Rochester VA Loan Rates, Closing Costs & Stats

ROCHESTER, 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.

Rochester's 72 lenders originated 535 VA loans during 2021. The total origination value was $138,335,000, with an average VA loan value of $258,570.

Rochester VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rochester averaged 0.16% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Rochester's average VA mortgage closing costs are $4,768.

The average rate for the prior week (2022-11-18) was 6.65% and one month ago for the week of 2022-10-21, the average rate was 6.8%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-11-25, the average rate was 0.27%.

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

Rochester 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 Rochester level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 49 2.85% $4,277
LOANDEPOT.COM, LLC 33 2.71% $6,394
QUICKEN LOANS, LLC 31 2.47% $4,176
UNITED WHOLESALE MORTGAGE, LLC 28 2.46% $4,725
Bell Bank 26 2.70% $7,374
FREEDOM MORTGAGE CORPORATION 22 2.47% $2,522
Wells Fargo Bank 20 2.61% $4,254
USAA Federal Savings Bank 18 2.78% $4,259
PENNYMAC LOAN SERVICES, LLC 16 2.45% $4,285
Prosperity Home Mortgage, LLC 13 2.71% $6,501
GUARANTEED RATE AFFINITY, LLC 13 2.63% $4,394
Barrington Bank & Trust Company, N.A. 12 2.66% $6,100
LAKEVIEW LOAN SERVICING, LLC 12 2.64% $3,821
NAVY FEDERAL CREDIT UNION 10 2.44% $8,037
The Federal Savings Bank 10 2.74% $8,038
NEW DAY FINANCIAL, LLC 10 2.90% $10,314
Merchants Bank 8 2.44% $7,955
GUARANTEED RATE, INC. 8 2.72% $9,562
RESULTS MORTGAGE, LLC 7 2.77% $7,813
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.84% $3,158
CALIBER HOME LOANS, INC. 6 2.81% $2,875
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.25% $4,010
First Federal Bank 5 2.40% $6,832
CROSSCOUNTRY MORTGAGE, LLC 5 2.70% $6,897
Mr. Cooper ( Nationstar Mortgage ) 4 2.66% $7,340
AMERICAN FINANCIAL NETWORK, INC. 4 2.56% $11,139
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.81% $10,270
VILLAGE CAPITAL MORTGAGE 3 2.29% $2,212
Bremer Bank 3 3.13% $12,575
BAY EQUITY LLC 3 2.62% $6,505
PENTAGON FEDERAL CREDIT UNION 3 2.54% $4,614
Home Federal Savings Bank 3 2.92% $3,309
NBKC BANK 3 2.33% $2,406
Carrington Mortgage Services, LLC 3 2.54% $3,533
The Central Trust Bank 2 2.31% $10,708
First Bank & Trust 2 2.37% $3,023
BROKER SOLUTIONS, INC. 2 2.63% $3,687
ACCELERATE MORTGAGE, LLC 2 2.25% $2,197
Servion, Inc. 2 2.75% $3,294
AMERISAVE MORTGAGE CORPORATION 2 2.50% $2,904
Plains Commerce Bank 2 2.50% $8,052
Low VA Rates, LLC 2 2.31% $2,552
Wyndham Capital Mortgage, Inc. 1 2.25% $0
Alerus Financial 1 2.75% $2,310
ALTRA 1 2.88% $7,641
AMCAP MORTGAGE, LTD. 1 3.25% $10,988
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.63% $0
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $7,185
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.63% $10,465
Cambria Financial Group, LLC 1 2.50% $2,163
Citizens Bank 1 2.75% $1,608
CONTOUR MORTGAGE CORPORATION 1 3.50% $1,860
First Federal Bank of Kansas City 1 2.88% $2,557
First Guaranty Mortgage Corporation 1 2.25% $1,990
First Western Trust Bank 1 2.25% $9,559
Flanagan State Bank 1 2.63% $5,276
HANCOCK MORTGAGE PARTNERS, LLC 1 3.00% $0
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $3,245
HOME POINT FINANCIAL CORPORATION 1 2.75% $847
LEADERONE FINANCIAL CORPORATION 1 2.38% $754
Lend Smart Mortgage, LLC 1 3.25% $0
Nations Lending Corporation 1 2.88% $7,940
NEWREZ LLC 1 2.25% $3,033
Paramount Residential Mortgage Group, Inc. 1 3.75% $12,928
PLANET HOME LENDING, LLC 1 2.63% $790
PREMIA MORTGAGE, LLC 1 2.25% $2,988
ROYAL UNITED MORTGAGE LLC 1 2.75% $6,851
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $2,421
Summit Mortgage Corporation 1 3.50% $8,643
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $2,432
TJC Mortgage, Inc. 1 2.75% $4,350
U.S. Bank 1 2.38% $6,133

The top Rochester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $4,277, which is $2,116 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Rochester VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,522), LAKEVIEW LOAN SERVICING, LLC ($3,821), QUICKEN LOANS, LLC ($4,176), Wells Fargo Bank ($4,254) and USAA Federal Savings Bank ($4,259).

The lowest rate Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.44%), PENNYMAC LOAN SERVICES, LLC (2.45%), UNITED WHOLESALE MORTGAGE, LLC (2.46%), QUICKEN LOANS, LLC (2.47%) and FREEDOM MORTGAGE CORPORATION (2.47%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rochester (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 $294,875 (20.5%) $330,136 (12.7%) 1.09 495
2018-02-01 $299,700 (21.1%) $341,746 (16.1%) 1.09 489
2018-03-01 $319,900 (26.7%) $360,613 (19.7%) 1.12 551
2018-04-01 $315,925 (12.9%) $363,578 (15.3%) 1.07 581
2018-05-01 $307,950 (12.0%) $359,415 (11.9%) 1.03 604
2018-06-01 $299,900 (10.1%) $354,093 (10.0%) 1.00 641
2018-07-01 $296,100 (9.3%) $348,041 (9.4%) 0.99 722
2018-08-01 $283,675 (3.2%) $334,360 (6.2%) 0.95 739
2018-09-01 $279,900 (7.7%) $329,024 (7.5%) 0.94 781
2018-10-01 $274,950 (2.8%) $322,233 (3.2%) 0.93 779
2018-11-01 $274,900 (-1.3%) $324,856 (3.9%) 0.93 730
2018-12-01 $295,800 (5.7%) $341,017 (7.6%) 1.02 637
2019-01-01 $308,175 (4.5%) $353,846 (7.2%) 1.06 489
2019-02-01 $301,225 (0.5%) $353,421 (3.4%) 1.02 380
2019-03-01 $313,900 (-1.9%) $358,982 (-0.5%) 1.03 507
2019-04-01 $319,900 (1.3%) $365,469 (0.5%) 1.02 655
2019-05-01 $319,400 (3.7%) $360,598 (0.3%) 1.00 699
2019-06-01 $309,900 (3.3%) $359,596 (1.6%) 0.97 710
2019-07-01 $309,450 (4.5%) $359,422 (3.3%) 0.97 745
2019-08-01 $307,173 (8.3%) $357,969 (7.1%) 0.97 752
2019-09-01 $303,082 (8.3%) $354,964 (7.9%) 0.97 766
2019-10-01 $298,575 (8.6%) $351,299 (9.0%) 0.96 767
2019-11-01 $294,900 (7.3%) $348,951 (7.4%) 0.97 726
2019-12-01 $299,900 (1.4%) $356,462 (4.5%) 1.00 602
2020-01-01 $309,900 (0.6%) $357,407 (1.0%) 1.04 529
2020-02-01 $320,950 (6.6%) $373,798 (5.8%) 1.05 478
2020-03-01 $317,450 (1.1%) $375,303 (4.6%) 0.99 509
2020-04-01 $320,575 (0.2%) $370,525 (1.4%) 1.00 555
2020-05-01 $322,500 (1.0%) $378,655 (5.0%) 0.98 564
2020-06-01 $329,950 (6.5%) $389,980 (8.5%) 0.97 538
2020-07-01 $329,900 (6.6%) $400,254 (11.4%) 0.96 488
2020-08-01 $321,900 (4.8%) $395,395 (10.5%) 0.92 483
2020-09-01 $309,975 (2.3%) $389,237 (9.7%) 0.89 454
2020-10-01 $298,500 (0.0%) $377,824 (7.6%) 0.86 450
2020-11-01 $287,400 (-2.5%) $386,595 (10.8%) 0.84 365
2020-12-01 $292,450 (-2.5%) $392,674 (10.2%) 0.87 295
2021-01-01 $304,950 (-1.6%) $405,591 (13.5%) 0.91 246
2021-02-01 $318,675 (-0.7%) $411,380 (10.1%) 0.93 246
2021-03-01 $332,050 (4.6%) $411,978 (9.8%) 0.94 264
2021-04-01 $334,875 (4.5%) $412,184 (11.2%) 0.91 242
2021-05-01 $339,700 (5.3%) $417,559 (10.3%) 0.90 227
2021-06-01 $339,450 (2.9%) $411,298 (5.5%) 0.89 257
2021-07-01 $338,500 (2.6%) $420,810 (5.1%) 0.89 329
2021-08-01 $322,450 (0.2%) $418,467 (5.8%) 0.86 369
2021-09-01 $327,450 (5.6%) $410,999 (5.6%) 0.87 406
2021-10-01 $339,000 (13.6%) $415,718 (10.0%) 0.90 428
2021-11-01 $347,450 (20.9%) $426,789 (10.4%) 0.93 380
2021-12-01 $353,675 (20.9%) $439,806 (12.0%) 0.96 308
2022-01-01 $359,900 (18.0%) $442,345 (9.1%) 0.97 247
2022-02-01 $379,900 (19.2%) $471,508 (14.6%) 0.99 210
2022-03-01 $380,675 (14.6%) $472,548 (14.7%) 0.95 229
2022-04-01 $390,000 (16.5%) $465,913 (13.0%) 0.93 260
2022-05-01 $394,250 (16.1%) $476,785 (14.2%) 0.90 298
2022-06-01 $379,900 (11.9%) $469,260 (14.1%) 0.85 338
2022-07-01 $365,000 (7.8%) $455,072 (8.1%) 0.83 399
2022-08-01 $382,400 (18.6%) $463,620 (10.8%) 0.88 419
2022-09-01 $372,500 (13.8%) $464,782 (13.1%) 0.87 434
2022-10-01 $384,900 (13.5%) $459,630 (10.6%) 0.91 466
Rochester's median listing price for 2022-10-01 was $384,900, a difference of $45,900 (13.5%) versus the prior year and $12,400 versus the prior month.

Rochester's median listing price comes in at 91% of the national average.

Rochester's average listing price for 2022-10-01 was $459,630, a difference of $43,912 (10.6%) versus the prior year and $-5,152 versus the prior month.

For the 2022-10-01 period, Rochester had 466 MLS listings, a difference of 32 listings (7%) versus the prior month and 38 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 2,570 sqft
2018-02-01 94 days 2,605 sqft
2018-03-01 53 days 2,801 sqft
2018-04-01 46 days 2,786 sqft
2018-05-01 50 days 2,728 sqft
2018-06-01 49 days 2,730 sqft
2018-07-01 51 days 2,729 sqft
2018-08-01 58 days 2,616 sqft
2018-09-01 59 days 2,598 sqft
2018-10-01 63 days 2,522 sqft
2018-11-01 69 days 2,528 sqft
2018-12-01 86 days 2,536 sqft
2019-01-01 99 days 2,103 sqft
2019-02-01 67 days 2,095 sqft
2019-03-01 60 days 2,164 sqft
2019-04-01 52 days 2,208 sqft
2019-05-01 52 days 2,211 sqft
2019-06-01 56 days 2,240 sqft
2019-07-01 56 days 2,250 sqft
2019-08-01 54 days 2,253 sqft
2019-09-01 57 days 2,224 sqft
2019-10-01 63 days 2,198 sqft
2019-11-01 73 days 2,163 sqft
2019-12-01 91 days 2,157 sqft
2020-01-01 90 days 2,130 sqft
2020-02-01 94 days 2,222 sqft
2020-03-01 49 days 2,183 sqft
2020-04-01 44 days 2,189 sqft
2020-05-01 52 days 2,241 sqft
2020-06-01 57 days 2,264 sqft
2020-07-01 53 days 2,321 sqft
2020-08-01 50 days 2,213 sqft
2020-09-01 50 days 2,176 sqft
2020-10-01 49 days 2,122 sqft
2020-11-01 56 days 2,053 sqft
2020-12-01 61 days 2,085 sqft
2021-01-01 65 days 1,990 sqft
2021-02-01 54 days 2,032 sqft
2021-03-01 34 days 2,107 sqft
2021-04-01 33 days 2,050 sqft
2021-05-01 37 days 2,100 sqft
2021-06-01 34 days 2,106 sqft
2021-07-01 36 days 2,100 sqft
2021-08-01 37 days 2,103 sqft
2021-09-01 43 days 2,095 sqft
2021-10-01 43 days 2,134 sqft
2021-11-01 46 days 2,092 sqft
2021-12-01 59 days 2,091 sqft
2022-01-01 67 days 2,212 sqft
2022-02-01 43 days 2,567 sqft
2022-03-01 33 days 2,535 sqft
2022-04-01 31 days 2,579 sqft
2022-05-01 33 days 2,346 sqft
2022-06-01 37 days 2,193 sqft
2022-07-01 37 days 2,147 sqft
2022-08-01 40 days 2,157 sqft
2022-09-01 47 days 2,136 sqft
2022-10-01 49 days 2,163 sqft
Rochester's median listing age (time on market) for 2022-10-01 was 49 days. This is 13% longer than the same period one year ago.

Rochester's median square footage for active listings during the 2022-10-01 period was 2,163 sqft. One year prior, the average listing was 2,134 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.