Raleigh VA Loan Rates, Closing Costs & Stats
RALEIGH-CARY, NC
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.
Raleigh's 250 lenders originated 6,591 VA loans during 2021. The total origination value was $2,079,505,000, with an average VA loan value of $315,507.
Raleigh VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Raleigh
averaged
0.39%
for the week of 2023-01-20, compared to the national average (all VA variants) of
0% for the same period.
Raleigh's average VA mortgage closing costs are $5,456.
The average rate for the prior week (2023-01-13) was
6.17% and
one month ago for the week of 2022-12-16, the
average rate was 6.55%.
The average rate one year ago was 3.55%.
For refis of the same type during the week of 2023-01-20, the average rate
was 0.11%.
Raleigh 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 Raleigh level.
The top Raleigh VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
545 VA loans originated. Their average total fees are
$5,443, which is $2,265
higher than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee Raleigh VA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($2,265), PENTAGON FEDERAL CREDIT UNION ($2,624), LAKEVIEW LOAN SERVICING, LLC ($2,708), CALCON MUTUAL MORTGAGE LLC ($3,130) and FREEDOM MORTGAGE CORPORATION ($3,178).
The lowest rate Raleigh VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (2.26%), CLEARPATH LENDING (2.29%), TJC Mortgage, Inc. (2.30%), InterContinental Capital Group, Inc (2.33%) and SUN WEST MORTGAGE COMPANY, INC. (2.35%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Raleigh (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 | $350,080 (2.6%) | $423,710 (3.1%) | 1.30 | 3,972 |
| 2018-02-01 | $358,500 (3.2%) | $427,891 (3.1%) | 1.30 | 4,007 |
| 2018-03-01 | $368,901 (2.5%) | $439,742 (2.6%) | 1.29 | 4,229 |
| 2018-04-01 | $369,950 (0.0%) | $440,989 (0.0%) | 1.25 | 4,500 |
| 2018-05-01 | $369,950 (0.0%) | $442,338 (-0.2%) | 1.24 | 4,820 |
| 2018-06-01 | $369,800 (1.0%) | $445,410 (1.8%) | 1.23 | 4,911 |
| 2018-07-01 | $369,450 (0.6%) | $448,837 (2.9%) | 1.23 | 4,813 |
| 2018-08-01 | $369,786 (1.5%) | $447,878 (3.4%) | 1.24 | 4,906 |
| 2018-09-01 | $365,939 (0.3%) | $442,879 (2.4%) | 1.23 | 5,030 |
| 2018-10-01 | $358,200 (-0.5%) | $432,214 (0.9%) | 1.21 | 5,274 |
| 2018-11-01 | $355,345 (-1.2%) | $430,491 (0.8%) | 1.20 | 5,151 |
| 2018-12-01 | $354,500 (-0.4%) | $426,951 (-0.1%) | 1.22 | 4,902 |
| 2019-01-01 | $349,995 (0.0%) | $423,956 (0.1%) | 1.21 | 4,623 |
| 2019-02-01 | $354,743 (-1.1%) | $430,484 (0.6%) | 1.20 | 4,578 |
| 2019-03-01 | $363,769 (-1.4%) | $439,794 (0.0%) | 1.19 | 4,595 |
| 2019-04-01 | $369,448 (-0.1%) | $448,961 (1.8%) | 1.17 | 4,726 |
| 2019-05-01 | $375,000 (1.4%) | $455,654 (3.0%) | 1.17 | 4,836 |
| 2019-06-01 | $375,000 (1.4%) | $453,179 (1.7%) | 1.17 | 4,938 |
| 2019-07-01 | $375,000 (1.5%) | $451,869 (0.7%) | 1.17 | 5,012 |
| 2019-08-01 | $371,636 (0.5%) | $447,911 (0.0%) | 1.18 | 5,093 |
| 2019-09-01 | $367,341 (0.4%) | $444,332 (0.3%) | 1.18 | 5,158 |
| 2019-10-01 | $363,950 (1.6%) | $441,751 (2.2%) | 1.17 | 5,201 |
| 2019-11-01 | $359,000 (1.0%) | $440,117 (2.2%) | 1.18 | 4,998 |
| 2019-12-01 | $359,950 (1.5%) | $442,312 (3.6%) | 1.20 | 4,542 |
| 2020-01-01 | $357,473 (2.1%) | $442,285 (4.3%) | 1.19 | 4,228 |
| 2020-02-01 | $362,500 (2.2%) | $449,699 (4.5%) | 1.19 | 4,124 |
| 2020-03-01 | $371,925 (2.2%) | $461,183 (4.9%) | 1.17 | 4,040 |
| 2020-04-01 | $362,591 (-1.9%) | $451,424 (0.6%) | 1.14 | 4,312 |
| 2020-05-01 | $369,900 (-1.4%) | $465,322 (2.1%) | 1.12 | 4,212 |
| 2020-06-01 | $380,350 (1.4%) | $485,573 (7.2%) | 1.12 | 3,598 |
| 2020-07-01 | $380,679 (1.5%) | $486,723 (7.7%) | 1.10 | 3,340 |
| 2020-08-01 | $385,000 (3.6%) | $487,189 (8.8%) | 1.10 | 3,215 |
| 2020-09-01 | $389,450 (6.0%) | $494,009 (11.2%) | 1.12 | 2,923 |
| 2020-10-01 | $389,000 (6.9%) | $494,700 (12.0%) | 1.11 | 2,883 |
| 2020-11-01 | $383,995 (7.0%) | $491,124 (11.6%) | 1.12 | 2,591 |
| 2020-12-01 | $385,500 (7.1%) | $496,275 (12.2%) | 1.15 | 2,216 |
| 2021-01-01 | $389,000 (8.8%) | $506,732 (14.6%) | 1.16 | 1,869 |
| 2021-02-01 | $394,975 (9.0%) | $525,169 (16.8%) | 1.15 | 1,484 |
| 2021-03-01 | $397,400 (6.9%) | $527,770 (14.4%) | 1.13 | 1,290 |
| 2021-04-01 | $399,500 (10.2%) | $540,723 (19.8%) | 1.08 | 1,213 |
| 2021-05-01 | $401,281 (8.5%) | $549,422 (18.1%) | 1.06 | 1,040 |
| 2021-06-01 | $406,500 (6.9%) | $558,257 (15.0%) | 1.07 | 1,058 |
| 2021-07-01 | $407,841 (7.1%) | $543,979 (11.8%) | 1.07 | 1,218 |
| 2021-08-01 | $422,400 (9.7%) | $562,434 (15.4%) | 1.13 | 1,264 |
| 2021-09-01 | $424,915 (9.1%) | $553,376 (12.0%) | 1.13 | 1,421 |
| 2021-10-01 | $425,000 (9.3%) | $549,602 (11.1%) | 1.13 | 1,476 |
| 2021-11-01 | $424,960 (10.7%) | $552,086 (12.4%) | 1.13 | 1,359 |
| 2021-12-01 | $422,000 (9.5%) | $549,258 (10.7%) | 1.14 | 1,116 |
| 2022-01-01 | $425,000 (9.3%) | $565,286 (11.6%) | 1.15 | 914 |
| 2022-02-01 | $430,000 (8.9%) | $585,759 (11.5%) | 1.12 | 674 |
| 2022-03-01 | $449,975 (13.2%) | $616,507 (16.8%) | 1.13 | 710 |
| 2022-04-01 | $475,000 (18.9%) | $617,459 (14.2%) | 1.13 | 870 |
| 2022-05-01 | $493,390 (23.0%) | $606,405 (10.4%) | 1.13 | 1,456 |
| 2022-06-01 | $499,950 (23.0%) | $625,115 (12.0%) | 1.11 | 2,121 |
| 2022-07-01 | $494,900 (21.4%) | $613,697 (12.8%) | 1.12 | 2,782 |
| 2022-08-01 | $483,566 (14.5%) | $604,886 (7.6%) | 1.12 | 3,196 |
| 2022-09-01 | $463,227 (9.0%) | $579,957 (4.8%) | 1.08 | 3,773 |
| 2022-10-01 | $452,000 (6.4%) | $575,495 (4.7%) | 1.06 | 3,952 |
| 2022-11-01 | $449,450 (5.8%) | $569,983 (3.2%) | 1.08 | 3,903 |
| 2022-12-01 | $446,000 (5.7%) | $567,139 (3.3%) | 1.12 | 3,639 |
Raleigh's median listing price comes in at 112% of the national average.
Raleigh's average listing price for 2022-12-01 was $567,139, a difference of $17,881 (3.3%) versus the prior year and $-2,844 versus the prior month.
For the 2022-12-01 period, Raleigh had 3,639 MLS listings, a difference of -264 listings (-7%) versus the prior month and 2,523 listings (226%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 85 days | 2,659 sqft |
| 2018-02-01 | 71 days | 2,653 sqft |
| 2018-03-01 | 56 days | 2,699 sqft |
| 2018-04-01 | 53 days | 2,669 sqft |
| 2018-05-01 | 52 days | 2,676 sqft |
| 2018-06-01 | 56 days | 2,666 sqft |
| 2018-07-01 | 64 days | 2,653 sqft |
| 2018-08-01 | 65 days | 2,656 sqft |
| 2018-09-01 | 67 days | 2,623 sqft |
| 2018-10-01 | 71 days | 2,588 sqft |
| 2018-11-01 | 73 days | 2,578 sqft |
| 2018-12-01 | 81 days | 2,564 sqft |
| 2019-01-01 | 87 days | 2,557 sqft |
| 2019-02-01 | 81 days | 2,561 sqft |
| 2019-03-01 | 66 days | 2,592 sqft |
| 2019-04-01 | 51 days | 2,622 sqft |
| 2019-05-01 | 52 days | 2,649 sqft |
| 2019-06-01 | 52 days | 2,628 sqft |
| 2019-07-01 | 58 days | 2,601 sqft |
| 2019-08-01 | 59 days | 2,577 sqft |
| 2019-09-01 | 61 days | 2,555 sqft |
| 2019-10-01 | 63 days | 2,540 sqft |
| 2019-11-01 | 65 days | 2,500 sqft |
| 2019-12-01 | 72 days | 2,503 sqft |
| 2020-01-01 | 75 days | 2,480 sqft |
| 2020-02-01 | 64 days | 2,518 sqft |
| 2020-03-01 | 51 days | 2,548 sqft |
| 2020-04-01 | 52 days | 2,495 sqft |
| 2020-05-01 | 61 days | 2,509 sqft |
| 2020-06-01 | 64 days | 2,540 sqft |
| 2020-07-01 | 52 days | 2,486 sqft |
| 2020-08-01 | 43 days | 2,468 sqft |
| 2020-09-01 | 49 days | 2,457 sqft |
| 2020-10-01 | 47 days | 2,430 sqft |
| 2020-11-01 | 46 days | 2,386 sqft |
| 2020-12-01 | 51 days | 2,373 sqft |
| 2021-01-01 | 49 days | 2,350 sqft |
| 2021-02-01 | 37 days | 2,306 sqft |
| 2021-03-01 | 29 days | 2,253 sqft |
| 2021-04-01 | 23 days | 2,296 sqft |
| 2021-05-01 | 19 days | 2,275 sqft |
| 2021-06-01 | 16 days | 2,259 sqft |
| 2021-07-01 | 19 days | 2,253 sqft |
| 2021-08-01 | 21 days | 2,251 sqft |
| 2021-09-01 | 20 days | 2,244 sqft |
| 2021-10-01 | 21 days | 2,223 sqft |
| 2021-11-01 | 23 days | 2,220 sqft |
| 2021-12-01 | 35 days | 2,201 sqft |
| 2022-01-01 | 37 days | 2,137 sqft |
| 2022-02-01 | 18 days | 2,147 sqft |
| 2022-03-01 | 12 days | 2,185 sqft |
| 2022-04-01 | 11 days | 2,250 sqft |
| 2022-05-01 | 12 days | 2,319 sqft |
| 2022-06-01 | 17 days | 2,353 sqft |
| 2022-07-01 | 23 days | 2,337 sqft |
| 2022-08-01 | 31 days | 2,331 sqft |
| 2022-09-01 | 43 days | 2,286 sqft |
| 2022-10-01 | 48 days | 2,268 sqft |
| 2022-11-01 | 58 days | 2,265 sqft |
| 2022-12-01 | 71 days | 2,277 sqft |
Raleigh's median square footage for active listings during the 2022-12-01 period was 2,277 sqft. One year prior, the average listing was 2,201 sqft.