Milwaukee VA Loan Rates, Closing Costs & Stats
MILWAUKEE-WAUKESHA, 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.
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.