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 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.