Phoenix VA Loans
PHOENIX-MESA-CHANDLER, AZ
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 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.
Phoenix's 316 lenders originated 30,645 VA loans during 2021. The total origination value was $10,177,335,000, with an average VA loan value of $332,104.
Phoenix VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Phoenix
averaged
5.67%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.6% and
one month ago for the week of 2022-04-08, the
average rate was 5.32%.
The average rate one year ago was 3.03%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.18%.
Phoenix VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Phoenix level.
The top Phoenix VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
2,542 VA loans originated. Their average total fees are
$3,716, which is $2,444
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Phoenix VA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($1,756), Lakeview Community Capital, LLC ($2,618), LAKEVIEW LOAN SERVICING, LLC ($2,777), PENTAGON FEDERAL CREDIT UNION ($3,354) and FREEDOM MORTGAGE CORPORATION ($3,716).
The lowest rate Phoenix VA lenders (with over 10 loans originated) are
ACCELERATE MORTGAGE, LLC (2.22%), LENDUS, LLC (2.26%), NP, Inc. (2.29%), CLEARPATH LENDING (2.29%) and VILLAGE CAPITAL & INVESTMENT LLC (2.31%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Phoenix (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 | $339,934 (6.2%) | $584,601 (9.4%) | 1.25 | 15,925 |
| 2018-02-01 | $350,000 (7.0%) | $598,463 (9.3%) | 1.26 | 15,813 |
| 2018-03-01 | $364,990 (8.3%) | $616,768 (10.1%) | 1.26 | 15,534 |
| 2018-04-01 | $364,950 (5.0%) | $617,477 (8.4%) | 1.22 | 15,474 |
| 2018-05-01 | $366,200 (4.9%) | $610,590 (7.3%) | 1.22 | 14,905 |
| 2018-06-01 | $359,900 (5.9%) | $592,644 (6.0%) | 1.20 | 14,461 |
| 2018-07-01 | $349,950 (4.5%) | $563,850 (4.9%) | 1.17 | 14,142 |
| 2018-08-01 | $345,788 (4.8%) | $550,669 (4.2%) | 1.16 | 14,406 |
| 2018-09-01 | $345,000 (4.6%) | $549,912 (3.4%) | 1.15 | 14,642 |
| 2018-10-01 | $341,495 (3.5%) | $553,817 (2.2%) | 1.14 | 16,047 |
| 2018-11-01 | $344,266 (4.0%) | $571,404 (3.2%) | 1.15 | 16,949 |
| 2018-12-01 | $345,000 (3.0%) | $579,346 (1.5%) | 1.18 | 16,681 |
| 2019-01-01 | $349,394 (2.8%) | $587,862 (0.6%) | 1.20 | 17,147 |
| 2019-02-01 | $350,000 (0.0%) | $592,635 (-1.0%) | 1.17 | 17,747 |
| 2019-03-01 | $362,549 (-0.7%) | $606,703 (-1.6%) | 1.18 | 17,305 |
| 2019-04-01 | $373,148 (2.3%) | $620,028 (0.4%) | 1.18 | 16,698 |
| 2019-05-01 | $376,232 (2.7%) | $624,486 (2.3%) | 1.16 | 15,773 |
| 2019-06-01 | $384,900 (7.0%) | $632,398 (6.7%) | 1.18 | 14,485 |
| 2019-07-01 | $386,187 (10.4%) | $631,246 (12.0%) | 1.20 | 13,120 |
| 2019-08-01 | $391,871 (13.3%) | $638,897 (16.0%) | 1.23 | 12,038 |
| 2019-09-01 | $391,921 (13.6%) | $646,918 (17.6%) | 1.24 | 11,637 |
| 2019-10-01 | $386,524 (13.2%) | $643,973 (16.3%) | 1.23 | 12,860 |
| 2019-11-01 | $385,000 (11.8%) | $650,914 (13.9%) | 1.24 | 12,888 |
| 2019-12-01 | $384,950 (11.6%) | $664,974 (14.8%) | 1.28 | 11,871 |
| 2020-01-01 | $396,495 (13.5%) | $687,469 (16.9%) | 1.32 | 11,100 |
| 2020-02-01 | $400,000 (14.3%) | $704,637 (18.9%) | 1.29 | 10,195 |
| 2020-03-01 | $405,000 (11.7%) | $705,399 (16.3%) | 1.27 | 9,973 |
| 2020-04-01 | $376,722 (1.0%) | $625,646 (0.9%) | 1.17 | 12,571 |
| 2020-05-01 | $385,000 (2.3%) | $646,451 (3.5%) | 1.17 | 11,760 |
| 2020-06-01 | $434,900 (13.0%) | $753,424 (19.1%) | 1.27 | 8,679 |
| 2020-07-01 | $449,990 (16.5%) | $790,776 (25.3%) | 1.29 | 7,248 |
| 2020-08-01 | $449,000 (14.6%) | $786,379 (23.1%) | 1.28 | 7,026 |
| 2020-09-01 | $441,500 (12.7%) | $784,602 (21.3%) | 1.26 | 7,205 |
| 2020-10-01 | $439,990 (13.8%) | $780,797 (21.3%) | 1.26 | 7,498 |
| 2020-11-01 | $417,500 (8.4%) | $749,310 (15.1%) | 1.20 | 7,186 |
| 2020-12-01 | $412,500 (7.2%) | $739,618 (11.2%) | 1.21 | 6,003 |
| 2021-01-01 | $414,900 (4.6%) | $781,943 (13.7%) | 1.22 | 5,047 |
| 2021-02-01 | $418,500 (4.6%) | $806,112 (14.4%) | 1.20 | 3,809 |
| 2021-03-01 | $420,000 (3.7%) | $807,496 (14.5%) | 1.18 | 3,810 |
| 2021-04-01 | $432,400 (14.8%) | $815,315 (30.3%) | 1.16 | 4,045 |
| 2021-05-01 | $450,000 (16.9%) | $823,620 (27.4%) | 1.18 | 4,160 |
| 2021-06-01 | $464,950 (6.9%) | $810,420 (7.6%) | 1.21 | 4,718 |
| 2021-07-01 | $472,500 (5.0%) | $790,309 (-0.1%) | 1.23 | 5,449 |
| 2021-08-01 | $475,000 (5.8%) | $757,157 (-3.7%) | 1.25 | 5,857 |
| 2021-09-01 | $475,000 (7.6%) | $753,167 (-4.0%) | 1.25 | 6,113 |
| 2021-10-01 | $485,000 (10.2%) | $760,316 (-2.6%) | 1.28 | 6,283 |
| 2021-11-01 | $484,731 (16.1%) | $769,681 (2.7%) | 1.28 | 6,129 |
| 2021-12-01 | $486,000 (17.8%) | $774,932 (4.8%) | 1.30 | 5,483 |
| 2022-01-01 | $495,000 (19.3%) | $804,557 (2.9%) | 1.32 | 4,533 |
| 2022-02-01 | $499,900 (19.5%) | $847,843 (5.2%) | 1.27 | 3,970 |
| 2022-03-01 | $501,500 (19.4%) | $869,310 (7.7%) | 1.24 | 3,900 |
| 2022-04-01 | $525,000 (21.4%) | $880,312 (8.0%) | 1.24 | 4,452 |
Phoenix's median listing price comes in at 124% of the national average.
Phoenix's average listing price for 2022-04-01 was $880,312, a difference of $64,997 (8.0%) versus the prior year and $11,002 versus the prior month.
For the 2022-04-01 period, Phoenix had 4,452 MLS listings, a difference of 552 listings (14%) versus the prior month and 407 listings (10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 64 days | 2,157 sqft |
| 2018-02-01 | 50 days | 2,193 sqft |
| 2018-03-01 | 46 days | 2,249 sqft |
| 2018-04-01 | 46 days | 2,248 sqft |
| 2018-05-01 | 46 days | 2,254 sqft |
| 2018-06-01 | 48 days | 2,223 sqft |
| 2018-07-01 | 49 days | 2,183 sqft |
| 2018-08-01 | 49 days | 2,161 sqft |
| 2018-09-01 | 48 days | 2,156 sqft |
| 2018-10-01 | 45 days | 2,139 sqft |
| 2018-11-01 | 46 days | 2,142 sqft |
| 2018-12-01 | 55 days | 2,133 sqft |
| 2019-01-01 | 63 days | 2,129 sqft |
| 2019-02-01 | 52 days | 2,140 sqft |
| 2019-03-01 | 50 days | 2,181 sqft |
| 2019-04-01 | 49 days | 2,223 sqft |
| 2019-05-01 | 50 days | 2,227 sqft |
| 2019-06-01 | 52 days | 2,250 sqft |
| 2019-07-01 | 55 days | 2,268 sqft |
| 2019-08-01 | 57 days | 2,284 sqft |
| 2019-09-01 | 49 days | 2,292 sqft |
| 2019-10-01 | 43 days | 2,242 sqft |
| 2019-11-01 | 45 days | 2,224 sqft |
| 2019-12-01 | 55 days | 2,210 sqft |
| 2020-01-01 | 63 days | 2,220 sqft |
| 2020-02-01 | 49 days | 2,229 sqft |
| 2020-03-01 | 43 days | 2,215 sqft |
| 2020-04-01 | 38 days | 2,104 sqft |
| 2020-05-01 | 51 days | 2,124 sqft |
| 2020-06-01 | 60 days | 2,231 sqft |
| 2020-07-01 | 49 days | 2,219 sqft |
| 2020-08-01 | 36 days | 2,183 sqft |
| 2020-09-01 | 32 days | 2,141 sqft |
| 2020-10-01 | 31 days | 2,126 sqft |
| 2020-11-01 | 38 days | 2,033 sqft |
| 2020-12-01 | 43 days | 2,000 sqft |
| 2021-01-01 | 45 days | 2,002 sqft |
| 2021-02-01 | 36 days | 1,993 sqft |
| 2021-03-01 | 32 days | 1,989 sqft |
| 2021-04-01 | 31 days | 1,989 sqft |
| 2021-05-01 | 30 days | 2,002 sqft |
| 2021-06-01 | 29 days | 1,999 sqft |
| 2021-07-01 | 29 days | 2,001 sqft |
| 2021-08-01 | 30 days | 2,008 sqft |
| 2021-09-01 | 32 days | 1,995 sqft |
| 2021-10-01 | 32 days | 2,007 sqft |
| 2021-11-01 | 35 days | 2,012 sqft |
| 2021-12-01 | 38 days | 1,996 sqft |
| 2022-01-01 | 40 days | 1,990 sqft |
| 2022-02-01 | 33 days | 1,972 sqft |
| 2022-03-01 | 30 days | 1,949 sqft |
| 2022-04-01 | 27 days | 1,975 sqft |
Phoenix's median square footage for active listings during the 2022-04-01 period was 1,975 sqft. One year prior, the average listing was 1,989 sqft.
