Mankato VA Loan Rates, Closing Costs & Stats

MANKATO, MN

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.

Mankato's 19 lenders originated 69 VA loans during 2023. The total origination value was $21,295,000, with an average VA loan value of $308,623.

Mankato VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Mankato averaged 0.27% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Mankato's average VA mortgage closing costs are $5,020.

The average rate for the prior week (2024-11-22) was 6.54% and one month ago for the week of 2024-10-25, the average rate was 6.24%.

The average rate one year ago was 7.08%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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

Mankato 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 Mankato level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 21 6.51% $6,754
Mortgage Research Center, LLC 13 6.69% $5,618
CROSSCOUNTRY MORTGAGE, LLC 8 6.66% $5,458
U.S. Bank 4 6.28% $7,035
Wells Fargo Bank 3 6.42% $11,809
NAVY FEDERAL CREDIT UNION 2 5.81% $5,308
Cambria Financial Group, LLC 2 6.62% $14,487
LOANDEPOT.COM, LLC 2 6.00% $14,466
QUICKEN LOANS, LLC 2 6.25% $7,330
Barrington Bank & Trust Company, N.A. 1 6.25% $6,629
NBKC BANK 1 6.50% $3,288
NEWREZ LLC 1 6.75% $10,615
PLANET HOME LENDING, LLC 1 6.75% $6,603
Prosperity Home Mortgage, LLC 1 6.25% $2,519
Bremer Bank 1 7.25% $8,661
GUARANTEED RATE, INC. 1 5.63% $1,260
USAA Federal Savings Bank 1 7.13% $6,702
FREEDOM MORTGAGE CORPORATION 1 6.25% $28,426
Ixonia Bank 1 6.50% $10,823

The top Mankato VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 21 VA loans originated. Their average total fees are $6,754, which is $1,135 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Mankato VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,618), UNITED WHOLESALE MORTGAGE, LLC ($6,754), .

The lowest rate Mankato VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.51%), Mortgage Research Center, LLC (6.69%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mankato (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 $229,900 (15.7%) $286,261 (18.2%) 0.00 225
2018-02-01 $237,800 (22.0%) $287,153 (19.6%) 0.00 220
2018-03-01 $239,700 (17.9%) $298,028 (23.2%) 0.00 234
2018-04-01 $240,450 (14.7%) $297,579 (17.1%) 0.00 260
2018-05-01 $244,400 (11.4%) $296,169 (11.3%) 0.00 281
2018-06-01 $249,900 (13.5%) $298,767 (10.6%) 0.00 300
2018-07-01 $244,925 (7.6%) $292,969 (7.2%) 0.00 320
2018-08-01 $247,225 (7.7%) $290,053 (5.8%) 0.00 338
2018-09-01 $235,400 (0.2%) $281,456 (0.6%) 0.00 357
2018-10-01 $240,575 (4.8%) $278,034 (-0.4%) 0.00 359
2018-11-01 $243,075 (6.3%) $277,367 (-0.3%) 0.00 335
2018-12-01 $242,900 (6.7%) $277,448 (-2.3%) 0.00 285
2019-01-01 $248,650 (8.2%) $285,562 (-0.2%) 0.00 257
2019-02-01 $249,900 (5.1%) $292,625 (1.9%) 0.00 251
2019-03-01 $254,014 (6.0%) $295,521 (-0.8%) 0.00 262
2019-04-01 $258,814 (7.6%) $297,913 (0.1%) 0.00 274
2019-05-01 $257,425 (5.3%) $296,031 (-0.1%) 0.00 315
2019-06-01 $259,900 (4.0%) $298,399 (-0.1%) 0.00 332
2019-07-01 $259,900 (6.1%) $297,404 (1.5%) 0.00 335
2019-08-01 $255,736 (3.4%) $294,196 (1.4%) 0.00 351
2019-09-01 $256,841 (9.1%) $291,105 (3.4%) 0.00 356
2019-10-01 $258,800 (7.6%) $289,299 (4.1%) 0.00 359
2019-11-01 $258,000 (6.1%) $289,071 (4.2%) 0.00 326
2019-12-01 $255,650 (5.3%) $287,846 (3.8%) 0.00 277
2020-01-01 $255,925 (2.9%) $284,611 (-0.3%) 0.00 253
2020-02-01 $269,900 (8.0%) $294,786 (0.7%) 0.00 235
2020-03-01 $277,450 (9.2%) $311,970 (5.6%) 0.00 261
2020-04-01 $278,950 (7.8%) $313,710 (5.3%) 0.00 267
2020-05-01 $299,000 (16.2%) $324,984 (9.8%) 0.00 269
2020-06-01 $299,900 (15.4%) $331,417 (11.1%) 0.00 242
2020-07-01 $298,050 (14.7%) $332,730 (11.9%) 0.00 205
2020-08-01 $290,950 (13.8%) $336,825 (14.5%) 0.00 204
2020-09-01 $282,225 (9.9%) $335,209 (15.2%) 0.00 195
2020-10-01 $267,900 (3.5%) $316,434 (9.4%) 0.00 198
2020-11-01 $253,650 (-1.7%) $308,550 (6.7%) 0.00 156
2020-12-01 $256,200 (0.2%) $306,229 (6.4%) 0.00 139
2021-01-01 $250,000 (-2.3%) $316,392 (11.2%) 0.00 100
2021-02-01 $269,400 (-0.2%) $321,330 (9.0%) 0.00 86
2021-03-01 $280,675 (1.2%) $329,846 (5.7%) 0.00 91
2021-04-01 $283,650 (1.7%) $340,400 (8.5%) 0.00 104
2021-05-01 $289,450 (-3.2%) $345,202 (6.2%) 0.00 92
2021-06-01 $279,950 (-6.7%) $337,050 (1.7%) 0.00 110
2021-07-01 $257,200 (-13.7%) $330,055 (-0.8%) 0.00 122
2021-08-01 $262,450 (-9.8%) $328,269 (-2.5%) 0.00 144
2021-09-01 $264,950 (-6.1%) $325,235 (-3.0%) 0.00 147
2021-10-01 $269,900 (0.8%) $328,815 (3.9%) 0.00 149
2021-11-01 $272,400 (7.4%) $341,385 (10.6%) 0.00 142
2021-12-01 $295,225 (15.2%) $352,180 (15.0%) 0.00 113
2022-01-01 $309,400 (23.8%) $359,819 (13.7%) 0.00 94
2022-02-01 $317,425 (17.8%) $426,190 (32.6%) 0.00 80
2022-03-01 $282,475 (0.6%) $377,063 (14.3%) 0.00 73
2022-04-01 $279,900 (-1.3%) $334,835 (-1.6%) 0.00 87
2022-05-01 $306,725 (6.0%) $360,771 (4.5%) 0.00 98
2022-06-01 $319,900 (14.3%) $369,816 (9.7%) 0.00 136
2022-07-01 $324,400 (26.1%) $369,288 (11.9%) 0.00 144
2022-08-01 $324,675 (23.7%) $378,690 (15.4%) 0.00 145
2022-09-01 $321,225 (21.2%) $373,725 (14.9%) 0.00 141
2022-10-01 $319,000 (18.2%) $370,346 (12.6%) 0.00 145
2022-11-01 $311,700 (14.4%) $363,350 (6.4%) 0.00 136
2022-12-01 $337,400 (14.3%) $364,542 (3.5%) 0.00 123
2023-01-01 $371,700 (20.1%) $384,880 (7.0%) 0.00 95
2023-02-01 $384,900 (21.3%) $400,244 (-6.1%) 0.00 96
2023-03-01 $399,900 (41.6%) $412,683 (9.5%) 0.00 85
2023-04-01 $362,450 (29.5%) $403,194 (20.4%) 0.00 101
2023-05-01 $359,900 (17.3%) $409,069 (13.4%) 0.00 126
2023-06-01 $369,425 (15.5%) $413,627 (11.9%) 0.00 133
2023-07-01 $369,900 (14.0%) $417,517 (13.1%) 0.00 134
2023-08-01 $359,400 (10.7%) $401,825 (6.1%) 0.00 157
2023-09-01 $349,900 (8.9%) $409,494 (9.6%) 0.00 165
2023-10-01 $335,000 (5.0%) $379,913 (2.6%) 0.00 187
2023-11-01 $336,950 (8.1%) $391,158 (7.7%) 0.00 181
2023-12-01 $329,000 (-2.5%) $383,979 (5.3%) 0.00 154
2024-01-01 $349,900 (-5.9%) $413,463 (7.4%) 0.00 132
2024-02-01 $384,000 (-0.2%) $435,981 (8.9%) 0.00 115
2024-03-01 $389,000 (-2.7%) $445,756 (8.0%) 0.00 122
2024-04-01 $381,250 (5.2%) $434,651 (7.8%) 0.00 133
2024-05-01 $392,975 (9.2%) $445,895 (9.0%) 0.00 130
2024-06-01 $389,000 (5.3%) $445,987 (7.8%) 0.00 159
2024-07-01 $379,925 (2.7%) $415,423 (-0.5%) 0.00 167
2024-08-01 $377,200 (5.0%) $418,109 (4.1%) 0.00 185
2024-09-01 $366,850 (4.8%) $414,287 (1.2%) 0.00 194
2024-10-01 $359,750 (7.4%) $402,371 (5.9%) 0.00 205
Mankato's median listing price for 2024-10-01 was $359,750, a difference of $24,750 (7.4%) versus the prior year and $-7,100 versus the prior month.

Mankato's median listing price comes in at 0% of the national average.

Mankato's average listing price for 2024-10-01 was $402,371, a difference of $22,458 (5.9%) versus the prior year and $-11,916 versus the prior month.

For the 2024-10-01 period, Mankato had 205 MLS listings, a difference of 11 listings (6%) versus the prior month and 18 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mankato (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,136 sqft
2018-02-01 0 days 2,094 sqft
2018-03-01 0 days 2,128 sqft
2018-04-01 0 days 2,153 sqft
2018-05-01 0 days 2,139 sqft
2018-06-01 0 days 2,139 sqft
2018-07-01 0 days 2,112 sqft
2018-08-01 0 days 2,136 sqft
2018-09-01 0 days 2,101 sqft
2018-10-01 0 days 2,093 sqft
2018-11-01 0 days 2,096 sqft
2018-12-01 0 days 2,099 sqft
2019-01-01 0 days 2,155 sqft
2019-02-01 0 days 2,146 sqft
2019-03-01 0 days 2,124 sqft
2019-04-01 0 days 2,158 sqft
2019-05-01 0 days 2,143 sqft
2019-06-01 0 days 2,185 sqft
2019-07-01 0 days 2,244 sqft
2019-08-01 0 days 2,180 sqft
2019-09-01 0 days 2,167 sqft
2019-10-01 0 days 2,157 sqft
2019-11-01 0 days 2,151 sqft
2019-12-01 0 days 2,094 sqft
2020-01-01 0 days 2,018 sqft
2020-02-01 0 days 2,142 sqft
2020-03-01 0 days 2,245 sqft
2020-04-01 0 days 2,220 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,567 sqft
2020-07-01 0 days 2,635 sqft
2020-08-01 0 days 2,699 sqft
2020-09-01 0 days 2,625 sqft
2020-10-01 0 days 2,504 sqft
2020-11-01 0 days 2,490 sqft
2020-12-01 0 days 2,481 sqft
2021-01-01 0 days 2,478 sqft
2021-02-01 0 days 2,387 sqft
2021-03-01 0 days 2,451 sqft
2021-04-01 0 days 2,439 sqft
2021-05-01 0 days 2,473 sqft
2021-06-01 0 days 2,420 sqft
2021-07-01 0 days 2,365 sqft
2021-08-01 0 days 2,301 sqft
2021-09-01 0 days 2,257 sqft
2021-10-01 0 days 2,326 sqft
2021-11-01 0 days 2,322 sqft
2021-12-01 0 days 2,350 sqft
2022-01-01 0 days 2,355 sqft
2022-02-01 0 days 2,334 sqft
2022-03-01 0 days 2,221 sqft
2022-04-01 0 days 2,196 sqft
2022-05-01 0 days 2,350 sqft
2022-06-01 0 days 2,345 sqft
2022-07-01 0 days 2,347 sqft
2022-08-01 0 days 2,416 sqft
2022-09-01 0 days 2,363 sqft
2022-10-01 0 days 2,369 sqft
2022-11-01 0 days 2,387 sqft
2022-12-01 0 days 2,346 sqft
2023-01-01 0 days 2,367 sqft
2023-02-01 0 days 2,416 sqft
2023-03-01 0 days 2,487 sqft
2023-04-01 0 days 2,408 sqft
2023-05-01 0 days 2,454 sqft
2023-06-01 0 days 2,410 sqft
2023-07-01 0 days 2,456 sqft
2023-08-01 0 days 2,520 sqft
2023-09-01 0 days 2,503 sqft
2023-10-01 0 days 2,462 sqft
2023-11-01 0 days 2,499 sqft
2023-12-01 0 days 2,424 sqft
2024-01-01 0 days 2,332 sqft
2024-02-01 0 days 2,449 sqft
2024-03-01 0 days 2,482 sqft
2024-04-01 0 days 2,412 sqft
2024-05-01 0 days 2,510 sqft
2024-06-01 0 days 2,570 sqft
2024-07-01 0 days 2,647 sqft
2024-08-01 0 days 2,640 sqft
2024-09-01 0 days 2,690 sqft
2024-10-01 0 days 2,580 sqft
Mankato's median listing age (time on market) for 2024-10-01 was 0 days.

Mankato's median square footage for active listings during the 2024-10-01 period was 2,580 sqft. One year prior, the average listing was 2,462 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.