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
-0.11%
for the week of 2023-11-24, compared to the national average (all VA variants) of
0% for the same period.
Philadelphia's average VA mortgage closing costs are $6,919.
The average rate for the prior week (2023-11-17) was
6.63% and
one month ago for the week of 2023-10-20, the
average rate was 7.16%.
The average rate one year ago was 6.08%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.1%.
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 | $263,571 (9.8%) | $382,683 (7.7%) | 0.86 | 18,991 |
| 2019-04-01 | $275,000 (10.0%) | $395,207 (7.2%) | 0.87 | 19,615 |
| 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 | $288,811 (10.0%) | $407,786 (6.8%) | 0.91 | 19,922 |
| 2019-09-01 | $294,542 (13.3%) | $416,991 (9.4%) | 0.94 | 19,183 |
| 2019-10-01 | $298,363 (12.6%) | $423,936 (11.1%) | 0.96 | 18,545 |
| 2019-11-01 | $294,500 (12.4%) | $421,292 (11.3%) | 0.97 | 17,420 |
| 2019-12-01 | $285,323 (12.8%) | $419,392 (12.7%) | 0.95 | 15,065 |
| 2020-01-01 | $284,423 (13.8%) | $416,709 (14.9%) | 0.95 | 13,595 |
| 2020-02-01 | $289,900 (16.0%) | $429,686 (16.8%) | 0.95 | 13,199 |
| 2020-03-01 | $299,945 (13.8%) | $442,907 (15.7%) | 0.94 | 13,319 |
| 2020-04-01 | $299,900 (9.1%) | $442,254 (11.9%) | 0.94 | 11,884 |
| 2020-05-01 | $309,900 (8.7%) | $451,144 (11.3%) | 0.94 | 12,384 |
| 2020-06-01 | $327,450 (13.0%) | $471,847 (15.9%) | 0.96 | 12,504 |
| 2020-07-01 | $339,900 (18.9%) | $495,159 (22.4%) | 0.99 | 11,421 |
| 2020-08-01 | $339,900 (17.7%) | $503,114 (23.4%) | 0.97 | 10,844 |
| 2020-09-01 | $339,950 (15.4%) | $505,813 (21.3%) | 0.97 | 10,867 |
| 2020-10-01 | $344,900 (15.6%) | $513,941 (21.2%) | 0.99 | 10,818 |
| 2020-11-01 | $337,450 (14.6%) | $508,929 (20.8%) | 0.99 | 10,399 |
| 2020-12-01 | $325,000 (13.9%) | $499,083 (19.0%) | 0.97 | 9,092 |
| 2021-01-01 | $320,000 (12.5%) | $500,424 (20.1%) | 0.96 | 7,971 |
| 2021-02-01 | $320,000 (10.4%) | $512,033 (19.2%) | 0.93 | 7,131 |
| 2021-03-01 | $325,000 (8.4%) | $521,952 (17.9%) | 0.92 | 7,271 |
| 2021-04-01 | $336,450 (12.2%) | $537,386 (21.5%) | 0.91 | 7,630 |
| 2021-05-01 | $339,000 (9.4%) | $524,055 (16.2%) | 0.90 | 8,299 |
| 2021-06-01 | $330,000 (0.8%) | $501,103 (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%) | $470,906 (-6.4%) | 0.85 | 10,996 |
| 2021-09-01 | $319,500 (-6.0%) | $467,979 (-7.5%) | 0.85 | 11,022 |
| 2021-10-01 | $319,900 (-7.3%) | $470,843 (-8.4%) | 0.85 | 10,708 |
| 2021-11-01 | $310,950 (-7.9%) | $469,829 (-7.7%) | 0.83 | 9,787 |
| 2021-12-01 | $299,950 (-7.7%) | $465,514 (-6.7%) | 0.81 | 8,420 |
| 2022-01-01 | $299,900 (-6.3%) | $476,067 (-4.9%) | 0.81 | 6,978 |
| 2022-02-01 | $299,950 (-6.3%) | $485,656 (-5.2%) | 0.78 | 6,567 |
| 2022-03-01 | $310,000 (-4.6%) | $495,342 (-5.1%) | 0.78 | 6,928 |
| 2022-04-01 | $325,000 (-3.4%) | $500,725 (-6.8%) | 0.77 | 7,324 |
| 2022-05-01 | $339,900 (0.3%) | $505,497 (-3.5%) | 0.78 | 8,550 |
| 2022-06-01 | $348,450 (5.6%) | $503,945 (0.6%) | 0.78 | 9,662 |
| 2022-07-01 | $345,000 (6.2%) | $499,386 (3.2%) | 0.78 | 10,794 |
| 2022-08-01 | $339,450 (6.1%) | $495,106 (5.1%) | 0.78 | 10,780 |
| 2022-09-01 | $335,000 (4.9%) | $494,977 (5.8%) | 0.78 | 10,739 |
| 2022-10-01 | $335,000 (4.7%) | $498,231 (5.8%) | 0.79 | 11,154 |
| 2022-11-01 | $329,950 (6.1%) | $497,690 (5.9%) | 0.79 | 10,999 |
| 2022-12-01 | $324,937 (8.3%) | $492,177 (5.7%) | 0.80 | 9,605 |
| 2023-01-01 | $321,500 (7.2%) | $496,293 (4.3%) | 0.80 | 8,729 |
| 2023-02-01 | $322,450 (7.5%) | $510,733 (5.2%) | 0.78 | 8,087 |
| 2023-03-01 | $328,450 (6.0%) | $516,707 (4.3%) | 0.77 | 7,969 |
| 2023-04-01 | $339,640 (4.5%) | $538,707 (7.6%) | 0.79 | 8,053 |
| 2023-05-01 | $349,450 (2.8%) | $544,206 (7.7%) | 0.79 | 8,047 |
| 2023-06-01 | $354,950 (1.9%) | $560,807 (11.3%) | 0.80 | 8,318 |
| 2023-07-01 | $350,000 (1.5%) | $553,774 (10.9%) | 0.80 | 8,348 |
| 2023-08-01 | $350,000 (3.1%) | $543,128 (9.7%) | 0.80 | 8,555 |
| 2023-09-01 | $350,000 (4.5%) | $541,242 (9.4%) | 0.81 | 9,092 |
| 2023-10-01 | $350,000 (4.5%) | $543,703 (9.1%) | 0.82 | 9,607 |
Philadelphia's median listing price comes in at 82% of the national average.
Philadelphia's average listing price for 2023-10-01 was $543,703, a difference of $45,472 (9.1%) versus the prior year and $2,461 versus the prior month.
For the 2023-10-01 period, Philadelphia had 9,607 MLS listings, a difference of 515 listings (6%) versus the prior month and -1,547 listings (-14%) 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 | 81 days | 1,700 sqft |
| 2018-02-01 | 73 days | 1,705 sqft |
| 2018-03-01 | 54 days | 1,718 sqft |
| 2018-04-01 | 52 days | 1,755 sqft |
| 2018-05-01 | 48 days | 1,800 sqft |
| 2018-06-01 | 51 days | 1,825 sqft |
| 2018-07-01 | 57 days | 1,826 sqft |
| 2018-08-01 | 59 days | 1,805 sqft |
| 2018-09-01 | 60 days | 1,800 sqft |
| 2018-10-01 | 60 days | 1,800 sqft |
| 2018-11-01 | 63 days | 1,800 sqft |
| 2018-12-01 | 72 days | 1,764 sqft |
| 2019-01-01 | 79 days | 1,753 sqft |
| 2019-02-01 | 72 days | 1,777 sqft |
| 2019-03-01 | 58 days | 1,806 sqft |
| 2019-04-01 | 46 days | 1,831 sqft |
| 2019-05-01 | 45 days | 1,863 sqft |
| 2019-06-01 | 49 days | 1,875 sqft |
| 2019-07-01 | 57 days | 1,854 sqft |
| 2019-08-01 | 57 days | 1,857 sqft |
| 2019-09-01 | 58 days | 1,875 sqft |
| 2019-10-01 | 58 days | 1,884 sqft |
| 2019-11-01 | 61 days | 1,850 sqft |
| 2019-12-01 | 73 days | 1,827 sqft |
| 2020-01-01 | 79 days | 1,800 sqft |
| 2020-02-01 | 62 days | 1,825 sqft |
| 2020-03-01 | 45 days | 1,843 sqft |
| 2020-04-01 | 58 days | 1,829 sqft |
| 2020-05-01 | 71 days | 1,860 sqft |
| 2020-06-01 | 53 days | 1,881 sqft |
| 2020-07-01 | 43 days | 1,874 sqft |
| 2020-08-01 | 40 days | 1,846 sqft |
| 2020-09-01 | 39 days | 1,790 sqft |
| 2020-10-01 | 45 days | 1,776 sqft |
| 2020-11-01 | 49 days | 1,739 sqft |
| 2020-12-01 | 58 days | 1,686 sqft |
| 2021-01-01 | 64 days | 1,632 sqft |
| 2021-02-01 | 56 days | 1,607 sqft |
| 2021-03-01 | 42 days | 1,622 sqft |
| 2021-04-01 | 35 days | 1,656 sqft |
| 2021-05-01 | 32 days | 1,672 sqft |
| 2021-06-01 | 33 days | 1,666 sqft |
| 2021-07-01 | 37 days | 1,650 sqft |
| 2021-08-01 | 41 days | 1,622 sqft |
| 2021-09-01 | 45 days | 1,602 sqft |
| 2021-10-01 | 45 days | 1,597 sqft |
| 2021-11-01 | 49 days | 1,558 sqft |
| 2021-12-01 | 56 days | 1,530 sqft |
| 2022-01-01 | 61 days | 1,504 sqft |
| 2022-02-01 | 49 days | 1,515 sqft |
| 2022-03-01 | 35 days | 1,533 sqft |
| 2022-04-01 | 33 days | 1,544 sqft |
| 2022-05-01 | 32 days | 1,596 sqft |
| 2022-06-01 | 35 days | 1,642 sqft |
| 2022-07-01 | 38 days | 1,618 sqft |
| 2022-08-01 | 44 days | 1,591 sqft |
| 2022-09-01 | 49 days | 1,584 sqft |
| 2022-10-01 | 48 days | 1,596 sqft |
| 2022-11-01 | 52 days | 1,587 sqft |
| 2022-12-01 | 61 days | 1,560 sqft |
| 2023-01-01 | 67 days | 1,545 sqft |
| 2023-02-01 | 63 days | 1,542 sqft |
| 2023-03-01 | 50 days | 1,555 sqft |
| 2023-04-01 | 44 days | 1,560 sqft |
| 2023-05-01 | 44 days | 1,587 sqft |
| 2023-06-01 | 45 days | 1,627 sqft |
| 2023-07-01 | 45 days | 1,618 sqft |
| 2023-08-01 | 45 days | 1,594 sqft |
| 2023-09-01 | 45 days | 1,576 sqft |
| 2023-10-01 | 44 days | 1,596 sqft |
Philadelphia's median square footage for active listings during the 2023-10-01 period was 1,596 sqft. One year prior, the average listing was 1,596 sqft.