Reading VA Loan Rates, Closing Costs & Stats

READING, PA

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    • 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 77 lenders originated 393 VA loans during 2022. The total origination value was $108,605,000, with an average VA loan value of $276,349.

    Reading VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Reading averaged 0.06% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Reading's average VA mortgage closing costs are $6,672.

    The average rate for the prior week (2023-11-17) was 7% and one month ago for the week of 2023-10-20, the average rate was 7.23%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.37%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 85 5.20% $8,213
    UNITED WHOLESALE MORTGAGE, LLC 28 4.51% $12,984
    QUICKEN LOANS, LLC 25 4.48% $11,110
    FREEDOM MORTGAGE CORPORATION 23 4.47% $11,108
    CROSSCOUNTRY MORTGAGE, LLC 15 5.41% $10,378
    Mortgage America, Inc. 14 4.80% $7,878
    NEW DAY FINANCIAL, LLC 14 4.14% $10,129
    USAA Federal Savings Bank 13 4.69% $10,178
    PENNYMAC LOAN SERVICES, LLC 10 3.46% $8,641
    LOANDEPOT.COM, LLC 8 4.12% $12,551
    Citizens Bank 8 4.33% $10,761
    NAVY FEDERAL CREDIT UNION 7 4.20% $5,713
    Northpointe Bank 5 4.18% $7,543
    Wells Fargo Bank 5 3.58% $5,973
    The Federal Savings Bank 4 5.53% $14,098
    CALIBER HOME LOANS, INC. 4 4.19% $11,915
    FINANCE OF AMERICA MORTGAGE LLC 4 4.44% $13,561
    Mr. Cooper ( Nationstar Mortgage ) 4 4.53% $8,248
    NEWREZ LLC 4 4.34% $9,384
    CLEARPATH LENDING 3 2.79% $5,862
    AMERISAVE MORTGAGE CORPORATION 3 4.42% $12,525
    GUARANTEED RATE, INC. 3 5.25% $12,323
    GUARANTEED RATE AFFINITY, LLC 3 3.46% $10,883
    LAKEVIEW LOAN SERVICING, LLC 3 3.54% $8,962
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.46% $9,697
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.13% $7,928
    RELIANCE FIRST CAPITAL, LLC 2 4.13% $6,280
    Fulton Bank 2 4.25% $4,680
    Nations Lending Corporation 2 5.75% $9,104
    NBKC BANK 2 4.00% $7,129
    NFM, INC. 2 5.56% $15,762
    Gateway First Bank 2 4.31% $11,219
    GUILD MORTGAGE COMPANY 2 6.75% $8,694
    CONTOUR MORTGAGE CORPORATION 2 5.31% $14,645
    Prosperity Home Mortgage, LLC 2 4.69% $12,012
    DHI MORTGAGE COMPANY, LTD. 2 5.13% $17,912
    SUN WEST MORTGAGE COMPANY, INC. 2 3.75% $8,821
    UNION HOME MORTGAGE CORP. 2 4.06% $5,092
    LOANPAL, LLC 2 3.06% $18,989
    VILLAGE CAPITAL MORTGAGE 2 4.44% $8,099
    Magnolia Bank 2 5.37% $13,647
    Century Mortgage Company DBA Century Lending Company 2 5.37% $17,159
    The Central Trust Bank 1 3.13% $18,222
    ALLIED MORTGAGE GROUP, INC. 1 4.63% $24,913
    ARC HOME LLC 1 3.63% $4,367
    Barrington Bank & Trust Company, N.A. 1 4.13% $7,473
    Carrington Mortgage Services, LLC 1 3.25% $3,117
    CHERRY CREEK MORTGAGE, LLC 1 5.13% $17,940
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $18,828
    EMBRACE HOME LOANS, INC. 1 3.99% $19,338
    EMM LOANS LLC 1 6.50% $7,963
    Equity Prime Mortgage LLC 1 3.38% $13,974
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.63% $24,651
    Flagstar Bank, FSB 1 3.75% $775
    Homesale Mortgage, LLC 1 4.88% $3,938
    HOMESIDE FINANCIAL, LLC 1 3.75% $5,544
    Lakeview Community Capital, LLC 1 2.75% $2,280
    MCLEAN MORTGAGE CORPORATION 1 5.75% $12,973
    MDE Home Loans, LLC 1 6.00% $22,293
    Meridian Bank Corporation 1 3.25% $4,087
    MID AMERICA MORTGAGE, INC. 1 4.88% $3,054
    Mid-Continent Funding, Inc. 1 6.25% $12,363
    MORTGAGE ACCESS CORP. 1 2.75% $19,606
    MOVEMENT MORTGAGE, LLC 1 4.75% $4,376
    M&T Bank 1 5.00% $6,054
    North American Savings Bank, F.S.B. 1 5.63% $923
    Paramount Bank 1 4.63% $17,054
    Paramount Residential Mortgage Group, Inc. 1 5.75% $11,915
    PENTAGON FEDERAL CREDIT UNION 1 4.13% $27,212
    PLANET HOME LENDING, LLC 1 5.25% $5,577
    Presidential Bank, FSB 1 6.13% $5,816
    Sierra Pacific Mortgage Company, Inc. 1 5.13% $12,731
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $6,285
    ABSOLUTE HOME MORTGAGE CORPORATION 1 4.25% $12,106
    TIDEWATER MORTGAGE SERVICES, INC. 1 3.63% $5,270
    Univest Bank and Trust Co. 1 2.75% $3,789
    Watermark Capital, Inc. 1 4.75% $6,290

    The top Reading VA lender as defined by loan originations is Mortgage Research Center, LLC, with 85 VA loans originated. Their average total fees are $8,213, which is $4,771 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Reading VA lenders (with over 10 loans originated) are Mortgage America, Inc. ($7,878), Mortgage Research Center, LLC ($8,213), PENNYMAC LOAN SERVICES, LLC ($8,641), NEW DAY FINANCIAL, LLC ($10,129) and USAA Federal Savings Bank ($10,178).

    The lowest rate Reading VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.46%), NEW DAY FINANCIAL, LLC (4.14%), FREEDOM MORTGAGE CORPORATION (4.47%), QUICKEN LOANS, LLC (4.48%) and UNITED WHOLESALE MORTGAGE, LLC (4.51%).

    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%) $224,736 (3.4%) 0.64 1,243
    2018-02-01 $174,950 (0.6%) $224,422 (0.6%) 0.64 1,161
    2018-03-01 $179,900 (2.8%) $232,785 (4.0%) 0.63 1,102
    2018-04-01 $187,475 (1.3%) $237,518 (3.8%) 0.64 1,158
    2018-05-01 $199,900 (4.1%) $247,800 (6.9%) 0.67 1,190
    2018-06-01 $209,990 (10.6%) $256,687 (9.8%) 0.70 1,252
    2018-07-01 $209,050 (8.2%) $255,063 (7.9%) 0.70 1,253
    2018-08-01 $210,500 (12.4%) $255,859 (9.1%) 0.71 1,253
    2018-09-01 $209,900 (16.7%) $253,221 (9.4%) 0.71 1,254
    2018-10-01 $209,950 (16.7%) $255,392 (10.3%) 0.71 1,245
    2018-11-01 $209,900 (20.2%) $254,543 (12.5%) 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 (12.0%) 0.69 1,071
    2019-02-01 $199,945 (14.3%) $256,610 (14.3%) 0.68 1,009
    2019-03-01 $208,471 (15.9%) $261,609 (12.4%) 0.68 997
    2019-04-01 $222,400 (18.6%) $268,665 (13.1%) 0.71 988
    2019-05-01 $222,400 (11.3%) $269,590 (8.8%) 0.70 1,008
    2019-06-01 $220,000 (4.8%) $268,804 (4.7%) 0.69 1,032
    2019-07-01 $219,900 (5.2%) $265,746 (4.2%) 0.69 1,097
    2019-08-01 $218,991 (4.0%) $269,098 (5.2%) 0.69 1,078
    2019-09-01 $225,127 (7.3%) $273,852 (8.2%) 0.72 1,045
    2019-10-01 $232,423 (10.7%) $278,512 (9.1%) 0.75 999
    2019-11-01 $235,000 (12.0%) $280,092 (10.0%) 0.77 953
    2019-12-01 $233,725 (14.0%) $281,449 (12.0%) 0.78 841
    2020-01-01 $229,950 (15.0%) $282,298 (12.1%) 0.77 770
    2020-02-01 $247,300 (23.7%) $287,164 (11.9%) 0.81 717
    2020-03-01 $259,900 (24.7%) $297,699 (13.8%) 0.81 674
    2020-04-01 $274,400 (23.4%) $313,554 (16.7%) 0.86 592
    2020-05-01 $259,900 (16.9%) $302,981 (12.4%) 0.79 618
    2020-06-01 $249,950 (13.6%) $306,332 (14.0%) 0.74 586
    2020-07-01 $270,725 (23.1%) $326,177 (22.7%) 0.78 485
    2020-08-01 $270,000 (23.3%) $321,979 (19.7%) 0.77 478
    2020-09-01 $259,950 (15.5%) $317,509 (15.9%) 0.74 476
    2020-10-01 $264,900 (14.0%) $325,720 (17.0%) 0.76 459
    2020-11-01 $267,400 (13.8%) $315,915 (12.8%) 0.78 464
    2020-12-01 $261,150 (11.7%) $311,097 (10.5%) 0.78 431
    2021-01-01 $259,000 (12.6%) $316,954 (12.3%) 0.77 366
    2021-02-01 $284,900 (15.2%) $346,614 (20.7%) 0.83 284
    2021-03-01 $288,450 (11.0%) $354,445 (19.1%) 0.82 273
    2021-04-01 $278,250 (1.4%) $342,029 (9.1%) 0.75 284
    2021-05-01 $274,900 (5.8%) $339,512 (12.1%) 0.73 312
    2021-06-01 $237,500 (-5.0%) $314,919 (2.8%) 0.63 406
    2021-07-01 $248,990 (-8.0%) $322,760 (-1.1%) 0.66 413
    2021-08-01 $245,995 (-8.9%) $315,320 (-2.1%) 0.66 447
    2021-09-01 $242,450 (-6.7%) $312,485 (-1.6%) 0.65 437
    2021-10-01 $245,990 (-7.1%) $320,169 (-1.7%) 0.66 437
    2021-11-01 $243,998 (-8.8%) $310,687 (-1.7%) 0.65 410
    2021-12-01 $231,250 (-11.5%) $296,522 (-4.7%) 0.63 351
    2022-01-01 $239,900 (-7.4%) $308,678 (-2.6%) 0.65 272
    2022-02-01 $239,450 (-16.0%) $313,873 (-9.5%) 0.62 260
    2022-03-01 $257,000 (-10.9%) $332,217 (-6.3%) 0.64 251
    2022-04-01 $260,000 (-6.6%) $337,078 (-1.5%) 0.62 269
    2022-05-01 $253,450 (-7.8%) $333,228 (-1.9%) 0.58 281
    2022-06-01 $256,750 (8.1%) $348,786 (10.8%) 0.57 343
    2022-07-01 $259,900 (4.4%) $344,522 (6.7%) 0.59 397
    2022-08-01 $266,225 (8.2%) $341,054 (8.2%) 0.62 416
    2022-09-01 $249,450 (2.9%) $331,758 (6.2%) 0.58 427
    2022-10-01 $252,450 (2.6%) $337,484 (5.4%) 0.59 425
    2022-11-01 $274,900 (12.7%) $347,588 (11.9%) 0.66 415
    2022-12-01 $279,900 (21.0%) $341,014 (15.0%) 0.69 361
    2023-01-01 $276,175 (15.1%) $351,373 (13.8%) 0.68 308
    2023-02-01 $294,225 (22.9%) $361,502 (15.2%) 0.71 282
    2023-03-01 $304,350 (18.4%) $384,377 (15.7%) 0.72 285
    2023-04-01 $319,900 (23.0%) $388,382 (15.2%) 0.74 299
    2023-05-01 $324,925 (28.2%) $400,010 (20.0%) 0.74 310
    2023-06-01 $340,329 (32.6%) $418,852 (20.1%) 0.76 325
    2023-07-01 $337,754 (30.0%) $426,262 (23.7%) 0.77 310
    2023-08-01 $330,825 (24.3%) $403,604 (18.3%) 0.76 325
    2023-09-01 $349,900 (40.3%) $406,765 (22.6%) 0.81 342
    2023-10-01 $347,671 (37.7%) $406,877 (20.6%) 0.82 367
    Reading's median listing price for 2023-10-01 was $347,671, a difference of $95,221 (37.7%) versus the prior year and $-2,229 versus the prior month.

    Reading's median listing price comes in at 82% of the national average.

    Reading's average listing price for 2023-10-01 was $406,877, a difference of $69,393 (20.6%) versus the prior year and $112 versus the prior month.

    For the 2023-10-01 period, Reading had 367 MLS listings, a difference of 25 listings (7%) versus the prior month and -58 listings (-14%) 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 1,740 sqft
    2018-02-01 90 days 1,764 sqft
    2018-03-01 65 days 1,791 sqft
    2018-04-01 52 days 1,811 sqft
    2018-05-01 52 days 1,860 sqft
    2018-06-01 53 days 1,916 sqft
    2018-07-01 58 days 1,886 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 1,885 sqft
    2018-12-01 73 days 1,860 sqft
    2019-01-01 85 days 1,855 sqft
    2019-02-01 87 days 1,886 sqft
    2019-03-01 69 days 1,938 sqft
    2019-04-01 47 days 1,995 sqft
    2019-05-01 39 days 1,984 sqft
    2019-06-01 40 days 1,952 sqft
    2019-07-01 44 days 1,947 sqft
    2019-08-01 48 days 1,960 sqft
    2019-09-01 53 days 1,992 sqft
    2019-10-01 58 days 2,023 sqft
    2019-11-01 58 days 2,035 sqft
    2019-12-01 70 days 2,009 sqft
    2020-01-01 77 days 2,020 sqft
    2020-02-01 66 days 2,048 sqft
    2020-03-01 44 days 2,080 sqft
    2020-04-01 66 days 2,134 sqft
    2020-05-01 74 days 2,034 sqft
    2020-06-01 40 days 2,047 sqft
    2020-07-01 34 days 2,109 sqft
    2020-08-01 27 days 2,144 sqft
    2020-09-01 25 days 2,028 sqft
    2020-10-01 41 days 2,050 sqft
    2020-11-01 42 days 2,006 sqft
    2020-12-01 47 days 1,960 sqft
    2021-01-01 57 days 1,927 sqft
    2021-02-01 62 days 2,100 sqft
    2021-03-01 45 days 1,988 sqft
    2021-04-01 30 days 1,960 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 1,784 sqft
    2021-10-01 43 days 1,792 sqft
    2021-11-01 45 days 1,786 sqft
    2021-12-01 48 days 1,754 sqft
    2022-01-01 49 days 1,692 sqft
    2022-02-01 42 days 1,741 sqft
    2022-03-01 28 days 1,763 sqft
    2022-04-01 26 days 1,810 sqft
    2022-05-01 22 days 1,772 sqft
    2022-06-01 23 days 1,786 sqft
    2022-07-01 29 days 1,800 sqft
    2022-08-01 32 days 1,799 sqft
    2022-09-01 40 days 1,783 sqft
    2022-10-01 39 days 1,800 sqft
    2022-11-01 42 days 1,865 sqft
    2022-12-01 57 days 1,852 sqft
    2023-01-01 62 days 1,838 sqft
    2023-02-01 52 days 1,908 sqft
    2023-03-01 37 days 1,988 sqft
    2023-04-01 34 days 1,978 sqft
    2023-05-01 33 days 1,982 sqft
    2023-06-01 37 days 1,976 sqft
    2023-07-01 39 days 1,979 sqft
    2023-08-01 35 days 1,924 sqft
    2023-09-01 40 days 1,969 sqft
    2023-10-01 38 days 1,981 sqft
    Reading's median listing age (time on market) for 2023-10-01 was 38 days. This is -4% shorter than the same period one year ago.

    Reading's median square footage for active listings during the 2023-10-01 period was 1,981 sqft. One year prior, the average listing was 1,800 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.