Portland VA Loan Rates, Closing Costs & Stats
PORTLAND-VANCOUVER-HILLSBORO, OR-WA
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.
Portland's 213 lenders originated 9,784 VA loans during 2021. The total origination value was $3,784,440,000, with an average VA loan value of $386,799.
Portland VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Portland
averaged
0.28%
for the week of 2023-01-20, compared to the national average (all VA variants) of
0% for the same period.
Portland's average VA mortgage closing costs are $7,563.
The average rate for the prior week (2023-01-13) was
6.27% and
one month ago for the week of 2022-12-16, the
average rate was 6.14%.
The average rate one year ago was 3.84%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.07%.
Portland 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 Portland level.
The top Portland VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
649 VA loans originated. Their average total fees are
$3,504, which is $3,619
lower than the next largest lender,
PENNYMAC LOAN SERVICES, LLC.
The lowest fee Portland VA lenders (with over 10 loans originated) are
PLANET HOME LENDING, LLC ($3,326), LAKEVIEW LOAN SERVICING, LLC ($3,335), FREEDOM MORTGAGE CORPORATION ($3,504), TJC Mortgage, Inc. ($3,771) and PENTAGON FEDERAL CREDIT UNION ($3,911).
The lowest rate Portland VA lenders (with over 10 loans originated) are
CLEARPATH LENDING (2.13%), ACCELERATE MORTGAGE, LLC (2.26%), KS StateBank (2.31%), PENNYMAC LOAN SERVICES, LLC (2.32%) and NP, Inc. (2.32%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $475,000 (3.8%) | $623,313 (3.5%) | 1.76 | 4,658 |
2018-02-01 | $482,450 (2.1%) | $637,336 (4.0%) | 1.75 | 4,462 |
2018-03-01 | $495,000 (3.1%) | $638,263 (2.1%) | 1.74 | 4,777 |
2018-04-01 | $499,000 (2.9%) | $637,241 (1.7%) | 1.69 | 5,398 |
2018-05-01 | $499,438 (2.0%) | $638,545 (1.6%) | 1.67 | 6,286 |
2018-06-01 | $495,000 (1.8%) | $628,654 (1.6%) | 1.65 | 7,151 |
2018-07-01 | $482,500 (0.5%) | $615,343 (1.5%) | 1.61 | 8,121 |
2018-08-01 | $478,000 (0.6%) | $603,262 (0.9%) | 1.60 | 8,644 |
2018-09-01 | $469,955 (0.2%) | $592,727 (0.3%) | 1.58 | 8,971 |
2018-10-01 | $469,375 (0.3%) | $589,529 (-0.2%) | 1.59 | 8,712 |
2018-11-01 | $469,850 (0.0%) | $592,535 (-0.9%) | 1.59 | 8,087 |
2018-12-01 | $469,900 (-1.1%) | $600,420 (-2.0%) | 1.62 | 6,960 |
2019-01-01 | $472,425 (-0.5%) | $602,868 (-3.3%) | 1.63 | 6,178 |
2019-02-01 | $477,000 (-1.1%) | $611,495 (-4.1%) | 1.61 | 6,031 |
2019-03-01 | $480,143 (-3.0%) | $610,775 (-4.3%) | 1.57 | 6,292 |
2019-04-01 | $475,225 (-4.8%) | $603,469 (-5.3%) | 1.51 | 6,852 |
2019-05-01 | $475,975 (-4.7%) | $603,842 (-5.4%) | 1.49 | 7,418 |
2019-06-01 | $477,404 (-3.6%) | $600,593 (-4.5%) | 1.49 | 8,333 |
2019-07-01 | $474,925 (-1.6%) | $598,116 (-2.8%) | 1.49 | 8,627 |
2019-08-01 | $473,000 (-1.1%) | $597,829 (-0.9%) | 1.50 | 8,526 |
2019-09-01 | $470,750 (0.2%) | $596,394 (0.6%) | 1.51 | 8,285 |
2019-10-01 | $464,500 (-1.0%) | $590,169 (0.1%) | 1.50 | 7,983 |
2019-11-01 | $462,000 (-1.7%) | $592,319 (0.0%) | 1.51 | 6,972 |
2019-12-01 | $465,572 (-0.9%) | $596,712 (-0.6%) | 1.55 | 5,682 |
2020-01-01 | $470,336 (-0.4%) | $608,584 (1.0%) | 1.57 | 4,896 |
2020-02-01 | $477,885 (0.2%) | $614,998 (0.6%) | 1.56 | 4,459 |
2020-03-01 | $478,846 (-0.3%) | $619,604 (1.5%) | 1.50 | 4,847 |
2020-04-01 | $475,000 (-0.1%) | $606,788 (0.6%) | 1.49 | 5,706 |
2020-05-01 | $487,220 (2.4%) | $616,429 (2.1%) | 1.48 | 5,775 |
2020-06-01 | $499,000 (4.5%) | $630,312 (5.0%) | 1.47 | 5,399 |
2020-07-01 | $499,900 (5.3%) | $641,859 (7.3%) | 1.45 | 5,157 |
2020-08-01 | $499,900 (5.7%) | $650,072 (8.7%) | 1.43 | 5,082 |
2020-09-01 | $499,974 (6.2%) | $653,970 (9.7%) | 1.43 | 4,771 |
2020-10-01 | $510,000 (9.8%) | $660,249 (11.9%) | 1.46 | 4,522 |
2020-11-01 | $512,500 (10.9%) | $668,864 (12.9%) | 1.50 | 3,870 |
2020-12-01 | $507,500 (9.0%) | $672,948 (12.8%) | 1.51 | 2,982 |
2021-01-01 | $499,900 (6.3%) | $681,071 (11.9%) | 1.49 | 2,508 |
2021-02-01 | $501,345 (4.9%) | $689,542 (12.1%) | 1.46 | 2,266 |
2021-03-01 | $510,186 (6.5%) | $682,442 (10.1%) | 1.45 | 2,426 |
2021-04-01 | $525,000 (10.5%) | $691,922 (14.0%) | 1.42 | 2,658 |
2021-05-01 | $549,000 (12.7%) | $715,935 (16.1%) | 1.45 | 2,871 |
2021-06-01 | $554,500 (11.1%) | $725,684 (15.1%) | 1.46 | 3,357 |
2021-07-01 | $553,000 (10.6%) | $730,607 (13.8%) | 1.46 | 3,778 |
2021-08-01 | $550,000 (10.0%) | $722,132 (11.1%) | 1.47 | 3,873 |
2021-09-01 | $550,000 (10.0%) | $723,259 (10.6%) | 1.47 | 4,018 |
2021-10-01 | $549,950 (7.8%) | $719,872 (9.0%) | 1.47 | 3,931 |
2021-11-01 | $550,000 (7.3%) | $723,561 (8.2%) | 1.47 | 3,150 |
2021-12-01 | $549,000 (8.2%) | $725,921 (7.9%) | 1.49 | 2,400 |
2022-01-01 | $549,900 (10.0%) | $736,590 (8.2%) | 1.49 | 1,858 |
2022-02-01 | $557,500 (11.2%) | $733,829 (6.4%) | 1.45 | 1,947 |
2022-03-01 | $572,500 (12.2%) | $734,914 (7.7%) | 1.43 | 2,166 |
2022-04-01 | $585,000 (11.4%) | $753,078 (8.8%) | 1.40 | 2,369 |
2022-05-01 | $597,450 (8.8%) | $758,077 (5.9%) | 1.37 | 3,440 |
2022-06-01 | $599,950 (8.2%) | $761,068 (4.9%) | 1.34 | 4,415 |
2022-07-01 | $599,000 (8.3%) | $752,764 (3.0%) | 1.36 | 5,675 |
2022-08-01 | $589,950 (7.3%) | $744,522 (3.1%) | 1.36 | 5,836 |
2022-09-01 | $589,900 (7.3%) | $761,177 (5.2%) | 1.38 | 5,863 |
2022-10-01 | $579,900 (5.5%) | $759,892 (5.6%) | 1.36 | 5,878 |
2022-11-01 | $582,475 (5.9%) | $768,480 (6.2%) | 1.40 | 5,534 |
2022-12-01 | $589,000 (7.3%) | $777,575 (7.1%) | 1.47 | 4,595 |
Portland's median listing price comes in at 147% of the national average.
Portland's average listing price for 2022-12-01 was $777,575, a difference of $51,654 (7.1%) versus the prior year and $9,095 versus the prior month.
For the 2022-12-01 period, Portland had 4,595 MLS listings, a difference of -939 listings (-17%) versus the prior month and 2,195 listings (91%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 65 days | 2,265 sqft |
2018-02-01 | 44 days | 2,273 sqft |
2018-03-01 | 37 days | 2,268 sqft |
2018-04-01 | 32 days | 2,274 sqft |
2018-05-01 | 31 days | 2,275 sqft |
2018-06-01 | 33 days | 2,248 sqft |
2018-07-01 | 37 days | 2,216 sqft |
2018-08-01 | 38 days | 2,187 sqft |
2018-09-01 | 45 days | 2,156 sqft |
2018-10-01 | 50 days | 2,142 sqft |
2018-11-01 | 57 days | 2,148 sqft |
2018-12-01 | 68 days | 2,142 sqft |
2019-01-01 | 70 days | 2,136 sqft |
2019-02-01 | 48 days | 2,156 sqft |
2019-03-01 | 41 days | 2,146 sqft |
2019-04-01 | 36 days | 2,131 sqft |
2019-05-01 | 33 days | 2,139 sqft |
2019-06-01 | 37 days | 2,158 sqft |
2019-07-01 | 41 days | 2,149 sqft |
2019-08-01 | 45 days | 2,136 sqft |
2019-09-01 | 49 days | 2,129 sqft |
2019-10-01 | 52 days | 2,110 sqft |
2019-11-01 | 64 days | 2,098 sqft |
2019-12-01 | 76 days | 2,094 sqft |
2020-01-01 | 77 days | 2,108 sqft |
2020-02-01 | 60 days | 2,102 sqft |
2020-03-01 | 44 days | 2,094 sqft |
2020-04-01 | 45 days | 2,093 sqft |
2020-05-01 | 56 days | 2,104 sqft |
2020-06-01 | 53 days | 2,119 sqft |
2020-07-01 | 45 days | 2,106 sqft |
2020-08-01 | 43 days | 2,099 sqft |
2020-09-01 | 51 days | 2,078 sqft |
2020-10-01 | 58 days | 2,055 sqft |
2020-11-01 | 66 days | 2,046 sqft |
2020-12-01 | 67 days | 1,999 sqft |
2021-01-01 | 54 days | 1,941 sqft |
2021-02-01 | 40 days | 1,880 sqft |
2021-03-01 | 34 days | 1,903 sqft |
2021-04-01 | 31 days | 1,911 sqft |
2021-05-01 | 32 days | 1,946 sqft |
2021-06-01 | 28 days | 1,974 sqft |
2021-07-01 | 36 days | 1,975 sqft |
2021-08-01 | 37 days | 1,963 sqft |
2021-09-01 | 43 days | 1,960 sqft |
2021-10-01 | 43 days | 1,930 sqft |
2021-11-01 | 53 days | 1,905 sqft |
2021-12-01 | 51 days | 1,858 sqft |
2022-01-01 | 63 days | 1,848 sqft |
2022-02-01 | 29 days | 1,827 sqft |
2022-03-01 | 29 days | 1,833 sqft |
2022-04-01 | 27 days | 1,848 sqft |
2022-05-01 | 24 days | 1,928 sqft |
2022-06-01 | 25 days | 1,982 sqft |
2022-07-01 | 31 days | 2,000 sqft |
2022-08-01 | 37 days | 2,001 sqft |
2022-09-01 | 44 days | 1,995 sqft |
2022-10-01 | 45 days | 1,987 sqft |
2022-11-01 | 52 days | 1,994 sqft |
2022-12-01 | 66 days | 2,001 sqft |
Portland's median square footage for active listings during the 2022-12-01 period was 2,001 sqft. One year prior, the average listing was 1,858 sqft.