Red Wing VA Loan Rates, Closing Costs & Stats

Red Wing, MN

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.

Red Wing's 27 lenders originated 64 VA loans during 2022. The total origination value was $18,710,000, with an average VA loan value of $292,344.

Red Wing VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Red Wing averaged -0.07% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Red Wing's average VA mortgage closing costs are $4,896.

The average rate for the prior week (2024-02-16) was 6.31% and one month ago for the week of 2024-01-19, the average rate was 6.26%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.18%.

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

Red Wing 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 Red Wing level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 10 5.16% $6,099
UNITED WHOLESALE MORTGAGE, LLC 6 4.24% $5,407
QUICKEN LOANS, LLC 4 4.94% $6,529
Merchants Bank 4 4.41% $8,084
USAA Federal Savings Bank 4 4.66% $4,455
Prosperity Home Mortgage, LLC 3 5.04% $10,079
FREEDOM MORTGAGE CORPORATION 3 5.25% $11,760
PENNYMAC LOAN SERVICES, LLC 3 3.38% $11,467
Bell Bank 3 4.25% $4,565
GUARANTEED RATE, INC. 3 4.29% $4,529
LOANDEPOT.COM, LLC 2 3.37% $11,824
NEW DAY FINANCIAL, LLC 1 2.25% $1,994
Northpointe Bank 1 4.75% $4,245
Prime Choice Funding Inc. 1 3.25% $5,279
Summit Mortgage Corporation 1 6.99% $12,285
American Mortgage & Equity Consultants, Inc. 1 5.25% $11,611
Wells Fargo Bank 1 5.50% $5,126
Associated Bank 1 3.88% $6,580
Barrington Bank & Trust Company, N.A. 1 3.40% $3,153
BROKER SOLUTIONS, INC. 1 3.99% $12,914
Carrington Mortgage Services, LLC 1 5.63% $14,130
Century Mortgage Company DBA Century Lending Company 1 7.25% $6,226
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $4,796
LAKEVIEW LOAN SERVICING, LLC 1 3.13% $3,620
Lend Smart Mortgage, LLC 1 5.75% $11,245
Mid-Continent Funding, Inc. 1 5.63% $10,613
NAVY FEDERAL CREDIT UNION 1 4.63% $10,704

The top Red Wing VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $6,099, which is $692 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Red Wing VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,099), .

The lowest rate Red Wing VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (5.16%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Red Wing (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 $240,450 (3.0%) $281,446 (-1.0%) 0.00 117
2018-02-01 $268,450 (15.5%) $293,207 (-0.1%) 0.00 122
2018-03-01 $264,450 (8.9%) $283,718 (-5.5%) 0.00 133
2018-04-01 $269,900 (12.5%) $303,495 (4.3%) 0.00 138
2018-05-01 $277,450 (13.5%) $314,384 (5.5%) 0.00 161
2018-06-01 $289,950 (20.8%) $315,131 (7.9%) 0.00 172
2018-07-01 $283,412 (18.4%) $304,907 (5.3%) 0.00 178
2018-08-01 $276,563 (14.8%) $304,270 (1.7%) 0.00 188
2018-09-01 $279,900 (14.3%) $303,188 (0.1%) 0.00 198
2018-10-01 $274,900 (6.8%) $296,552 (-4.8%) 0.00 204
2018-11-01 $282,400 (13.5%) $305,317 (0.6%) 0.00 182
2018-12-01 $289,900 (20.3%) $313,897 (7.9%) 0.00 157
2019-01-01 $269,825 (12.6%) $306,668 (9.0%) 0.00 138
2019-02-01 $274,700 (1.0%) $316,456 (7.9%) 0.00 126
2019-03-01 $282,386 (7.0%) $321,301 (13.3%) 0.00 132
2019-04-01 $291,711 (8.1%) $320,072 (5.5%) 0.00 151
2019-05-01 $279,950 (2.3%) $309,485 (-1.6%) 0.00 164
2019-06-01 $273,950 (-5.2%) $297,000 (-5.8%) 0.00 180
2019-07-01 $271,250 (-3.9%) $298,835 (-2.0%) 0.00 199
2019-08-01 $265,909 (-3.7%) $296,343 (-2.6%) 0.00 207
2019-09-01 $255,273 (-8.3%) $292,799 (-3.4%) 0.00 205
2019-10-01 $245,950 (-9.0%) $290,436 (-2.1%) 0.00 205
2019-11-01 $239,850 (-14.8%) $280,954 (-8.0%) 0.00 196
2019-12-01 $239,850 (-17.3%) $278,505 (-11.3%) 0.00 167
2020-01-01 $252,175 (-6.5%) $287,911 (-6.1%) 0.00 154
2020-02-01 $260,000 (-3.5%) $291,037 (-8.0%) 0.00 146
2020-03-01 $264,900 (-6.2%) $311,084 (-3.2%) 0.00 156
2020-04-01 $264,175 (-9.4%) $315,550 (-1.4%) 0.00 146
2020-05-01 $264,900 (-5.4%) $324,903 (5.0%) 0.00 161
2020-06-01 $265,175 (-3.5%) $322,904 (8.7%) 0.00 166
2020-07-01 $284,900 (5.0%) $333,368 (11.6%) 0.00 138
2020-08-01 $314,950 (18.2%) $352,311 (18.9%) 0.00 127
2020-09-01 $299,900 (16.9%) $336,252 (14.8%) 0.00 141
2020-10-01 $289,900 (16.9%) $316,392 (8.9%) 0.00 137
2020-11-01 $287,200 (19.8%) $316,514 (12.7%) 0.00 127
2020-12-01 $278,175 (18.2%) $303,916 (9.1%) 0.00 102
2021-01-01 $280,075 (11.1%) $306,306 (6.4%) 0.00 71
2021-02-01 $303,700 (16.8%) $321,675 (10.5%) 0.00 60
2021-03-01 $334,345 (26.1%) $360,314 (15.8%) 0.00 55
2021-04-01 $331,935 (25.7%) $352,232 (11.6%) 0.00 56
2021-05-01 $294,900 (11.3%) $323,752 (-0.4%) 0.00 70
2021-06-01 $302,300 (14.0%) $335,326 (3.9%) 0.00 74
2021-07-01 $309,750 (8.7%) $350,500 (5.1%) 0.00 74
2021-08-01 $299,625 (-4.9%) $344,723 (-2.2%) 0.00 84
2021-09-01 $299,888 (0.0%) $371,085 (10.4%) 0.00 83
2021-10-01 $299,700 (3.4%) $385,900 (22.0%) 0.00 93
2021-11-01 $284,900 (-0.8%) $345,695 (9.2%) 0.00 77
2021-12-01 $298,650 (5.4%) $369,883 (21.7%) 0.00 57
2022-01-01 $299,900 (7.1%) $364,569 (19.0%) 0.00 52
2022-02-01 $295,450 (-2.7%) $363,535 (13.0%) 0.00 34
2022-03-01 $321,050 (-5.8%) $447,109 (24.1%) 0.00 42
2022-04-01 $323,500 (-3.6%) $450,254 (27.8%) 0.00 48
2022-05-01 $324,450 (7.9%) $426,790 (31.8%) 0.00 63
2022-06-01 $314,975 (0.1%) $400,270 (19.4%) 0.00 82
2022-07-01 $300,000 (-3.2%) $376,413 (7.4%) 0.00 93
2022-08-01 $315,000 (4.3%) $396,274 (15.0%) 0.00 81
2022-09-01 $329,900 (8.8%) $398,671 (7.4%) 0.00 90
2022-10-01 $322,450 (6.6%) $390,140 (1.1%) 0.00 97
2022-11-01 $317,425 (10.8%) $385,419 (11.5%) 0.00 83
2022-12-01 $299,900 (0.1%) $373,409 (1.0%) 0.00 70
2023-01-01 $295,925 (-2.1%) $391,274 (7.3%) 0.00 60
2023-02-01 $347,450 (16.8%) $422,628 (16.3%) 0.00 51
2023-03-01 $339,900 (8.0%) $421,776 (-5.7%) 0.00 51
2023-04-01 $379,900 (18.0%) $446,662 (-0.8%) 0.00 44
2023-05-01 $363,650 (12.7%) $428,025 (0.3%) 0.00 54
2023-06-01 $356,200 (16.9%) $440,766 (10.1%) 0.00 68
2023-07-01 $364,950 (21.7%) $439,957 (16.9%) 0.00 75
2023-08-01 $398,161 (27.4%) $453,962 (14.6%) 0.00 88
2023-09-01 $375,000 (15.0%) $420,659 (5.5%) 0.00 96
2023-10-01 $348,950 (9.3%) $414,644 (6.3%) 0.00 101
2023-11-01 $323,475 (2.5%) $399,721 (3.7%) 0.00 106
2023-12-01 $343,450 (0.0%) $390,366 (4.5%) 0.00 96
Red Wing's median listing price for 2023-12-01 was $343,450, a difference of $43,550 (0.0%) versus the prior year and $19,975 versus the prior month.

Red Wing's median listing price comes in at 0% of the national average.

Red Wing's average listing price for 2023-12-01 was $390,366, a difference of $16,957 (4.5%) versus the prior year and $-9,355 versus the prior month.

For the 2023-12-01 period, Red Wing had 96 MLS listings, a difference of -10 listings (-9%) versus the prior month and 26 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Red Wing (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,214 sqft
2018-02-01 0 days 2,344 sqft
2018-03-01 0 days 2,279 sqft
2018-04-01 0 days 2,375 sqft
2018-05-01 0 days 2,270 sqft
2018-06-01 0 days 2,166 sqft
2018-07-01 0 days 2,111 sqft
2018-08-01 0 days 2,094 sqft
2018-09-01 0 days 2,080 sqft
2018-10-01 0 days 2,103 sqft
2018-11-01 0 days 2,064 sqft
2018-12-01 0 days 2,048 sqft
2019-01-01 0 days 1,784 sqft
2019-02-01 0 days 1,943 sqft
2019-03-01 0 days 2,025 sqft
2019-04-01 0 days 2,032 sqft
2019-05-01 0 days 2,024 sqft
2019-06-01 0 days 1,933 sqft
2019-07-01 0 days 1,872 sqft
2019-08-01 0 days 1,902 sqft
2019-09-01 0 days 1,875 sqft
2019-10-01 0 days 1,866 sqft
2019-11-01 0 days 1,834 sqft
2019-12-01 0 days 1,828 sqft
2020-01-01 0 days 1,833 sqft
2020-02-01 0 days 1,775 sqft
2020-03-01 0 days 1,820 sqft
2020-04-01 0 days 1,803 sqft
2020-05-01 0 days 1,824 sqft
2020-06-01 0 days 1,800 sqft
2020-07-01 0 days 1,778 sqft
2020-08-01 0 days 1,939 sqft
2020-09-01 0 days 1,915 sqft
2020-10-01 0 days 1,927 sqft
2020-11-01 0 days 1,904 sqft
2020-12-01 0 days 1,836 sqft
2021-01-01 0 days 1,775 sqft
2021-02-01 0 days 1,644 sqft
2021-03-01 0 days 1,653 sqft
2021-04-01 0 days 1,801 sqft
2021-05-01 0 days 1,647 sqft
2021-06-01 0 days 1,744 sqft
2021-07-01 0 days 1,701 sqft
2021-08-01 0 days 1,735 sqft
2021-09-01 0 days 1,818 sqft
2021-10-01 0 days 1,666 sqft
2021-11-01 0 days 1,604 sqft
2021-12-01 0 days 1,589 sqft
2022-01-01 0 days 1,602 sqft
2022-02-01 0 days 2,285 sqft
2022-03-01 0 days 2,359 sqft
2022-04-01 0 days 2,200 sqft
2022-05-01 0 days 1,864 sqft
2022-06-01 0 days 1,947 sqft
2022-07-01 0 days 1,894 sqft
2022-08-01 0 days 1,940 sqft
2022-09-01 0 days 2,112 sqft
2022-10-01 0 days 1,973 sqft
2022-11-01 0 days 2,001 sqft
2022-12-01 0 days 1,711 sqft
2023-01-01 0 days 1,690 sqft
2023-02-01 0 days 1,641 sqft
2023-03-01 0 days 1,618 sqft
2023-04-01 0 days 1,656 sqft
2023-05-01 0 days 1,742 sqft
2023-06-01 0 days 1,824 sqft
2023-07-01 0 days 1,937 sqft
2023-08-01 0 days 2,102 sqft
2023-09-01 0 days 2,064 sqft
2023-10-01 0 days 2,010 sqft
2023-11-01 0 days 1,937 sqft
2023-12-01 0 days 1,844 sqft
Red Wing's median listing age (time on market) for 2023-12-01 was 0 days.

Red Wing's median square footage for active listings during the 2023-12-01 period was 1,844 sqft. One year prior, the average listing was 1,711 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.