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 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 6.53% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.36% and one month ago for the week of 2024-11-08, the average rate was 6.36%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.68%.

    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
    2024-04-01 $325,000 (1.6%) $397,227 (2.2%) 0.76 278
    2024-05-01 $359,925 (10.8%) $429,675 (7.4%) 0.81 285
    2024-06-01 $359,900 (5.8%) $436,753 (4.3%) 0.81 302
    2024-07-01 $342,450 (1.4%) $414,621 (-2.7%) 0.78 359
    2024-08-01 $339,900 (2.7%) $414,093 (2.6%) 0.79 388
    2024-09-01 $344,900 (-1.4%) $417,700 (2.7%) 0.81 396
    2024-10-01 $347,450 (-0.1%) $399,825 (-1.7%) 0.82 420
    2024-11-01 $335,000 (-0.4%) $393,399 (-0.5%) 0.80 425
    Reading's median listing price for 2024-11-01 was $335,000, a difference of $-1,200 (-0.4%) versus the prior year and $-12,450 versus the prior month.

    Reading's median listing price comes in at 80% of the national average.

    Reading's average listing price for 2024-11-01 was $393,399, a difference of $-2,013 (-0.5%) versus the prior year and $-6,426 versus the prior month.

    For the 2024-11-01 period, Reading had 425 MLS listings, a difference of 5 listings (1%) versus the prior month and 49 listings (13%) 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
    2024-04-01 29 days 1,821 sqft
    2024-05-01 23 days 1,940 sqft
    2024-06-01 22 days 2,000 sqft
    2024-07-01 29 days 1,957 sqft
    2024-08-01 34 days 1,966 sqft
    2024-09-01 35 days 1,950 sqft
    2024-10-01 34 days 1,959 sqft
    2024-11-01 38 days 1,888 sqft
    Reading's median listing age (time on market) for 2024-11-01 was 38 days. This is 1% longer than the same period one year ago.

    Reading's median square footage for active listings during the 2024-11-01 period was 1,888 sqft. One year prior, the average listing was 1,880 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.