Rochester VA Loan Rates, Closing Costs & Stats

ROCHESTER, 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.

    Rochester's 38 lenders originated 153 VA loans during 2023. The total origination value was $46,405,000, with an average VA loan value of $303,301.

    Rochester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rochester averaged 0.25% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Rochester's average VA mortgage closing costs are $5,372.

    The average rate for the prior week (2024-11-08) was 6.16% and one month ago for the week of 2024-10-11, the average rate was 5.83%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.42%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 23 6.54% $8,060
    UNITED WHOLESALE MORTGAGE, LLC 23 6.08% $6,732
    QUICKEN LOANS, LLC 11 6.31% $9,439
    NAVY FEDERAL CREDIT UNION 8 5.70% $4,744
    GUARANTEED RATE, INC. 7 6.38% $3,946
    Wells Fargo Bank 6 5.98% $10,044
    Bell Bank 6 6.56% $7,524
    FREEDOM MORTGAGE CORPORATION 6 6.23% $14,954
    Prosperity Home Mortgage, LLC 6 6.23% $5,470
    LOANDEPOT.COM, LLC 5 6.40% $20,136
    PENNYMAC LOAN SERVICES, LLC 4 5.44% $9,896
    GUARANTEED RATE AFFINITY, LLC 4 6.34% $5,733
    USAA Federal Savings Bank 3 6.71% $2,554
    Barrington Bank & Trust Company, N.A. 3 6.25% $11,381
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.38% $15,009
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $16,840
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $8,507
    NEW DAY FINANCIAL, LLC 2 6.88% $12,086
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $1,432
    Nations Lending Corporation 1 5.75% $7,776
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.13% $6,061
    NEWREZ LLC 1 6.75% $8,055
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $4,977
    Plains Commerce Bank 1 6.25% $8,951
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $10,377
    The Federal Savings Bank 1 6.50% $36,208
    TOWNE MORTGAGE COMPANY 1 6.49% $26,414
    Union Savings Bank 1 6.25% $3,126
    CMG MORTGAGE, INC. 1 7.63% $10,061
    Bremer Bank 1 6.63% $5,419
    VILLAGE CAPITAL MORTGAGE 1 5.75% $7,339
    Century Mortgage Company DBA Century Lending Company 1 5.63% $5,687
    GUILD MORTGAGE COMPANY 1 6.13% $16,760
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $8,493
    Home Federal Savings Bank 1 6.75% $8,055
    Magnolia Bank 1 6.75% $14,341
    Merchants Bank 1 5.25% $3,628
    BROKER SOLUTIONS, INC. 1 7.13% $12,499

    The top Rochester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $8,060, which is $1,328 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rochester VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,732), Mortgage Research Center, LLC ($8,060), QUICKEN LOANS, LLC ($9,439), .

    The lowest rate Rochester VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.08%), QUICKEN LOANS, LLC (6.31%), Mortgage Research Center, LLC (6.54%), .

    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 $294,353 (21.4%) $329,513 (12.6%) 1.09 496
    2018-02-01 $299,200 (21.4%) $341,398 (16.2%) 1.09 490
    2018-03-01 $319,900 (27.7%) $360,296 (19.8%) 1.12 552
    2018-04-01 $314,900 (12.5%) $362,808 (15.2%) 1.07 584
    2018-05-01 $304,475 (10.8%) $359,002 (11.9%) 1.02 606
    2018-06-01 $299,900 (10.1%) $353,964 (10.1%) 1.00 642
    2018-07-01 $295,725 (9.5%) $347,977 (9.6%) 0.99 722
    2018-08-01 $283,200 (3.0%) $334,261 (6.2%) 0.95 739
    2018-09-01 $279,900 (7.7%) $329,024 (7.5%) 0.94 783
    2018-10-01 $274,950 (3.3%) $322,071 (3.2%) 0.93 782
    2018-11-01 $274,900 (-0.8%) $324,692 (4.0%) 0.93 732
    2018-12-01 $296,450 (5.9%) $341,416 (7.9%) 1.02 638
    2019-01-01 $307,950 (4.6%) $353,599 (7.3%) 1.06 490
    2019-02-01 $303,225 (1.4%) $355,534 (4.1%) 1.02 378
    2019-03-01 $313,329 (-2.1%) $358,144 (-0.6%) 1.02 504
    2019-04-01 $319,900 (1.6%) $365,430 (0.7%) 1.02 655
    2019-05-01 $319,050 (4.8%) $360,446 (0.4%) 1.00 698
    2019-06-01 $309,900 (3.3%) $359,396 (1.5%) 0.97 709
    2019-07-01 $309,450 (4.6%) $359,467 (3.3%) 0.97 744
    2019-08-01 $307,173 (8.5%) $357,955 (7.1%) 0.97 752
    2019-09-01 $303,082 (8.3%) $354,861 (7.9%) 0.97 765
    2019-10-01 $298,575 (8.6%) $351,141 (9.0%) 0.96 767
    2019-11-01 $294,900 (7.3%) $348,701 (7.4%) 0.97 725
    2019-12-01 $298,700 (0.8%) $355,828 (4.2%) 1.00 600
    2020-01-01 $309,175 (0.4%) $356,717 (0.9%) 1.03 525
    2020-02-01 $319,950 (5.5%) $373,241 (5.0%) 1.05 474
    2020-03-01 $317,450 (1.3%) $374,902 (4.7%) 1.00 506
    2020-04-01 $319,950 (0.0%) $370,116 (1.3%) 1.00 552
    2020-05-01 $321,250 (0.7%) $378,297 (5.0%) 0.98 561
    2020-06-01 $328,725 (6.1%) $389,683 (8.4%) 0.97 535
    2020-07-01 $329,900 (6.6%) $399,982 (11.3%) 0.96 484
    2020-08-01 $320,000 (4.2%) $394,674 (10.3%) 0.92 479
    2020-09-01 $309,975 (2.3%) $388,845 (9.6%) 0.89 452
    2020-10-01 $298,500 (0.0%) $377,285 (7.5%) 0.86 449
    2020-11-01 $287,400 (-2.5%) $385,700 (10.6%) 0.84 362
    2020-12-01 $292,450 (-2.1%) $391,383 (10.0%) 0.87 291
    2021-01-01 $302,400 (-2.2%) $404,364 (13.4%) 0.90 242
    2021-02-01 $316,400 (-1.1%) $409,997 (9.9%) 0.92 242
    2021-03-01 $326,075 (2.7%) $410,702 (9.6%) 0.93 261
    2021-04-01 $331,225 (3.5%) $411,401 (11.2%) 0.90 239
    2021-05-01 $338,500 (5.4%) $416,322 (10.1%) 0.90 223
    2021-06-01 $338,225 (2.9%) $410,133 (5.3%) 0.89 253
    2021-07-01 $336,500 (2.0%) $419,891 (5.0%) 0.89 324
    2021-08-01 $319,900 (0.0%) $417,635 (5.8%) 0.85 364
    2021-09-01 $327,000 (5.5%) $410,142 (5.5%) 0.87 401
    2021-10-01 $336,500 (12.7%) $414,957 (10.0%) 0.90 423
    2021-11-01 $343,950 (19.7%) $426,060 (10.5%) 0.92 375
    2021-12-01 $349,900 (19.6%) $439,082 (12.2%) 0.95 303
    2022-01-01 $355,000 (17.4%) $441,460 (9.2%) 0.96 242
    2022-02-01 $377,425 (19.3%) $473,697 (15.5%) 0.98 205
    2022-03-01 $379,000 (16.2%) $472,213 (15.0%) 0.95 224
    2022-04-01 $389,450 (17.6%) $465,474 (13.1%) 0.93 255
    2022-05-01 $392,475 (16.0%) $479,428 (15.2%) 0.90 293
    2022-06-01 $379,000 (12.1%) $468,993 (14.4%) 0.84 333
    2022-07-01 $364,900 (8.4%) $454,662 (8.3%) 0.82 394
    2022-08-01 $377,500 (18.0%) $463,334 (10.9%) 0.87 414
    2022-09-01 $370,425 (13.3%) $464,510 (13.3%) 0.87 429
    2022-10-01 $382,450 (13.7%) $459,325 (10.7%) 0.90 461
    2022-11-01 $385,175 (12.0%) $454,603 (6.7%) 0.93 428
    2022-12-01 $381,950 (9.2%) $451,332 (2.8%) 0.94 357
    2023-01-01 $394,900 (11.2%) $458,736 (3.9%) 0.98 302
    2023-02-01 $413,828 (9.7%) $488,214 (3.1%) 1.00 273
    2023-03-01 $414,171 (9.3%) $498,326 (5.5%) 0.98 308
    2023-04-01 $414,900 (6.5%) $500,582 (7.5%) 0.96 337
    2023-05-01 $418,393 (6.6%) $513,104 (7.0%) 0.95 346
    2023-06-01 $418,393 (10.4%) $510,184 (8.8%) 0.94 363
    2023-07-01 $410,000 (12.4%) $501,082 (10.2%) 0.93 367
    2023-08-01 $399,925 (5.9%) $486,722 (5.1%) 0.92 442
    2023-09-01 $385,000 (3.9%) $465,387 (0.2%) 0.90 467
    2023-10-01 $385,000 (0.7%) $461,984 (0.6%) 0.91 505
    2023-11-01 $380,925 (-1.1%) $470,118 (3.4%) 0.91 489
    2023-12-01 $379,900 (-0.5%) $474,629 (5.2%) 0.93 431
    2024-01-01 $404,995 (2.6%) $519,130 (13.2%) 0.99 344
    2024-02-01 $399,950 (-3.4%) $537,069 (10.0%) 0.96 315
    2024-03-01 $419,900 (1.4%) $538,475 (8.1%) 0.99 346
    2024-04-01 $430,700 (3.8%) $550,407 (10.0%) 1.00 380
    2024-05-01 $434,950 (4.0%) $552,264 (7.6%) 0.98 432
    2024-06-01 $419,250 (0.2%) $546,554 (7.1%) 0.94 471
    2024-07-01 $415,975 (1.5%) $534,415 (6.7%) 0.95 519
    2024-08-01 $419,900 (5.0%) $542,709 (11.5%) 0.98 517
    2024-09-01 $404,925 (5.2%) $538,249 (15.7%) 0.95 553
    2024-10-01 $420,000 (9.1%) $538,393 (16.5%) 0.99 559
    Rochester's median listing price for 2024-10-01 was $420,000, a difference of $35,000 (9.1%) versus the prior year and $15,075 versus the prior month.

    Rochester's median listing price comes in at 99% of the national average.

    Rochester's average listing price for 2024-10-01 was $538,393, a difference of $76,409 (16.5%) versus the prior year and $144 versus the prior month.

    For the 2024-10-01 period, Rochester had 559 MLS listings, a difference of 6 listings (1%) versus the prior month and 54 listings (11%) 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 88 days 2,567 sqft
    2018-02-01 89 days 2,600 sqft
    2018-03-01 48 days 2,800 sqft
    2018-04-01 43 days 2,781 sqft
    2018-05-01 47 days 2,721 sqft
    2018-06-01 46 days 2,729 sqft
    2018-07-01 49 days 2,727 sqft
    2018-08-01 55 days 2,616 sqft
    2018-09-01 57 days 2,596 sqft
    2018-10-01 59 days 2,520 sqft
    2018-11-01 66 days 2,524 sqft
    2018-12-01 81 days 2,536 sqft
    2019-01-01 93 days 2,094 sqft
    2019-02-01 64 days 2,102 sqft
    2019-03-01 49 days 2,151 sqft
    2019-04-01 46 days 2,206 sqft
    2019-05-01 47 days 2,210 sqft
    2019-06-01 51 days 2,240 sqft
    2019-07-01 50 days 2,250 sqft
    2019-08-01 51 days 2,253 sqft
    2019-09-01 55 days 2,224 sqft
    2019-10-01 59 days 2,198 sqft
    2019-11-01 71 days 2,163 sqft
    2019-12-01 86 days 2,152 sqft
    2020-01-01 86 days 2,127 sqft
    2020-02-01 88 days 2,208 sqft
    2020-03-01 44 days 2,167 sqft
    2020-04-01 42 days 2,185 sqft
    2020-05-01 50 days 2,234 sqft
    2020-06-01 52 days 2,247 sqft
    2020-07-01 51 days 2,310 sqft
    2020-08-01 46 days 2,210 sqft
    2020-09-01 47 days 2,166 sqft
    2020-10-01 45 days 2,109 sqft
    2020-11-01 53 days 2,045 sqft
    2020-12-01 58 days 2,062 sqft
    2021-01-01 63 days 1,978 sqft
    2021-02-01 50 days 2,017 sqft
    2021-03-01 32 days 2,091 sqft
    2021-04-01 31 days 2,023 sqft
    2021-05-01 36 days 2,096 sqft
    2021-06-01 32 days 2,085 sqft
    2021-07-01 36 days 2,090 sqft
    2021-08-01 36 days 2,098 sqft
    2021-09-01 42 days 2,087 sqft
    2021-10-01 43 days 2,123 sqft
    2021-11-01 45 days 2,073 sqft
    2021-12-01 58 days 2,064 sqft
    2022-01-01 65 days 2,198 sqft
    2022-02-01 40 days 2,540 sqft
    2022-03-01 31 days 2,513 sqft
    2022-04-01 31 days 2,544 sqft
    2022-05-01 33 days 2,330 sqft
    2022-06-01 36 days 2,179 sqft
    2022-07-01 37 days 2,138 sqft
    2022-08-01 39 days 2,147 sqft
    2022-09-01 46 days 2,120 sqft
    2022-10-01 47 days 2,149 sqft
    2022-11-01 59 days 2,136 sqft
    2022-12-01 73 days 2,085 sqft
    2023-01-01 84 days 2,097 sqft
    2023-02-01 69 days 2,198 sqft
    2023-03-01 47 days 2,229 sqft
    2023-04-01 39 days 2,225 sqft
    2023-05-01 39 days 2,343 sqft
    2023-06-01 46 days 2,354 sqft
    2023-07-01 47 days 2,334 sqft
    2023-08-01 41 days 2,257 sqft
    2023-09-01 42 days 2,149 sqft
    2023-10-01 47 days 2,151 sqft
    2023-11-01 57 days 2,158 sqft
    2023-12-01 69 days 2,092 sqft
    2024-01-01 77 days 2,149 sqft
    2024-02-01 73 days 2,150 sqft
    2024-03-01 39 days 2,241 sqft
    2024-04-01 39 days 2,260 sqft
    2024-05-01 39 days 2,285 sqft
    2024-06-01 44 days 2,239 sqft
    2024-07-01 42 days 2,249 sqft
    2024-08-01 49 days 2,239 sqft
    2024-09-01 47 days 2,154 sqft
    2024-10-01 50 days 2,229 sqft
    Rochester's median listing age (time on market) for 2024-10-01 was 50 days. This is 6% longer than the same period one year ago.

    Rochester's median square footage for active listings during the 2024-10-01 period was 2,229 sqft. One year prior, the average listing was 2,151 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.