Reading VA Loan Rates, Closing Costs & Stats

READING, PA

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.

Reading's 56 lenders originated 217 VA loans during 2023. The total origination value was $66,845,000, with an average VA loan value of $308,041.

Reading VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Reading averaged 6.93% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Reading's average VA mortgage closing costs are $6,947.

The average rate for the prior week (2024-04-05) was 6.67% and one month ago for the week of 2024-03-08, the average rate was 6.6%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.78%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Reading 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 Reading level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 38 6.72% $8,128
UNITED WHOLESALE MORTGAGE, LLC 16 6.26% $11,744
QUICKEN LOANS, LLC 14 6.03% $12,343
Mortgage America, Inc. 12 6.25% $10,592
FREEDOM MORTGAGE CORPORATION 10 6.70% $16,939
CROSSCOUNTRY MORTGAGE, LLC 10 6.79% $10,798
GUARANTEED RATE, INC. 7 6.48% $8,367
USAA Federal Savings Bank 6 6.06% $9,625
The Federal Savings Bank 6 6.52% $16,372
NAVY FEDERAL CREDIT UNION 5 6.18% $2,651
Northpointe Bank 5 6.53% $8,661
LOANDEPOT.COM, LLC 5 7.05% $9,414
PENNYMAC LOAN SERVICES, LLC 4 6.09% $12,925
Univest Bank and Trust Co. 3 6.29% $7,099
NEW DAY FINANCIAL, LLC 3 7.49% $11,199
MOVEMENT MORTGAGE, LLC 2 6.00% $21,542
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $16,254
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.88% $10,938
BROKER SOLUTIONS, INC. 2 6.56% $10,482
NEWREZ LLC 2 6.44% $9,139
NFM, INC. 2 5.88% $19,861
Fulton Bank 2 6.19% $10,985
Citizens Bank 2 6.75% $8,412
Barrington Bank & Trust Company, N.A. 2 6.00% $11,335
SUCCESS MORTGAGE PARTNERS, INC. 2 6.69% $11,871
CONTOUR MORTGAGE CORPORATION 2 7.13% $13,862
VILLAGE CAPITAL MORTGAGE 2 6.51% $9,603
Meridian Bank Corporation 2 7.44% $15,354
Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $17,554
York Traditions Bank 1 6.75% $4,707
AmeriHome Mortgage Company, LLC 1 6.13% $12,927
ARC HOME LLC 1 6.63% $11,864
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $16,704
BNC National Bank 1 5.75% $7,713
CMG MORTGAGE, INC. 1 6.75% $8,664
Credence Funding Corporation 1 6.00% $3,756
DHI MORTGAGE COMPANY, LTD. 1 6.00% $11,807
DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $11,625
EMBRACE HOME LOANS, INC. 1 6.75% $6,062
First National Bank of Pennsylvania 1 7.13% $3,847
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.50% $23,854
GSF Mortgage Corporation 1 7.25% $135
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,564
Magnolia Bank 1 6.25% $17,909
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $8,273
Nations Lending Corporation 1 6.75% $12,259
NBKC BANK 1 5.38% $1,258
Paramount Residential Mortgage Group, Inc. 1 7.63% $8,808
Princeton Mortgage Corporation 1 6.75% $6,990
Renasant Bank 1 6.25% $6,308
Residential Mortgage Solutions, Inc. 1 7.75% $10,973
SOUTHERN TRUST MORTGAGE, LLC 1 7.13% $8,101
SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $8,885
UNION HOME MORTGAGE CORP. 1 6.13% $4,895
Wells Fargo Bank 1 7.25% $9,629
American Mortgage & Equity Consultants, Inc. 1 5.88% $5,794

The top Reading VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $8,128, which is $3,617 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Reading VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,128), Mortgage America, Inc. ($10,592), CROSSCOUNTRY MORTGAGE, LLC ($10,798), UNITED WHOLESALE MORTGAGE, LLC ($11,744) and QUICKEN LOANS, LLC ($12,343).

The lowest rate Reading VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.03%), Mortgage America, Inc. (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.26%), FREEDOM MORTGAGE CORPORATION (6.70%) and Mortgage Research Center, LLC (6.72%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Reading (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 $171,945 (1.2%) $224,586 (3.3%) 0.64 1,241
2018-02-01 $174,950 (0.6%) $224,243 (0.5%) 0.64 1,159
2018-03-01 $179,900 (2.8%) $232,645 (3.8%) 0.63 1,102
2018-04-01 $186,875 (1.1%) $237,457 (3.6%) 0.63 1,159
2018-05-01 $199,900 (5.3%) $247,733 (6.7%) 0.67 1,191
2018-06-01 $209,900 (10.7%) $256,497 (9.5%) 0.70 1,253
2018-07-01 $209,050 (10.1%) $255,063 (7.8%) 0.70 1,253
2018-08-01 $210,500 (13.8%) $255,859 (9.0%) 0.71 1,253
2018-09-01 $209,900 (16.7%) $253,270 (9.3%) 0.71 1,255
2018-10-01 $209,950 (17.4%) $255,392 (10.2%) 0.71 1,246
2018-11-01 $209,900 (20.2%) $254,543 (12.7%) 0.71 1,239
2018-12-01 $204,990 (17.2%) $251,406 (9.4%) 0.71 1,176
2019-01-01 $199,948 (16.3%) $251,747 (12.1%) 0.69 1,071
2019-02-01 $199,945 (14.3%) $256,610 (14.4%) 0.68 1,009
2019-03-01 $208,471 (15.9%) $261,668 (12.5%) 0.68 997
2019-04-01 $222,400 (19.0%) $268,807 (13.2%) 0.71 987
2019-05-01 $222,400 (11.3%) $269,733 (8.9%) 0.70 1,006
2019-06-01 $220,000 (4.8%) $268,946 (4.9%) 0.69 1,030
2019-07-01 $219,900 (5.2%) $265,874 (4.2%) 0.69 1,095
2019-08-01 $218,991 (4.0%) $269,232 (5.2%) 0.69 1,077
2019-09-01 $225,127 (7.3%) $273,995 (8.2%) 0.72 1,043
2019-10-01 $232,445 (10.7%) $278,665 (9.1%) 0.75 998
2019-11-01 $235,000 (12.0%) $280,029 (10.0%) 0.77 953
2019-12-01 $232,475 (13.4%) $281,374 (11.9%) 0.78 842
2020-01-01 $229,950 (15.0%) $282,204 (12.1%) 0.77 771
2020-02-01 $246,900 (23.5%) $286,382 (11.6%) 0.81 716
2020-03-01 $259,900 (24.7%) $297,043 (13.5%) 0.81 674
2020-04-01 $274,400 (23.4%) $312,733 (16.3%) 0.86 592
2020-05-01 $259,900 (16.9%) $302,211 (12.0%) 0.79 618
2020-06-01 $249,950 (13.6%) $305,617 (13.6%) 0.74 586
2020-07-01 $272,650 (24.0%) $325,632 (22.5%) 0.79 484
2020-08-01 $270,000 (23.3%) $321,418 (19.4%) 0.77 479
2020-09-01 $259,975 (15.5%) $317,217 (15.8%) 0.74 476
2020-10-01 $264,900 (14.0%) $326,057 (17.0%) 0.76 459
2020-11-01 $267,400 (13.8%) $316,259 (12.9%) 0.78 464
2020-12-01 $262,400 (12.9%) $311,463 (10.7%) 0.78 431
2021-01-01 $258,500 (12.4%) $317,356 (12.5%) 0.77 367
2021-02-01 $285,400 (15.6%) $346,802 (21.1%) 0.83 283
2021-03-01 $289,000 (11.2%) $354,156 (19.2%) 0.82 274
2021-04-01 $279,075 (1.7%) $341,585 (9.2%) 0.76 285
2021-05-01 $274,900 (5.8%) $342,368 (13.3%) 0.73 313
2021-06-01 $239,220 (-4.3%) $317,388 (3.9%) 0.63 408
2021-07-01 $249,500 (-8.5%) $324,997 (-0.2%) 0.66 415
2021-08-01 $246,745 (-8.6%) $317,398 (-1.3%) 0.66 449
2021-09-01 $242,450 (-6.7%) $314,684 (-0.8%) 0.65 439
2021-10-01 $245,990 (-7.1%) $322,172 (-1.2%) 0.66 439
2021-11-01 $245,445 (-8.2%) $313,134 (-1.0%) 0.66 412
2021-12-01 $234,950 (-10.5%) $299,524 (-3.8%) 0.64 353
2022-01-01 $239,900 (-7.2%) $310,126 (-2.3%) 0.65 274
2022-02-01 $239,450 (-16.1%) $317,375 (-8.5%) 0.62 262
2022-03-01 $254,950 (-11.8%) $335,754 (-5.2%) 0.64 252
2022-04-01 $257,000 (-7.9%) $337,363 (-1.2%) 0.61 278
2022-05-01 $247,728 (-9.9%) $332,085 (-3.0%) 0.57 289
2022-06-01 $254,900 (6.6%) $346,326 (9.1%) 0.57 351
2022-07-01 $252,000 (1.0%) $342,439 (5.4%) 0.57 405
2022-08-01 $264,900 (7.4%) $340,046 (7.1%) 0.61 425
2022-09-01 $246,450 (1.7%) $330,811 (5.1%) 0.58 435
2022-10-01 $249,950 (1.6%) $335,558 (4.2%) 0.59 433
2022-11-01 $271,975 (10.8%) $345,325 (10.3%) 0.65 423
2022-12-01 $275,000 (17.1%) $338,517 (13.0%) 0.68 369
2023-01-01 $273,850 (14.2%) $350,182 (12.9%) 0.68 317
2023-02-01 $287,500 (20.1%) $363,468 (14.5%) 0.69 285
2023-03-01 $309,200 (21.3%) $388,007 (15.6%) 0.73 286
2023-04-01 $319,900 (24.5%) $388,611 (15.2%) 0.74 299
2023-05-01 $324,925 (31.2%) $400,010 (20.5%) 0.74 310
2023-06-01 $340,329 (33.5%) $418,852 (20.9%) 0.76 325
2023-07-01 $337,754 (34.0%) $426,262 (24.5%) 0.77 310
2023-08-01 $330,825 (24.9%) $403,604 (18.7%) 0.76 325
2023-09-01 $349,900 (42.0%) $406,765 (23.0%) 0.81 342
2023-10-01 $347,671 (39.1%) $406,877 (21.3%) 0.82 367
2023-11-01 $336,200 (23.6%) $395,412 (14.5%) 0.80 376
2023-12-01 $316,750 (15.2%) $371,887 (9.9%) 0.77 360
2024-01-01 $307,450 (12.3%) $369,204 (5.4%) 0.75 305
2024-02-01 $306,200 (6.5%) $365,293 (0.5%) 0.74 280
2024-03-01 $298,500 (-3.5%) $378,392 (-2.5%) 0.70 262
Reading's median listing price for 2024-03-01 was $298,500, a difference of $-10,700 (-3.5%) versus the prior year and $-7,700 versus the prior month.

Reading's median listing price comes in at 70% of the national average.

Reading's average listing price for 2024-03-01 was $378,392, a difference of $-9,615 (-2.5%) versus the prior year and $13,099 versus the prior month.

For the 2024-03-01 period, Reading had 262 MLS listings, a difference of -18 listings (-6%) versus the prior month and -24 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 1,742 sqft
2018-02-01 90 days 1,766 sqft
2018-03-01 65 days 1,791 sqft
2018-04-01 52 days 1,811 sqft
2018-05-01 52 days 1,862 sqft
2018-06-01 53 days 1,916 sqft
2018-07-01 58 days 1,884 sqft
2018-08-01 60 days 1,887 sqft
2018-09-01 64 days 1,900 sqft
2018-10-01 67 days 1,899 sqft
2018-11-01 67 days 1,883 sqft
2018-12-01 73 days 1,858 sqft
2019-01-01 85 days 1,856 sqft
2019-02-01 87 days 1,885 sqft
2019-03-01 69 days 1,937 sqft
2019-04-01 47 days 1,995 sqft
2019-05-01 39 days 1,984 sqft
2019-06-01 40 days 1,950 sqft
2019-07-01 44 days 1,946 sqft
2019-08-01 48 days 1,960 sqft
2019-09-01 53 days 1,991 sqft
2019-10-01 58 days 2,023 sqft
2019-11-01 57 days 2,036 sqft
2019-12-01 70 days 2,010 sqft
2020-01-01 77 days 2,025 sqft
2020-02-01 66 days 2,035 sqft
2020-03-01 44 days 2,080 sqft
2020-04-01 65 days 2,134 sqft
2020-05-01 74 days 2,033 sqft
2020-06-01 40 days 2,046 sqft
2020-07-01 34 days 2,110 sqft
2020-08-01 28 days 2,144 sqft
2020-09-01 25 days 2,030 sqft
2020-10-01 41 days 2,059 sqft
2020-11-01 42 days 2,014 sqft
2020-12-01 47 days 1,966 sqft
2021-01-01 57 days 1,940 sqft
2021-02-01 62 days 2,101 sqft
2021-03-01 45 days 1,995 sqft
2021-04-01 30 days 1,949 sqft
2021-05-01 25 days 1,892 sqft
2021-06-01 31 days 1,811 sqft
2021-07-01 38 days 1,832 sqft
2021-08-01 39 days 1,812 sqft
2021-09-01 39 days 1,785 sqft
2021-10-01 44 days 1,792 sqft
2021-11-01 46 days 1,786 sqft
2021-12-01 48 days 1,752 sqft
2022-01-01 50 days 1,685 sqft
2022-02-01 42 days 1,741 sqft
2022-03-01 29 days 1,770 sqft
2022-04-01 29 days 1,800 sqft
2022-05-01 24 days 1,749 sqft
2022-06-01 24 days 1,764 sqft
2022-07-01 30 days 1,769 sqft
2022-08-01 32 days 1,778 sqft
2022-09-01 41 days 1,766 sqft
2022-10-01 40 days 1,787 sqft
2022-11-01 42 days 1,837 sqft
2022-12-01 57 days 1,827 sqft
2023-01-01 65 days 1,814 sqft
2023-02-01 51 days 1,906 sqft
2023-03-01 38 days 1,997 sqft
2023-04-01 33 days 1,980 sqft
2023-05-01 33 days 1,984 sqft
2023-06-01 37 days 1,982 sqft
2023-07-01 39 days 1,988 sqft
2023-08-01 35 days 1,930 sqft
2023-09-01 40 days 1,969 sqft
2023-10-01 38 days 1,981 sqft
2023-11-01 38 days 1,880 sqft
2023-12-01 45 days 1,848 sqft
2024-01-01 52 days 1,822 sqft
2024-02-01 38 days 1,807 sqft
2024-03-01 36 days 1,702 sqft
Reading's median listing age (time on market) for 2024-03-01 was 36 days. This is -5% shorter than the same period one year ago.

Reading's median square footage for active listings during the 2024-03-01 period was 1,702 sqft. One year prior, the average listing was 1,997 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.