Madison VA Loan Rates, Closing Costs & Stats

MADISON, WI

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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.

    Madison's 53 lenders originated 280 VA loans during 2023. The total origination value was $99,860,000, with an average VA loan value of $356,643.

    Madison VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Madison averaged 0.1% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Madison's average VA mortgage closing costs are $5,537.

    The average rate for the prior week (2024-11-08) was 6.51% and one month ago for the week of 2024-10-11, the average rate was 5.68%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2024-11-15, the average rate was -2.18%.

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

    Madison 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 Madison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 50 6.64% $8,403
    QUICKEN LOANS, LLC 21 6.11% $13,544
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.43% $6,184
    Barrington Bank & Trust Company, N.A. 18 6.52% $8,450
    UNITED WHOLESALE MORTGAGE, LLC 14 6.41% $10,098
    NAVY FEDERAL CREDIT UNION 10 5.89% $5,692
    USAA Federal Savings Bank 9 6.17% $7,806
    GUILD MORTGAGE COMPANY 9 6.46% $11,518
    THOMPSON KANE & COMPANY, LLC 8 6.64% $5,866
    Bell Bank 7 6.61% $1,626
    FREEDOM MORTGAGE CORPORATION 7 6.41% $16,069
    CORNERSTONE HOME LENDING, INC. 7 6.25% $13,597
    NEWREZ LLC 6 6.54% $7,666
    Mr. Cooper ( Nationstar Mortgage ) 6 6.52% $20,345
    CROSSCOUNTRY MORTGAGE, LLC 6 6.50% $3,884
    U.S. Bank 6 6.21% $9,004
    PENNYMAC LOAN SERVICES, LLC 5 5.15% $9,804
    LOANDEPOT.COM, LLC 5 6.65% $9,662
    PLANET HOME LENDING, LLC 4 5.75% $3,136
    EAGLE HOME MORTGAGE, LLC 4 5.34% $4,771
    GUARANTEED RATE, INC. 4 6.22% $4,395
    CARDINAL FINANCIAL 3 6.54% $12,556
    Magnolia Bank 3 5.96% $13,273
    MOVEMENT MORTGAGE, LLC 3 6.33% $8,051
    Prosperity Home Mortgage, LLC 3 6.46% $8,382
    NEW DAY FINANCIAL, LLC 2 7.25% $16,812
    VILLAGE CAPITAL MORTGAGE 2 6.12% $11,489
    Century Mortgage Company DBA Century Lending Company 2 6.19% $11,462
    Nations Lending Corporation 2 6.94% $7,754
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $7,736
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $4,608
    Armed Forces Bank 1 6.13% $18,514
    Associated Bank 1 7.38% $1,779
    Bank Five Nine 1 5.50% $19,286
    Blackhawk Bank 1 7.13% $4,378
    Bremer Bank 1 5.63% $3,481
    CALIBER HOME LOANS, INC. 1 7.25% $3,979
    CONTOUR MORTGAGE CORPORATION 1 5.25% $24,633
    DAS Acquisition Company, LLC 1 7.25% $575
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.00% $0
    First Federal Bank 1 6.13% $4,207
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.75% $4,459
    GUARANTEED RATE AFFINITY, LLC 1 6.15% $12,080
    Johnson Bank 1 6.63% $2,198
    Meridian Bank Corporation 1 6.75% $21,088
    American Mortgage & Equity Consultants, Inc. 1 5.75% $7,369
    Old National Bank 1 5.50% $5,211
    ON Q FINANCIAL, INC. 1 7.25% $10,101
    Presidential Bank, FSB 1 5.63% $12,825
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $26,356
    The Bank of New Glarus 1 7.25% $2,926
    VERITAS FUNDING, LLC 1 7.00% $15,145
    Wells Fargo Bank 1 6.50% $3,992

    The top Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 50 VA loans originated. Their average total fees are $8,403, which is $5,141 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,692), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,184), Mortgage Research Center, LLC ($8,403), Barrington Bank & Trust Company, N.A. ($8,450) and UNITED WHOLESALE MORTGAGE, LLC ($10,098).

    The lowest rate Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), QUICKEN LOANS, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.41%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.43%) and Barrington Bank & Trust Company, N.A. (6.52%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Madison (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 $329,950 (6.5%) $385,433 (7.8%) 1.22 1,106
    2018-02-01 $349,900 (8.5%) $399,589 (7.5%) 1.27 1,086
    2018-03-01 $355,000 (6.0%) $405,599 (4.7%) 1.25 1,185
    2018-04-01 $357,925 (2.0%) $412,380 (2.6%) 1.21 1,300
    2018-05-01 $349,900 (0.0%) $406,013 (1.8%) 1.17 1,405
    2018-06-01 $340,000 (-0.7%) $396,388 (1.4%) 1.13 1,585
    2018-07-01 $339,900 (3.0%) $392,614 (1.4%) 1.14 1,697
    2018-08-01 $332,225 (1.9%) $390,414 (3.2%) 1.11 1,807
    2018-09-01 $334,900 (5.0%) $395,749 (5.7%) 1.13 1,880
    2018-10-01 $329,900 (7.3%) $395,809 (8.2%) 1.12 1,856
    2018-11-01 $329,900 (4.8%) $392,702 (6.2%) 1.12 1,668
    2018-12-01 $329,900 (3.1%) $389,055 (3.3%) 1.14 1,408
    2019-01-01 $339,950 (3.0%) $404,153 (4.9%) 1.17 1,260
    2019-02-01 $365,900 (4.6%) $427,553 (7.0%) 1.24 1,185
    2019-03-01 $370,614 (4.4%) $435,402 (7.4%) 1.21 1,226
    2019-04-01 $368,114 (2.9%) $428,497 (3.9%) 1.17 1,327
    2019-05-01 $366,000 (4.6%) $430,442 (6.0%) 1.14 1,446
    2019-06-01 $365,000 (7.4%) $430,603 (8.6%) 1.14 1,555
    2019-07-01 $352,548 (3.7%) $418,240 (6.5%) 1.10 1,644
    2019-08-01 $347,245 (4.5%) $411,621 (5.4%) 1.10 1,707
    2019-09-01 $343,114 (2.5%) $406,191 (2.6%) 1.10 1,775
    2019-10-01 $339,950 (3.1%) $402,782 (1.8%) 1.10 1,798
    2019-11-01 $340,000 (3.1%) $404,794 (3.1%) 1.11 1,573
    2019-12-01 $346,400 (5.0%) $405,804 (4.3%) 1.16 1,271
    2020-01-01 $347,400 (2.2%) $411,512 (1.8%) 1.16 1,136
    2020-02-01 $369,000 (0.9%) $442,928 (3.6%) 1.21 1,100
    2020-03-01 $372,423 (0.5%) $451,628 (3.7%) 1.17 1,161
    2020-04-01 $379,450 (3.1%) $450,914 (5.2%) 1.19 1,230
    2020-05-01 $384,950 (5.2%) $451,853 (5.0%) 1.17 1,170
    2020-06-01 $387,450 (6.2%) $457,897 (6.3%) 1.14 1,128
    2020-07-01 $377,450 (7.1%) $453,348 (8.4%) 1.09 1,107
    2020-08-01 $366,500 (5.5%) $452,117 (9.8%) 1.05 1,066
    2020-09-01 $359,950 (4.9%) $443,358 (9.2%) 1.03 1,033
    2020-10-01 $359,900 (5.9%) $435,206 (8.1%) 1.03 1,054
    2020-11-01 $364,625 (7.2%) $438,753 (8.4%) 1.07 863
    2020-12-01 $362,000 (4.5%) $438,654 (8.1%) 1.08 666
    2021-01-01 $374,900 (7.9%) $455,263 (10.6%) 1.12 537
    2021-02-01 $387,950 (5.1%) $477,477 (7.8%) 1.13 468
    2021-03-01 $383,925 (3.1%) $468,247 (3.7%) 1.09 468
    2021-04-01 $382,000 (0.7%) $469,401 (4.1%) 1.03 524
    2021-05-01 $387,500 (0.7%) $469,350 (3.9%) 1.03 547
    2021-06-01 $384,975 (-0.6%) $473,907 (3.5%) 1.01 650
    2021-07-01 $385,900 (2.2%) $466,992 (3.0%) 1.02 792
    2021-08-01 $382,400 (4.3%) $463,590 (2.5%) 1.02 894
    2021-09-01 $374,900 (4.2%) $455,525 (2.7%) 1.00 919
    2021-10-01 $375,000 (4.2%) $451,680 (3.8%) 1.00 881
    2021-11-01 $380,650 (4.4%) $455,106 (3.7%) 1.02 706
    2021-12-01 $387,400 (7.0%) $458,974 (4.6%) 1.05 533
    2022-01-01 $389,900 (4.0%) $465,127 (2.2%) 1.05 410
    2022-02-01 $399,900 (3.1%) $481,821 (0.9%) 1.04 388
    2022-03-01 $399,925 (4.2%) $475,671 (1.6%) 1.00 431
    2022-04-01 $408,550 (7.0%) $476,934 (1.6%) 0.97 508
    2022-05-01 $407,875 (5.3%) $490,446 (4.5%) 0.93 614
    2022-06-01 $416,950 (8.3%) $511,389 (7.9%) 0.93 723
    2022-07-01 $412,450 (6.9%) $516,150 (10.5%) 0.93 845
    2022-08-01 $412,475 (7.9%) $522,415 (12.7%) 0.95 844
    2022-09-01 $406,725 (8.5%) $514,805 (13.0%) 0.95 824
    2022-10-01 $409,900 (9.3%) $527,112 (16.7%) 0.96 865
    2022-11-01 $419,425 (10.2%) $525,389 (15.4%) 1.01 816
    2022-12-01 $424,150 (9.5%) $522,661 (13.9%) 1.05 641
    2023-01-01 $443,950 (13.9%) $547,947 (17.8%) 1.10 568
    2023-02-01 $446,900 (11.8%) $566,534 (17.6%) 1.08 506
    2023-03-01 $464,900 (16.3%) $580,909 (22.1%) 1.10 500
    2023-04-01 $479,900 (17.5%) $599,909 (25.8%) 1.12 524
    2023-05-01 $469,675 (15.2%) $586,361 (19.6%) 1.07 575
    2023-06-01 $476,500 (14.3%) $575,918 (12.6%) 1.07 627
    2023-07-01 $479,900 (16.4%) $575,620 (11.5%) 1.09 658
    2023-08-01 $481,500 (16.7%) $571,480 (9.4%) 1.11 686
    2023-09-01 $475,000 (16.8%) $570,783 (10.9%) 1.11 773
    2023-10-01 $469,900 (14.6%) $566,843 (7.5%) 1.11 802
    2023-11-01 $466,700 (11.3%) $560,972 (6.8%) 1.11 765
    2023-12-01 $479,950 (13.2%) $565,274 (8.2%) 1.17 652
    2024-01-01 $492,425 (10.9%) $597,269 (9.0%) 1.20 550
    2024-02-01 $494,475 (10.7%) $597,391 (5.5%) 1.19 537
    2024-03-01 $475,000 (2.2%) $578,084 (-0.5%) 1.12 603
    2024-04-01 $492,175 (2.6%) $586,010 (-2.3%) 1.14 647
    2024-05-01 $500,450 (6.6%) $613,284 (4.6%) 1.13 719
    2024-06-01 $499,950 (4.9%) $601,520 (4.5%) 1.12 861
    2024-07-01 $474,900 (-1.0%) $567,457 (-1.4%) 1.09 934
    2024-08-01 $469,850 (-2.4%) $567,190 (-0.8%) 1.09 1,028
    2024-09-01 $461,725 (-2.8%) $553,773 (-3.0%) 1.09 1,100
    2024-10-01 $453,835 (-3.4%) $554,370 (-2.2%) 1.07 1,082
    Madison's median listing price for 2024-10-01 was $453,835, a difference of $-16,065 (-3.4%) versus the prior year and $-7,890 versus the prior month.

    Madison's median listing price comes in at 107% of the national average.

    Madison's average listing price for 2024-10-01 was $554,370, a difference of $-12,473 (-2.2%) versus the prior year and $597 versus the prior month.

    For the 2024-10-01 period, Madison had 1,082 MLS listings, a difference of -18 listings (-2%) versus the prior month and 280 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 1,988 sqft
    2018-02-01 66 days 2,058 sqft
    2018-03-01 40 days 2,123 sqft
    2018-04-01 41 days 2,158 sqft
    2018-05-01 41 days 2,158 sqft
    2018-06-01 43 days 2,143 sqft
    2018-07-01 45 days 2,099 sqft
    2018-08-01 48 days 2,074 sqft
    2018-09-01 52 days 2,053 sqft
    2018-10-01 58 days 2,025 sqft
    2018-11-01 66 days 2,016 sqft
    2018-12-01 74 days 1,966 sqft
    2019-01-01 81 days 1,996 sqft
    2019-02-01 73 days 2,121 sqft
    2019-03-01 59 days 2,178 sqft
    2019-04-01 45 days 2,170 sqft
    2019-05-01 40 days 2,167 sqft
    2019-06-01 43 days 2,150 sqft
    2019-07-01 46 days 2,119 sqft
    2019-08-01 50 days 2,108 sqft
    2019-09-01 56 days 2,072 sqft
    2019-10-01 60 days 2,047 sqft
    2019-11-01 73 days 2,019 sqft
    2019-12-01 94 days 2,009 sqft
    2020-01-01 94 days 1,990 sqft
    2020-02-01 74 days 2,076 sqft
    2020-03-01 48 days 2,107 sqft
    2020-04-01 50 days 2,161 sqft
    2020-05-01 60 days 2,172 sqft
    2020-06-01 67 days 2,164 sqft
    2020-07-01 57 days 2,115 sqft
    2020-08-01 57 days 2,070 sqft
    2020-09-01 52 days 2,004 sqft
    2020-10-01 49 days 1,957 sqft
    2020-11-01 55 days 1,928 sqft
    2020-12-01 65 days 1,900 sqft
    2021-01-01 65 days 1,918 sqft
    2021-02-01 43 days 1,986 sqft
    2021-03-01 35 days 1,964 sqft
    2021-04-01 30 days 1,977 sqft
    2021-05-01 36 days 2,049 sqft
    2021-06-01 34 days 2,014 sqft
    2021-07-01 36 days 1,964 sqft
    2021-08-01 37 days 1,937 sqft
    2021-09-01 41 days 1,905 sqft
    2021-10-01 45 days 1,886 sqft
    2021-11-01 52 days 1,833 sqft
    2021-12-01 60 days 1,790 sqft
    2022-01-01 61 days 1,790 sqft
    2022-02-01 41 days 1,810 sqft
    2022-03-01 32 days 1,881 sqft
    2022-04-01 30 days 1,868 sqft
    2022-05-01 30 days 1,910 sqft
    2022-06-01 35 days 1,986 sqft
    2022-07-01 37 days 1,977 sqft
    2022-08-01 44 days 1,960 sqft
    2022-09-01 47 days 1,948 sqft
    2022-10-01 46 days 1,964 sqft
    2022-11-01 52 days 1,964 sqft
    2022-12-01 68 days 1,930 sqft
    2023-01-01 76 days 1,959 sqft
    2023-02-01 59 days 1,962 sqft
    2023-03-01 40 days 1,977 sqft
    2023-04-01 36 days 2,054 sqft
    2023-05-01 34 days 2,004 sqft
    2023-06-01 39 days 2,019 sqft
    2023-07-01 42 days 2,025 sqft
    2023-08-01 41 days 2,026 sqft
    2023-09-01 46 days 2,064 sqft
    2023-10-01 49 days 2,015 sqft
    2023-11-01 56 days 1,999 sqft
    2023-12-01 66 days 1,982 sqft
    2024-01-01 69 days 1,972 sqft
    2024-02-01 49 days 1,991 sqft
    2024-03-01 41 days 1,920 sqft
    2024-04-01 40 days 1,928 sqft
    2024-05-01 31 days 1,994 sqft
    2024-06-01 36 days 1,998 sqft
    2024-07-01 44 days 1,920 sqft
    2024-08-01 44 days 1,920 sqft
    2024-09-01 46 days 1,908 sqft
    2024-10-01 52 days 1,915 sqft
    Madison's median listing age (time on market) for 2024-10-01 was 52 days. This is 7% longer than the same period one year ago.

    Madison's median square footage for active listings during the 2024-10-01 period was 1,915 sqft. One year prior, the average listing was 2,015 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.