Philadelphia VA Loan Rates, Closing Costs & Stats
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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.
Philadelphia's 219 lenders originated 5,244 VA loans during 2022. The total origination value was $1,750,720,000, with an average VA loan value of $333,852.
Philadelphia VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Philadelphia
averaged
5.99%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Philadelphia's average VA mortgage closing costs are $6,919.
The average rate for the prior week (2023-05-19) was
5.92% and
one month ago for the week of 2023-04-21, the
average rate was 6.14%.
The average rate one year ago was 5.01%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.01%.
Philadelphia 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 Philadelphia level.
The top Philadelphia VA lender as defined by loan originations is Mortgage Research Center, LLC, with
756 VA loans originated. Their average total fees are
$9,018, which is $2,585
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Philadelphia VA lenders (with over 10 loans originated) are
M&T Bank ($5,085), Wells Fargo Bank ($5,868), Mortgage America, Inc. ($6,370), LAKEVIEW LOAN SERVICING, LLC ($7,350) and PENTAGON FEDERAL CREDIT UNION ($7,395).
The lowest rate Philadelphia VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC (3.32%), PENNYMAC LOAN SERVICES, LLC (3.33%), PENTAGON FEDERAL CREDIT UNION (3.58%), M&T Bank (3.70%) and HOME POINT FINANCIAL CORPORATION (3.82%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Philadelphia (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 | $229,995 (5.0%) | $343,033 (3.1%) | 0.85 | 20,095 |
| 2018-02-01 | $236,450 (7.5%) | $345,565 (2.6%) | 0.86 | 20,323 |
| 2018-03-01 | $240,000 (5.3%) | $355,219 (2.9%) | 0.84 | 19,664 |
| 2018-04-01 | $249,950 (6.4%) | $368,548 (4.1%) | 0.85 | 20,535 |
| 2018-05-01 | $264,500 (8.2%) | $382,187 (5.4%) | 0.88 | 21,368 |
| 2018-06-01 | $269,000 (8.7%) | $387,896 (5.6%) | 0.90 | 21,953 |
| 2018-07-01 | $269,900 (8.2%) | $387,569 (6.0%) | 0.90 | 22,045 |
| 2018-08-01 | $262,450 (5.8%) | $381,709 (5.9%) | 0.88 | 22,059 |
| 2018-09-01 | $260,000 (5.3%) | $381,134 (5.3%) | 0.87 | 22,375 |
| 2018-10-01 | $264,900 (6.0%) | $381,516 (4.1%) | 0.90 | 22,722 |
| 2018-11-01 | $262,000 (8.1%) | $378,687 (7.1%) | 0.89 | 21,975 |
| 2018-12-01 | $252,900 (6.3%) | $372,121 (7.1%) | 0.87 | 20,170 |
| 2019-01-01 | $249,900 (8.7%) | $362,568 (5.7%) | 0.86 | 18,671 |
| 2019-02-01 | $250,000 (5.7%) | $367,848 (6.5%) | 0.84 | 18,442 |
| 2019-03-01 | $263,995 (10.0%) | $379,968 (7.0%) | 0.88 | 19,052 |
| 2019-04-01 | $275,000 (10.0%) | $395,225 (7.2%) | 0.87 | 19,543 |
| 2019-05-01 | $285,000 (7.8%) | $405,428 (6.1%) | 0.89 | 20,162 |
| 2019-06-01 | $289,900 (7.8%) | $407,007 (4.9%) | 0.91 | 20,608 |
| 2019-07-01 | $285,996 (6.0%) | $404,628 (4.4%) | 0.90 | 20,477 |
| 2019-08-01 | $285,000 (8.6%) | $403,796 (5.8%) | 0.89 | 20,549 |
| 2019-09-01 | $299,999 (15.4%) | $433,794 (13.8%) | 0.95 | 17,701 |
| 2019-10-01 | $299,000 (12.9%) | $425,673 (11.6%) | 0.96 | 18,545 |
| 2019-11-01 | $294,250 (12.3%) | $421,283 (11.3%) | 0.96 | 17,421 |
| 2019-12-01 | $285,250 (12.8%) | $419,383 (12.7%) | 0.95 | 15,066 |
| 2020-01-01 | $284,400 (13.8%) | $416,699 (14.9%) | 0.95 | 13,596 |
| 2020-02-01 | $289,900 (16.0%) | $429,675 (16.8%) | 0.95 | 13,201 |
| 2020-03-01 | $299,945 (13.6%) | $442,896 (16.6%) | 0.94 | 13,320 |
| 2020-04-01 | $299,900 (9.1%) | $442,240 (11.9%) | 0.94 | 11,885 |
| 2020-05-01 | $309,900 (8.7%) | $451,129 (11.3%) | 0.94 | 12,385 |
| 2020-06-01 | $327,450 (13.0%) | $471,831 (15.9%) | 0.96 | 12,505 |
| 2020-07-01 | $339,900 (18.9%) | $495,141 (22.4%) | 0.99 | 11,422 |
| 2020-08-01 | $339,900 (19.3%) | $503,094 (24.6%) | 0.97 | 10,845 |
| 2020-09-01 | $339,950 (13.3%) | $505,792 (16.6%) | 0.97 | 10,868 |
| 2020-10-01 | $344,655 (15.3%) | $513,929 (20.7%) | 0.99 | 10,819 |
| 2020-11-01 | $337,450 (14.7%) | $508,906 (20.8%) | 0.99 | 10,400 |
| 2020-12-01 | $325,000 (13.9%) | $499,060 (19.0%) | 0.97 | 9,093 |
| 2021-01-01 | $319,999 (12.5%) | $500,453 (20.1%) | 0.96 | 7,972 |
| 2021-02-01 | $319,997 (10.4%) | $511,986 (19.2%) | 0.93 | 7,132 |
| 2021-03-01 | $325,000 (8.4%) | $521,931 (17.9%) | 0.92 | 7,272 |
| 2021-04-01 | $336,450 (12.2%) | $537,331 (21.5%) | 0.91 | 7,631 |
| 2021-05-01 | $339,000 (9.4%) | $524,049 (16.2%) | 0.90 | 8,299 |
| 2021-06-01 | $330,000 (0.8%) | $501,095 (6.2%) | 0.87 | 9,872 |
| 2021-07-01 | $325,000 (-4.4%) | $483,692 (-2.3%) | 0.86 | 10,683 |
| 2021-08-01 | $319,900 (-5.9%) | $470,888 (-6.4%) | 0.85 | 10,996 |
| 2021-09-01 | $319,500 (-6.0%) | $467,973 (-7.5%) | 0.85 | 11,021 |
| 2021-10-01 | $319,900 (-7.2%) | $470,844 (-8.4%) | 0.85 | 10,708 |
| 2021-11-01 | $310,950 (-7.9%) | $469,802 (-7.7%) | 0.83 | 9,787 |
| 2021-12-01 | $299,950 (-7.7%) | $465,426 (-6.7%) | 0.81 | 8,421 |
| 2022-01-01 | $299,900 (-6.3%) | $476,058 (-4.9%) | 0.81 | 6,979 |
| 2022-02-01 | $299,950 (-6.3%) | $485,639 (-5.2%) | 0.78 | 6,568 |
| 2022-03-01 | $310,000 (-4.6%) | $495,226 (-5.1%) | 0.78 | 6,929 |
| 2022-04-01 | $325,000 (-3.4%) | $500,573 (-6.8%) | 0.77 | 7,325 |
| 2022-05-01 | $339,900 (0.3%) | $505,399 (-3.6%) | 0.78 | 8,552 |
| 2022-06-01 | $347,450 (5.3%) | $503,622 (0.5%) | 0.77 | 9,664 |
| 2022-07-01 | $345,000 (6.2%) | $499,348 (3.2%) | 0.78 | 10,796 |
| 2022-08-01 | $339,200 (6.0%) | $495,059 (5.1%) | 0.78 | 10,782 |
| 2022-09-01 | $335,000 (4.9%) | $494,910 (5.8%) | 0.78 | 10,741 |
| 2022-10-01 | $335,000 (4.7%) | $498,263 (5.8%) | 0.79 | 11,157 |
| 2022-11-01 | $329,950 (6.1%) | $497,727 (5.9%) | 0.79 | 11,000 |
| 2022-12-01 | $324,900 (8.3%) | $492,165 (5.8%) | 0.80 | 9,603 |
| 2023-01-01 | $320,475 (6.9%) | $496,209 (4.2%) | 0.79 | 8,727 |
| 2023-02-01 | $322,450 (7.5%) | $510,625 (5.1%) | 0.78 | 8,086 |
| 2023-03-01 | $327,450 (5.6%) | $516,534 (4.3%) | 0.77 | 7,967 |
| 2023-04-01 | $339,200 (4.4%) | $538,511 (7.6%) | 0.79 | 8,053 |
Philadelphia's median listing price comes in at 79% of the national average.
Philadelphia's average listing price for 2023-04-01 was $538,511, a difference of $37,938 (7.6%) versus the prior year and $21,977 versus the prior month.
For the 2023-04-01 period, Philadelphia had 8,053 MLS listings, a difference of 86 listings (1%) versus the prior month and 728 listings (10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 87 days | 1,700 sqft |
| 2018-02-01 | 80 days | 1,705 sqft |
| 2018-03-01 | 59 days | 1,717 sqft |
| 2018-04-01 | 55 days | 1,755 sqft |
| 2018-05-01 | 53 days | 1,800 sqft |
| 2018-06-01 | 54 days | 1,825 sqft |
| 2018-07-01 | 60 days | 1,826 sqft |
| 2018-08-01 | 63 days | 1,805 sqft |
| 2018-09-01 | 65 days | 1,800 sqft |
| 2018-10-01 | 64 days | 1,800 sqft |
| 2018-11-01 | 66 days | 1,800 sqft |
| 2018-12-01 | 75 days | 1,764 sqft |
| 2019-01-01 | 83 days | 1,752 sqft |
| 2019-02-01 | 79 days | 1,775 sqft |
| 2019-03-01 | 58 days | 1,800 sqft |
| 2019-04-01 | 50 days | 1,832 sqft |
| 2019-05-01 | 48 days | 1,864 sqft |
| 2019-06-01 | 52 days | 1,875 sqft |
| 2019-07-01 | 60 days | 1,855 sqft |
| 2019-08-01 | 71 days | 1,848 sqft |
| 2019-09-01 | 76 days | 1,920 sqft |
| 2019-10-01 | 64 days | 1,885 sqft |
| 2019-11-01 | 66 days | 1,850 sqft |
| 2019-12-01 | 77 days | 1,827 sqft |
| 2020-01-01 | 85 days | 1,800 sqft |
| 2020-02-01 | 70 days | 1,825 sqft |
| 2020-03-01 | 49 days | 1,844 sqft |
| 2020-04-01 | 63 days | 1,829 sqft |
| 2020-05-01 | 75 days | 1,860 sqft |
| 2020-06-01 | 64 days | 1,882 sqft |
| 2020-07-01 | 48 days | 1,875 sqft |
| 2020-08-01 | 46 days | 1,846 sqft |
| 2020-09-01 | 44 days | 1,790 sqft |
| 2020-10-01 | 50 days | 1,775 sqft |
| 2020-11-01 | 53 days | 1,739 sqft |
| 2020-12-01 | 62 days | 1,685 sqft |
| 2021-01-01 | 68 days | 1,630 sqft |
| 2021-02-01 | 65 days | 1,605 sqft |
| 2021-03-01 | 48 days | 1,619 sqft |
| 2021-04-01 | 39 days | 1,655 sqft |
| 2021-05-01 | 36 days | 1,672 sqft |
| 2021-06-01 | 36 days | 1,665 sqft |
| 2021-07-01 | 39 days | 1,650 sqft |
| 2021-08-01 | 43 days | 1,622 sqft |
| 2021-09-01 | 47 days | 1,602 sqft |
| 2021-10-01 | 49 days | 1,596 sqft |
| 2021-11-01 | 51 days | 1,557 sqft |
| 2021-12-01 | 58 days | 1,529 sqft |
| 2022-01-01 | 65 days | 1,504 sqft |
| 2022-02-01 | 53 days | 1,513 sqft |
| 2022-03-01 | 38 days | 1,531 sqft |
| 2022-04-01 | 36 days | 1,544 sqft |
| 2022-05-01 | 34 days | 1,595 sqft |
| 2022-06-01 | 37 days | 1,640 sqft |
| 2022-07-01 | 40 days | 1,617 sqft |
| 2022-08-01 | 46 days | 1,590 sqft |
| 2022-09-01 | 51 days | 1,583 sqft |
| 2022-10-01 | 51 days | 1,596 sqft |
| 2022-11-01 | 55 days | 1,586 sqft |
| 2022-12-01 | 65 days | 1,560 sqft |
| 2023-01-01 | 72 days | 1,543 sqft |
| 2023-02-01 | 67 days | 1,541 sqft |
| 2023-03-01 | 53 days | 1,553 sqft |
| 2023-04-01 | 46 days | 1,560 sqft |
Philadelphia's median square footage for active listings during the 2023-04-01 period was 1,560 sqft. One year prior, the average listing was 1,544 sqft.