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
6.06%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
New York's average VA mortgage closing costs are $8,915.
The average rate for the prior week (2023-05-19) was
5.79% and
one month ago for the week of 2023-04-21, the
average rate was 5.81%.
The average rate one year ago was 4.38%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.74%.
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%) | $1,187,313 (7.0%) | 1.89 | 50,519 |
| 2018-03-01 | $529,990 (11.6%) | $1,165,841 (4.1%) | 1.86 | 54,044 |
| 2018-04-01 | $549,288 (12.1%) | $1,162,478 (1.3%) | 1.86 | 57,192 |
| 2018-05-01 | $559,000 (11.9%) | $1,155,693 (1.3%) | 1.87 | 62,369 |
| 2018-06-01 | $559,900 (12.0%) | $1,137,719 (0.1%) | 1.87 | 65,396 |
| 2018-07-01 | $552,743 (10.6%) | $1,118,192 (-0.6%) | 1.85 | 66,072 |
| 2018-08-01 | $549,000 (10.2%) | $1,084,993 (-1.7%) | 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%) | $1,103,781 (-3.8%) | 1.86 | 66,123 |
| 2018-11-01 | $549,900 (10.0%) | $1,115,345 (-3.2%) | 1.86 | 63,701 |
| 2018-12-01 | $540,000 (8.0%) | $1,115,434 (-4.1%) | 1.86 | 57,618 |
| 2019-01-01 | $535,000 (7.2%) | $1,114,653 (-5.8%) | 1.85 | 53,021 |
| 2019-02-01 | $547,000 (5.4%) | $1,128,540 (-5.0%) | 1.85 | 55,004 |
| 2019-03-01 | $565,000 (6.6%) | $1,139,686 (-2.2%) | 1.88 | 58,517 |
| 2019-04-01 | $575,000 (4.7%) | $1,120,477 (-3.6%) | 1.83 | 62,613 |
| 2019-05-01 | $589,000 (5.4%) | $1,130,548 (-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 | $575,000 (4.7%) | $1,096,085 (1.0%) | 1.80 | 68,224 |
| 2019-09-01 | $589,500 (7.2%) | $1,137,328 (4.1%) | 1.86 | 63,390 |
| 2019-10-01 | $578,500 (5.2%) | $1,125,177 (1.9%) | 1.87 | 66,027 |
| 2019-11-01 | $575,000 (4.6%) | $1,138,468 (2.1%) | 1.89 | 62,136 |
| 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%) | $1,176,857 (4.3%) | 1.88 | 51,702 |
| 2020-03-01 | $589,950 (4.4%) | $1,181,586 (3.7%) | 1.85 | 52,873 |
| 2020-04-01 | $598,919 (4.2%) | $1,221,655 (9.0%) | 1.88 | 48,982 |
| 2020-05-01 | $599,000 (1.7%) | $1,197,435 (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 (11.3%) | $1,250,071 (14.1%) | 1.83 | 54,382 |
| 2020-09-01 | $649,000 (10.1%) | $1,264,201 (11.2%) | 1.86 | 54,573 |
| 2020-10-01 | $649,999 (12.4%) | $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%) | $1,375,995 (17.3%) | 1.94 | 40,460 |
| 2021-02-01 | $649,950 (13.0%) | $1,399,980 (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%) | $1,392,781 (14.0%) | 1.76 | 40,119 |
| 2021-05-01 | $649,993 (8.5%) | $1,380,636 (15.3%) | 1.73 | 42,340 |
| 2021-06-01 | $644,500 (7.4%) | $1,341,079 (12.6%) | 1.70 | 44,884 |
| 2021-07-01 | $625,000 (-0.3%) | $1,297,636 (7.4%) | 1.65 | 45,176 |
| 2021-08-01 | $617,000 (-3.6%) | $1,281,954 (2.6%) | 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%) | $1,303,371 (0.8%) | 1.65 | 43,541 |
| 2021-11-01 | $621,950 (-4.2%) | $1,352,513 (3.4%) | 1.66 | 39,094 |
| 2021-12-01 | $619,450 (-4.6%) | $1,385,104 (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%) | $1,442,433 (3.0%) | 1.66 | 28,501 |
| 2022-03-01 | $649,444 (0.1%) | $1,450,686 (4.8%) | 1.63 | 30,423 |
| 2022-04-01 | $660,000 (1.6%) | $1,448,123 (4.0%) | 1.57 | 32,094 |
| 2022-05-01 | $675,000 (3.9%) | $1,431,711 (3.7%) | 1.54 | 36,018 |
| 2022-06-01 | $675,000 (4.7%) | $1,377,880 (2.7%) | 1.50 | 38,793 |
| 2022-07-01 | $659,000 (5.4%) | $1,336,228 (3.0%) | 1.49 | 41,019 |
| 2022-08-01 | $650,000 (5.4%) | $1,318,880 (2.9%) | 1.50 | 40,185 |
| 2022-09-01 | $660,000 (9.1%) | $1,365,949 (6.3%) | 1.54 | 39,687 |
| 2022-10-01 | $674,500 (9.0%) | $1,454,884 (11.6%) | 1.59 | 40,049 |
| 2022-11-01 | $669,500 (7.7%) | $1,497,022 (10.7%) | 1.61 | 38,650 |
| 2022-12-01 | $660,000 (6.6%) | $1,519,670 (9.7%) | 1.63 | 33,983 |
| 2023-01-01 | $662,500 (6.0%) | $1,547,426 (3.5%) | 1.64 | 30,697 |
| 2023-02-01 | $679,950 (6.7%) | $1,577,536 (9.4%) | 1.64 | 30,177 |
| 2023-03-01 | $698,500 (7.6%) | $1,589,985 (9.6%) | 1.65 | 30,148 |
| 2023-04-01 | $699,999 (6.1%) | $1,611,725 (11.3%) | 1.63 | 31,316 |
New York's median listing price comes in at 163% of the national average.
New York's average listing price for 2023-04-01 was $1,611,725, a difference of $163,602 (11.3%) versus the prior year and $21,740 versus the prior month.
For the 2023-04-01 period, New York had 31,316 MLS listings, a difference of 1,168 listings (4%) versus the prior month and -778 listings (-2%) 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 | 89 days | 1,838 sqft |
| 2018-02-01 | 79 days | 1,854 sqft |
| 2018-03-01 | 57 days | 1,880 sqft |
| 2018-04-01 | 54 days | 1,895 sqft |
| 2018-05-01 | 51 days | 1,909 sqft |
| 2018-06-01 | 53 days | 1,917 sqft |
| 2018-07-01 | 62 days | 1,916 sqft |
| 2018-08-01 | 67 days | 1,910 sqft |
| 2018-09-01 | 71 days | 1,896 sqft |
| 2018-10-01 | 68 days | 1,883 sqft |
| 2018-11-01 | 68 days | 1,858 sqft |
| 2018-12-01 | 82 days | 1,837 sqft |
| 2019-01-01 | 88 days | 1,820 sqft |
| 2019-02-01 | 80 days | 1,829 sqft |
| 2019-03-01 | 60 days | 1,874 sqft |
| 2019-04-01 | 52 days | 1,906 sqft |
| 2019-05-01 | 52 days | 1,923 sqft |
| 2019-06-01 | 59 days | 1,932 sqft |
| 2019-07-01 | 67 days | 1,923 sqft |
| 2019-08-01 | 79 days | 1,932 sqft |
| 2019-09-01 | 85 days | 1,940 sqft |
| 2019-10-01 | 75 days | 1,901 sqft |
| 2019-11-01 | 76 days | 1,855 sqft |
| 2019-12-01 | 90 days | 1,837 sqft |
| 2020-01-01 | 95 days | 1,821 sqft |
| 2020-02-01 | 85 days | 1,841 sqft |
| 2020-03-01 | 59 days | 1,853 sqft |
| 2020-04-01 | 77 days | 1,856 sqft |
| 2020-05-01 | 91 days | 1,869 sqft |
| 2020-06-01 | 95 days | 1,865 sqft |
| 2020-07-01 | 54 days | 1,803 sqft |
| 2020-08-01 | 51 days | 1,755 sqft |
| 2020-09-01 | 55 days | 1,701 sqft |
| 2020-10-01 | 56 days | 1,683 sqft |
| 2020-11-01 | 66 days | 1,647 sqft |
| 2020-12-01 | 81 days | 1,605 sqft |
| 2021-01-01 | 89 days | 1,565 sqft |
| 2021-02-01 | 89 days | 1,531 sqft |
| 2021-03-01 | 63 days | 1,524 sqft |
| 2021-04-01 | 50 days | 1,538 sqft |
| 2021-05-01 | 46 days | 1,562 sqft |
| 2021-06-01 | 47 days | 1,575 sqft |
| 2021-07-01 | 52 days | 1,589 sqft |
| 2021-08-01 | 58 days | 1,580 sqft |
| 2021-09-01 | 60 days | 1,560 sqft |
| 2021-10-01 | 60 days | 1,532 sqft |
| 2021-11-01 | 63 days | 1,506 sqft |
| 2021-12-01 | 76 days | 1,458 sqft |
| 2022-01-01 | 85 days | 1,425 sqft |
| 2022-02-01 | 69 days | 1,406 sqft |
| 2022-03-01 | 46 days | 1,428 sqft |
| 2022-04-01 | 43 days | 1,450 sqft |
| 2022-05-01 | 41 days | 1,503 sqft |
| 2022-06-01 | 42 days | 1,549 sqft |
| 2022-07-01 | 46 days | 1,560 sqft |
| 2022-08-01 | 57 days | 1,550 sqft |
| 2022-09-01 | 65 days | 1,545 sqft |
| 2022-10-01 | 64 days | 1,534 sqft |
| 2022-11-01 | 66 days | 1,529 sqft |
| 2022-12-01 | 80 days | 1,504 sqft |
| 2023-01-01 | 88 days | 1,493 sqft |
| 2023-02-01 | 84 days | 1,488 sqft |
| 2023-03-01 | 61 days | 1,490 sqft |
| 2023-04-01 | 54 days | 1,500 sqft |
New York's median square footage for active listings during the 2023-04-01 period was 1,500 sqft. One year prior, the average listing was 1,450 sqft.