Minneapolis VA Loan Rates, Closing Costs & Stats
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-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.
Minneapolis's 170 lenders originated 3,550 VA loans during 2022. The total origination value was $1,265,090,000, with an average VA loan value of $356,363.
Minneapolis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Minneapolis
averaged
6.75%
for the week of 2023-09-22, compared to the national average (all VA variants) of
6.823% for the same period.
Minneapolis's average VA mortgage closing costs are $5,857.
The average rate for the prior week (2023-09-15) was
6.53% and
one month ago for the week of 2023-08-18, the
average rate was 6.81%.
The average rate one year ago was 5.48%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.51%.
Minneapolis 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 Minneapolis level.
The top Minneapolis VA lender as defined by loan originations is Mortgage Research Center, LLC, with
452 VA loans originated. Their average total fees are
$8,676, which is $804
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Minneapolis VA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC ($5,220), PENTAGON FEDERAL CREDIT UNION ($5,573), Wells Fargo Bank ($5,821), DHI MORTGAGE COMPANY, LTD. ($6,240) and Armed Forces Bank ($6,417).
The lowest rate Minneapolis VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.39%), PENTAGON FEDERAL CREDIT UNION (3.58%), LAKEVIEW LOAN SERVICING, LLC (3.72%), Armed Forces Bank (3.83%) and QUICKEN LOANS, LLC (3.98%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Minneapolis (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 | $372,500 (11.4%) | $496,424 (8.7%) | 1.38 | 5,726 |
| 2018-02-01 | $387,000 (8.9%) | $516,092 (7.2%) | 1.41 | 5,893 |
| 2018-03-01 | $389,900 (8.3%) | $516,464 (5.8%) | 1.37 | 6,389 |
| 2018-04-01 | $384,950 (7.8%) | $512,482 (6.7%) | 1.31 | 6,911 |
| 2018-05-01 | $374,995 (6.8%) | $500,104 (6.0%) | 1.25 | 7,778 |
| 2018-06-01 | $369,900 (6.5%) | $492,068 (7.1%) | 1.23 | 8,832 |
| 2018-07-01 | $361,700 (6.4%) | $479,678 (5.5%) | 1.21 | 9,538 |
| 2018-08-01 | $350,000 (6.1%) | $470,741 (5.9%) | 1.17 | 10,113 |
| 2018-09-01 | $349,900 (4.5%) | $465,376 (3.0%) | 1.18 | 10,549 |
| 2018-10-01 | $354,495 (4.4%) | $472,983 (3.5%) | 1.20 | 10,486 |
| 2018-11-01 | $349,900 (0.0%) | $464,446 (-0.1%) | 1.19 | 9,574 |
| 2018-12-01 | $368,584 (0.3%) | $483,511 (0.6%) | 1.27 | 7,908 |
| 2019-01-01 | $380,879 (2.3%) | $493,306 (-0.6%) | 1.32 | 6,709 |
| 2019-02-01 | $389,700 (0.7%) | $505,898 (-2.0%) | 1.32 | 6,535 |
| 2019-03-01 | $382,894 (-1.8%) | $496,813 (-3.8%) | 1.25 | 7,505 |
| 2019-04-01 | $371,726 (-3.4%) | $481,715 (-6.0%) | 1.18 | 9,049 |
| 2019-05-01 | $364,500 (-2.8%) | $474,443 (-5.1%) | 1.14 | 10,340 |
| 2019-06-01 | $357,700 (-3.3%) | $468,158 (-4.9%) | 1.12 | 11,559 |
| 2019-07-01 | $351,950 (-2.7%) | $463,627 (-3.4%) | 1.10 | 11,801 |
| 2019-08-01 | $347,173 (-0.8%) | $458,174 (-2.7%) | 1.10 | 12,039 |
| 2019-09-01 | $343,082 (-2.0%) | $455,244 (-2.2%) | 1.10 | 12,195 |
| 2019-10-01 | $339,950 (-4.1%) | $453,290 (-4.2%) | 1.10 | 12,186 |
| 2019-11-01 | $345,900 (-1.1%) | $457,521 (-1.5%) | 1.13 | 10,684 |
| 2019-12-01 | $349,900 (-5.1%) | $464,959 (-3.8%) | 1.17 | 8,487 |
| 2020-01-01 | $362,739 (-4.8%) | $481,913 (-2.3%) | 1.21 | 7,383 |
| 2020-02-01 | $375,000 (-3.8%) | $498,237 (-1.5%) | 1.23 | 7,402 |
| 2020-03-01 | $375,473 (-1.9%) | $499,402 (0.5%) | 1.18 | 8,109 |
| 2020-04-01 | $369,900 (-0.5%) | $484,182 (0.5%) | 1.16 | 8,457 |
| 2020-05-01 | $369,990 (1.5%) | $485,831 (2.4%) | 1.12 | 9,212 |
| 2020-06-01 | $373,950 (4.5%) | $494,296 (5.6%) | 1.10 | 9,283 |
| 2020-07-01 | $369,900 (5.1%) | $492,877 (6.3%) | 1.07 | 8,757 |
| 2020-08-01 | $363,105 (4.6%) | $486,793 (6.3%) | 1.04 | 8,705 |
| 2020-09-01 | $356,456 (3.9%) | $480,551 (5.6%) | 1.02 | 8,553 |
| 2020-10-01 | $349,900 (2.9%) | $466,799 (3.0%) | 1.00 | 8,577 |
| 2020-11-01 | $348,738 (0.8%) | $466,409 (1.9%) | 1.02 | 7,293 |
| 2020-12-01 | $347,450 (-0.7%) | $470,857 (1.3%) | 1.03 | 5,844 |
| 2021-01-01 | $359,780 (-0.8%) | $483,097 (0.3%) | 1.07 | 4,701 |
| 2021-02-01 | $369,900 (-1.4%) | $501,382 (0.6%) | 1.08 | 4,324 |
| 2021-03-01 | $369,900 (-1.5%) | $507,351 (1.6%) | 1.05 | 4,497 |
| 2021-04-01 | $359,950 (-2.7%) | $498,306 (2.9%) | 0.97 | 4,810 |
| 2021-05-01 | $364,900 (-1.4%) | $496,373 (2.2%) | 0.97 | 5,103 |
| 2021-06-01 | $365,000 (-2.4%) | $488,216 (-1.2%) | 0.96 | 6,110 |
| 2021-07-01 | $364,900 (-1.4%) | $475,498 (-3.5%) | 0.96 | 6,811 |
| 2021-08-01 | $359,719 (-0.9%) | $468,743 (-3.7%) | 0.96 | 7,415 |
| 2021-09-01 | $350,638 (-1.6%) | $460,235 (-4.2%) | 0.94 | 7,839 |
| 2021-10-01 | $350,000 (0.0%) | $458,431 (-1.8%) | 0.93 | 7,628 |
| 2021-11-01 | $350,000 (0.4%) | $457,303 (-2.0%) | 0.94 | 6,599 |
| 2021-12-01 | $357,400 (2.9%) | $463,182 (-1.6%) | 0.97 | 5,102 |
| 2022-01-01 | $372,200 (3.5%) | $484,681 (0.3%) | 1.01 | 3,940 |
| 2022-02-01 | $399,547 (8.0%) | $520,209 (3.8%) | 1.04 | 3,395 |
| 2022-03-01 | $415,586 (12.4%) | $539,055 (6.3%) | 1.04 | 3,721 |
| 2022-04-01 | $417,990 (16.1%) | $543,411 (9.1%) | 1.00 | 4,061 |
| 2022-05-01 | $424,900 (16.4%) | $544,745 (9.8%) | 0.97 | 5,209 |
| 2022-06-01 | $422,400 (15.7%) | $547,617 (12.2%) | 0.94 | 6,071 |
| 2022-07-01 | $424,900 (16.4%) | $547,783 (15.2%) | 0.96 | 6,950 |
| 2022-08-01 | $419,960 (16.8%) | $544,664 (16.2%) | 0.97 | 7,057 |
| 2022-09-01 | $413,445 (17.9%) | $538,784 (17.1%) | 0.97 | 7,230 |
| 2022-10-01 | $405,450 (15.8%) | $530,598 (15.7%) | 0.95 | 7,442 |
| 2022-11-01 | $399,900 (14.3%) | $524,520 (14.7%) | 0.96 | 6,977 |
| 2022-12-01 | $400,000 (11.9%) | $532,190 (14.9%) | 0.99 | 5,592 |
| 2023-01-01 | $419,083 (12.6%) | $540,600 (11.5%) | 1.04 | 4,628 |
| 2023-02-01 | $434,995 (8.9%) | $562,629 (8.2%) | 1.05 | 4,204 |
| 2023-03-01 | $451,400 (8.6%) | $580,262 (7.6%) | 1.06 | 4,292 |
| 2023-04-01 | $450,000 (7.7%) | $594,684 (9.4%) | 1.05 | 4,645 |
| 2023-05-01 | $459,925 (8.2%) | $604,001 (10.9%) | 1.04 | 5,099 |
| 2023-06-01 | $460,000 (8.9%) | $609,988 (11.4%) | 1.03 | 5,784 |
| 2023-07-01 | $461,000 (8.5%) | $613,087 (11.9%) | 1.05 | 6,060 |
| 2023-08-01 | $452,495 (7.8%) | $594,950 (9.2%) | 1.04 | 6,275 |
Minneapolis's median listing price comes in at 104% of the national average.
Minneapolis's average listing price for 2023-08-01 was $594,950, a difference of $50,286 (9.2%) versus the prior year and $-18,137 versus the prior month.
For the 2023-08-01 period, Minneapolis had 6,275 MLS listings, a difference of 215 listings (4%) versus the prior month and -782 listings (-11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 70 days | 2,318 sqft |
| 2018-02-01 | 48 days | 2,380 sqft |
| 2018-03-01 | 38 days | 2,404 sqft |
| 2018-04-01 | 40 days | 2,383 sqft |
| 2018-05-01 | 37 days | 2,351 sqft |
| 2018-06-01 | 36 days | 2,330 sqft |
| 2018-07-01 | 38 days | 2,278 sqft |
| 2018-08-01 | 39 days | 2,242 sqft |
| 2018-09-01 | 43 days | 2,206 sqft |
| 2018-10-01 | 42 days | 2,218 sqft |
| 2018-11-01 | 51 days | 2,182 sqft |
| 2018-12-01 | 64 days | 2,217 sqft |
| 2019-01-01 | 68 days | 2,250 sqft |
| 2019-02-01 | 55 days | 2,280 sqft |
| 2019-03-01 | 44 days | 2,264 sqft |
| 2019-04-01 | 36 days | 2,232 sqft |
| 2019-05-01 | 32 days | 2,214 sqft |
| 2019-06-01 | 35 days | 2,205 sqft |
| 2019-07-01 | 38 days | 2,178 sqft |
| 2019-08-01 | 40 days | 2,155 sqft |
| 2019-09-01 | 42 days | 2,133 sqft |
| 2019-10-01 | 45 days | 2,112 sqft |
| 2019-11-01 | 57 days | 2,109 sqft |
| 2019-12-01 | 71 days | 2,116 sqft |
| 2020-01-01 | 65 days | 2,131 sqft |
| 2020-02-01 | 44 days | 2,182 sqft |
| 2020-03-01 | 33 days | 2,197 sqft |
| 2020-04-01 | 37 days | 2,168 sqft |
| 2020-05-01 | 40 days | 2,157 sqft |
| 2020-06-01 | 39 days | 2,159 sqft |
| 2020-07-01 | 39 days | 2,113 sqft |
| 2020-08-01 | 36 days | 2,076 sqft |
| 2020-09-01 | 36 days | 2,007 sqft |
| 2020-10-01 | 37 days | 1,957 sqft |
| 2020-11-01 | 45 days | 1,918 sqft |
| 2020-12-01 | 54 days | 1,885 sqft |
| 2021-01-01 | 54 days | 1,866 sqft |
| 2021-02-01 | 39 days | 1,868 sqft |
| 2021-03-01 | 31 days | 1,900 sqft |
| 2021-04-01 | 29 days | 1,900 sqft |
| 2021-05-01 | 30 days | 1,900 sqft |
| 2021-06-01 | 29 days | 1,921 sqft |
| 2021-07-01 | 30 days | 1,918 sqft |
| 2021-08-01 | 31 days | 1,903 sqft |
| 2021-09-01 | 33 days | 1,880 sqft |
| 2021-10-01 | 37 days | 1,860 sqft |
| 2021-11-01 | 42 days | 1,821 sqft |
| 2021-12-01 | 50 days | 1,818 sqft |
| 2022-01-01 | 57 days | 1,824 sqft |
| 2022-02-01 | 33 days | 2,172 sqft |
| 2022-03-01 | 29 days | 2,206 sqft |
| 2022-04-01 | 28 days | 2,260 sqft |
| 2022-05-01 | 24 days | 2,004 sqft |
| 2022-06-01 | 29 days | 2,019 sqft |
| 2022-07-01 | 32 days | 2,040 sqft |
| 2022-08-01 | 37 days | 2,028 sqft |
| 2022-09-01 | 41 days | 2,007 sqft |
| 2022-10-01 | 39 days | 2,000 sqft |
| 2022-11-01 | 46 days | 1,965 sqft |
| 2022-12-01 | 57 days | 1,952 sqft |
| 2023-01-01 | 59 days | 1,947 sqft |
| 2023-02-01 | 48 days | 1,971 sqft |
| 2023-03-01 | 38 days | 2,026 sqft |
| 2023-04-01 | 37 days | 2,050 sqft |
| 2023-05-01 | 31 days | 2,089 sqft |
| 2023-06-01 | 31 days | 2,136 sqft |
| 2023-07-01 | 36 days | 2,153 sqft |
| 2023-08-01 | 37 days | 2,130 sqft |
Minneapolis's median square footage for active listings during the 2023-08-01 period was 2,130 sqft. One year prior, the average listing was 2,028 sqft.