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 5.79% for the week of 2024-03-15, compared to the national average (all VA variants) of 6.439% for the same period.

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

The average rate for the prior week (2024-03-08) was 5.9% and one month ago for the week of 2024-02-09, the average rate was 5.87%.

The average rate one year ago was 5.77%.

For refis of the same type during the week of 2024-03-15, the average rate was 4.46%.

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%) $385,433 (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
Madison's median listing price for 2024-01-01 was $492,425, a difference of $48,475 (10.9%) versus the prior year and $12,475 versus the prior month.

Madison's median listing price comes in at 120% of the national average.

Madison's average listing price for 2024-01-01 was $597,269, a difference of $49,322 (9.0%) versus the prior year and $31,995 versus the prior month.

For the 2024-01-01 period, Madison had 550 MLS listings, a difference of -102 listings (-16%) versus the prior month and -18 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 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
Madison's median listing age (time on market) for 2024-01-01 was 69 days. This is -10% shorter than the same period one year ago.

Madison's median square footage for active listings during the 2024-01-01 period was 1,972 sqft. One year prior, the average listing was 1,959 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.