Rochester VA Loans
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 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
5.42%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.35% and
one month ago for the week of 2022-04-08, the
average rate was 4.98%.
The average rate one year ago was 2.79%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.43%.
Rochester VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rochester level.
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $290,900 (21.3%) | $324,233 (10.7%) | 1.07 | 536 |
2018-02-01 | $297,000 (22.5%) | $335,839 (14.8%) | 1.07 | 537 |
2018-03-01 | $319,000 (27.7%) | $354,569 (19.1%) | 1.10 | 604 |
2018-04-01 | $312,400 (15.8%) | $357,137 (15.0%) | 1.05 | 635 |
2018-05-01 | $299,950 (10.1%) | $353,792 (11.2%) | 1.00 | 666 |
2018-06-01 | $299,900 (10.8%) | $352,139 (10.1%) | 1.00 | 703 |
2018-07-01 | $297,400 (10.6%) | $346,485 (10.2%) | 0.99 | 774 |
2018-08-01 | $287,800 (4.7%) | $335,946 (7.2%) | 0.96 | 805 |
2018-09-01 | $279,900 (7.7%) | $329,923 (7.8%) | 0.94 | 848 |
2018-10-01 | $274,900 (2.8%) | $320,000 (2.9%) | 0.92 | 853 |
2018-11-01 | $274,900 (0.8%) | $323,646 (4.3%) | 0.92 | 801 |
2018-12-01 | $294,900 (5.7%) | $337,496 (8.1%) | 1.01 | 698 |
2019-01-01 | $304,900 (4.8%) | $352,369 (8.7%) | 1.05 | 500 |
2019-02-01 | $300,000 (1.0%) | $353,878 (5.4%) | 1.01 | 388 |
2019-03-01 | $313,043 (-1.9%) | $359,553 (1.4%) | 1.02 | 516 |
2019-04-01 | $319,900 (2.4%) | $365,979 (2.5%) | 1.01 | 670 |
2019-05-01 | $319,400 (6.5%) | $361,283 (2.1%) | 0.98 | 708 |
2019-06-01 | $309,900 (3.3%) | $360,500 (2.4%) | 0.95 | 741 |
2019-07-01 | $309,900 (4.2%) | $359,779 (3.8%) | 0.96 | 755 |
2019-08-01 | $305,614 (6.2%) | $358,144 (6.6%) | 0.96 | 750 |
2019-09-01 | $300,614 (7.4%) | $355,632 (7.8%) | 0.95 | 764 |
2019-10-01 | $299,900 (9.1%) | $355,922 (11.2%) | 0.96 | 779 |
2019-11-01 | $296,900 (8.0%) | $353,770 (9.3%) | 0.96 | 736 |
2019-12-01 | $308,450 (4.6%) | $360,227 (6.7%) | 1.03 | 609 |
2020-01-01 | $304,250 (-0.2%) | $355,672 (0.9%) | 1.01 | 536 |
2020-02-01 | $319,900 (6.6%) | $371,785 (5.1%) | 1.03 | 484 |
2020-03-01 | $317,400 (1.4%) | $374,138 (4.1%) | 0.99 | 517 |
2020-04-01 | $319,950 (0.0%) | $370,113 (1.1%) | 1.00 | 564 |
2020-05-01 | $320,000 (0.2%) | $378,054 (4.6%) | 0.97 | 574 |
2020-06-01 | $330,450 (6.6%) | $390,277 (8.3%) | 0.97 | 542 |
2020-07-01 | $329,950 (6.5%) | $400,648 (11.4%) | 0.95 | 494 |
2020-08-01 | $321,900 (5.3%) | $395,191 (10.3%) | 0.92 | 485 |
2020-09-01 | $311,450 (3.6%) | $391,333 (10.0%) | 0.89 | 463 |
2020-10-01 | $299,890 (0.0%) | $377,657 (6.1%) | 0.86 | 455 |
2020-11-01 | $289,450 (-2.5%) | $381,818 (7.9%) | 0.83 | 392 |
2020-12-01 | $294,950 (-4.4%) | $392,482 (9.0%) | 0.86 | 301 |
2021-01-01 | $304,900 (0.2%) | $404,847 (13.8%) | 0.90 | 250 |
2021-02-01 | $315,950 (-1.2%) | $408,730 (9.9%) | 0.91 | 244 |
2021-03-01 | $334,450 (5.4%) | $410,464 (9.7%) | 0.94 | 260 |
2021-04-01 | $334,850 (4.7%) | $411,203 (11.1%) | 0.90 | 235 |
2021-05-01 | $344,900 (7.8%) | $413,726 (9.4%) | 0.91 | 228 |
2021-06-01 | $339,450 (2.7%) | $405,213 (3.8%) | 0.88 | 255 |
2021-07-01 | $335,000 (1.5%) | $413,893 (3.3%) | 0.87 | 319 |
2021-08-01 | $322,500 (0.2%) | $413,627 (4.7%) | 0.85 | 368 |
2021-09-01 | $329,500 (5.8%) | $406,178 (3.8%) | 0.87 | 402 |
2021-10-01 | $339,900 (13.3%) | $414,661 (9.8%) | 0.89 | 421 |
2021-11-01 | $349,450 (20.7%) | $424,310 (11.1%) | 0.92 | 378 |
2021-12-01 | $355,000 (20.4%) | $433,199 (10.4%) | 0.95 | 306 |
2022-01-01 | $360,000 (18.1%) | $432,748 (6.9%) | 0.96 | 242 |
2022-02-01 | $387,450 (22.6%) | $475,697 (16.4%) | 0.99 | 202 |
2022-03-01 | $383,900 (14.8%) | $470,886 (14.7%) | 0.95 | 219 |
2022-04-01 | $390,000 (16.5%) | $463,427 (12.7%) | 0.92 | 249 |
Rochester's median listing price comes in at 92% of the national average.
Rochester's average listing price for 2022-04-01 was $463,427, a difference of $52,224 (12.7%) versus the prior year and $-7,459 versus the prior month.
For the 2022-04-01 period, Rochester had 249 MLS listings, a difference of 30 listings (14%) versus the prior month and 14 listings (6%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 2,544 sqft |
2018-02-01 | 96 days | 2,567 sqft |
2018-03-01 | 56 days | 2,738 sqft |
2018-04-01 | 47 days | 2,748 sqft |
2018-05-01 | 50 days | 2,659 sqft |
2018-06-01 | 50 days | 2,695 sqft |
2018-07-01 | 53 days | 2,709 sqft |
2018-08-01 | 59 days | 2,602 sqft |
2018-09-01 | 59 days | 2,578 sqft |
2018-10-01 | 64 days | 2,458 sqft |
2018-11-01 | 69 days | 2,481 sqft |
2018-12-01 | 78 days | 2,352 sqft |
2019-01-01 | 101 days | 2,087 sqft |
2019-02-01 | 70 days | 2,093 sqft |
2019-03-01 | 64 days | 2,167 sqft |
2019-04-01 | 54 days | 2,231 sqft |
2019-05-01 | 53 days | 2,235 sqft |
2019-06-01 | 57 days | 2,246 sqft |
2019-07-01 | 58 days | 2,256 sqft |
2019-08-01 | 53 days | 2,259 sqft |
2019-09-01 | 56 days | 2,220 sqft |
2019-10-01 | 57 days | 2,226 sqft |
2019-11-01 | 67 days | 2,192 sqft |
2019-12-01 | 79 days | 2,199 sqft |
2020-01-01 | 93 days | 2,130 sqft |
2020-02-01 | 97 days | 2,206 sqft |
2020-03-01 | 52 days | 2,190 sqft |
2020-04-01 | 46 days | 2,194 sqft |
2020-05-01 | 53 days | 2,235 sqft |
2020-06-01 | 57 days | 2,269 sqft |
2020-07-01 | 56 days | 2,320 sqft |
2020-08-01 | 50 days | 2,212 sqft |
2020-09-01 | 49 days | 2,180 sqft |
2020-10-01 | 47 days | 2,117 sqft |
2020-11-01 | 55 days | 2,050 sqft |
2020-12-01 | 60 days | 2,088 sqft |
2021-01-01 | 69 days | 1,989 sqft |
2021-02-01 | 62 days | 2,018 sqft |
2021-03-01 | 40 days | 2,106 sqft |
2021-04-01 | 36 days | 2,036 sqft |
2021-05-01 | 40 days | 2,096 sqft |
2021-06-01 | 38 days | 2,113 sqft |
2021-07-01 | 36 days | 2,082 sqft |
2021-08-01 | 36 days | 2,098 sqft |
2021-09-01 | 42 days | 2,072 sqft |
2021-10-01 | 43 days | 2,139 sqft |
2021-11-01 | 46 days | 2,075 sqft |
2021-12-01 | 58 days | 2,068 sqft |
2022-01-01 | 66 days | 2,162 sqft |
2022-02-01 | 47 days | 2,616 sqft |
2022-03-01 | 37 days | 2,577 sqft |
2022-04-01 | 31 days | 2,614 sqft |
Rochester's median square footage for active listings during the 2022-04-01 period was 2,614 sqft. One year prior, the average listing was 2,036 sqft.