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 216 lenders originated 10,871 VA loans during 2021. The total origination value was $4,371,695,000, with an average VA loan value of $402,143.
New York VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New York
averaged
0.05%
for the week of 2022-11-25, compared to the national average (all VA variants) of
0% for the same period.
New York's average VA mortgage closing costs are $8,279.
The average rate for the prior week (2022-11-18) was
6.74% and
one month ago for the week of 2022-10-21, the
average rate was 6.88%.
The average rate one year ago was 3.06%.
For refis of the same type during the week of 2022-11-25, the average rate
was -0.05%.
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 QUICKEN LOANS, LLC, with
1,342 VA loans originated. Their average total fees are
$7,045, which is $1,913
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee New York VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($3,042), AmeriHome Mortgage Company, LLC ($4,010), PLANET HOME LENDING, LLC ($4,144), PENTAGON FEDERAL CREDIT UNION ($4,514) and Mr. Cooper ( Nationstar Mortgage ) ($4,683).
The lowest rate New York VA lenders (with over 10 loans originated) are
ACCELERATE MORTGAGE, LLC (2.22%), CLEARPATH LENDING (2.28%), VILLAGE CAPITAL MORTGAGE (2.31%), PENTAGON FEDERAL CREDIT UNION (2.34%) and BNC National Bank (2.35%).
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%) | $1,183,882 (11.5%) | 1.85 | 48,075 |
| 2018-02-01 | $519,000 (14.2%) | $1,187,324 (7.0%) | 1.88 | 50,518 |
| 2018-03-01 | $529,990 (11.6%) | $1,165,832 (4.1%) | 1.86 | 54,044 |
| 2018-04-01 | $549,250 (12.1%) | $1,162,462 (1.3%) | 1.86 | 57,193 |
| 2018-05-01 | $559,000 (11.9%) | $1,155,681 (1.3%) | 1.87 | 62,369 |
| 2018-06-01 | $559,900 (12.0%) | $1,137,710 (0.1%) | 1.87 | 65,396 |
| 2018-07-01 | $552,500 (10.5%) | $1,118,178 (-0.6%) | 1.84 | 66,073 |
| 2018-08-01 | $549,000 (10.3%) | $1,084,991 (-1.7%) | 1.84 | 65,243 |
| 2018-09-01 | $549,900 (10.2%) | $1,092,583 (-2.4%) | 1.85 | 65,823 |
| 2018-10-01 | $549,999 (8.9%) | $1,103,792 (-3.8%) | 1.86 | 66,123 |
| 2018-11-01 | $549,900 (10.0%) | $1,115,359 (-3.2%) | 1.86 | 63,702 |
| 2018-12-01 | $540,000 (8.1%) | $1,115,452 (-4.1%) | 1.86 | 57,619 |
| 2019-01-01 | $535,000 (7.2%) | $1,114,671 (-5.9%) | 1.85 | 53,020 |
| 2019-02-01 | $547,000 (5.4%) | $1,128,529 (-5.0%) | 1.85 | 55,007 |
| 2019-03-01 | $560,143 (5.7%) | $1,129,708 (-3.1%) | 1.83 | 58,581 |
| 2019-04-01 | $575,000 (4.7%) | $1,126,076 (-3.1%) | 1.83 | 62,618 |
| 2019-05-01 | $589,000 (5.4%) | $1,130,088 (-2.2%) | 1.84 | 68,100 |
| 2019-06-01 | $585,000 (4.5%) | $1,121,245 (-1.5%) | 1.83 | 70,028 |
| 2019-07-01 | $575,000 (4.1%) | $1,107,195 (-1.0%) | 1.80 | 68,992 |
| 2019-08-01 | $575,545 (4.8%) | $1,101,391 (1.5%) | 1.82 | 68,131 |
| 2019-09-01 | $576,364 (4.8%) | $1,114,101 (2.0%) | 1.84 | 67,274 |
| 2019-10-01 | $576,909 (4.9%) | $1,124,295 (1.9%) | 1.86 | 66,143 |
| 2019-11-01 | $575,000 (4.6%) | $1,137,511 (2.0%) | 1.89 | 62,259 |
| 2019-12-01 | $572,450 (6.0%) | $1,162,982 (4.3%) | 1.91 | 54,386 |
| 2020-01-01 | $565,000 (5.6%) | $1,171,923 (5.1%) | 1.89 | 50,125 |
| 2020-02-01 | $575,820 (5.3%) | $1,175,659 (4.2%) | 1.88 | 51,506 |
| 2020-03-01 | $589,900 (5.3%) | $1,180,420 (4.5%) | 1.85 | 53,001 |
| 2020-04-01 | $598,450 (4.1%) | $1,220,251 (8.4%) | 1.87 | 49,112 |
| 2020-05-01 | $599,000 (1.7%) | $1,196,094 (5.8%) | 1.82 | 48,778 |
| 2020-06-01 | $599,610 (2.5%) | $1,190,076 (6.1%) | 1.77 | 51,323 |
| 2020-07-01 | $627,000 (9.0%) | $1,206,361 (9.0%) | 1.82 | 54,488 |
| 2020-08-01 | $639,999 (11.2%) | $1,248,512 (13.4%) | 1.83 | 54,515 |
| 2020-09-01 | $649,000 (12.6%) | $1,262,522 (13.3%) | 1.86 | 54,708 |
| 2020-10-01 | $649,999 (12.7%) | $1,290,933 (14.8%) | 1.86 | 55,795 |
| 2020-11-01 | $649,000 (12.9%) | $1,305,923 (14.8%) | 1.90 | 52,305 |
| 2020-12-01 | $649,000 (13.4%) | $1,326,668 (14.1%) | 1.93 | 47,062 |
| 2021-01-01 | $649,000 (14.9%) | $1,372,937 (17.2%) | 1.94 | 40,585 |
| 2021-02-01 | $649,950 (12.9%) | $1,396,675 (18.8%) | 1.89 | 38,835 |
| 2021-03-01 | $649,000 (10.0%) | $1,380,609 (17.0%) | 1.84 | 38,580 |
| 2021-04-01 | $649,700 (8.6%) | $1,389,243 (13.9%) | 1.76 | 40,230 |
| 2021-05-01 | $649,900 (8.5%) | $1,377,438 (15.2%) | 1.72 | 42,440 |
| 2021-06-01 | $644,500 (7.5%) | $1,338,494 (12.5%) | 1.70 | 44,973 |
| 2021-07-01 | $625,000 (-0.3%) | $1,295,013 (7.4%) | 1.65 | 45,244 |
| 2021-08-01 | $614,500 (-4.0%) | $1,278,509 (2.4%) | 1.64 | 44,680 |
| 2021-09-01 | $600,000 (-7.6%) | $1,281,474 (1.5%) | 1.60 | 43,660 |
| 2021-10-01 | $615,888 (-5.3%) | $1,299,566 (0.7%) | 1.64 | 43,603 |
| 2021-11-01 | $619,500 (-4.6%) | $1,348,786 (3.3%) | 1.65 | 39,174 |
| 2021-12-01 | $619,000 (-4.6%) | $1,380,980 (4.1%) | 1.68 | 33,022 |
| 2022-01-01 | $624,900 (-3.7%) | $1,488,404 (8.4%) | 1.69 | 28,211 |
| 2022-02-01 | $634,950 (-2.3%) | $1,436,303 (2.8%) | 1.65 | 28,612 |
| 2022-03-01 | $649,000 (0.0%) | $1,444,360 (4.6%) | 1.62 | 30,534 |
| 2022-04-01 | $659,900 (1.6%) | $1,442,516 (3.8%) | 1.57 | 32,208 |
| 2022-05-01 | $675,000 (3.9%) | $1,426,980 (3.6%) | 1.54 | 36,136 |
| 2022-06-01 | $674,950 (4.7%) | $1,374,149 (2.7%) | 1.50 | 38,914 |
| 2022-07-01 | $659,000 (5.4%) | $1,332,942 (2.9%) | 1.49 | 41,131 |
| 2022-08-01 | $650,000 (5.8%) | $1,315,473 (2.9%) | 1.50 | 40,299 |
| 2022-09-01 | $655,658 (9.3%) | $1,362,483 (6.3%) | 1.53 | 39,808 |
| 2022-10-01 | $670,000 (8.8%) | $1,450,941 (11.7%) | 1.58 | 40,174 |
New York's median listing price comes in at 158% of the national average.
New York's average listing price for 2022-10-01 was $1,450,941, a difference of $151,375 (11.7%) versus the prior year and $88,458 versus the prior month.
For the 2022-10-01 period, New York had 40,174 MLS listings, a difference of 366 listings (1%) versus the prior month and -3,429 listings (-8%) 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 | 1,843 sqft |
| 2018-02-01 | 79 days | 1,859 sqft |
| 2018-03-01 | 57 days | 1,885 sqft |
| 2018-04-01 | 54 days | 1,897 sqft |
| 2018-05-01 | 51 days | 1,913 sqft |
| 2018-06-01 | 53 days | 1,920 sqft |
| 2018-07-01 | 63 days | 1,920 sqft |
| 2018-08-01 | 67 days | 1,915 sqft |
| 2018-09-01 | 71 days | 1,900 sqft |
| 2018-10-01 | 68 days | 1,887 sqft |
| 2018-11-01 | 68 days | 1,861 sqft |
| 2018-12-01 | 82 days | 1,840 sqft |
| 2019-01-01 | 88 days | 1,822 sqft |
| 2019-02-01 | 80 days | 1,833 sqft |
| 2019-03-01 | 65 days | 1,869 sqft |
| 2019-04-01 | 52 days | 1,913 sqft |
| 2019-05-01 | 52 days | 1,929 sqft |
| 2019-06-01 | 59 days | 1,936 sqft |
| 2019-07-01 | 67 days | 1,928 sqft |
| 2019-08-01 | 70 days | 1,923 sqft |
| 2019-09-01 | 72 days | 1,916 sqft |
| 2019-10-01 | 75 days | 1,912 sqft |
| 2019-11-01 | 77 days | 1,862 sqft |
| 2019-12-01 | 90 days | 1,846 sqft |
| 2020-01-01 | 95 days | 1,829 sqft |
| 2020-02-01 | 84 days | 1,850 sqft |
| 2020-03-01 | 59 days | 1,862 sqft |
| 2020-04-01 | 77 days | 1,864 sqft |
| 2020-05-01 | 91 days | 1,876 sqft |
| 2020-06-01 | 96 days | 1,876 sqft |
| 2020-07-01 | 55 days | 1,809 sqft |
| 2020-08-01 | 51 days | 1,760 sqft |
| 2020-09-01 | 55 days | 1,708 sqft |
| 2020-10-01 | 57 days | 1,696 sqft |
| 2020-11-01 | 66 days | 1,654 sqft |
| 2020-12-01 | 81 days | 1,617 sqft |
| 2021-01-01 | 90 days | 1,575 sqft |
| 2021-02-01 | 89 days | 1,539 sqft |
| 2021-03-01 | 63 days | 1,537 sqft |
| 2021-04-01 | 51 days | 1,548 sqft |
| 2021-05-01 | 46 days | 1,569 sqft |
| 2021-06-01 | 47 days | 1,582 sqft |
| 2021-07-01 | 52 days | 1,596 sqft |
| 2021-08-01 | 58 days | 1,587 sqft |
| 2021-09-01 | 61 days | 1,568 sqft |
| 2021-10-01 | 61 days | 1,536 sqft |
| 2021-11-01 | 63 days | 1,509 sqft |
| 2021-12-01 | 76 days | 1,463 sqft |
| 2022-01-01 | 86 days | 1,431 sqft |
| 2022-02-01 | 70 days | 1,411 sqft |
| 2022-03-01 | 46 days | 1,435 sqft |
| 2022-04-01 | 44 days | 1,450 sqft |
| 2022-05-01 | 42 days | 1,505 sqft |
| 2022-06-01 | 43 days | 1,553 sqft |
| 2022-07-01 | 46 days | 1,568 sqft |
| 2022-08-01 | 58 days | 1,554 sqft |
| 2022-09-01 | 65 days | 1,549 sqft |
| 2022-10-01 | 64 days | 1,539 sqft |
New York's median square footage for active listings during the 2022-10-01 period was 1,539 sqft. One year prior, the average listing was 1,536 sqft.
