Red Wing VA Loan Rates, Closing Costs & Stats

Red Wing, MN

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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.

    Red Wing's 21 lenders originated 43 VA loans during 2023. The total origination value was $12,015,000, with an average VA loan value of $279,419.

    Red Wing VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Red Wing averaged 6.71% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Red Wing's average VA mortgage closing costs are $5,019.

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 9 7.04% $5,820
    UNITED WHOLESALE MORTGAGE, LLC 4 6.59% $7,828
    American Mortgage & Equity Consultants, Inc. 2 6.81% $6,980
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.12% $3,107
    FREEDOM MORTGAGE CORPORATION 2 7.50% $10,420
    GUARANTEED RATE, INC. 2 6.06% $4,789
    Merchants Bank 2 5.50% $2,852
    NAVY FEDERAL CREDIT UNION 2 5.81% $2,760
    Prosperity Home Mortgage, LLC 2 5.88% $7,469
    QUICKEN LOANS, LLC 2 5.94% $6,800
    LOANDEPOT.COM, LLC 1 5.63% $12,231
    SUMMIT FUNDING, INC. 1 6.13% $17,444
    MILEND, INC. 1 6.13% $13,967
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.75% $2,278
    Bell Bank 1 6.00% $5,837
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.99% $6,529
    First Federal Bank 1 6.50% $2,613
    Flagstar Bank, FSB 1 7.25% $11,943
    NEW DAY FINANCIAL, LLC 1 7.49% $10,372
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $5,255
    NEWREZ LLC 1 7.25% $3,785

    The top Red Wing VA lender as defined by loan originations is Mortgage Research Center, LLC, with 9 VA loans originated. Their average total fees are $5,820, which is $2,008 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Red Wing VA lenders (with over 10 loans originated) are .

    The lowest rate Red Wing VA lenders (with over 10 loans originated) are .

    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 (3.5%) $281,446 (-1.0%) 0.00 117
    2018-02-01 $268,450 (15.7%) $293,207 (-0.1%) 0.00 122
    2018-03-01 $264,450 (8.4%) $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 (13.4%) $314,384 (5.5%) 0.00 161
    2018-06-01 $289,950 (20.9%) $315,131 (7.9%) 0.00 172
    2018-07-01 $283,412 (18.1%) $304,907 (5.3%) 0.00 178
    2018-08-01 $276,563 (14.1%) $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 (5.8%) $296,552 (-4.8%) 0.00 204
    2018-11-01 $282,400 (12.1%) $305,317 (0.6%) 0.00 182
    2018-12-01 $289,900 (19.1%) $313,897 (7.9%) 0.00 157
    2019-01-01 $269,825 (12.2%) $306,668 (9.0%) 0.00 138
    2019-02-01 $274,700 (2.3%) $316,456 (7.9%) 0.00 126
    2019-03-01 $282,386 (6.8%) $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 (0.9%) $309,485 (-1.6%) 0.00 164
    2019-06-01 $273,950 (-5.5%) $297,000 (-5.8%) 0.00 180
    2019-07-01 $271,250 (-4.3%) $298,835 (-2.0%) 0.00 199
    2019-08-01 $265,909 (-3.9%) $296,343 (-2.6%) 0.00 207
    2019-09-01 $255,273 (-8.8%) $292,799 (-3.4%) 0.00 205
    2019-10-01 $245,950 (-10.5%) $290,436 (-2.1%) 0.00 205
    2019-11-01 $239,850 (-15.1%) $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 (-5.4%) $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 (-3.2%) $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 (18.4%) $352,311 (18.9%) 0.00 127
    2020-09-01 $299,900 (17.5%) $336,252 (14.8%) 0.00 141
    2020-10-01 $289,900 (17.9%) $316,392 (8.9%) 0.00 137
    2020-11-01 $287,200 (19.7%) $316,514 (12.7%) 0.00 127
    2020-12-01 $278,175 (16.0%) $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 (26.2%) $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 (7.4%) $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 (-4.0%) $447,109 (24.1%) 0.00 42
    2022-04-01 $323,500 (-2.5%) $450,254 (27.8%) 0.00 48
    2022-05-01 $324,450 (10.0%) $426,790 (31.8%) 0.00 63
    2022-06-01 $314,975 (4.2%) $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 (5.1%) $396,274 (15.0%) 0.00 81
    2022-09-01 $329,900 (10.0%) $398,671 (7.4%) 0.00 90
    2022-10-01 $322,450 (7.6%) $390,140 (1.1%) 0.00 97
    2022-11-01 $317,425 (11.4%) $385,419 (11.5%) 0.00 83
    2022-12-01 $299,900 (0.4%) $373,409 (1.0%) 0.00 70
    2023-01-01 $295,925 (-1.3%) $391,274 (7.3%) 0.00 60
    2023-02-01 $347,450 (17.6%) $422,628 (16.3%) 0.00 51
    2023-03-01 $339,900 (5.9%) $421,776 (-5.7%) 0.00 51
    2023-04-01 $379,900 (17.4%) $446,662 (-0.8%) 0.00 44
    2023-05-01 $363,650 (12.1%) $428,025 (0.3%) 0.00 54
    2023-06-01 $356,200 (13.1%) $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 (26.4%) $453,962 (14.6%) 0.00 88
    2023-09-01 $375,000 (13.7%) $420,659 (5.5%) 0.00 96
    2023-10-01 $348,950 (8.2%) $414,644 (6.3%) 0.00 101
    2023-11-01 $323,475 (1.9%) $399,721 (3.7%) 0.00 106
    2023-12-01 $343,450 (14.5%) $390,366 (4.5%) 0.00 96
    2024-01-01 $340,150 (14.9%) $388,780 (-0.6%) 0.00 85
    2024-02-01 $331,225 (-4.7%) $392,045 (-7.2%) 0.00 77
    2024-03-01 $359,900 (5.9%) $419,559 (-0.5%) 0.00 81
    Red Wing's median listing price for 2024-03-01 was $359,900, a difference of $20,000 (5.9%) versus the prior year and $28,675 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 2024-03-01 was $419,559, a difference of $-2,217 (-0.5%) versus the prior year and $27,514 versus the prior month.

    For the 2024-03-01 period, Red Wing had 81 MLS listings, a difference of 4 listings (5%) versus the prior month and 30 listings (59%) 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
    2024-01-01 0 days 1,783 sqft
    2024-02-01 0 days 1,884 sqft
    2024-03-01 0 days 1,866 sqft
    Red Wing's median listing age (time on market) for 2024-03-01 was 0 days.

    Red Wing's median square footage for active listings during the 2024-03-01 period was 1,866 sqft. One year prior, the average listing was 1,618 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.