New York VA Loan Rates, Closing Costs & Stats
New York-Newark-Jersey City, NY-NJ-PA
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.
New York's 164 lenders originated 2,445 VA loans during 2023. The total origination value was $1,216,755,000, with an average VA loan value of $497,650.
New York VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New York
averaged
7.02%
for the week of 2024-04-19, compared to the national average (all VA variants) of
6.758% for the same period.
New York's average VA mortgage closing costs are $9,304.
The average rate for the prior week (2024-04-12) was
6.65% and
one month ago for the week of 2024-03-15, the
average rate was 6.61%.
The average rate one year ago was 5.9%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.18%.
New York 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 New York level.
The top New York VA lender as defined by loan originations is Mortgage Research Center, LLC, with
318 VA loans originated. Their average total fees are
$12,421, which is $4,537
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New York VA lenders (with over 10 loans originated) are
Advisors Mortgage Group, L.L.C. ($8,794), JPMorgan Chase Bank ($9,249), NBKC BANK ($9,959), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($10,230) and NJ LENDERS CORP. ($10,379).
The lowest rate New York VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (5.58%), NAVY FEDERAL CREDIT UNION (5.76%), Wells Fargo Bank (5.88%), Plains Commerce Bank (5.91%) and PENNYMAC LOAN SERVICES, LLC (5.92%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New York (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 | $499,000 (13.2%) | $1,184,160 (11.5%) | 1.85 | 48,059 |
| 2018-02-01 | $519,000 (14.2%) | $1,187,602 (7.0%) | 1.88 | 50,498 |
| 2018-03-01 | $529,995 (11.6%) | $1,166,065 (4.1%) | 1.86 | 54,028 |
| 2018-04-01 | $549,444 (12.1%) | $1,162,682 (1.3%) | 1.86 | 57,178 |
| 2018-05-01 | $559,000 (11.9%) | $1,155,902 (1.3%) | 1.87 | 62,355 |
| 2018-06-01 | $559,900 (12.0%) | $1,137,861 (0.1%) | 1.87 | 65,388 |
| 2018-07-01 | $552,906 (10.6%) | $1,118,327 (-0.6%) | 1.85 | 66,067 |
| 2018-08-01 | $549,000 (10.2%) | $1,085,063 (-1.6%) | 1.84 | 65,240 |
| 2018-09-01 | $549,900 (10.2%) | $1,092,650 (-2.4%) | 1.85 | 65,820 |
| 2018-10-01 | $549,999 (8.6%) | $1,103,826 (-3.8%) | 1.86 | 66,122 |
| 2018-11-01 | $549,900 (10.0%) | $1,115,364 (-3.3%) | 1.86 | 63,702 |
| 2018-12-01 | $540,000 (8.0%) | $1,115,460 (-4.2%) | 1.86 | 57,615 |
| 2019-01-01 | $535,000 (7.2%) | $1,114,717 (-5.9%) | 1.85 | 53,016 |
| 2019-02-01 | $547,000 (5.4%) | $1,128,541 (-5.0%) | 1.85 | 55,002 |
| 2019-03-01 | $560,143 (5.7%) | $1,129,863 (-3.1%) | 1.83 | 58,572 |
| 2019-04-01 | $575,000 (4.7%) | $1,125,947 (-3.2%) | 1.83 | 62,598 |
| 2019-05-01 | $589,000 (5.4%) | $1,130,704 (-2.2%) | 1.84 | 68,043 |
| 2019-06-01 | $585,000 (4.5%) | $1,121,806 (-1.4%) | 1.83 | 69,942 |
| 2019-07-01 | $575,000 (4.0%) | $1,107,826 (-0.9%) | 1.80 | 68,901 |
| 2019-08-01 | $575,818 (4.9%) | $1,102,079 (1.6%) | 1.82 | 68,031 |
| 2019-09-01 | $577,045 (4.9%) | $1,114,839 (2.0%) | 1.85 | 67,163 |
| 2019-10-01 | $577,864 (5.1%) | $1,125,085 (1.9%) | 1.86 | 66,023 |
| 2019-11-01 | $575,000 (4.6%) | $1,138,373 (2.1%) | 1.89 | 62,133 |
| 2019-12-01 | $574,500 (6.4%) | $1,164,085 (4.4%) | 1.92 | 54,253 |
| 2020-01-01 | $565,000 (5.6%) | $1,173,101 (5.2%) | 1.89 | 49,998 |
| 2020-02-01 | $575,000 (5.1%) | $1,176,805 (4.3%) | 1.88 | 51,374 |
| 2020-03-01 | $589,950 (5.3%) | $1,181,583 (4.6%) | 1.85 | 52,870 |
| 2020-04-01 | $598,900 (4.2%) | $1,221,296 (8.5%) | 1.88 | 48,980 |
| 2020-05-01 | $599,000 (1.7%) | $1,197,316 (5.9%) | 1.82 | 48,638 |
| 2020-06-01 | $599,944 (2.6%) | $1,191,273 (6.2%) | 1.77 | 51,185 |
| 2020-07-01 | $627,000 (9.0%) | $1,207,357 (9.0%) | 1.82 | 54,352 |
| 2020-08-01 | $641,617 (11.4%) | $1,249,587 (13.4%) | 1.84 | 54,377 |
| 2020-09-01 | $649,000 (12.5%) | $1,263,476 (13.3%) | 1.86 | 54,572 |
| 2020-10-01 | $649,999 (12.5%) | $1,292,377 (14.9%) | 1.86 | 55,661 |
| 2020-11-01 | $649,000 (12.9%) | $1,307,486 (14.9%) | 1.90 | 52,172 |
| 2020-12-01 | $649,000 (13.0%) | $1,328,343 (14.1%) | 1.93 | 46,928 |
| 2021-01-01 | $649,000 (14.9%) | $1,374,981 (17.2%) | 1.94 | 40,456 |
| 2021-02-01 | $649,950 (13.0%) | $1,399,017 (18.9%) | 1.89 | 38,707 |
| 2021-03-01 | $649,000 (10.0%) | $1,383,278 (17.1%) | 1.84 | 38,458 |
| 2021-04-01 | $649,946 (8.5%) | $1,391,889 (14.0%) | 1.76 | 40,115 |
| 2021-05-01 | $649,993 (8.5%) | $1,379,846 (15.2%) | 1.73 | 42,335 |
| 2021-06-01 | $645,371 (7.6%) | $1,340,463 (12.5%) | 1.70 | 44,880 |
| 2021-07-01 | $625,000 (-0.3%) | $1,297,035 (7.4%) | 1.65 | 45,172 |
| 2021-08-01 | $617,000 (-3.8%) | $1,281,311 (2.5%) | 1.65 | 44,667 |
| 2021-09-01 | $605,000 (-6.8%) | $1,284,368 (1.7%) | 1.61 | 43,617 |
| 2021-10-01 | $619,000 (-4.8%) | $1,303,095 (0.8%) | 1.65 | 43,542 |
| 2021-11-01 | $621,950 (-4.2%) | $1,352,359 (3.4%) | 1.66 | 39,093 |
| 2021-12-01 | $619,250 (-4.6%) | $1,384,948 (4.3%) | 1.68 | 32,921 |
| 2022-01-01 | $625,000 (-3.7%) | $1,494,423 (8.7%) | 1.69 | 28,164 |
| 2022-02-01 | $637,125 (-2.0%) | $1,442,220 (3.1%) | 1.66 | 28,498 |
| 2022-03-01 | $649,444 (0.1%) | $1,450,238 (4.8%) | 1.63 | 30,421 |
| 2022-04-01 | $660,000 (1.6%) | $1,447,922 (4.0%) | 1.57 | 32,090 |
| 2022-05-01 | $675,000 (3.9%) | $1,431,626 (3.8%) | 1.54 | 36,015 |
| 2022-06-01 | $675,000 (4.6%) | $1,377,710 (2.8%) | 1.50 | 38,789 |
| 2022-07-01 | $659,000 (5.4%) | $1,336,068 (3.0%) | 1.48 | 41,010 |
| 2022-08-01 | $650,000 (5.4%) | $1,318,875 (2.9%) | 1.50 | 40,176 |
| 2022-09-01 | $660,130 (9.1%) | $1,365,889 (6.4%) | 1.54 | 39,681 |
| 2022-10-01 | $674,894 (9.0%) | $1,454,762 (11.6%) | 1.59 | 40,045 |
| 2022-11-01 | $669,500 (7.7%) | $1,497,072 (10.7%) | 1.61 | 38,648 |
| 2022-12-01 | $660,000 (6.6%) | $1,519,502 (9.7%) | 1.63 | 33,979 |
| 2023-01-01 | $662,500 (6.0%) | $1,547,512 (3.6%) | 1.64 | 30,692 |
| 2023-02-01 | $679,950 (6.7%) | $1,577,557 (9.4%) | 1.64 | 30,173 |
| 2023-03-01 | $698,500 (7.6%) | $1,590,414 (9.7%) | 1.65 | 30,144 |
| 2023-04-01 | $699,999 (6.1%) | $1,611,863 (11.3%) | 1.63 | 31,313 |
| 2023-05-01 | $734,500 (8.8%) | $1,672,672 (16.8%) | 1.67 | 32,425 |
| 2023-06-01 | $749,000 (11.0%) | $1,623,987 (17.9%) | 1.68 | 33,254 |
| 2023-07-01 | $737,430 (11.9%) | $1,591,760 (19.1%) | 1.68 | 33,111 |
| 2023-08-01 | $717,000 (10.3%) | $1,555,281 (17.9%) | 1.65 | 32,798 |
| 2023-09-01 | $719,000 (8.9%) | $1,541,683 (12.9%) | 1.67 | 34,732 |
| 2023-10-01 | $729,444 (8.1%) | $1,608,212 (10.6%) | 1.72 | 33,897 |
| 2023-11-01 | $727,931 (8.7%) | $1,667,818 (11.4%) | 1.73 | 34,211 |
| 2023-12-01 | $734,142 (11.2%) | $1,758,935 (15.8%) | 1.79 | 29,215 |
| 2024-01-01 | $741,500 (11.9%) | $1,742,252 (12.6%) | 1.81 | 26,933 |
| 2024-02-01 | $749,500 (10.2%) | $1,686,410 (6.9%) | 1.80 | 27,182 |
| 2024-03-01 | $759,900 (8.8%) | $1,681,115 (5.7%) | 1.79 | 28,856 |
New York's median listing price comes in at 179% of the national average.
New York's average listing price for 2024-03-01 was $1,681,115, a difference of $90,701 (5.7%) versus the prior year and $-5,295 versus the prior month.
For the 2024-03-01 period, New York had 28,856 MLS listings, a difference of 1,674 listings (6%) versus the prior month and -1,288 listings (-4%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 84 days | 1,842 sqft |
| 2018-02-01 | 72 days | 1,855 sqft |
| 2018-03-01 | 52 days | 1,880 sqft |
| 2018-04-01 | 51 days | 1,893 sqft |
| 2018-05-01 | 46 days | 1,907 sqft |
| 2018-06-01 | 50 days | 1,918 sqft |
| 2018-07-01 | 59 days | 1,920 sqft |
| 2018-08-01 | 65 days | 1,913 sqft |
| 2018-09-01 | 66 days | 1,900 sqft |
| 2018-10-01 | 64 days | 1,887 sqft |
| 2018-11-01 | 65 days | 1,865 sqft |
| 2018-12-01 | 78 days | 1,842 sqft |
| 2019-01-01 | 82 days | 1,823 sqft |
| 2019-02-01 | 73 days | 1,833 sqft |
| 2019-03-01 | 59 days | 1,866 sqft |
| 2019-04-01 | 50 days | 1,906 sqft |
| 2019-05-01 | 50 days | 1,921 sqft |
| 2019-06-01 | 55 days | 1,930 sqft |
| 2019-07-01 | 64 days | 1,922 sqft |
| 2019-08-01 | 67 days | 1,917 sqft |
| 2019-09-01 | 69 days | 1,908 sqft |
| 2019-10-01 | 70 days | 1,901 sqft |
| 2019-11-01 | 71 days | 1,854 sqft |
| 2019-12-01 | 85 days | 1,835 sqft |
| 2020-01-01 | 90 days | 1,821 sqft |
| 2020-02-01 | 75 days | 1,840 sqft |
| 2020-03-01 | 54 days | 1,854 sqft |
| 2020-04-01 | 71 days | 1,860 sqft |
| 2020-05-01 | 85 days | 1,870 sqft |
| 2020-06-01 | 86 days | 1,866 sqft |
| 2020-07-01 | 47 days | 1,806 sqft |
| 2020-08-01 | 47 days | 1,760 sqft |
| 2020-09-01 | 51 days | 1,705 sqft |
| 2020-10-01 | 51 days | 1,692 sqft |
| 2020-11-01 | 60 days | 1,652 sqft |
| 2020-12-01 | 74 days | 1,612 sqft |
| 2021-01-01 | 84 days | 1,574 sqft |
| 2021-02-01 | 78 days | 1,539 sqft |
| 2021-03-01 | 55 days | 1,538 sqft |
| 2021-04-01 | 44 days | 1,550 sqft |
| 2021-05-01 | 41 days | 1,571 sqft |
| 2021-06-01 | 44 days | 1,582 sqft |
| 2021-07-01 | 47 days | 1,592 sqft |
| 2021-08-01 | 53 days | 1,588 sqft |
| 2021-09-01 | 57 days | 1,566 sqft |
| 2021-10-01 | 57 days | 1,539 sqft |
| 2021-11-01 | 59 days | 1,510 sqft |
| 2021-12-01 | 70 days | 1,465 sqft |
| 2022-01-01 | 79 days | 1,436 sqft |
| 2022-02-01 | 60 days | 1,416 sqft |
| 2022-03-01 | 40 days | 1,438 sqft |
| 2022-04-01 | 39 days | 1,452 sqft |
| 2022-05-01 | 38 days | 1,508 sqft |
| 2022-06-01 | 39 days | 1,558 sqft |
| 2022-07-01 | 44 days | 1,568 sqft |
| 2022-08-01 | 54 days | 1,555 sqft |
| 2022-09-01 | 59 days | 1,550 sqft |
| 2022-10-01 | 59 days | 1,538 sqft |
| 2022-11-01 | 62 days | 1,527 sqft |
| 2022-12-01 | 75 days | 1,502 sqft |
| 2023-01-01 | 82 days | 1,489 sqft |
| 2023-02-01 | 75 days | 1,483 sqft |
| 2023-03-01 | 55 days | 1,488 sqft |
| 2023-04-01 | 50 days | 1,496 sqft |
| 2023-05-01 | 48 days | 1,503 sqft |
| 2023-06-01 | 51 days | 1,525 sqft |
| 2023-07-01 | 54 days | 1,552 sqft |
| 2023-08-01 | 59 days | 1,557 sqft |
| 2023-09-01 | 60 days | 1,560 sqft |
| 2023-10-01 | 56 days | 1,564 sqft |
| 2023-11-01 | 58 days | 1,559 sqft |
| 2023-12-01 | 71 days | 1,543 sqft |
| 2024-01-01 | 79 days | 1,509 sqft |
| 2024-02-01 | 69 days | 1,500 sqft |
| 2024-03-01 | 50 days | 1,502 sqft |
New York's median square footage for active listings during the 2024-03-01 period was 1,502 sqft. One year prior, the average listing was 1,488 sqft.