Madison VA Loan Rates, Closing Costs & Stats

MADISON, WI

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 67 lenders originated 390 VA loans during 2022. The total origination value was $132,420,000, with an average VA loan value of $339,538.

Madison VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Madison averaged 5.96% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

Madison's average VA mortgage closing costs are $5,306.

The average rate for the prior week (2023-05-19) was 5.88% and one month ago for the week of 2023-04-21, the average rate was 5.71%.

The average rate one year ago was 4.68%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.33%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 86 5.10% $7,949
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 4.86% $6,572
Barrington Bank & Trust Company, N.A. 23 4.62% $10,394
USAA Federal Savings Bank 20 4.39% $7,979
THOMPSON KANE & COMPANY, LLC 19 4.04% $6,536
QUICKEN LOANS, LLC 17 4.13% $12,553
NAVY FEDERAL CREDIT UNION 14 4.30% $6,016
FREEDOM MORTGAGE CORPORATION 14 3.70% $8,570
GUARANTEED RATE, INC. 13 4.25% $9,721
GUILD MORTGAGE COMPANY 12 5.23% $12,310
UNITED WHOLESALE MORTGAGE, LLC 11 4.61% $10,372
CROSSCOUNTRY MORTGAGE, LLC 6 5.27% $10,427
FINANCE OF AMERICA MORTGAGE LLC 6 4.58% $8,953
Prosperity Home Mortgage, LLC 6 4.41% $7,578
PENNYMAC LOAN SERVICES, LLC 6 2.75% $10,072
NEWREZ LLC 6 3.85% $8,240
The Federal Savings Bank 5 5.03% $16,331
INLANTA MORTGAGE, INC. 5 4.93% $9,950
Nations Lending Corporation 5 4.88% $6,456
CORNERSTONE HOME LENDING, INC. 4 4.84% $3,680
Wells Fargo Bank 4 4.50% $11,477
LOANDEPOT.COM, LLC 3 3.33% $6,887
NEW DAY FINANCIAL, LLC 3 5.24% $12,579
PENTAGON FEDERAL CREDIT UNION 3 3.21% $4,143
CALIBER HOME LOANS, INC. 3 4.46% $5,929
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.21% $12,611
PLANET HOME LENDING, LLC 2 4.81% $6,754
Armed Forces Bank 2 3.63% $4,852
Carrington Mortgage Services, LLC 2 3.63% $9,277
DAS Acquisition Company, LLC 2 5.56% $2,504
Flagstar Bank, FSB 2 4.94% $4,219
GUARANTEED RATE AFFINITY, LLC 2 4.31% $10,780
HOME POINT FINANCIAL CORPORATION 2 4.44% $5,249
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.25% $14,331
Old National Bank 2 3.69% $11,428
AMERICAN FINANCING CORPORATION 2 3.75% $6,293
Mid-Continent Funding, Inc. 1 2.38% $2,065
Lakeview Community Capital, LLC 1 4.63% $6,534
MOVEMENT MORTGAGE, LLC 1 6.25% $8,323
M&T Bank 1 5.63% $8,084
Mutual Federal Bank 1 5.75% $6,831
A + MORTGAGE SERVICES, INC. 1 5.63% $1,617
Key Mortgage Services, Inc. 1 3.13% $9,615
NATIONS RELIABLE LENDING, LLC 1 4.63% $4,596
Ixonia Bank 1 6.75% $16,925
GSF Mortgage Corporation 1 5.63% $18,170
First Federal Bank 1 3.00% $6,686
U.S. Bank 1 3.63% $8,716
EVERETT FINANCIAL, INC. 1 3.38% $1,234
Equity Prime Mortgage LLC 1 3.38% $6,394
AMERISAVE MORTGAGE CORPORATION 1 5.25% $9,592
EMBRACE HOME LOANS, INC. 1 2.99% $8,616
EAGLE HOME MORTGAGE, LLC 1 4.63% $23,504
Servion, Inc. 1 4.38% $2,398
Settlers Bank 1 5.38% $1,737
SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $14,238
The Bank of New Glarus 1 3.00% $10,236
Century Mortgage Company DBA Century Lending Company 1 5.25% $17,110
The Huntington National Bank 1 3.00% $10,578
CARDINAL FINANCIAL 1 2.99% $4,648
Truist 1 3.10% $10,448
UNITED HOME LOANS, INC. 1 3.75% $10,458
BROKER SOLUTIONS, INC. 1 6.13% $7,584
University of Wisconsin Credit Union 1 5.13% $5,507
Lend Smart Mortgage, LLC 1 4.13% $2,000
LOANPAL, LLC 1 2.75% $14,206
Magnolia Bank 1 3.25% $11,070

The top Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 86 VA loans originated. Their average total fees are $7,949, which is $1,377 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,016), THOMPSON KANE & COMPANY, LLC ($6,536), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,572), Mortgage Research Center, LLC ($7,949) and USAA Federal Savings Bank ($7,979).

The lowest rate Madison VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (3.70%), THOMPSON KANE & COMPANY, LLC (4.04%), QUICKEN LOANS, LLC (4.13%), GUARANTEED RATE, INC. (4.25%) and NAVY FEDERAL CREDIT UNION (4.30%).


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%) $385,123 (7.8%) 1.22 1,109
2018-02-01 $349,900 (8.5%) $398,958 (7.4%) 1.27 1,090
2018-03-01 $355,000 (6.1%) $405,281 (4.7%) 1.25 1,188
2018-04-01 $357,350 (1.8%) $411,931 (2.4%) 1.21 1,302
2018-05-01 $349,900 (0.0%) $405,438 (1.7%) 1.17 1,408
2018-06-01 $339,950 (-0.7%) $395,725 (1.2%) 1.13 1,589
2018-07-01 $339,700 (3.0%) $392,059 (1.2%) 1.13 1,701
2018-08-01 $331,725 (1.7%) $390,043 (3.1%) 1.11 1,812
2018-09-01 $334,900 (5.0%) $395,327 (5.6%) 1.13 1,885
2018-10-01 $329,900 (7.3%) $395,350 (8.0%) 1.12 1,862
2018-11-01 $329,900 (4.8%) $392,518 (6.1%) 1.12 1,673
2018-12-01 $329,900 (3.1%) $388,997 (3.4%) 1.14 1,413
2019-01-01 $339,950 (3.0%) $403,944 (4.9%) 1.17 1,264
2019-02-01 $365,900 (4.6%) $427,374 (7.1%) 1.24 1,189
2019-03-01 $369,228 (4.0%) $428,764 (5.8%) 1.23 1,262
2019-04-01 $367,400 (2.8%) $427,315 (3.7%) 1.17 1,341
2019-05-01 $365,500 (4.5%) $428,411 (5.7%) 1.14 1,448
2019-06-01 $365,000 (7.4%) $430,553 (8.8%) 1.14 1,557
2019-07-01 $352,548 (3.8%) $418,204 (6.7%) 1.10 1,646
2019-08-01 $350,000 (5.5%) $422,948 (8.4%) 1.10 1,653
2019-09-01 $349,950 (4.5%) $416,116 (5.3%) 1.10 1,645
2019-10-01 $339,900 (3.0%) $403,001 (1.9%) 1.10 1,808
2019-11-01 $340,000 (3.1%) $404,437 (3.0%) 1.11 1,575
2019-12-01 $346,250 (5.0%) $405,473 (4.2%) 1.15 1,272
2020-01-01 $347,400 (2.2%) $411,246 (1.8%) 1.16 1,137
2020-02-01 $369,000 (0.9%) $442,460 (3.5%) 1.21 1,102
2020-03-01 $372,400 (0.9%) $451,346 (5.3%) 1.17 1,162
2020-04-01 $379,450 (3.3%) $450,710 (5.5%) 1.19 1,232
2020-05-01 $385,000 (5.3%) $451,701 (5.4%) 1.17 1,173
2020-06-01 $387,450 (6.2%) $457,707 (6.3%) 1.14 1,132
2020-07-01 $377,450 (7.1%) $453,102 (8.3%) 1.09 1,110
2020-08-01 $367,500 (5.0%) $451,793 (6.8%) 1.05 1,068
2020-09-01 $359,950 (2.9%) $443,050 (6.5%) 1.03 1,036
2020-10-01 $359,900 (5.9%) $434,897 (7.9%) 1.03 1,057
2020-11-01 $364,625 (7.2%) $438,409 (8.4%) 1.07 863
2020-12-01 $362,000 (4.6%) $438,266 (8.1%) 1.08 666
2021-01-01 $374,900 (7.9%) $454,642 (10.6%) 1.12 536
2021-02-01 $387,700 (5.1%) $476,783 (7.8%) 1.13 468
2021-03-01 $383,700 (3.0%) $467,550 (3.6%) 1.09 468
2021-04-01 $382,000 (0.7%) $468,805 (4.0%) 1.03 524
2021-05-01 $387,200 (0.6%) $468,859 (3.8%) 1.03 547
2021-06-01 $384,975 (-0.6%) $474,756 (3.7%) 1.01 651
2021-07-01 $385,000 (2.0%) $466,992 (3.1%) 1.02 791
2021-08-01 $382,400 (4.1%) $463,159 (2.5%) 1.02 895
2021-09-01 $374,900 (4.2%) $455,179 (2.7%) 1.00 920
2021-10-01 $375,000 (4.2%) $451,330 (3.8%) 1.00 882
2021-11-01 $380,650 (4.4%) $455,124 (3.8%) 1.02 708
2021-12-01 $387,400 (7.0%) $458,987 (4.7%) 1.05 535
2022-01-01 $389,900 (4.0%) $464,133 (2.1%) 1.05 412
2022-02-01 $399,900 (3.2%) $480,781 (0.8%) 1.04 390
2022-03-01 $399,900 (4.2%) $474,752 (1.5%) 1.00 433
2022-04-01 $408,100 (6.8%) $476,363 (1.6%) 0.97 510
2022-05-01 $407,500 (5.2%) $489,828 (4.5%) 0.93 615
2022-06-01 $415,975 (8.1%) $510,928 (7.6%) 0.93 724
2022-07-01 $410,000 (6.5%) $515,357 (10.4%) 0.93 847
2022-08-01 $412,450 (7.9%) $521,600 (12.6%) 0.95 846
2022-09-01 $406,450 (8.4%) $514,439 (13.0%) 0.95 825
2022-10-01 $409,900 (9.3%) $526,734 (16.7%) 0.96 866
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%) $547,784 (18.0%) 1.10 568
2023-02-01 $446,900 (11.8%) $566,054 (17.7%) 1.08 506
2023-03-01 $464,900 (16.3%) $580,909 (22.4%) 1.10 500
2023-04-01 $479,900 (17.6%) $599,909 (25.9%) 1.12 524
Madison's median listing price for 2023-04-01 was $479,900, a difference of $71,800 (17.6%) versus the prior year and $15,000 versus the prior month.

Madison's median listing price comes in at 112% of the national average.

Madison's average listing price for 2023-04-01 was $599,909, a difference of $123,546 (25.9%) versus the prior year and $19,000 versus the prior month.

For the 2023-04-01 period, Madison had 524 MLS listings, a difference of 24 listings (5%) versus the prior month and 14 listings (3%) 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 93 days 1,987 sqft
2018-02-01 75 days 2,054 sqft
2018-03-01 46 days 2,120 sqft
2018-04-01 44 days 2,158 sqft
2018-05-01 44 days 2,158 sqft
2018-06-01 45 days 2,142 sqft
2018-07-01 49 days 2,097 sqft
2018-08-01 51 days 2,073 sqft
2018-09-01 55 days 2,053 sqft
2018-10-01 62 days 2,020 sqft
2018-11-01 69 days 2,016 sqft
2018-12-01 79 days 1,967 sqft
2019-01-01 87 days 1,998 sqft
2019-02-01 82 days 2,119 sqft
2019-03-01 57 days 2,143 sqft
2019-04-01 49 days 2,163 sqft
2019-05-01 43 days 2,167 sqft
2019-06-01 45 days 2,150 sqft
2019-07-01 48 days 2,121 sqft
2019-08-01 57 days 2,115 sqft
2019-09-01 64 days 2,077 sqft
2019-10-01 64 days 2,046 sqft
2019-11-01 77 days 2,017 sqft
2019-12-01 98 days 2,008 sqft
2020-01-01 101 days 1,989 sqft
2020-02-01 87 days 2,076 sqft
2020-03-01 53 days 2,107 sqft
2020-04-01 54 days 2,160 sqft
2020-05-01 64 days 2,170 sqft
2020-06-01 75 days 2,163 sqft
2020-07-01 64 days 2,115 sqft
2020-08-01 61 days 2,069 sqft
2020-09-01 56 days 2,005 sqft
2020-10-01 51 days 1,957 sqft
2020-11-01 57 days 1,927 sqft
2020-12-01 67 days 1,900 sqft
2021-01-01 69 days 1,916 sqft
2021-02-01 48 days 1,986 sqft
2021-03-01 37 days 1,962 sqft
2021-04-01 32 days 1,975 sqft
2021-05-01 37 days 2,048 sqft
2021-06-01 35 days 2,014 sqft
2021-07-01 37 days 1,964 sqft
2021-08-01 38 days 1,936 sqft
2021-09-01 43 days 1,903 sqft
2021-10-01 46 days 1,886 sqft
2021-11-01 53 days 1,833 sqft
2021-12-01 60 days 1,790 sqft
2022-01-01 61 days 1,790 sqft
2022-02-01 42 days 1,807 sqft
2022-03-01 32 days 1,875 sqft
2022-04-01 30 days 1,865 sqft
2022-05-01 31 days 1,909 sqft
2022-06-01 36 days 1,986 sqft
2022-07-01 38 days 1,977 sqft
2022-08-01 44 days 1,958 sqft
2022-09-01 48 days 1,945 sqft
2022-10-01 47 days 1,960 sqft
2022-11-01 54 days 1,965 sqft
2022-12-01 68 days 1,933 sqft
2023-01-01 78 days 1,957 sqft
2023-02-01 63 days 1,963 sqft
2023-03-01 43 days 1,977 sqft
2023-04-01 39 days 2,055 sqft
Madison's median listing age (time on market) for 2023-04-01 was 39 days. This is 28% longer than the same period one year ago.

Madison's median square footage for active listings during the 2023-04-01 period was 2,055 sqft. One year prior, the average listing was 1,865 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.