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 208 lenders originated 9,646 VA loans during 2021. The total origination value was $2,926,550,000, with an average VA loan value of $303,395.
Minneapolis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Minneapolis
averaged
6.77%
for the week of 2022-12-02, compared to the national average (all VA variants) of
6.292% for the same period.
Minneapolis's average VA mortgage closing costs are $5,419.
The average rate for the prior week (2022-11-25) was
6.81% and
one month ago for the week of 2022-10-28, the
average rate was 6.99%.
The average rate one year ago was 3.47%.
For refis of the same type during the week of 2022-12-02, the average rate
was 6.24%.
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 QUICKEN LOANS, LLC, with
728 VA loans originated. Their average total fees are
$4,769, which is $1,579
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Minneapolis VA lenders (with over 10 loans originated) are
PLANET HOME LENDING, LLC ($2,070), BNC National Bank ($2,227), PENTAGON FEDERAL CREDIT UNION ($2,298), LAKEVIEW LOAN SERVICING, LLC ($2,580) and FREEDOM MORTGAGE CORPORATION ($2,776).
The lowest rate Minneapolis VA lenders (with over 10 loans originated) are
ACCELERATE MORTGAGE, LLC (2.26%), BNC National Bank (2.31%), Low VA Rates, LLC (2.33%), North American Savings Bank, F.S.B. (2.35%) and InterContinental Capital Group, Inc (2.35%).
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%) | $516,052 (7.2%) | 1.40 | 5,894 |
| 2018-03-01 | $389,900 (8.3%) | $516,304 (5.7%) | 1.37 | 6,390 |
| 2018-04-01 | $384,950 (7.8%) | $512,449 (6.7%) | 1.31 | 6,912 |
| 2018-05-01 | $374,995 (6.8%) | $500,111 (6.0%) | 1.25 | 7,779 |
| 2018-06-01 | $369,900 (6.5%) | $492,044 (7.1%) | 1.23 | 8,833 |
| 2018-07-01 | $361,624 (6.4%) | $479,657 (5.5%) | 1.21 | 9,539 |
| 2018-08-01 | $350,000 (6.1%) | $470,701 (5.8%) | 1.17 | 10,114 |
| 2018-09-01 | $349,900 (4.5%) | $465,370 (3.0%) | 1.17 | 10,550 |
| 2018-10-01 | $354,495 (4.4%) | $472,962 (3.5%) | 1.20 | 10,487 |
| 2018-11-01 | $349,900 (0.0%) | $464,434 (-0.1%) | 1.19 | 9,575 |
| 2018-12-01 | $368,500 (0.2%) | $483,483 (0.6%) | 1.27 | 7,909 |
| 2019-01-01 | $380,829 (2.2%) | $493,290 (-0.6%) | 1.31 | 6,710 |
| 2019-02-01 | $389,700 (0.7%) | $505,870 (-2.0%) | 1.32 | 6,536 |
| 2019-03-01 | $382,739 (-1.8%) | $496,771 (-3.8%) | 1.25 | 7,508 |
| 2019-04-01 | $371,545 (-3.5%) | $481,667 (-6.0%) | 1.18 | 9,055 |
| 2019-05-01 | $364,497 (-2.8%) | $474,359 (-5.2%) | 1.14 | 10,352 |
| 2019-06-01 | $357,250 (-3.4%) | $468,040 (-4.9%) | 1.12 | 11,574 |
| 2019-07-01 | $351,925 (-2.7%) | $463,506 (-3.4%) | 1.10 | 11,818 |
| 2019-08-01 | $347,173 (-0.8%) | $458,049 (-2.7%) | 1.10 | 12,054 |
| 2019-09-01 | $343,082 (-2.0%) | $455,120 (-2.2%) | 1.10 | 12,211 |
| 2019-10-01 | $339,950 (-4.1%) | $453,167 (-4.2%) | 1.10 | 12,202 |
| 2019-11-01 | $345,250 (-1.3%) | $457,236 (-1.6%) | 1.13 | 10,700 |
| 2019-12-01 | $349,900 (-5.1%) | $464,897 (-3.8%) | 1.17 | 8,504 |
| 2020-01-01 | $362,450 (-4.8%) | $481,795 (-2.3%) | 1.21 | 7,401 |
| 2020-02-01 | $375,000 (-3.8%) | $498,085 (-1.5%) | 1.23 | 7,420 |
| 2020-03-01 | $375,368 (-1.9%) | $499,260 (0.5%) | 1.18 | 8,127 |
| 2020-04-01 | $369,900 (-0.4%) | $484,080 (0.5%) | 1.16 | 8,476 |
| 2020-05-01 | $369,945 (1.5%) | $485,631 (2.4%) | 1.12 | 9,231 |
| 2020-06-01 | $373,745 (4.6%) | $494,069 (5.6%) | 1.10 | 9,301 |
| 2020-07-01 | $369,894 (5.1%) | $492,645 (6.3%) | 1.07 | 8,775 |
| 2020-08-01 | $362,800 (4.5%) | $486,555 (6.2%) | 1.04 | 8,724 |
| 2020-09-01 | $355,550 (3.6%) | $480,344 (5.5%) | 1.02 | 8,574 |
| 2020-10-01 | $349,900 (2.9%) | $466,783 (3.0%) | 1.00 | 8,598 |
| 2020-11-01 | $348,400 (0.9%) | $466,420 (2.0%) | 1.02 | 7,313 |
| 2020-12-01 | $347,450 (-0.7%) | $470,818 (1.3%) | 1.03 | 5,865 |
| 2021-01-01 | $357,680 (-1.3%) | $483,160 (0.3%) | 1.07 | 4,721 |
| 2021-02-01 | $369,900 (-1.4%) | $501,054 (0.6%) | 1.08 | 4,344 |
| 2021-03-01 | $369,900 (-1.5%) | $507,220 (1.6%) | 1.05 | 4,517 |
| 2021-04-01 | $359,950 (-2.7%) | $498,265 (2.9%) | 0.97 | 4,829 |
| 2021-05-01 | $364,870 (-1.4%) | $496,338 (2.2%) | 0.97 | 5,120 |
| 2021-06-01 | $365,000 (-2.3%) | $488,205 (-1.2%) | 0.96 | 6,127 |
| 2021-07-01 | $364,900 (-1.4%) | $475,583 (-3.5%) | 0.96 | 6,825 |
| 2021-08-01 | $359,088 (-1.0%) | $468,741 (-3.7%) | 0.96 | 7,429 |
| 2021-09-01 | $350,000 (-1.6%) | $460,217 (-4.2%) | 0.93 | 7,854 |
| 2021-10-01 | $350,000 (0.0%) | $458,380 (-1.8%) | 0.93 | 7,644 |
| 2021-11-01 | $350,000 (0.5%) | $457,281 (-2.0%) | 0.93 | 6,616 |
| 2021-12-01 | $357,400 (2.9%) | $463,111 (-1.6%) | 0.97 | 5,119 |
| 2022-01-01 | $371,114 (3.8%) | $484,494 (0.3%) | 1.00 | 3,959 |
| 2022-02-01 | $399,450 (8.0%) | $520,654 (3.9%) | 1.04 | 3,414 |
| 2022-03-01 | $414,600 (12.1%) | $538,940 (6.3%) | 1.04 | 3,740 |
| 2022-04-01 | $417,475 (16.0%) | $543,097 (9.0%) | 1.00 | 4,080 |
| 2022-05-01 | $424,325 (16.3%) | $544,499 (9.7%) | 0.97 | 5,225 |
| 2022-06-01 | $421,400 (15.5%) | $547,421 (12.1%) | 0.94 | 6,088 |
| 2022-07-01 | $423,600 (16.1%) | $547,714 (15.2%) | 0.96 | 6,968 |
| 2022-08-01 | $419,928 (16.9%) | $544,474 (16.2%) | 0.97 | 7,075 |
| 2022-09-01 | $411,333 (17.5%) | $538,701 (17.1%) | 0.96 | 7,249 |
| 2022-10-01 | $405,000 (15.7%) | $530,409 (15.7%) | 0.95 | 7,462 |
| 2022-11-01 | $399,900 (14.3%) | $524,274 (14.7%) | 0.96 | 6,996 |
Minneapolis's median listing price comes in at 96% of the national average.
Minneapolis's average listing price for 2022-11-01 was $524,274, a difference of $66,993 (14.7%) versus the prior year and $-6,135 versus the prior month.
For the 2022-11-01 period, Minneapolis had 6,996 MLS listings, a difference of -466 listings (-6%) versus the prior month and 380 listings (6%) 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 | 72 days | 2,318 sqft |
| 2018-02-01 | 51 days | 2,380 sqft |
| 2018-03-01 | 41 days | 2,404 sqft |
| 2018-04-01 | 42 days | 2,383 sqft |
| 2018-05-01 | 38 days | 2,352 sqft |
| 2018-06-01 | 37 days | 2,331 sqft |
| 2018-07-01 | 39 days | 2,279 sqft |
| 2018-08-01 | 40 days | 2,242 sqft |
| 2018-09-01 | 43 days | 2,206 sqft |
| 2018-10-01 | 43 days | 2,218 sqft |
| 2018-11-01 | 52 days | 2,182 sqft |
| 2018-12-01 | 65 days | 2,218 sqft |
| 2019-01-01 | 71 days | 2,251 sqft |
| 2019-02-01 | 59 days | 2,280 sqft |
| 2019-03-01 | 44 days | 2,263 sqft |
| 2019-04-01 | 37 days | 2,231 sqft |
| 2019-05-01 | 33 days | 2,214 sqft |
| 2019-06-01 | 36 days | 2,204 sqft |
| 2019-07-01 | 39 days | 2,178 sqft |
| 2019-08-01 | 41 days | 2,155 sqft |
| 2019-09-01 | 44 days | 2,133 sqft |
| 2019-10-01 | 46 days | 2,112 sqft |
| 2019-11-01 | 57 days | 2,108 sqft |
| 2019-12-01 | 74 days | 2,115 sqft |
| 2020-01-01 | 67 days | 2,130 sqft |
| 2020-02-01 | 46 days | 2,182 sqft |
| 2020-03-01 | 35 days | 2,196 sqft |
| 2020-04-01 | 38 days | 2,165 sqft |
| 2020-05-01 | 42 days | 2,157 sqft |
| 2020-06-01 | 41 days | 2,158 sqft |
| 2020-07-01 | 40 days | 2,113 sqft |
| 2020-08-01 | 37 days | 2,074 sqft |
| 2020-09-01 | 37 days | 2,006 sqft |
| 2020-10-01 | 38 days | 1,956 sqft |
| 2020-11-01 | 46 days | 1,918 sqft |
| 2020-12-01 | 55 days | 1,885 sqft |
| 2021-01-01 | 57 days | 1,866 sqft |
| 2021-02-01 | 40 days | 1,867 sqft |
| 2021-03-01 | 33 days | 1,900 sqft |
| 2021-04-01 | 30 days | 1,899 sqft |
| 2021-05-01 | 30 days | 1,900 sqft |
| 2021-06-01 | 29 days | 1,921 sqft |
| 2021-07-01 | 30 days | 1,917 sqft |
| 2021-08-01 | 31 days | 1,904 sqft |
| 2021-09-01 | 34 days | 1,880 sqft |
| 2021-10-01 | 37 days | 1,860 sqft |
| 2021-11-01 | 43 days | 1,821 sqft |
| 2021-12-01 | 51 days | 1,818 sqft |
| 2022-01-01 | 58 days | 1,824 sqft |
| 2022-02-01 | 34 days | 2,171 sqft |
| 2022-03-01 | 30 days | 2,206 sqft |
| 2022-04-01 | 29 days | 2,259 sqft |
| 2022-05-01 | 25 days | 2,003 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 | 2,006 sqft |
| 2022-10-01 | 39 days | 2,000 sqft |
| 2022-11-01 | 46 days | 1,965 sqft |
Minneapolis's median square footage for active listings during the 2022-11-01 period was 1,965 sqft. One year prior, the average listing was 1,821 sqft.
