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 46 lenders originated 194 VA loans during 2024. The total origination value was $61,820,000, with an average VA loan value of $318,660.

Rochester VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rochester averaged 6.66% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

Rochester's average VA mortgage closing costs are $5,518.

The average rate for the prior week (2025-03-28) was 6.58% and one month ago for the week of 2025-02-28, the average rate was 6.75%.

The average rate one year ago was 6.96%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.23%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 32 6.06% $6,474
Mortgage Research Center, LLC 19 6.44% $4,239
QUICKEN LOANS, LLC 13 6.16% $10,440
FREEDOM MORTGAGE CORPORATION 13 5.96% $5,652
GUARANTEED RATE, INC. 12 6.16% $6,337
PENNYMAC LOAN SERVICES, LLC 8 5.87% $5,708
NAVY FEDERAL CREDIT UNION 7 6.11% $3,838
Bell Bank 7 6.21% $6,918
GUARANTEED RATE AFFINITY, LLC 6 6.28% $4,634
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.72% $8,393
LOANDEPOT.COM, LLC 4 5.66% $10,847
NEWREZ LLC 4 5.94% $6,879
Prosperity Home Mortgage, LLC 4 5.94% $7,308
Alerus Financial 4 6.47% $6,120
U.S. Bank 3 6.08% $5,965
BROKER SOLUTIONS, INC. 3 6.54% $11,991
NEW DAY FINANCIAL, LLC 3 7.41% $10,754
JMAC LENDING, INC. 3 5.79% $9,728
USAA Federal Savings Bank 2 6.19% $2,907
American Mortgage & Equity Consultants, Inc. 2 6.00% $14,925
JPMorgan Chase Bank 2 5.63% $19,724
BAY EQUITY LLC 2 5.94% $7,799
Merchants Bank 2 5.89% $12,832
Wells Fargo Bank 1 7.25% $2,774
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $5,960
Armed Forces Bank 1 6.25% $8,695
Barrington Bank & Trust Company, N.A. 1 7.25% $1,048
Century Mortgage Company DBA Century Lending Company 1 5.25% $6,880
DELMAR FINANCIAL COMPANY 1 5.63% $4,195
Equity Prime Mortgage LLC 1 6.75% $5,158
First Federal Bank 1 7.13% $15,802
Flagstar Bank, FSB 1 5.75% $3,296
GUILD MORTGAGE COMPANY 1 5.13% $4,910
LAKEVIEW LOAN SERVICING, LLC 1 7.75% $1,853
LAND HOME FINANCIAL SERVICES, INC. 1 5.38% $20,188
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $16,267
MORTGAGEONE, INC. 1 6.38% $5,460
Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $1,362
NBH Bank 1 5.75% $2,745
PENTAGON FEDERAL CREDIT UNION 1 6.25% $4,235
Plains Commerce Bank 1 6.50% $6,839
PREMIA MORTGAGE, LLC 1 5.75% $4,661
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,950
Summit Mortgage Corporation 1 6.25% $21,346
UNION HOME MORTGAGE CORP. 1 7.13% $7,139
Academy Bank 1 5.75% $4,913

The top Rochester VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 32 VA loans originated. Their average total fees are $6,474, which is $2,235 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Rochester VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,239), FREEDOM MORTGAGE CORPORATION ($5,652), GUARANTEED RATE, INC. ($6,337), UNITED WHOLESALE MORTGAGE, LLC ($6,474) and QUICKEN LOANS, LLC ($10,440).

The lowest rate Rochester VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (5.96%), UNITED WHOLESALE MORTGAGE, LLC (6.06%), GUARANTEED RATE, INC. (6.16%), QUICKEN LOANS, LLC (6.16%) and Mortgage Research Center, LLC (6.44%).


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 (21.0%) $330,136 (12.7%) 1.09 495
2018-02-01 $299,700 (21.1%) $341,746 (16.2%) 1.09 489
2018-03-01 $319,900 (27.4%) $360,613 (19.8%) 1.12 551
2018-04-01 $315,925 (12.9%) $363,578 (15.4%) 1.07 581
2018-05-01 $307,950 (12.0%) $359,415 (11.8%) 1.03 604
2018-06-01 $299,900 (9.7%) $354,093 (10.0%) 1.00 641
2018-07-01 $296,100 (8.5%) $348,041 (9.3%) 0.99 722
2018-08-01 $283,675 (3.2%) $334,360 (6.1%) 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 $295,900 (5.7%) $341,095 (7.6%) 1.02 637
2019-01-01 $307,950 (4.4%) $353,641 (7.1%) 1.06 490
2019-02-01 $303,225 (1.2%) $355,561 (4.0%) 1.02 378
2019-03-01 $313,329 (-2.1%) $358,144 (-0.7%) 1.02 504
2019-04-01 $319,900 (1.3%) $365,430 (0.5%) 1.02 655
2019-05-01 $319,050 (3.6%) $360,446 (0.3%) 1.00 698
2019-06-01 $309,900 (3.3%) $359,377 (1.5%) 0.97 708
2019-07-01 $308,425 (4.2%) $359,447 (3.3%) 0.97 743
2019-08-01 $307,173 (8.3%) $357,935 (7.1%) 0.97 751
2019-09-01 $303,082 (8.3%) $354,837 (7.9%) 0.97 764
2019-10-01 $297,950 (8.4%) $351,122 (9.0%) 0.96 766
2019-11-01 $294,900 (7.3%) $348,686 (7.3%) 0.97 724
2019-12-01 $298,700 (1.0%) $355,828 (4.3%) 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 (7.0%) $399,982 (11.3%) 0.96 484
2020-08-01 $320,000 (4.2%) $394,674 (10.3%) 0.92 479
2020-09-01 $309,200 (2.0%) $389,076 (9.7%) 0.89 451
2020-10-01 $297,500 (-0.2%) $377,379 (7.5%) 0.85 448
2020-11-01 $286,150 (-3.0%) $385,831 (10.7%) 0.84 361
2020-12-01 $291,200 (-2.5%) $391,545 (10.0%) 0.87 290
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 $327,325 (3.1%) $410,978 (9.6%) 0.93 260
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 (5.8%) $410,142 (5.4%) 0.87 401
2021-10-01 $336,500 (13.1%) $414,957 (10.0%) 0.90 423
2021-11-01 $343,950 (20.2%) $426,060 (10.4%) 0.92 375
2021-12-01 $349,900 (20.2%) $439,082 (12.1%) 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 $379,950 (16.1%) $472,084 (14.9%) 0.95 226
2022-04-01 $389,900 (17.7%) $465,439 (13.1%) 0.93 258
2022-05-01 $394,700 (16.6%) $479,290 (15.1%) 0.90 296
2022-06-01 $379,900 (12.3%) $468,952 (14.3%) 0.85 336
2022-07-01 $365,000 (8.5%) $454,720 (8.3%) 0.82 397
2022-08-01 $382,400 (19.5%) $463,338 (10.9%) 0.88 416
2022-09-01 $372,500 (13.9%) $464,522 (13.3%) 0.87 432
2022-10-01 $384,900 (14.4%) $459,347 (10.7%) 0.91 464
2022-11-01 $385,975 (12.2%) $454,688 (6.7%) 0.93 430
2022-12-01 $384,450 (9.9%) $451,446 (2.8%) 0.95 359
2023-01-01 $396,150 (11.6%) $458,800 (3.9%) 0.98 303
2023-02-01 $414,950 (9.9%) $488,187 (3.1%) 1.00 273
2023-03-01 $414,171 (9.0%) $498,326 (5.6%) 0.98 308
2023-04-01 $414,900 (6.4%) $500,582 (7.6%) 0.96 338
2023-05-01 $418,921 (6.1%) $512,997 (7.0%) 0.95 347
2023-06-01 $419,146 (10.3%) $510,071 (8.8%) 0.94 364
2023-07-01 $410,000 (12.3%) $501,082 (10.2%) 0.93 368
2023-08-01 $399,950 (4.6%) $486,658 (5.0%) 0.92 442
2023-09-01 $385,000 (3.4%) $465,387 (0.2%) 0.90 467
2023-10-01 $385,000 (0.0%) $462,102 (0.6%) 0.91 504
2023-11-01 $380,925 (-1.3%) $470,118 (3.4%) 0.91 489
2023-12-01 $379,900 (-1.2%) $475,143 (5.3%) 0.93 432
2024-01-01 $406,222 (2.5%) $519,674 (13.3%) 0.99 345
2024-02-01 $399,950 (-3.6%) $537,591 (10.1%) 0.96 316
2024-03-01 $419,900 (1.4%) $538,943 (8.2%) 0.99 347
2024-04-01 $431,550 (4.0%) $550,824 (10.0%) 1.00 381
2024-05-01 $427,875 (2.1%) $543,642 (6.0%) 0.97 433
2024-06-01 $405,000 (-3.4%) $523,849 (2.7%) 0.92 472
2024-07-01 $417,000 (1.7%) $534,631 (6.7%) 0.95 520
2024-08-01 $419,900 (5.0%) $542,970 (11.6%) 0.98 518
2024-09-01 $404,950 (5.2%) $538,516 (15.7%) 0.95 554
2024-10-01 $420,000 (9.1%) $538,509 (16.5%) 0.99 560
2024-11-01 $429,000 (12.6%) $535,298 (13.9%) 1.03 535
2024-12-01 $417,400 (9.9%) $544,184 (14.5%) 1.04 445
2025-01-01 $420,725 (3.6%) $549,411 (5.7%) 1.05 386
2025-02-01 $438,450 (9.6%) $578,948 (7.7%) 1.06 375
2025-03-01 $430,000 (2.4%) $560,021 (3.9%) 0.00 436
Rochester's median listing price for 2025-03-01 was $430,000, a difference of $10,100 (2.4%) versus the prior year and $-8,450 versus the prior month.

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

Rochester's average listing price for 2025-03-01 was $560,021, a difference of $21,078 (3.9%) versus the prior year and $-18,927 versus the prior month.

For the 2025-03-01 period, Rochester had 436 MLS listings, a difference of 61 listings (16%) versus the prior month and 89 listings (26%) 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 2,570 sqft
2018-02-01 89 days 2,605 sqft
2018-03-01 48 days 2,801 sqft
2018-04-01 43 days 2,786 sqft
2018-05-01 47 days 2,728 sqft
2018-06-01 46 days 2,730 sqft
2018-07-01 49 days 2,729 sqft
2018-08-01 55 days 2,616 sqft
2018-09-01 57 days 2,598 sqft
2018-10-01 59 days 2,522 sqft
2018-11-01 66 days 2,528 sqft
2018-12-01 81 days 2,536 sqft
2019-01-01 93 days 2,099 sqft
2019-02-01 63 days 2,107 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 50 days 2,252 sqft
2019-09-01 55 days 2,223 sqft
2019-10-01 59 days 2,196 sqft
2019-11-01 71 days 2,162 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 2,168 sqft
2020-10-01 45 days 2,113 sqft
2020-11-01 53 days 2,048 sqft
2020-12-01 58 days 2,068 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 30 days 2,518 sqft
2022-04-01 31 days 2,541 sqft
2022-05-01 32 days 2,335 sqft
2022-06-01 37 days 2,189 sqft
2022-07-01 37 days 2,144 sqft
2022-08-01 39 days 2,154 sqft
2022-09-01 46 days 2,128 sqft
2022-10-01 47 days 2,158 sqft
2022-11-01 59 days 2,146 sqft
2022-12-01 73 days 2,090 sqft
2023-01-01 84 days 2,099 sqft
2023-02-01 70 days 2,198 sqft
2023-03-01 47 days 2,229 sqft
2023-04-01 39 days 2,224 sqft
2023-05-01 39 days 2,340 sqft
2023-06-01 46 days 2,350 sqft
2023-07-01 47 days 2,334 sqft
2023-08-01 42 days 2,249 sqft
2023-09-01 42 days 2,147 sqft
2023-10-01 47 days 2,152 sqft
2023-11-01 57 days 2,158 sqft
2023-12-01 69 days 2,092 sqft
2024-01-01 78 days 2,151 sqft
2024-02-01 73 days 2,152 sqft
2024-03-01 39 days 2,251 sqft
2024-04-01 39 days 2,263 sqft
2024-05-01 42 days 2,273 sqft
2024-06-01 47 days 2,215 sqft
2024-07-01 42 days 2,248 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
2024-11-01 58 days 2,237 sqft
2024-12-01 72 days 2,201 sqft
2025-01-01 85 days 2,203 sqft
2025-02-01 86 days 2,210 sqft
2025-03-01 0 days 2,142 sqft
Rochester's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Rochester's median square footage for active listings during the 2025-03-01 period was 2,142 sqft. One year prior, the average listing was 2,251 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.