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 187 lenders originated 4,129 VA loans during 2022. The total origination value was $1,927,035,000, with an average VA loan value of $466,707.
New York VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New York
averaged
-0.65%
for the week of 2023-11-24, compared to the national average (all VA variants) of
0% for the same period.
New York's average VA mortgage closing costs are $8,915.
The average rate for the prior week (2023-11-17) was
6.5% and
one month ago for the week of 2023-10-20, the
average rate was 7.03%.
The average rate one year ago was 5.84%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.67%.
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
475 VA loans originated. Their average total fees are
$11,588, which is $4,219
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New York VA lenders (with over 10 loans originated) are
M&T Bank ($8,417), NJ LENDERS CORP. ($9,137), JPMorgan Chase Bank ($9,865), NAVY FEDERAL CREDIT UNION ($10,229) and NBKC BANK ($10,641).
The lowest rate New York VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.39%), M&T Bank (3.48%), PENTAGON FEDERAL CREDIT UNION (3.59%), CLEARPATH LENDING (3.64%) and JPMorgan Chase Bank (3.66%).
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%) | $1,183,848 (11.5%) | 1.85 | 48,078 |
| 2018-02-01 | $519,000 (14.2%) | $1,187,290 (7.0%) | 1.89 | 50,519 |
| 2018-03-01 | $529,990 (11.6%) | $1,165,830 (4.1%) | 1.86 | 54,044 |
| 2018-04-01 | $549,288 (12.1%) | $1,162,468 (1.3%) | 1.86 | 57,192 |
| 2018-05-01 | $559,000 (11.9%) | $1,155,699 (1.3%) | 1.87 | 62,369 |
| 2018-06-01 | $559,900 (12.0%) | $1,137,634 (0.1%) | 1.87 | 65,396 |
| 2018-07-01 | $552,746 (10.6%) | $1,118,190 (-0.6%) | 1.85 | 66,072 |
| 2018-08-01 | $549,000 (10.2%) | $1,084,990 (-1.6%) | 1.84 | 65,244 |
| 2018-09-01 | $549,900 (10.2%) | $1,092,591 (-2.4%) | 1.85 | 65,824 |
| 2018-10-01 | $549,999 (8.9%) | $1,103,774 (-3.8%) | 1.86 | 66,124 |
| 2018-11-01 | $549,900 (10.0%) | $1,115,330 (-3.2%) | 1.86 | 63,702 |
| 2018-12-01 | $540,000 (8.0%) | $1,115,419 (-4.1%) | 1.86 | 57,619 |
| 2019-01-01 | $535,000 (7.2%) | $1,114,648 (-5.9%) | 1.85 | 53,021 |
| 2019-02-01 | $547,000 (5.4%) | $1,128,535 (-5.0%) | 1.85 | 55,004 |
| 2019-03-01 | $560,143 (5.7%) | $1,129,832 (-3.1%) | 1.83 | 58,573 |
| 2019-04-01 | $575,000 (4.7%) | $1,125,884 (-3.2%) | 1.83 | 62,600 |
| 2019-05-01 | $589,000 (5.4%) | $1,130,654 (-2.2%) | 1.84 | 68,044 |
| 2019-06-01 | $585,000 (4.5%) | $1,121,808 (-1.4%) | 1.83 | 69,943 |
| 2019-07-01 | $575,000 (4.0%) | $1,107,799 (-0.9%) | 1.80 | 68,901 |
| 2019-08-01 | $575,818 (4.9%) | $1,102,068 (1.6%) | 1.82 | 68,034 |
| 2019-09-01 | $577,045 (4.9%) | $1,114,874 (2.0%) | 1.85 | 67,168 |
| 2019-10-01 | $577,864 (5.1%) | $1,125,163 (1.9%) | 1.86 | 66,028 |
| 2019-11-01 | $575,000 (4.6%) | $1,138,453 (2.1%) | 1.89 | 62,137 |
| 2019-12-01 | $574,250 (6.3%) | $1,164,229 (4.4%) | 1.91 | 54,253 |
| 2020-01-01 | $565,000 (5.6%) | $1,173,259 (5.3%) | 1.89 | 49,998 |
| 2020-02-01 | $575,000 (5.1%) | $1,176,774 (4.3%) | 1.89 | 51,377 |
| 2020-03-01 | $589,950 (5.3%) | $1,181,586 (4.6%) | 1.85 | 52,873 |
| 2020-04-01 | $598,919 (4.2%) | $1,221,279 (8.5%) | 1.88 | 48,982 |
| 2020-05-01 | $599,000 (1.7%) | $1,197,451 (5.9%) | 1.82 | 48,643 |
| 2020-06-01 | $599,944 (2.6%) | $1,191,407 (6.2%) | 1.77 | 51,190 |
| 2020-07-01 | $627,000 (9.0%) | $1,207,722 (9.0%) | 1.82 | 54,357 |
| 2020-08-01 | $640,000 (11.2%) | $1,250,249 (13.5%) | 1.83 | 54,382 |
| 2020-09-01 | $649,000 (12.5%) | $1,264,201 (13.4%) | 1.86 | 54,573 |
| 2020-10-01 | $649,999 (12.5%) | $1,292,958 (14.9%) | 1.86 | 55,665 |
| 2020-11-01 | $649,000 (12.9%) | $1,308,060 (14.9%) | 1.90 | 52,177 |
| 2020-12-01 | $649,000 (13.0%) | $1,328,971 (14.2%) | 1.93 | 46,933 |
| 2021-01-01 | $649,000 (14.9%) | $1,375,909 (17.3%) | 1.94 | 40,460 |
| 2021-02-01 | $649,950 (13.0%) | $1,399,963 (19.0%) | 1.89 | 38,708 |
| 2021-03-01 | $649,000 (10.0%) | $1,384,176 (17.2%) | 1.84 | 38,462 |
| 2021-04-01 | $649,948 (8.5%) | $1,392,774 (14.0%) | 1.76 | 40,119 |
| 2021-05-01 | $649,995 (8.5%) | $1,380,641 (15.3%) | 1.73 | 42,340 |
| 2021-06-01 | $645,371 (7.6%) | $1,341,064 (12.6%) | 1.70 | 44,884 |
| 2021-07-01 | $625,000 (-0.3%) | $1,297,611 (7.4%) | 1.65 | 45,176 |
| 2021-08-01 | $617,000 (-3.6%) | $1,281,947 (2.5%) | 1.65 | 44,670 |
| 2021-09-01 | $605,000 (-6.8%) | $1,285,038 (1.7%) | 1.61 | 43,618 |
| 2021-10-01 | $619,000 (-4.8%) | $1,303,291 (0.8%) | 1.65 | 43,541 |
| 2021-11-01 | $621,950 (-4.2%) | $1,352,541 (3.4%) | 1.66 | 39,094 |
| 2021-12-01 | $619,250 (-4.6%) | $1,385,108 (4.2%) | 1.68 | 32,924 |
| 2022-01-01 | $625,000 (-3.7%) | $1,494,589 (8.6%) | 1.69 | 28,166 |
| 2022-02-01 | $637,125 (-2.0%) | $1,442,437 (3.0%) | 1.66 | 28,501 |
| 2022-03-01 | $649,444 (0.1%) | $1,450,488 (4.8%) | 1.63 | 30,422 |
| 2022-04-01 | $660,000 (1.6%) | $1,448,165 (4.0%) | 1.57 | 32,093 |
| 2022-05-01 | $675,000 (3.9%) | $1,431,685 (3.7%) | 1.54 | 36,017 |
| 2022-06-01 | $675,000 (4.6%) | $1,377,868 (2.7%) | 1.50 | 38,792 |
| 2022-07-01 | $659,000 (5.4%) | $1,336,147 (3.0%) | 1.48 | 41,019 |
| 2022-08-01 | $650,000 (5.4%) | $1,318,876 (2.9%) | 1.50 | 40,186 |
| 2022-09-01 | $660,000 (9.1%) | $1,365,893 (6.3%) | 1.54 | 39,688 |
| 2022-10-01 | $674,495 (9.0%) | $1,454,790 (11.6%) | 1.59 | 40,051 |
| 2022-11-01 | $669,500 (7.7%) | $1,496,955 (10.7%) | 1.61 | 38,651 |
| 2022-12-01 | $660,000 (6.6%) | $1,519,408 (9.7%) | 1.63 | 33,980 |
| 2023-01-01 | $662,500 (6.0%) | $1,547,386 (3.5%) | 1.64 | 30,695 |
| 2023-02-01 | $679,950 (6.7%) | $1,577,426 (9.4%) | 1.64 | 30,175 |
| 2023-03-01 | $698,500 (7.6%) | $1,590,348 (9.6%) | 1.65 | 30,145 |
| 2023-04-01 | $699,999 (6.1%) | $1,611,768 (11.3%) | 1.63 | 31,315 |
| 2023-05-01 | $734,889 (8.9%) | $1,673,035 (16.9%) | 1.66 | 32,420 |
| 2023-06-01 | $749,000 (11.0%) | $1,624,692 (17.9%) | 1.68 | 33,239 |
| 2023-07-01 | $737,500 (11.9%) | $1,591,886 (19.1%) | 1.68 | 33,112 |
| 2023-08-01 | $717,000 (10.3%) | $1,555,281 (17.9%) | 1.65 | 32,798 |
| 2023-09-01 | $719,000 (8.9%) | $1,541,832 (12.9%) | 1.67 | 34,729 |
| 2023-10-01 | $729,500 (8.2%) | $1,608,290 (10.6%) | 1.72 | 33,896 |
New York's median listing price comes in at 172% of the national average.
New York's average listing price for 2023-10-01 was $1,608,290, a difference of $153,500 (10.6%) versus the prior year and $66,458 versus the prior month.
For the 2023-10-01 period, New York had 33,896 MLS listings, a difference of -833 listings (-2%) versus the prior month and -6,155 listings (-15%) 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 | 1,839 sqft |
| 2018-02-01 | 72 days | 1,856 sqft |
| 2018-03-01 | 52 days | 1,882 sqft |
| 2018-04-01 | 51 days | 1,895 sqft |
| 2018-05-01 | 46 days | 1,909 sqft |
| 2018-06-01 | 50 days | 1,917 sqft |
| 2018-07-01 | 59 days | 1,918 sqft |
| 2018-08-01 | 65 days | 1,912 sqft |
| 2018-09-01 | 66 days | 1,900 sqft |
| 2018-10-01 | 64 days | 1,886 sqft |
| 2018-11-01 | 65 days | 1,862 sqft |
| 2018-12-01 | 78 days | 1,840 sqft |
| 2019-01-01 | 82 days | 1,822 sqft |
| 2019-02-01 | 73 days | 1,833 sqft |
| 2019-03-01 | 59 days | 1,867 sqft |
| 2019-04-01 | 50 days | 1,909 sqft |
| 2019-05-01 | 50 days | 1,927 sqft |
| 2019-06-01 | 55 days | 1,936 sqft |
| 2019-07-01 | 64 days | 1,928 sqft |
| 2019-08-01 | 67 days | 1,923 sqft |
| 2019-09-01 | 69 days | 1,914 sqft |
| 2019-10-01 | 70 days | 1,908 sqft |
| 2019-11-01 | 71 days | 1,860 sqft |
| 2019-12-01 | 85 days | 1,840 sqft |
| 2020-01-01 | 90 days | 1,826 sqft |
| 2020-02-01 | 75 days | 1,842 sqft |
| 2020-03-01 | 54 days | 1,854 sqft |
| 2020-04-01 | 71 days | 1,861 sqft |
| 2020-05-01 | 85 days | 1,872 sqft |
| 2020-06-01 | 86 days | 1,869 sqft |
| 2020-07-01 | 47 days | 1,806 sqft |
| 2020-08-01 | 47 days | 1,758 sqft |
| 2020-09-01 | 51 days | 1,702 sqft |
| 2020-10-01 | 51 days | 1,686 sqft |
| 2020-11-01 | 60 days | 1,648 sqft |
| 2020-12-01 | 74 days | 1,607 sqft |
| 2021-01-01 | 84 days | 1,568 sqft |
| 2021-02-01 | 78 days | 1,533 sqft |
| 2021-03-01 | 55 days | 1,531 sqft |
| 2021-04-01 | 44 days | 1,542 sqft |
| 2021-05-01 | 41 days | 1,564 sqft |
| 2021-06-01 | 44 days | 1,577 sqft |
| 2021-07-01 | 47 days | 1,590 sqft |
| 2021-08-01 | 53 days | 1,581 sqft |
| 2021-09-01 | 57 days | 1,561 sqft |
| 2021-10-01 | 57 days | 1,534 sqft |
| 2021-11-01 | 59 days | 1,506 sqft |
| 2021-12-01 | 70 days | 1,458 sqft |
| 2022-01-01 | 79 days | 1,427 sqft |
| 2022-02-01 | 60 days | 1,406 sqft |
| 2022-03-01 | 40 days | 1,429 sqft |
| 2022-04-01 | 39 days | 1,450 sqft |
| 2022-05-01 | 38 days | 1,504 sqft |
| 2022-06-01 | 39 days | 1,551 sqft |
| 2022-07-01 | 44 days | 1,566 sqft |
| 2022-08-01 | 54 days | 1,553 sqft |
| 2022-09-01 | 59 days | 1,548 sqft |
| 2022-10-01 | 59 days | 1,536 sqft |
| 2022-11-01 | 62 days | 1,528 sqft |
| 2022-12-01 | 75 days | 1,502 sqft |
| 2023-01-01 | 82 days | 1,490 sqft |
| 2023-02-01 | 75 days | 1,485 sqft |
| 2023-03-01 | 55 days | 1,489 sqft |
| 2023-04-01 | 50 days | 1,498 sqft |
| 2023-05-01 | 48 days | 1,506 sqft |
| 2023-06-01 | 51 days | 1,530 sqft |
| 2023-07-01 | 54 days | 1,560 sqft |
| 2023-08-01 | 59 days | 1,559 sqft |
| 2023-09-01 | 60 days | 1,563 sqft |
| 2023-10-01 | 56 days | 1,572 sqft |
New York's median square footage for active listings during the 2023-10-01 period was 1,572 sqft. One year prior, the average listing was 1,536 sqft.