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 139 lenders originated 2,243 VA loans during 2023. The total origination value was $832,795,000, with an average VA loan value of $371,286.

Minneapolis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Minneapolis averaged 6.37% for the week of 2024-06-14, compared to the national average (all VA variants) of 6.423% for the same period.

Minneapolis's average VA mortgage closing costs are $6,100.

The average rate for the prior week (2024-06-07) was 6.34% and one month ago for the week of 2024-05-10, the average rate was 6.86%.

The average rate one year ago was 6.8%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.11%.

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

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.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 314 6.64% $7,819
UNITED WHOLESALE MORTGAGE, LLC 168 6.43% $8,221
QUICKEN LOANS, LLC 102 6.12% $12,526
Bell Bank 100 6.22% $8,426
CROSSCOUNTRY MORTGAGE, LLC 89 6.57% $10,019
Prosperity Home Mortgage, LLC 81 5.98% $10,287
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 6.67% $8,829
PENNYMAC LOAN SERVICES, LLC 73 5.86% $8,051
NAVY FEDERAL CREDIT UNION 71 5.85% $6,095
FREEDOM MORTGAGE CORPORATION 61 6.44% $17,000
LOANDEPOT.COM, LLC 61 6.17% $12,348
USAA Federal Savings Bank 60 6.35% $8,568
BROKER SOLUTIONS, INC. 43 6.65% $12,867
DHI MORTGAGE COMPANY, LTD. 36 5.52% $5,602
EAGLE HOME MORTGAGE, LLC 35 5.73% $6,363
BAY EQUITY LLC 34 6.36% $10,410
GUARANTEED RATE AFFINITY, LLC 33 6.30% $7,477
GUARANTEED RATE, INC. 30 6.20% $8,530
The Federal Savings Bank 29 6.35% $18,445
American Mortgage & Equity Consultants, Inc. 24 6.71% $10,381
Wells Fargo Bank 24 6.04% $6,457
NEWREZ LLC 24 6.69% $7,771
M/I FINANCIAL, LLC 24 5.50% $15,724
NEW DAY FINANCIAL, LLC 23 7.51% $14,266
EVERETT FINANCIAL, INC. 21 6.80% $10,031
PLAZA HOME MORTGAGE, INC. 20 6.06% $10,808
U.S. Bank 18 6.59% $10,323
Tradition Mortgage, LLC 18 6.30% $10,117
Northpointe Bank 17 6.34% $9,038
Mr. Cooper ( Nationstar Mortgage ) 17 6.14% $15,651
MOVEMENT MORTGAGE, LLC 17 6.29% $7,814
Flagstar Bank, FSB 15 6.50% $7,342
CMG MORTGAGE, INC. 14 6.39% $11,229
MUTUAL OF OMAHA MORTGAGE, INC. 13 6.22% $17,721
Servion, Inc. 12 6.97% $5,443
Cambria Financial Group, LLC 12 6.26% $12,275
CARDINAL FINANCIAL 12 6.48% $14,344
PULTE MORTGAGE LLC 12 5.99% $9,206
AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.56% $11,124
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.66% $9,575
PENTAGON FEDERAL CREDIT UNION 11 5.60% $12,350
Summit Mortgage Corporation 11 6.25% $11,333
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 10 6.14% $9,473
Ixonia Bank 10 7.06% $14,595
Barrington Bank & Trust Company, N.A. 10 6.40% $5,577
Century Mortgage Company DBA Century Lending Company 9 6.26% $11,348
NBKC BANK 8 5.84% $7,284
Alerus Financial 8 6.59% $7,813
Royal Credit Union 8 6.28% $8,337
MEGASTAR FINANCIAL CORP. 8 6.64% $8,295
Goldwater Bank, N.A. 7 5.86% $14,899
Neighborhood Loans, Inc. 7 6.70% $12,003
AXIA FINANCIAL, LLC 7 6.05% $11,003
Paramount Residential Mortgage Group, Inc. 7 6.82% $11,079
Waterstone Mortgage Corporation 6 6.77% $12,715
Magnolia Bank 6 6.44% $19,994
VILLAGE CAPITAL MORTGAGE 6 6.25% $6,634
AMERISAVE MORTGAGE CORPORATION 6 5.75% $16,436
SUN WEST MORTGAGE COMPANY, INC. 6 6.58% $10,695
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.27% $17,260
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.23% $7,520
Equity Prime Mortgage LLC 5 6.43% $11,645
LAKEVIEW LOAN SERVICING, LLC 5 5.88% $15,561
The Huntington National Bank 5 6.70% $6,256
AMERICAN FINANCIAL NETWORK, INC. 4 6.41% $7,896
GUILD MORTGAGE COMPANY 4 6.81% $8,371
JPMorgan Chase Bank 4 6.31% $13,007
Mid-Continent Funding, Inc. 4 6.03% $8,864
Bremer Bank 4 6.59% $16,495
CALIBER HOME LOANS, INC. 4 6.00% $9,947
Armed Forces Bank 4 6.25% $9,563
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.97% $12,396
Mortgages Unlimited Inc. 4 6.13% $10,843
HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.16% $8,581
Citizens Bank 3 6.79% $7,963
DRAPER AND KRAMER MORTGAGE CORP. 3 6.17% $12,092
Nations Lending Corporation 3 7.50% $12,246
Associated Bank 3 5.96% $4,198
Bank of England 3 7.04% $9,211
HOMESIDE FINANCIAL, LLC 3 7.42% $19,797
SWBC MORTGAGE CORPORATION 3 6.54% $13,197
Academy Bank 3 6.21% $10,034
The Central Trust Bank 2 5.00% $17,608
HOMESTEAD FUNDING CORP. 2 5.69% $10,521
Lend Smart Mortgage, LLC 2 6.00% $9,080
Merchants Bank 2 5.75% $10,289
Farmers Bank & Trust 2 5.69% $6,023
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.12% $11,463
Plains Commerce Bank 2 6.25% $6,512
Sierra Pacific Mortgage Company, Inc. 2 7.38% $7,994
BNC National Bank 2 5.25% $7,392
AMERICAN FINANCING CORPORATION 2 6.00% $7,016
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.19% $8,911
DATA MORTGAGE, INC. 1 7.13% $5,555
North Shore Bank of Commerce 1 6.25% $14,666
Old National Bank 1 6.88% $3,781
CRESCENT MORTGAGE COMPANY 1 6.50% $5,493
CORTRUST MORTGAGE, INC. 1 5.88% $10,219
VERIDIAN CREDIT UNION 1 6.25% $3,358
PHH Mortgage Corporation 1 6.13% $6,066
AMCAP MORTGAGE, LTD. 1 6.25% $8,544
PLANET HOME LENDING, LLC 1 5.00% $15,361
First Savings Bank 1 5.75% $3,604
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $17,547
MORTGAGEONE, INC. 1 6.63% $4,472
CHERRY CREEK MORTGAGE, LLC 1 5.63% $1,370
CASTLE & COOKE MORTGAGE, LLC 1 7.49% $7,866
MILEND, INC. 1 7.13% $31,012
Residential Mortgage Solutions, Inc. 1 7.00% $17,650
CALCON MUTUAL MORTGAGE LLC 1 6.63% $11,729
RUOFF MORTGAGE COMPANY, INC. 1 7.25% $0
SeaTrust Mortgage Company 1 5.63% $6,146
Florida Capital Bank 1 6.13% $18,906
ALTRA 1 6.75% $6,887
SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $27,581
ST. CLOUD FINANCIAL 1 7.25% $20,672
Strong Home Mortgage, LLC 1 6.13% $9,205
AFFINITY PLUS 1 7.75% $9,879
BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,034
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $22,074
MANN FINANCIAL INC. 1 6.63% $2,078
GREENSTATE CREDIT UNION 1 5.63% $8,625
ZILLOW HOME LOANS, LLC 1 5.63% $20,089
The Loan Store, Inc. 1 6.13% $13,474
THRIVE MORTGAGE, LLC 1 7.13% $3,364
TOWNE MORTGAGE COMPANY 1 6.88% $4,087
LOANPAL, LLC 1 5.25% $25,540
GSF Mortgage Corporation 1 7.13% $9,029
UNION HOME MORTGAGE CORP. 1 5.75% $3,641
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 7.13% $5,289
West Gate Bank 1 5.38% $5,928
LEADERONE FINANCIAL CORPORATION 1 6.13% $23,271
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.75% $4,859
First International Bank & Trust 1 5.13% $22,805
First Federal Bank 1 6.50% $10,786
VALLEY MORTGAGE, INC. 1 5.63% $0
ENVOY MORTGAGE, LTD 1 6.25% $17,086
EMBRACE HOME LOANS, INC. 1 6.25% $5,064
First National Bank of Omaha 1 6.13% $7,193

The top Minneapolis VA lender as defined by loan originations is Mortgage Research Center, LLC, with 314 VA loans originated. Their average total fees are $7,819, which is $402 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Minneapolis VA lenders (with over 10 loans originated) are Servion, Inc. ($5,443), Barrington Bank & Trust Company, N.A. ($5,577), DHI MORTGAGE COMPANY, LTD. ($5,602), NAVY FEDERAL CREDIT UNION ($6,095) and EAGLE HOME MORTGAGE, LLC ($6,363).

The lowest rate Minneapolis VA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.50%), DHI MORTGAGE COMPANY, LTD. (5.52%), PENTAGON FEDERAL CREDIT UNION (5.60%), EAGLE HOME MORTGAGE, LLC (5.73%) and NAVY FEDERAL CREDIT UNION (5.85%).


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%) $496,423 (8.7%) 1.38 5,726
2018-02-01 $387,000 (8.9%) $516,058 (7.2%) 1.41 5,893
2018-03-01 $389,900 (8.3%) $516,496 (5.8%) 1.37 6,389
2018-04-01 $384,950 (7.8%) $512,453 (6.7%) 1.31 6,911
2018-05-01 $374,995 (6.9%) $500,089 (6.0%) 1.25 7,779
2018-06-01 $369,900 (6.5%) $492,041 (7.1%) 1.23 8,833
2018-07-01 $361,700 (6.4%) $479,689 (5.5%) 1.21 9,538
2018-08-01 $350,000 (6.1%) $470,751 (5.9%) 1.17 10,113
2018-09-01 $349,900 (4.5%) $465,387 (3.0%) 1.18 10,549
2018-10-01 $354,495 (4.4%) $472,994 (3.5%) 1.20 10,486
2018-11-01 $349,900 (0.0%) $464,458 (-0.1%) 1.19 9,574
2018-12-01 $368,667 (0.3%) $483,557 (0.6%) 1.27 7,907
2019-01-01 $380,929 (2.3%) $493,333 (-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%) $474,441 (-5.1%) 1.14 10,340
2019-06-01 $357,700 (-3.3%) $468,133 (-4.9%) 1.12 11,561
2019-07-01 $351,950 (-2.7%) $463,626 (-3.4%) 1.10 11,801
2019-08-01 $347,173 (-0.8%) $458,175 (-2.7%) 1.10 12,038
2019-09-01 $343,082 (-2.0%) $455,244 (-2.2%) 1.10 12,194
2019-10-01 $339,950 (-4.1%) $453,290 (-4.2%) 1.10 12,185
2019-11-01 $345,900 (-1.1%) $457,522 (-1.5%) 1.13 10,683
2019-12-01 $349,900 (-5.1%) $464,979 (-3.8%) 1.17 8,485
2020-01-01 $362,518 (-4.8%) $481,918 (-2.3%) 1.21 7,382
2020-02-01 $375,000 (-3.8%) $498,243 (-1.5%) 1.23 7,401
2020-03-01 $375,450 (-1.9%) $499,407 (0.5%) 1.18 8,108
2020-04-01 $369,900 (-0.5%) $484,185 (0.5%) 1.16 8,456
2020-05-01 $369,990 (1.5%) $485,863 (2.4%) 1.12 9,212
2020-06-01 $373,883 (4.5%) $494,287 (5.6%) 1.10 9,282
2020-07-01 $369,900 (5.1%) $492,865 (6.3%) 1.07 8,757
2020-08-01 $363,000 (4.6%) $486,771 (6.2%) 1.04 8,706
2020-09-01 $356,330 (3.9%) $480,528 (5.6%) 1.02 8,554
2020-10-01 $349,900 (2.9%) $466,776 (3.0%) 1.00 8,578
2020-11-01 $348,738 (0.8%) $466,409 (1.9%) 1.02 7,293
2020-12-01 $347,450 (-0.7%) $470,820 (1.3%) 1.03 5,845
2021-01-01 $359,735 (-0.8%) $483,064 (0.2%) 1.07 4,702
2021-02-01 $369,900 (-1.4%) $501,344 (0.6%) 1.08 4,325
2021-03-01 $369,900 (-1.5%) $507,313 (1.6%) 1.05 4,498
2021-04-01 $359,950 (-2.7%) $498,289 (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 $359,753 (-0.9%) $468,737 (-3.7%) 0.96 7,416
2021-09-01 $350,825 (-1.5%) $460,229 (-4.2%) 0.94 7,840
2021-10-01 $350,000 (0.0%) $458,431 (-1.8%) 0.93 7,629
2021-11-01 $350,000 (0.4%) $457,302 (-2.0%) 0.94 6,600
2021-12-01 $357,400 (2.9%) $463,180 (-1.6%) 0.97 5,103
2022-01-01 $372,500 (3.6%) $484,674 (0.3%) 1.01 3,941
2022-02-01 $399,643 (8.0%) $520,193 (3.8%) 1.04 3,396
2022-03-01 $415,677 (12.4%) $539,037 (6.3%) 1.04 3,722
2022-04-01 $418,000 (16.1%) $543,451 (9.1%) 1.00 4,062
2022-05-01 $424,900 (16.4%) $544,780 (9.8%) 0.97 5,209
2022-06-01 $422,400 (15.7%) $547,605 (12.2%) 0.94 6,072
2022-07-01 $424,900 (16.4%) $547,772 (15.2%) 0.96 6,951
2022-08-01 $419,978 (16.7%) $544,659 (16.2%) 0.97 7,057
2022-09-01 $413,445 (17.9%) $538,784 (17.1%) 0.97 7,230
2022-10-01 $405,900 (16.0%) $530,609 (15.7%) 0.96 7,442
2022-11-01 $399,900 (14.3%) $524,529 (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 (12.5%) $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 (7.7%) 1.06 4,292
2023-04-01 $450,000 (7.7%) $594,539 (9.4%) 1.05 4,644
2023-05-01 $459,913 (8.2%) $603,832 (10.8%) 1.04 5,099
2023-06-01 $460,000 (8.9%) $609,965 (11.4%) 1.03 5,785
2023-07-01 $461,000 (8.5%) $613,087 (11.9%) 1.05 6,060
2023-08-01 $452,495 (7.7%) $594,950 (9.2%) 1.04 6,275
2023-09-01 $445,000 (7.6%) $581,868 (8.0%) 1.04 6,970
2023-10-01 $431,470 (6.3%) $570,780 (7.6%) 1.02 7,155
2023-11-01 $420,498 (5.2%) $567,988 (8.3%) 1.00 6,923
2023-12-01 $420,380 (5.1%) $573,902 (7.8%) 1.03 5,736
2024-01-01 $425,000 (1.4%) $583,354 (7.9%) 1.04 4,932
2024-02-01 $434,400 (-0.1%) $597,961 (6.3%) 1.05 4,893
2024-03-01 $444,990 (-1.4%) $605,876 (4.4%) 1.05 5,334
2024-04-01 $449,450 (-0.1%) $615,039 (3.5%) 1.05 5,782
2024-05-01 $465,000 (1.1%) $640,629 (6.1%) 1.05 6,405
Minneapolis's median listing price for 2024-05-01 was $465,000, a difference of $5,087 (1.1%) versus the prior year and $15,550 versus the prior month.

Minneapolis's median listing price comes in at 105% of the national average.

Minneapolis's average listing price for 2024-05-01 was $640,629, a difference of $36,797 (6.1%) versus the prior year and $25,590 versus the prior month.

For the 2024-05-01 period, Minneapolis had 6,405 MLS listings, a difference of 623 listings (11%) versus the prior month and 1,306 listings (26%) 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 2,319 sqft
2018-02-01 48 days 2,380 sqft
2018-03-01 38 days 2,405 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 2,218 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 2,204 sqft
2019-07-01 38 days 2,178 sqft
2019-08-01 40 days 2,155 sqft
2019-09-01 43 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 1,956 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 2,171 sqft
2022-03-01 29 days 2,205 sqft
2022-04-01 29 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 2,027 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 1,953 sqft
2023-01-01 59 days 1,947 sqft
2023-02-01 48 days 1,972 sqft
2023-03-01 38 days 2,025 sqft
2023-04-01 37 days 2,049 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
2023-09-01 36 days 2,088 sqft
2023-10-01 38 days 2,051 sqft
2023-11-01 44 days 2,016 sqft
2023-12-01 55 days 1,983 sqft
2024-01-01 57 days 1,963 sqft
2024-02-01 37 days 1,964 sqft
2024-03-01 34 days 2,007 sqft
2024-04-01 35 days 2,048 sqft
2024-05-01 25 days 2,101 sqft
Minneapolis's median listing age (time on market) for 2024-05-01 was 25 days. This is -18% shorter than the same period one year ago.

Minneapolis's median square footage for active listings during the 2024-05-01 period was 2,101 sqft. One year prior, the average listing was 2,089 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.