Providence VA Loan Rates, Closing Costs & Stats
PROVIDENCE-WARWICK, RI-MA
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.
Providence's 114 lenders originated 1,540 VA loans during 2022. The total origination value was $596,500,000, with an average VA loan value of $387,338.
Providence VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Providence
averaged
5.92%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Providence's average VA mortgage closing costs are $6,357.
The average rate for the prior week (2023-05-19) was
6.15% and
one month ago for the week of 2023-04-21, the
average rate was 5.97%.
The average rate one year ago was 5.04%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.95%.
Providence 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 Providence level.
The top Providence VA lender as defined by loan originations is Mortgage Research Center, LLC, with
193 VA loans originated. Their average total fees are
$9,292, which is $3,347
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Providence VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($5,040), GUARANTEED RATE AFFINITY, LLC ($6,847), Shamrock Home Loans, Inc. ($6,966), Citizens Bank ($8,227) and NEWREZ LLC ($8,337).
The lowest rate Providence VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.33%), LAKEVIEW LOAN SERVICING, LLC (3.47%), FREEDOM MORTGAGE CORPORATION (3.84%), QUICKEN LOANS, LLC (3.85%) and NAVY FEDERAL CREDIT UNION (3.92%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Providence (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 | $339,900 (6.4%) | $534,035 (6.1%) | 1.26 | 3,680 |
2018-02-01 | $349,450 (7.4%) | $544,558 (7.1%) | 1.27 | 3,510 |
2018-03-01 | $359,000 (6.4%) | $546,441 (4.7%) | 1.26 | 3,545 |
2018-04-01 | $369,000 (5.5%) | $555,680 (2.4%) | 1.25 | 3,765 |
2018-05-01 | $372,400 (6.4%) | $558,783 (2.4%) | 1.24 | 4,164 |
2018-06-01 | $369,900 (2.8%) | $558,188 (0.6%) | 1.23 | 4,806 |
2018-07-01 | $370,000 (3.1%) | $566,792 (1.6%) | 1.24 | 5,134 |
2018-08-01 | $369,000 (5.5%) | $553,132 (0.4%) | 1.24 | 5,353 |
2018-09-01 | $364,900 (4.3%) | $547,484 (0.6%) | 1.23 | 5,561 |
2018-10-01 | $352,500 (0.9%) | $535,174 (-0.1%) | 1.19 | 5,697 |
2018-11-01 | $349,900 (0.3%) | $534,839 (1.4%) | 1.19 | 5,499 |
2018-12-01 | $349,900 (2.9%) | $521,359 (-0.7%) | 1.21 | 4,956 |
2019-01-01 | $349,900 (2.9%) | $524,274 (-1.8%) | 1.21 | 4,391 |
2019-02-01 | $357,400 (2.3%) | $545,059 (0.1%) | 1.21 | 4,090 |
2019-03-01 | $369,900 (3.0%) | $553,914 (1.4%) | 1.23 | 4,058 |
2019-04-01 | $377,000 (2.2%) | $563,100 (1.3%) | 1.20 | 4,315 |
2019-05-01 | $379,950 (2.0%) | $574,165 (2.8%) | 1.19 | 4,606 |
2019-06-01 | $384,900 (4.1%) | $579,677 (3.9%) | 1.20 | 4,745 |
2019-07-01 | $387,125 (4.6%) | $587,901 (3.7%) | 1.21 | 4,782 |
2019-08-01 | $389,900 (5.7%) | $596,121 (7.8%) | 1.22 | 4,730 |
2019-09-01 | $389,744 (6.8%) | $602,563 (10.1%) | 1.23 | 4,321 |
2019-10-01 | $379,450 (7.7%) | $580,851 (8.5%) | 1.22 | 4,804 |
2019-11-01 | $379,900 (8.6%) | $586,226 (9.6%) | 1.25 | 4,421 |
2019-12-01 | $369,900 (5.7%) | $561,197 (7.6%) | 1.23 | 3,819 |
2020-01-01 | $367,450 (5.0%) | $558,946 (6.6%) | 1.23 | 3,414 |
2020-02-01 | $383,700 (7.4%) | $582,606 (6.9%) | 1.26 | 3,115 |
2020-03-01 | $399,000 (7.9%) | $610,479 (10.2%) | 1.25 | 3,082 |
2020-04-01 | $399,000 (5.8%) | $621,255 (10.3%) | 1.25 | 3,058 |
2020-05-01 | $399,900 (5.3%) | $642,895 (12.0%) | 1.22 | 3,004 |
2020-06-01 | $429,450 (11.6%) | $688,571 (18.8%) | 1.27 | 2,789 |
2020-07-01 | $427,450 (10.4%) | $702,136 (19.4%) | 1.24 | 2,543 |
2020-08-01 | $429,900 (10.3%) | $722,819 (21.3%) | 1.23 | 2,353 |
2020-09-01 | $422,450 (8.4%) | $746,989 (24.0%) | 1.21 | 2,304 |
2020-10-01 | $419,900 (10.7%) | $738,920 (27.2%) | 1.20 | 2,317 |
2020-11-01 | $409,500 (7.8%) | $730,099 (24.5%) | 1.20 | 2,177 |
2020-12-01 | $413,750 (11.9%) | $740,130 (31.9%) | 1.23 | 1,849 |
2021-01-01 | $431,900 (17.5%) | $802,270 (43.5%) | 1.29 | 1,580 |
2021-02-01 | $422,400 (10.1%) | $804,545 (38.1%) | 1.23 | 1,306 |
2021-03-01 | $399,900 (0.2%) | $776,799 (27.2%) | 1.13 | 1,324 |
2021-04-01 | $404,763 (1.4%) | $792,424 (27.6%) | 1.10 | 1,300 |
2021-05-01 | $399,900 (0.0%) | $776,013 (20.7%) | 1.06 | 1,373 |
2021-06-01 | $422,625 (-1.6%) | $785,721 (14.1%) | 1.11 | 1,623 |
2021-07-01 | $429,900 (0.6%) | $775,704 (10.5%) | 1.13 | 1,896 |
2021-08-01 | $438,625 (2.0%) | $752,895 (4.2%) | 1.17 | 2,032 |
2021-09-01 | $436,900 (3.4%) | $737,960 (-1.2%) | 1.17 | 2,077 |
2021-10-01 | $439,900 (4.8%) | $699,443 (-5.3%) | 1.17 | 2,036 |
2021-11-01 | $434,425 (6.1%) | $713,576 (-2.3%) | 1.16 | 1,791 |
2021-12-01 | $427,450 (3.3%) | $713,774 (-3.6%) | 1.16 | 1,419 |
2022-01-01 | $450,000 (4.2%) | $769,271 (-4.1%) | 1.22 | 1,113 |
2022-02-01 | $457,400 (8.3%) | $759,805 (-5.6%) | 1.19 | 1,017 |
2022-03-01 | $442,225 (10.6%) | $743,895 (-4.2%) | 1.11 | 997 |
2022-04-01 | $474,999 (17.4%) | $727,988 (-8.1%) | 1.13 | 1,104 |
2022-05-01 | $472,450 (18.1%) | $713,797 (-8.0%) | 1.08 | 1,407 |
2022-06-01 | $480,450 (13.7%) | $718,239 (-8.6%) | 1.07 | 1,711 |
2022-07-01 | $479,900 (11.6%) | $731,528 (-5.7%) | 1.08 | 2,037 |
2022-08-01 | $475,000 (8.3%) | $761,008 (1.1%) | 1.10 | 2,018 |
2022-09-01 | $479,900 (9.8%) | $781,272 (5.9%) | 1.12 | 1,886 |
2022-10-01 | $474,500 (7.9%) | $774,346 (10.7%) | 1.12 | 1,952 |
2022-11-01 | $475,000 (9.3%) | $749,736 (5.1%) | 1.14 | 1,931 |
2022-12-01 | $475,000 (11.1%) | $754,807 (5.8%) | 1.17 | 1,647 |
2023-01-01 | $475,000 (5.6%) | $764,435 (-0.6%) | 1.18 | 1,445 |
2023-02-01 | $498,125 (8.9%) | $819,646 (7.9%) | 1.20 | 1,284 |
2023-03-01 | $512,900 (16.0%) | $908,437 (22.1%) | 1.21 | 1,170 |
2023-04-01 | $529,900 (11.6%) | $903,595 (24.1%) | 1.23 | 1,220 |
Providence's median listing price comes in at 123% of the national average.
Providence's average listing price for 2023-04-01 was $903,595, a difference of $175,607 (24.1%) versus the prior year and $-4,842 versus the prior month.
For the 2023-04-01 period, Providence had 1,220 MLS listings, a difference of 50 listings (4%) versus the prior month and 116 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 87 days | 1,676 sqft |
2018-02-01 | 83 days | 1,692 sqft |
2018-03-01 | 57 days | 1,714 sqft |
2018-04-01 | 50 days | 1,733 sqft |
2018-05-01 | 43 days | 1,738 sqft |
2018-06-01 | 40 days | 1,725 sqft |
2018-07-01 | 46 days | 1,728 sqft |
2018-08-01 | 51 days | 1,712 sqft |
2018-09-01 | 52 days | 1,700 sqft |
2018-10-01 | 54 days | 1,699 sqft |
2018-11-01 | 58 days | 1,682 sqft |
2018-12-01 | 71 days | 1,673 sqft |
2019-01-01 | 79 days | 1,667 sqft |
2019-02-01 | 77 days | 1,678 sqft |
2019-03-01 | 62 days | 1,692 sqft |
2019-04-01 | 47 days | 1,710 sqft |
2019-05-01 | 46 days | 1,736 sqft |
2019-06-01 | 46 days | 1,754 sqft |
2019-07-01 | 52 days | 1,750 sqft |
2019-08-01 | 63 days | 1,769 sqft |
2019-09-01 | 65 days | 1,757 sqft |
2019-10-01 | 52 days | 1,712 sqft |
2019-11-01 | 59 days | 1,728 sqft |
2019-12-01 | 74 days | 1,681 sqft |
2020-01-01 | 78 days | 1,678 sqft |
2020-02-01 | 68 days | 1,700 sqft |
2020-03-01 | 51 days | 1,739 sqft |
2020-04-01 | 56 days | 1,734 sqft |
2020-05-01 | 64 days | 1,754 sqft |
2020-06-01 | 52 days | 1,800 sqft |
2020-07-01 | 50 days | 1,773 sqft |
2020-08-01 | 43 days | 1,777 sqft |
2020-09-01 | 33 days | 1,754 sqft |
2020-10-01 | 33 days | 1,727 sqft |
2020-11-01 | 41 days | 1,696 sqft |
2020-12-01 | 52 days | 1,698 sqft |
2021-01-01 | 57 days | 1,700 sqft |
2021-02-01 | 53 days | 1,650 sqft |
2021-03-01 | 40 days | 1,631 sqft |
2021-04-01 | 31 days | 1,600 sqft |
2021-05-01 | 29 days | 1,572 sqft |
2021-06-01 | 23 days | 1,601 sqft |
2021-07-01 | 29 days | 1,600 sqft |
2021-08-01 | 25 days | 1,613 sqft |
2021-09-01 | 30 days | 1,649 sqft |
2021-10-01 | 28 days | 1,639 sqft |
2021-11-01 | 32 days | 1,622 sqft |
2021-12-01 | 49 days | 1,575 sqft |
2022-01-01 | 45 days | 1,596 sqft |
2022-02-01 | 39 days | 1,600 sqft |
2022-03-01 | 31 days | 1,573 sqft |
2022-04-01 | 25 days | 1,604 sqft |
2022-05-01 | 23 days | 1,607 sqft |
2022-06-01 | 22 days | 1,618 sqft |
2022-07-01 | 29 days | 1,602 sqft |
2022-08-01 | 33 days | 1,621 sqft |
2022-09-01 | 39 days | 1,645 sqft |
2022-10-01 | 36 days | 1,648 sqft |
2022-11-01 | 38 days | 1,650 sqft |
2022-12-01 | 46 days | 1,664 sqft |
2023-01-01 | 53 days | 1,632 sqft |
2023-02-01 | 45 days | 1,651 sqft |
2023-03-01 | 42 days | 1,665 sqft |
2023-04-01 | 36 days | 1,664 sqft |
Providence's median square footage for active listings during the 2023-04-01 period was 1,664 sqft. One year prior, the average listing was 1,604 sqft.