Milwaukee VA Loan Rates, Closing Costs & Stats

MILWAUKEE-WAUKESHA, 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.

    Milwaukee's 116 lenders originated 1,155 VA loans during 2022. The total origination value was $345,185,000, with an average VA loan value of $298,861.

    Milwaukee VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Milwaukee averaged 6.09% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Milwaukee's average VA mortgage closing costs are $4,982.

    The average rate for the prior week (2023-05-19) was 5.82% and one month ago for the week of 2023-04-21, the average rate was 6.14%.

    The average rate one year ago was 4.81%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.06%.

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

    Milwaukee 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 Milwaukee level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 195 5.12% $6,594
    QUICKEN LOANS, LLC 56 4.02% $8,773
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 51 5.12% $8,650
    FREEDOM MORTGAGE CORPORATION 44 4.59% $10,633
    UNITED WHOLESALE MORTGAGE, LLC 40 3.93% $7,764
    NAVY FEDERAL CREDIT UNION 38 4.14% $6,108
    USAA Federal Savings Bank 38 4.54% $7,775
    PENNYMAC LOAN SERVICES, LLC 31 3.37% $8,394
    NEW DAY FINANCIAL, LLC 26 5.17% $10,688
    Prosperity Home Mortgage, LLC 25 4.52% $8,142
    FINANCE OF AMERICA MORTGAGE LLC 24 4.68% $8,335
    INLANTA MORTGAGE, INC. 23 4.71% $6,352
    Bank of England 23 4.51% $9,921
    LOANDEPOT.COM, LLC 20 4.17% $10,523
    CMG MORTGAGE, INC. 19 4.54% $9,729
    A + MORTGAGE SERVICES, INC. 19 4.43% $7,121
    The Federal Savings Bank 19 4.68% $18,504
    Mr. Cooper ( Nationstar Mortgage ) 17 4.49% $9,376
    GUARANTEED RATE, INC. 15 4.71% $4,489
    WISCONSIN MORTGAGE CORPORATION 14 4.42% $4,285
    NEWREZ LLC 13 4.75% $6,123
    PLANET HOME LENDING, LLC 12 4.24% $7,206
    Associated Bank 12 4.05% $3,626
    Flagstar Bank, FSB 12 4.49% $5,141
    CALIBER HOME LOANS, INC. 11 4.48% $9,363
    Paramount Residential Mortgage Group, Inc. 11 5.81% $5,743
    CARDINAL FINANCIAL 11 5.34% $10,717
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 4.16% $4,282
    Barrington Bank & Trust Company, N.A. 9 5.39% $11,519
    CHERRY CREEK MORTGAGE, LLC 9 4.88% $4,426
    FIRST CENTENNIAL MORTGAGE CORPORATION 9 5.01% $7,339
    GSF Mortgage Corporation 8 4.55% $4,853
    ACADEMY MORTGAGE CORPORATION 8 5.25% $10,124
    CROSSCOUNTRY MORTGAGE, LLC 8 5.48% $5,909
    GUARANTEED RATE AFFINITY, LLC 8 4.74% $6,181
    American Mortgage & Equity Consultants, Inc. 7 5.02% $7,500
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 7 5.70% $7,801
    CLEARPATH LENDING 7 3.80% $16,509
    LAKEVIEW LOAN SERVICING, LLC 7 3.18% $3,050
    BROKER SOLUTIONS, INC. 7 5.43% $11,799
    Waukesha State Bank 7 4.57% $6,684
    AMERISAVE MORTGAGE CORPORATION 6 5.00% $8,525
    MUTUAL OF OMAHA MORTGAGE, INC. 6 5.06% $8,882
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 5.25% $5,104
    Ixonia Bank 6 4.60% $10,321
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 5.35% $9,748
    HOME POINT FINANCIAL CORPORATION 6 4.81% $7,750
    JPMorgan Chase Bank 6 5.23% $4,166
    TOTAL MORTGAGE SERVICES, LLC 5 3.72% $4,383
    ENVOY MORTGAGE, LTD 5 4.63% $6,552
    MID AMERICA MORTGAGE, INC. 5 4.85% $6,349
    Bell Bank 4 5.75% $6,612
    PNC Bank 4 4.63% $8,139
    Wells Fargo Bank 4 4.34% $7,334
    The Equitable Bank, S.S.B. 4 4.34% $5,379
    SUN WEST MORTGAGE COMPANY, INC. 4 6.53% $13,907
    Bank Five Nine 4 4.34% $11,405
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.33% $9,375
    Carrington Mortgage Services, LLC 3 4.04% $11,804
    EDUCATORS CREDIT UNION 3 5.75% $7,507
    Loan Simple, Inc. 3 4.21% $7,842
    Low VA Rates, LLC 3 4.58% $5,773
    Magnolia Bank 3 4.54% $11,965
    Mid-Continent Funding, Inc. 3 6.17% $7,496
    Nations Lending Corporation 3 5.17% $12,469
    North Shore Bank FSB 3 3.50% $3,645
    U.S. Bank 3 4.83% $6,178
    North American Savings Bank, F.S.B. 2 3.63% $12,659
    NATIONS RELIABLE LENDING, LLC 2 5.38% $6,815
    First Federal Bank 2 4.13% $6,218
    NBKC BANK 2 2.63% $9,307
    First-Citizens Bank & Trust Company 2 5.00% $4,942
    Equity Prime Mortgage LLC 2 3.94% $2,677
    PENTAGON FEDERAL CREDIT UNION 2 3.44% $7,613
    PLAZA HOME MORTGAGE, INC. 2 4.13% $4,872
    ROYAL UNITED MORTGAGE LLC 2 4.69% $16,351
    BNC National Bank 2 3.50% $5,342
    T2 FINANCIAL LLC 2 4.50% $15,582
    AXIA FINANCIAL, LLC 2 5.38% $2,474
    The Huntington National Bank 2 4.44% $2,018
    THOMPSON KANE & COMPANY, LLC 2 4.50% $2,889
    Wyndham Capital Mortgage, Inc. 2 3.31% $16,439
    VILLAGE CAPITAL MORTGAGE 2 3.38% $5,153
    Waterstone Mortgage Corporation 2 6.88% $9,532
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.13% $15,552
    UNION HOME MORTGAGE CORP. 1 6.25% $11,931
    PHH Mortgage Corporation 1 4.38% $6,876
    Colten Mortgage, LLC 1 4.13% $8,782
    Ameris Bank 1 5.50% $2,531
    Citizens Bank 1 2.63% $3,464
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $9,433
    CIBM Bank 1 3.13% $2,670
    Cambria Financial Group, LLC 1 2.75% $2,795
    Amerifirst Financial, Inc. 1 2.75% $2,679
    Servion, Inc. 1 5.38% $4,141
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.13% $13,445
    AMERICAN FINANCING CORPORATION 1 2.75% $3,710
    LEADERONE FINANCIAL CORPORATION 1 5.63% $3,135
    The Central Trust Bank 1 4.50% $1,325
    Johnson Bank 1 5.00% $6,292
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $2,852
    FIRST STATE MORTGAGE SERVICES, LLC 1 4.13% $2,373
    First Guaranty Mortgage Corporation 1 3.63% $2,023
    NATIONS DIRECT MORTGAGE, LLC 1 5.63% $19,059
    Westbury Bank 1 3.00% $10,800
    Armed Forces Bank 1 4.75% $7,681
    HOMESIDE FINANCIAL, LLC 1 4.50% $17,925
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $11,234
    NETWORK CAPITAL FUNDING CORPORATION 1 4.38% $12,014
    TJC Mortgage, Inc. 1 2.25% $4,078
    Fifth Third Bank 1 6.75% $5,591
    GREENSTATE CREDIT UNION 1 6.13% $18,185
    AMCAP MORTGAGE, LTD. 1 5.38% $4,174
    OCMBC, INC. 1 4.75% $3,813
    Old National Bank 1 5.25% $13,901
    ANGEL OAK HOME LOANS LLC 1 4.50% $10,855

    The top Milwaukee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 195 VA loans originated. Their average total fees are $6,594, which is $2,179 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Milwaukee VA lenders (with over 10 loans originated) are Associated Bank ($3,626), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($4,282), WISCONSIN MORTGAGE CORPORATION ($4,285), GUARANTEED RATE, INC. ($4,489) and Flagstar Bank, FSB ($5,141).

    The lowest rate Milwaukee VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.37%), UNITED WHOLESALE MORTGAGE, LLC (3.93%), QUICKEN LOANS, LLC (4.02%), Associated Bank (4.05%) and NAVY FEDERAL CREDIT UNION (4.14%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Milwaukee (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 $213,950 (13.8%) $304,492 (15.2%) 0.79 2,720
    2018-02-01 $222,400 (17.5%) $315,287 (20.3%) 0.81 2,546
    2018-03-01 $232,000 (23.3%) $321,758 (22.5%) 0.81 2,510
    2018-04-01 $241,425 (19.6%) $328,116 (11.9%) 0.82 2,485
    2018-05-01 $249,900 (18.2%) $331,669 (10.9%) 0.83 2,629
    2018-06-01 $259,900 (19.7%) $343,255 (14.2%) 0.87 2,866
    2018-07-01 $254,950 (21.3%) $338,933 (13.1%) 0.85 3,180
    2018-08-01 $249,900 (17.7%) $334,001 (11.5%) 0.84 3,427
    2018-09-01 $249,900 (17.8%) $336,131 (10.5%) 0.84 3,588
    2018-10-01 $249,900 (17.4%) $334,681 (11.1%) 0.85 3,589
    2018-11-01 $249,000 (17.3%) $331,372 (9.1%) 0.84 3,393
    2018-12-01 $244,900 (18.2%) $327,679 (9.2%) 0.84 2,971
    2019-01-01 $249,700 (19.8%) $332,499 (10.4%) 0.86 2,576
    2019-02-01 $261,900 (25.1%) $342,821 (10.8%) 0.88 2,369
    2019-03-01 $269,900 (15.9%) $349,123 (8.4%) 0.90 2,375
    2019-04-01 $304,450 (20.0%) $386,203 (9.1%) 0.97 2,468
    2019-05-01 $304,900 (14.9%) $386,775 (8.7%) 0.95 2,490
    2019-06-01 $279,900 (8.7%) $358,170 (4.2%) 0.87 2,720
    2019-07-01 $281,713 (11.6%) $364,387 (8.2%) 0.88 2,901
    2019-08-01 $284,900 (11.7%) $366,074 (8.0%) 0.89 3,112
    2019-09-01 $269,450 (10.0%) $347,901 (5.7%) 0.85 3,272
    2019-10-01 $264,900 (7.2%) $347,219 (3.4%) 0.85 3,361
    2019-11-01 $259,900 (5.6%) $342,044 (2.1%) 0.85 3,072
    2019-12-01 $253,450 (5.4%) $339,705 (3.2%) 0.85 2,603
    2020-01-01 $256,475 (1.8%) $341,509 (1.7%) 0.86 2,274
    2020-02-01 $269,900 (3.4%) $352,524 (3.0%) 0.88 2,066
    2020-03-01 $279,900 (3.9%) $356,161 (3.2%) 0.88 2,070
    2020-04-01 $282,450 (3.0%) $356,228 (-0.5%) 0.88 2,130
    2020-05-01 $293,950 (11.3%) $370,498 (3.5%) 0.89 2,070
    2020-06-01 $294,925 (12.3%) $371,487 (4.0%) 0.87 1,955
    2020-07-01 $299,900 (8.9%) $375,615 (4.5%) 0.87 1,829
    2020-08-01 $289,900 (7.7%) $372,590 (5.7%) 0.83 1,896
    2020-09-01 $275,000 (7.1%) $359,972 (7.6%) 0.79 2,000
    2020-10-01 $267,900 (3.3%) $352,902 (4.7%) 0.77 2,032
    2020-11-01 $263,700 (4.5%) $352,325 (7.5%) 0.77 1,814
    2020-12-01 $260,000 (5.6%) $352,173 (8.7%) 0.77 1,524
    2021-01-01 $259,900 (4.5%) $353,181 (8.7%) 0.78 1,220
    2021-02-01 $264,900 (-1.7%) $356,453 (3.8%) 0.77 1,008
    2021-03-01 $274,900 (-6.8%) $359,191 (0.3%) 0.78 992
    2021-04-01 $277,450 (-7.3%) $361,118 (3.4%) 0.75 999
    2021-05-01 $289,900 (-14.8%) $371,738 (-3.9%) 0.77 1,135
    2021-06-01 $289,900 (-17.8%) $371,004 (-5.7%) 0.76 1,433
    2021-07-01 $284,900 (-19.0%) $362,260 (-11.6%) 0.75 1,831
    2021-08-01 $280,000 (-14.7%) $359,763 (-10.1%) 0.75 1,958
    2021-09-01 $276,850 (-13.4%) $357,279 (-10.1%) 0.74 2,075
    2021-10-01 $274,900 (-8.0%) $357,071 (-4.4%) 0.73 1,945
    2021-11-01 $262,400 (-8.9%) $350,043 (-5.0%) 0.70 1,688
    2021-12-01 $250,000 (-11.7%) $341,680 (-9.0%) 0.68 1,402
    2022-01-01 $259,900 (-3.5%) $353,758 (-4.4%) 0.70 1,018
    2022-02-01 $267,675 (-8.9%) $363,540 (-4.2%) 0.70 963
    2022-03-01 $289,950 (0.4%) $389,002 (2.4%) 0.73 932
    2022-04-01 $299,900 (6.3%) $397,866 (6.1%) 0.71 1,007
    2022-05-01 $322,450 (14.7%) $408,308 (12.4%) 0.74 1,112
    2022-06-01 $334,900 (24.2%) $420,023 (16.7%) 0.75 1,371
    2022-07-01 $325,000 (24.5%) $413,933 (18.6%) 0.73 1,671
    2022-08-01 $332,400 (25.0%) $415,704 (17.2%) 0.77 1,724
    2022-09-01 $332,450 (27.1%) $416,109 (16.9%) 0.78 1,674
    2022-10-01 $329,900 (34.5%) $415,246 (18.0%) 0.78 1,754
    2022-11-01 $324,950 (38.5%) $414,015 (19.0%) 0.78 1,752
    2022-12-01 $337,900 (48.7%) $427,662 (26.8%) 0.83 1,495
    2023-01-01 $349,900 (44.8%) $431,805 (22.5%) 0.87 1,208
    2023-02-01 $349,900 (48.8%) $438,030 (21.3%) 0.84 1,137
    2023-03-01 $366,200 (0.0%) $452,577 (0.0%) 0.86 0
    2023-04-01 $365,000 (0.0%) $452,983 (0.0%) 0.85 0
    Milwaukee's median listing price for 2023-04-01 was $365,000, a difference of $65,100 (0.0%) versus the prior year and $-1,200 versus the prior month.

    Milwaukee's median listing price comes in at 85% of the national average.

    Milwaukee's average listing price for 2023-04-01 was $452,983, a difference of $55,117 (0.0%) versus the prior year and $406 versus the prior month.

    For the 2023-04-01 period, Milwaukee had 0 MLS listings, a difference of 0 listings versus the prior month and -1,007 listings (-100%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Milwaukee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 79 days 1,643 sqft
    2018-02-01 59 days 1,670 sqft
    2018-03-01 43 days 1,713 sqft
    2018-04-01 37 days 1,736 sqft
    2018-05-01 37 days 1,748 sqft
    2018-06-01 37 days 1,786 sqft
    2018-07-01 42 days 1,763 sqft
    2018-08-01 41 days 1,738 sqft
    2018-09-01 43 days 1,728 sqft
    2018-10-01 46 days 1,733 sqft
    2018-11-01 51 days 1,725 sqft
    2018-12-01 61 days 1,720 sqft
    2019-01-01 69 days 1,739 sqft
    2019-02-01 57 days 1,780 sqft
    2019-03-01 44 days 1,812 sqft
    2019-04-01 40 days 1,911 sqft
    2019-05-01 39 days 1,925 sqft
    2019-06-01 37 days 1,833 sqft
    2019-07-01 38 days 1,838 sqft
    2019-08-01 49 days 1,838 sqft
    2019-09-01 59 days 1,787 sqft
    2019-10-01 45 days 1,787 sqft
    2019-11-01 51 days 1,759 sqft
    2019-12-01 62 days 1,719 sqft
    2020-01-01 66 days 1,709 sqft
    2020-02-01 44 days 1,754 sqft
    2020-03-01 37 days 1,785 sqft
    2020-04-01 40 days 1,796 sqft
    2020-05-01 42 days 1,825 sqft
    2020-06-01 36 days 1,826 sqft
    2020-07-01 36 days 1,821 sqft
    2020-08-01 35 days 1,800 sqft
    2020-09-01 36 days 1,732 sqft
    2020-10-01 36 days 1,684 sqft
    2020-11-01 41 days 1,665 sqft
    2020-12-01 47 days 1,637 sqft
    2021-01-01 50 days 1,627 sqft
    2021-02-01 37 days 1,636 sqft
    2021-03-01 31 days 1,635 sqft
    2021-04-01 29 days 1,630 sqft
    2021-05-01 27 days 1,700 sqft
    2021-06-01 26 days 1,705 sqft
    2021-07-01 29 days 1,695 sqft
    2021-08-01 32 days 1,680 sqft
    2021-09-01 36 days 1,661 sqft
    2021-10-01 37 days 1,633 sqft
    2021-11-01 41 days 1,614 sqft
    2021-12-01 50 days 1,581 sqft
    2022-01-01 52 days 1,579 sqft
    2022-02-01 31 days 1,612 sqft
    2022-03-01 30 days 1,658 sqft
    2022-04-01 28 days 1,684 sqft
    2022-05-01 25 days 1,745 sqft
    2022-06-01 28 days 1,784 sqft
    2022-07-01 29 days 1,760 sqft
    2022-08-01 32 days 1,764 sqft
    2022-09-01 37 days 1,737 sqft
    2022-10-01 35 days 1,740 sqft
    2022-11-01 37 days 1,720 sqft
    2022-12-01 46 days 1,725 sqft
    2023-01-01 55 days 1,703 sqft
    2023-02-01 38 days 1,718 sqft
    2023-03-01 33 days 1,728 sqft
    2023-04-01 31 days 1,768 sqft
    Milwaukee's median listing age (time on market) for 2023-04-01 was 31 days. This is 11% longer than the same period one year ago.

    Milwaukee's median square footage for active listings during the 2023-04-01 period was 1,768 sqft. One year prior, the average listing was 1,684 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.