |
Lancaster's median square footage for active listings during the 2023-04-01 period was 2,043 sqft. One year prior, the average listing was 1,976 sqft.