Mitchell VA Loan Rates, Closing Costs & Stats

Mitchell, SD

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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.

    Mitchell's 8 lenders originated 14 VA loans during 2023. The total origination value was $2,940,000, with an average VA loan value of $210,000.

    Mitchell VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mitchell averaged 6.79% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Mitchell's average VA mortgage closing costs are $5,159.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.38%.

    The average rate one year ago was 5.77%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

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

    Mitchell 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 Mitchell level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 3 7.04% $2,717
    Plains Commerce Bank 3 6.25% $10,233
    USAA Federal Savings Bank 2 6.25% $10,152
    QUICKEN LOANS, LLC 2 5.99% $10,741
    CU MORTGAGE DIRECT, LLC 1 5.88% $3,527
    CORTRUST MORTGAGE, INC. 1 6.50% $9,016
    Barrington Bank & Trust Company, N.A. 1 6.25% $4,557
    GUARANTEED RATE, INC. 1 5.75% $0

    The top Mitchell VA lender as defined by loan originations is Mortgage Research Center, LLC, with 3 VA loans originated. Their average total fees are $2,717, which is $7,516 lower than the next largest lender, Plains Commerce Bank.

    The lowest fee Mitchell VA lenders (with over 10 loans originated) are .

    The lowest rate Mitchell VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (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 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
    2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
    2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
    2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
    2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
    2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
    2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
    2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
    2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
    2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
    2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
    2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
    2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
    2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $207,228 (-32.0%) 0.00 39
    2019-04-01 $186,814 (-2.5%) $207,667 (-31.2%) 0.00 38
    2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
    2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
    2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
    2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
    2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
    2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
    2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
    2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
    2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
    2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
    2020-03-01 $149,450 (-17.4%) $169,798 (-18.1%) 0.00 65
    2020-04-01 $156,050 (-16.5%) $172,688 (-16.8%) 0.00 64
    2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
    2020-06-01 $139,500 (-20.2%) $171,259 (-12.6%) 0.00 59
    2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
    2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
    2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
    2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
    2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
    2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
    2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
    2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
    2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
    2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
    2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
    2021-06-01 $225,000 (61.3%) $374,128 (118.5%) 0.00 39
    2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
    2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
    2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
    2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
    2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
    2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
    2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
    2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
    2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
    2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
    2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
    2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
    2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
    2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
    2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
    2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
    2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
    2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
    2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
    2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
    2023-03-01 $304,900 (63.1%) $496,733 (70.7%) 0.00 30
    2023-04-01 $304,900 (45.3%) $466,275 (65.6%) 0.00 34
    2023-05-01 $304,175 (39.9%) $440,258 (48.4%) 0.00 58
    2023-06-01 $297,500 (38.4%) $398,402 (26.9%) 0.00 79
    2023-07-01 $279,950 (30.2%) $359,141 (7.0%) 0.00 102
    2023-08-01 $273,675 (15.6%) $393,908 (-3.1%) 0.00 62
    2023-09-01 $290,000 (28.2%) $382,957 (-5.8%) 0.00 61
    2023-10-01 $295,000 (11.3%) $374,721 (-15.6%) 0.00 48
    2023-11-01 $295,000 (0.9%) $355,876 (-22.4%) 0.00 50
    2023-12-01 $290,000 (-23.6%) $355,505 (-26.5%) 0.00 47
    2024-01-01 $284,500 (-7.1%) $351,352 (-27.3%) 0.00 44
    2024-02-01 $293,725 (-9.9%) $329,233 (-34.7%) 0.00 39
    2024-03-01 $309,950 (1.7%) $345,567 (-30.4%) 0.00 36
    Mitchell's median listing price for 2024-03-01 was $309,950, a difference of $5,050 (1.7%) versus the prior year and $16,225 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2024-03-01 was $345,567, a difference of $-151,166 (-30.4%) versus the prior year and $16,334 versus the prior month.

    For the 2024-03-01 period, Mitchell had 36 MLS listings, a difference of -3 listings (-8%) versus the prior month and 6 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,753 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,666 sqft
    2018-05-01 0 days 1,750 sqft
    2018-06-01 0 days 1,751 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,666 sqft
    2018-09-01 0 days 1,629 sqft
    2018-10-01 0 days 1,629 sqft
    2018-11-01 0 days 1,687 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,858 sqft
    2019-02-01 0 days 1,858 sqft
    2019-03-01 0 days 1,647 sqft
    2019-04-01 0 days 1,594 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,828 sqft
    2019-07-01 0 days 1,721 sqft
    2019-08-01 0 days 1,643 sqft
    2019-09-01 0 days 1,635 sqft
    2019-10-01 0 days 1,628 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,502 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,560 sqft
    2020-08-01 0 days 1,781 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,824 sqft
    2020-11-01 0 days 1,849 sqft
    2020-12-01 0 days 1,886 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,915 sqft
    2021-03-01 0 days 1,978 sqft
    2021-04-01 0 days 2,026 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,881 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 1,969 sqft
    2021-10-01 0 days 1,889 sqft
    2021-11-01 0 days 1,909 sqft
    2021-12-01 0 days 1,856 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,522 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,721 sqft
    2022-05-01 0 days 1,678 sqft
    2022-06-01 0 days 1,676 sqft
    2022-07-01 0 days 1,715 sqft
    2022-08-01 0 days 1,753 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,815 sqft
    2022-12-01 0 days 1,849 sqft
    2023-01-01 0 days 1,838 sqft
    2023-02-01 0 days 1,953 sqft
    2023-03-01 0 days 1,922 sqft
    2023-04-01 0 days 1,915 sqft
    2023-05-01 0 days 1,941 sqft
    2023-06-01 0 days 1,905 sqft
    2023-07-01 0 days 1,905 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,019 sqft
    2023-10-01 0 days 1,975 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,263 sqft
    2024-01-01 0 days 2,239 sqft
    2024-02-01 0 days 1,910 sqft
    2024-03-01 0 days 1,891 sqft
    Mitchell's median listing age (time on market) for 2024-03-01 was 0 days.

    Mitchell's median square footage for active listings during the 2024-03-01 period was 1,891 sqft. One year prior, the average listing was 1,922 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.