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 6.28% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.61% and one month ago for the week of 2025-01-10, the average rate was 6.45%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.75%.

    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 $294,875 (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%) 1.02 604
    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%) 0.86 448
    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%) 0.84 336
    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%) 0.87 416
    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%) 0.90 464
    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%) 0.94 359
    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%) 0.98 433
    2024-06-01 $405,000 (-3.4%) $523,849 (2.7%) 0.94 472
    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%) 0.00 386
    Rochester's median listing price for 2025-01-01 was $420,725, a difference of $14,503 (3.6%) versus the prior year and $3,325 versus the prior month.

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

    Rochester's average listing price for 2025-01-01 was $549,411, a difference of $29,737 (5.7%) versus the prior year and $5,227 versus the prior month.

    For the 2025-01-01 period, Rochester had 386 MLS listings, a difference of -59 listings (-13%) versus the prior month and 41 listings (12%) 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 64 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 51 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 31 days 2,518 sqft
    2022-04-01 31 days 2,541 sqft
    2022-05-01 33 days 2,335 sqft
    2022-06-01 36 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 69 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 41 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 77 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 39 days 2,273 sqft
    2024-06-01 44 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 0 days 2,203 sqft
    Rochester's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Rochester's median square footage for active listings during the 2025-01-01 period was 2,203 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.