Olean VA Loan Rates, Closing Costs & Stats

Olean, NY

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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.

    Olean's 20 lenders originated 58 VA loans during 2023. The total origination value was $12,000,000, with an average VA loan value of $206,897.

    Olean VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Olean averaged 6.3% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Olean's average VA mortgage closing costs are $4,807.

    The average rate for the prior week (2024-12-06) was 6.24% and one month ago for the week of 2024-11-08, the average rate was 6.63%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.98%.

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

    Olean 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 Olean level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 12 6.82% $2,449
    QUICKEN LOANS, LLC 10 6.52% $6,055
    HOMESTEAD FUNDING CORP. 4 7.06% $3,910
    LOANDEPOT.COM, LLC 3 7.12% $9,432
    NAVY FEDERAL CREDIT UNION 3 6.13% $2,969
    UNITED WHOLESALE MORTGAGE, LLC 3 6.91% $9,811
    PLAZA HOME MORTGAGE, INC. 3 6.67% $5,240
    MOVEMENT MORTGAGE, LLC 2 6.69% $7,097
    Barrington Bank & Trust Company, N.A. 2 7.00% $4,496
    EVERETT FINANCIAL, INC. 2 6.63% $8,663
    Wells Fargo Bank 1 4.75% $8,652
    CONTOUR MORTGAGE CORPORATION 1 5.63% $11,688
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $4,346
    JPMorgan Chase Bank 1 5.25% $11,955
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $4,739
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $10,124
    NEWREZ LLC 1 6.75% $6,765
    Premium Mortgage Corporation 1 5.75% $1,894
    USAA Federal Savings Bank 1 7.25% $4,735
    1ST PRIORITY MORTGAGE, INC. 1 6.88% $10,830

    The top Olean VA lender as defined by loan originations is Mortgage Research Center, LLC, with 12 VA loans originated. Their average total fees are $2,449, which is $3,606 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Olean VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($2,449), QUICKEN LOANS, LLC ($6,055), .

    The lowest rate Olean VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.52%), Mortgage Research Center, LLC (6.82%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Olean (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 $119,900 (1.2%) $195,321 (7.8%) 0.00 511
    2018-02-01 $124,950 (5.4%) $205,143 (14.4%) 0.00 496
    2018-03-01 $129,000 (7.6%) $208,260 (11.5%) 0.00 483
    2018-04-01 $126,475 (5.5%) $205,997 (9.5%) 0.00 476
    2018-05-01 $125,000 (4.2%) $202,300 (8.0%) 0.00 497
    2018-06-01 $124,450 (1.5%) $201,141 (7.6%) 0.00 537
    2018-07-01 $127,950 (2.8%) $200,751 (6.9%) 0.00 559
    2018-08-01 $126,100 (1.0%) $196,875 (2.8%) 0.00 571
    2018-09-01 $120,000 (-5.7%) $191,557 (-2.7%) 0.00 553
    2018-10-01 $121,225 (-3.0%) $189,629 (-4.9%) 0.00 539
    2018-11-01 $119,900 (-2.1%) $186,119 (-7.3%) 0.00 523
    2018-12-01 $119,900 (-1.6%) $187,835 (-8.4%) 0.00 478
    2019-01-01 $119,900 (0.0%) $191,506 (-2.0%) 0.00 444
    2019-02-01 $119,900 (-4.0%) $195,272 (-4.8%) 0.00 434
    2019-03-01 $131,686 (2.1%) $208,028 (-0.1%) 0.00 406
    2019-04-01 $148,650 (17.5%) $220,052 (6.8%) 0.00 377
    2019-05-01 $145,950 (16.8%) $214,825 (6.2%) 0.00 382
    2019-06-01 $144,900 (16.4%) $211,615 (5.2%) 0.00 408
    2019-07-01 $139,900 (9.3%) $206,967 (3.1%) 0.00 426
    2019-08-01 $143,445 (13.8%) $209,050 (6.2%) 0.00 423
    2019-09-01 $144,264 (20.2%) $211,533 (10.4%) 0.00 423
    2019-10-01 $141,859 (17.0%) $210,811 (11.2%) 0.00 424
    2019-11-01 $131,950 (10.1%) $206,454 (10.9%) 0.00 405
    2019-12-01 $135,475 (13.0%) $212,417 (13.1%) 0.00 386
    2020-01-01 $154,950 (29.2%) $229,290 (19.7%) 0.00 353
    2020-02-01 $157,500 (31.4%) $228,850 (17.2%) 0.00 345
    2020-03-01 $153,750 (16.8%) $225,375 (8.3%) 0.00 338
    2020-04-01 $158,250 (6.5%) $229,055 (4.1%) 0.00 318
    2020-05-01 $164,900 (13.0%) $229,797 (7.0%) 0.00 321
    2020-06-01 $169,500 (17.0%) $226,567 (7.1%) 0.00 303
    2020-07-01 $162,450 (16.1%) $225,541 (9.0%) 0.00 287
    2020-08-01 $168,900 (17.8%) $234,502 (12.2%) 0.00 276
    2020-09-01 $143,150 (-0.8%) $229,320 (8.4%) 0.00 264
    2020-10-01 $138,450 (-2.4%) $235,427 (11.7%) 0.00 246
    2020-11-01 $132,400 (0.3%) $230,408 (11.6%) 0.00 219
    2020-12-01 $127,075 (-6.2%) $229,241 (7.9%) 0.00 205
    2021-01-01 $135,000 (-12.9%) $239,274 (4.4%) 0.00 181
    2021-02-01 $121,500 (-22.9%) $239,160 (4.5%) 0.00 158
    2021-03-01 $125,950 (-18.1%) $243,992 (8.3%) 0.00 135
    2021-04-01 $137,500 (-13.1%) $239,839 (4.7%) 0.00 129
    2021-05-01 $127,000 (-23.0%) $226,245 (-1.6%) 0.00 126
    2021-06-01 $127,200 (-25.0%) $221,699 (-2.2%) 0.00 142
    2021-07-01 $137,000 (-15.7%) $213,869 (-5.2%) 0.00 161
    2021-08-01 $139,900 (-17.2%) $211,305 (-9.9%) 0.00 157
    2021-09-01 $131,450 (-8.2%) $206,635 (-9.9%) 0.00 158
    2021-10-01 $136,500 (-1.4%) $208,496 (-11.4%) 0.00 157
    2021-11-01 $128,000 (-3.3%) $214,882 (-6.7%) 0.00 146
    2021-12-01 $121,500 (-4.4%) $213,552 (-6.8%) 0.00 136
    2022-01-01 $115,000 (-14.8%) $215,998 (-9.7%) 0.00 119
    2022-02-01 $125,000 (2.9%) $202,644 (-15.3%) 0.00 96
    2022-03-01 $121,225 (-3.8%) $196,827 (-19.3%) 0.00 100
    2022-04-01 $124,900 (-9.2%) $220,417 (-8.1%) 0.00 105
    2022-05-01 $122,400 (-3.6%) $219,545 (-3.0%) 0.00 112
    2022-06-01 $129,900 (2.1%) $225,092 (1.5%) 0.00 125
    2022-07-01 $149,000 (8.8%) $207,062 (-3.2%) 0.00 143
    2022-08-01 $133,425 (-4.6%) $204,577 (-3.2%) 0.00 149
    2022-09-01 $124,975 (-4.9%) $190,658 (-7.7%) 0.00 146
    2022-10-01 $131,500 (-3.7%) $188,803 (-9.5%) 0.00 143
    2022-11-01 $121,475 (-5.1%) $176,853 (-17.7%) 0.00 143
    2022-12-01 $112,400 (-7.5%) $183,970 (-13.9%) 0.00 123
    2023-01-01 $113,650 (-1.2%) $193,397 (-10.5%) 0.00 112
    2023-02-01 $119,730 (-4.2%) $216,983 (7.1%) 0.00 116
    2023-03-01 $128,675 (6.2%) $237,584 (20.7%) 0.00 109
    2023-04-01 $125,000 (0.1%) $223,681 (1.5%) 0.00 96
    2023-05-01 $143,050 (16.9%) $223,541 (1.8%) 0.00 108
    2023-06-01 $139,900 (7.7%) $226,301 (0.5%) 0.00 131
    2023-07-01 $142,500 (-4.4%) $230,090 (11.1%) 0.00 145
    2023-08-01 $142,450 (6.8%) $292,085 (42.8%) 0.00 161
    2023-09-01 $140,000 (12.0%) $303,421 (59.1%) 0.00 164
    2023-10-01 $159,900 (21.6%) $325,519 (72.4%) 0.00 167
    2023-11-01 $156,575 (28.9%) $327,411 (85.1%) 0.00 154
    2023-12-01 $139,950 (24.5%) $333,835 (81.5%) 0.00 141
    2024-01-01 $164,087 (44.4%) $333,179 (72.3%) 0.00 126
    2024-02-01 $175,925 (46.9%) $351,002 (61.8%) 0.00 137
    2024-03-01 $199,000 (54.7%) $410,785 (72.9%) 0.00 134
    2024-04-01 $223,725 (79.0%) $434,571 (94.3%) 0.00 128
    2024-05-01 $247,450 (73.0%) $457,920 (104.9%) 0.00 142
    2024-06-01 $235,000 (68.0%) $461,212 (103.8%) 0.00 150
    2024-07-01 $224,975 (57.9%) $411,758 (79.0%) 0.00 185
    2024-08-01 $199,900 (40.3%) $371,080 (27.1%) 0.00 187
    2024-09-01 $199,900 (42.8%) $333,142 (9.8%) 0.00 200
    2024-10-01 $199,900 (25.0%) $325,746 (0.1%) 0.00 204
    2024-11-01 $188,700 (20.5%) $316,797 (-3.2%) 0.00 194
    Olean's median listing price for 2024-11-01 was $188,700, a difference of $32,125 (20.5%) versus the prior year and $-11,200 versus the prior month.

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

    Olean's average listing price for 2024-11-01 was $316,797, a difference of $-10,614 (-3.2%) versus the prior year and $-8,949 versus the prior month.

    For the 2024-11-01 period, Olean had 194 MLS listings, a difference of -10 listings (-5%) versus the prior month and 40 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Olean (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,594 sqft
    2018-02-01 0 days 1,586 sqft
    2018-03-01 0 days 1,602 sqft
    2018-04-01 0 days 1,641 sqft
    2018-05-01 0 days 1,617 sqft
    2018-06-01 0 days 1,622 sqft
    2018-07-01 0 days 1,648 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,620 sqft
    2018-10-01 0 days 1,617 sqft
    2018-11-01 0 days 1,619 sqft
    2018-12-01 0 days 1,621 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,598 sqft
    2019-03-01 0 days 1,665 sqft
    2019-04-01 0 days 1,670 sqft
    2019-05-01 0 days 1,673 sqft
    2019-06-01 0 days 1,626 sqft
    2019-07-01 0 days 1,633 sqft
    2019-08-01 0 days 1,660 sqft
    2019-09-01 0 days 1,672 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,680 sqft
    2020-01-01 0 days 1,708 sqft
    2020-02-01 0 days 1,714 sqft
    2020-03-01 0 days 1,706 sqft
    2020-04-01 0 days 1,706 sqft
    2020-05-01 0 days 1,677 sqft
    2020-06-01 0 days 1,679 sqft
    2020-07-01 0 days 1,677 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,611 sqft
    2020-10-01 0 days 1,624 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,575 sqft
    2021-01-01 0 days 1,624 sqft
    2021-02-01 0 days 1,548 sqft
    2021-03-01 0 days 1,546 sqft
    2021-04-01 0 days 1,548 sqft
    2021-05-01 0 days 1,483 sqft
    2021-06-01 0 days 1,523 sqft
    2021-07-01 0 days 1,584 sqft
    2021-08-01 0 days 1,653 sqft
    2021-09-01 0 days 1,692 sqft
    2021-10-01 0 days 1,688 sqft
    2021-11-01 0 days 1,551 sqft
    2021-12-01 0 days 1,544 sqft
    2022-01-01 0 days 1,470 sqft
    2022-02-01 0 days 1,373 sqft
    2022-03-01 0 days 1,466 sqft
    2022-04-01 0 days 1,454 sqft
    2022-05-01 0 days 1,450 sqft
    2022-06-01 0 days 1,527 sqft
    2022-07-01 0 days 1,573 sqft
    2022-08-01 0 days 1,617 sqft
    2022-09-01 0 days 1,566 sqft
    2022-10-01 0 days 1,536 sqft
    2022-11-01 0 days 1,437 sqft
    2022-12-01 0 days 1,440 sqft
    2023-01-01 0 days 1,428 sqft
    2023-02-01 0 days 1,454 sqft
    2023-03-01 0 days 1,499 sqft
    2023-04-01 0 days 1,438 sqft
    2023-05-01 0 days 1,483 sqft
    2023-06-01 0 days 1,465 sqft
    2023-07-01 0 days 1,440 sqft
    2023-08-01 0 days 1,460 sqft
    2023-09-01 0 days 1,559 sqft
    2023-10-01 0 days 1,516 sqft
    2023-11-01 0 days 1,536 sqft
    2023-12-01 0 days 1,512 sqft
    2024-01-01 0 days 1,512 sqft
    2024-02-01 0 days 1,574 sqft
    2024-03-01 0 days 1,568 sqft
    2024-04-01 0 days 1,558 sqft
    2024-05-01 0 days 1,556 sqft
    2024-06-01 0 days 1,587 sqft
    2024-07-01 0 days 1,552 sqft
    2024-08-01 0 days 1,489 sqft
    2024-09-01 0 days 1,507 sqft
    2024-10-01 0 days 1,537 sqft
    2024-11-01 0 days 1,537 sqft
    Olean's median listing age (time on market) for 2024-11-01 was 0 days.

    Olean's median square footage for active listings during the 2024-11-01 period was 1,537 sqft. One year prior, the average listing was 1,536 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.