Mankato VA Loan Rates, Closing Costs & Stats

MANKATO, MN

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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.

    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 6.83% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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
    Mankato's median listing price for 2024-03-01 was $389,000, a difference of $-10,900 (-2.7%) versus the prior year and $5,000 versus the prior month.

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

    Mankato's average listing price for 2024-03-01 was $445,756, a difference of $33,073 (8.0%) versus the prior year and $9,775 versus the prior month.

    For the 2024-03-01 period, Mankato had 122 MLS listings, a difference of 7 listings (6%) versus the prior month and 37 listings (44%) 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
    Mankato's median listing age (time on market) for 2024-03-01 was 0 days.

    Mankato's median square footage for active listings during the 2024-03-01 period was 2,482 sqft. One year prior, the average listing was 2,487 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.