Rochester VA Loan Rates, Closing Costs & Stats

ROCHESTER, NY

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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 53 lenders originated 401 VA loans during 2023. The total origination value was $94,365,000, with an average VA loan value of $235,324.

    Rochester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rochester averaged 6.95% for the week of 2024-05-03, compared to the national average (all VA variants) of 6.775% for the same period.

    Rochester's average VA mortgage closing costs are $5,269.

    The average rate for the prior week (2024-04-26) was 7.23% and one month ago for the week of 2024-03-29, the average rate was 6.54%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2024-05-03, the average rate was 6.86%.

    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
    Premium Mortgage Corporation 61 6.67% $5,805
    QUICKEN LOANS, LLC 58 6.39% $9,306
    Mortgage Research Center, LLC 53 6.74% $6,063
    NAVY FEDERAL CREDIT UNION 27 5.80% $5,578
    PRIMELENDING, A PLAINSCAPITAL COMPANY 19 6.86% $6,150
    Genesee Regional Bank 16 7.13% $8,758
    Barrington Bank & Trust Company, N.A. 13 6.64% $7,132
    UNITED WHOLESALE MORTGAGE, LLC 11 6.65% $6,190
    MOVEMENT MORTGAGE, LLC 10 6.81% $5,887
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 7.23% $6,885
    NVR Mortgage Finance, Inc. 7 5.05% $9,448
    PLAZA HOME MORTGAGE, INC. 7 6.68% $5,247
    Mr. Cooper ( Nationstar Mortgage ) 6 6.06% $13,020
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.85% $8,071
    USAA Federal Savings Bank 5 7.05% $9,135
    RELIANCE FIRST CAPITAL, LLC 5 6.88% $8,150
    FREEDOM MORTGAGE CORPORATION 5 6.85% $23,190
    HOME TOWN FUNDING, INC. 4 6.88% $5,945
    ESL Federal Credit Union 4 6.84% $6,021
    Wells Fargo Bank 3 5.92% $3,661
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.33% $8,217
    Flagstar Bank, FSB 3 6.71% $3,297
    HUNT MORTGAGE CORPORATION 3 7.33% $7,152
    JPMorgan Chase Bank 3 5.96% $1,397
    M&T Bank 3 6.83% $9,288
    NBKC BANK 3 6.71% $5,484
    1ST PRIORITY MORTGAGE, INC. 2 6.31% $7,285
    KeyBank 2 6.38% $10,456
    Citizens Bank 2 5.63% $13,902
    U.S. Bank 2 7.50% $5,455
    LOANDEPOT.COM, LLC 2 6.88% $6,868
    AMERICAN FINANCIAL NETWORK, INC. 2 6.63% $7,591
    CMG MORTGAGE, INC. 1 7.25% $7,842
    NEWREZ LLC 1 6.75% $6,073
    PHH Mortgage Corporation 1 5.63% $6,794
    PLANET HOME LENDING, LLC 1 6.25% $6,142
    Carrington Mortgage Services, LLC 1 6.13% $1,169
    PREMIA MORTGAGE, LLC 1 6.75% $5,155
    CARDINAL FINANCIAL 1 6.25% $4,798
    Bank of America 1 6.88% $0
    AMERICAN FINANCING CORPORATION 1 7.50% $11,465
    ROYAL UNITED MORTGAGE LLC 1 7.25% $7,231
    The Federal Savings Bank 1 5.75% $8,875
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.99% $11,203
    HOMESTEAD FUNDING CORP. 1 5.63% $7,751
    First Federal Bank 1 5.75% $10,367
    Academy Bank 1 7.00% $20,524
    ALLIED MORTGAGE GROUP, INC. 1 7.13% $5,716
    Magnolia Bank 1 6.75% $12,886
    Meridian Bank Corporation 1 7.63% $19,883
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $8,394
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $580
    CONTOUR MORTGAGE CORPORATION 1 7.00% $4,799

    The top Rochester VA lender as defined by loan originations is Premium Mortgage Corporation, with 61 VA loans originated. Their average total fees are $5,805, which is $3,501 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,578), Premium Mortgage Corporation ($5,805), MOVEMENT MORTGAGE, LLC ($5,887), Mortgage Research Center, LLC ($6,063) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,150).

    The lowest rate Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.80%), QUICKEN LOANS, LLC (6.39%), Barrington Bank & Trust Company, N.A. (6.64%), UNITED WHOLESALE MORTGAGE, LLC (6.65%) and Premium Mortgage Corporation (6.67%).

    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 $159,900 (7.2%) $222,730 (8.6%) 0.59 2,098
    2018-02-01 $169,900 (11.5%) $227,348 (5.9%) 0.62 2,058
    2018-03-01 $179,900 (10.8%) $235,666 (6.8%) 0.63 2,108
    2018-04-01 $194,700 (14.5%) $243,964 (7.2%) 0.66 2,255
    2018-05-01 $196,550 (9.3%) $247,206 (5.7%) 0.66 2,477
    2018-06-01 $194,900 (8.6%) $249,512 (6.8%) 0.65 2,716
    2018-07-01 $189,900 (5.9%) $245,604 (4.2%) 0.63 2,867
    2018-08-01 $185,000 (6.2%) $241,703 (4.2%) 0.62 2,953
    2018-09-01 $184,900 (8.8%) $236,971 (3.2%) 0.62 2,904
    2018-10-01 $179,900 (6.7%) $233,256 (1.5%) 0.61 2,845
    2018-11-01 $174,900 (5.1%) $231,912 (1.5%) 0.59 2,641
    2018-12-01 $179,900 (9.0%) $236,774 (3.9%) 0.62 2,284
    2019-01-01 $189,450 (18.5%) $243,764 (9.4%) 0.65 1,922
    2019-02-01 $196,425 (15.6%) $254,429 (11.9%) 0.66 1,847
    2019-03-01 $212,371 (18.1%) $271,313 (15.1%) 0.69 1,831
    2019-04-01 $230,950 (18.6%) $291,986 (19.7%) 0.73 1,837
    2019-05-01 $229,900 (17.0%) $293,741 (18.8%) 0.72 1,931
    2019-06-01 $229,900 (18.0%) $274,637 (10.1%) 0.72 2,098
    2019-07-01 $229,450 (20.8%) $276,310 (12.5%) 0.72 2,209
    2019-08-01 $218,109 (17.9%) $275,383 (13.9%) 0.69 2,250
    2019-09-01 $207,923 (12.5%) $271,950 (14.8%) 0.67 2,293
    2019-10-01 $199,950 (11.2%) $269,100 (15.4%) 0.65 2,306
    2019-11-01 $199,900 (14.3%) $266,591 (15.0%) 0.66 2,061
    2019-12-01 $199,900 (11.1%) $264,053 (11.5%) 0.67 1,792
    2020-01-01 $199,950 (5.5%) $264,322 (8.4%) 0.67 1,539
    2020-02-01 $224,900 (14.5%) $272,929 (7.3%) 0.74 1,416
    2020-03-01 $234,900 (10.6%) $283,623 (4.5%) 0.74 1,472
    2020-04-01 $249,900 (8.2%) $299,214 (2.5%) 0.78 1,375
    2020-05-01 $249,999 (8.7%) $306,059 (4.2%) 0.76 1,376
    2020-06-01 $243,544 (5.9%) $298,593 (8.7%) 0.72 1,491
    2020-07-01 $249,125 (8.6%) $303,932 (10.0%) 0.72 1,445
    2020-08-01 $239,900 (10.0%) $292,701 (6.3%) 0.69 1,402
    2020-09-01 $222,400 (7.0%) $278,434 (2.4%) 0.64 1,399
    2020-10-01 $224,900 (12.5%) $284,662 (5.8%) 0.64 1,324
    2020-11-01 $225,000 (12.6%) $297,271 (11.5%) 0.66 1,181
    2020-12-01 $232,125 (16.1%) $310,034 (17.4%) 0.69 940
    2021-01-01 $250,000 (25.0%) $322,584 (22.0%) 0.75 813
    2021-02-01 $274,675 (22.1%) $334,347 (22.5%) 0.80 748
    2021-03-01 $262,194 (11.6%) $323,955 (14.2%) 0.74 782
    2021-04-01 $246,950 (-1.2%) $314,150 (5.0%) 0.67 815
    2021-05-01 $242,900 (-2.8%) $310,050 (1.3%) 0.65 871
    2021-06-01 $239,900 (-1.5%) $314,934 (5.5%) 0.63 1,033
    2021-07-01 $238,500 (-4.3%) $315,198 (3.7%) 0.63 1,098
    2021-08-01 $227,400 (-5.2%) $313,129 (7.0%) 0.61 1,093
    2021-09-01 $212,400 (-4.5%) $300,260 (7.8%) 0.57 1,086
    2021-10-01 $210,000 (-6.6%) $294,758 (3.6%) 0.56 964
    2021-11-01 $199,900 (-11.2%) $290,055 (-2.4%) 0.53 828
    2021-12-01 $197,400 (-15.0%) $288,289 (-7.0%) 0.53 676
    2022-01-01 $199,999 (-20.0%) $299,942 (-7.0%) 0.54 557
    2022-02-01 $224,950 (-18.1%) $306,469 (-8.3%) 0.59 554
    2022-03-01 $219,900 (-16.1%) $289,147 (-10.7%) 0.55 641
    2022-04-01 $199,900 (-19.1%) $278,479 (-11.4%) 0.48 745
    2022-05-01 $222,400 (-8.4%) $304,422 (-1.8%) 0.51 874
    2022-06-01 $229,450 (-4.4%) $312,467 (-0.8%) 0.51 977
    2022-07-01 $234,900 (-1.5%) $318,018 (0.9%) 0.53 1,021
    2022-08-01 $225,000 (-1.1%) $309,191 (-1.3%) 0.52 1,011
    2022-09-01 $223,900 (5.4%) $304,896 (1.5%) 0.52 1,002
    2022-10-01 $225,000 (7.1%) $315,266 (7.0%) 0.53 979
    2022-11-01 $226,950 (13.5%) $317,738 (9.5%) 0.55 916
    2022-12-01 $242,400 (22.8%) $333,546 (15.7%) 0.60 785
    2023-01-01 $233,450 (16.7%) $329,746 (9.9%) 0.58 692
    2023-02-01 $232,450 (3.3%) $328,826 (7.3%) 0.56 692
    2023-03-01 $257,400 (17.1%) $338,577 (17.1%) 0.61 694
    2023-04-01 $264,900 (32.5%) $336,160 (20.7%) 0.62 735
    2023-05-01 $264,975 (19.1%) $333,533 (9.6%) 0.60 761
    2023-06-01 $274,338 (19.6%) $344,660 (10.3%) 0.62 866
    2023-07-01 $259,450 (10.5%) $355,785 (11.9%) 0.59 892
    2023-08-01 $249,900 (11.1%) $339,043 (9.7%) 0.57 894
    2023-09-01 $249,900 (11.6%) $349,858 (14.8%) 0.58 886
    2023-10-01 $249,949 (11.1%) $349,733 (10.9%) 0.59 907
    2023-11-01 $239,450 (5.5%) $334,173 (5.2%) 0.57 851
    2023-12-01 $249,900 (3.1%) $338,578 (1.5%) 0.61 734
    2024-01-01 $247,400 (6.0%) $331,206 (0.4%) 0.60 636
    2024-02-01 $249,950 (7.5%) $335,172 (1.9%) 0.60 654
    2024-03-01 $279,900 (8.7%) $355,064 (4.9%) 0.66 666
    2024-04-01 $295,000 (11.4%) $361,150 (7.4%) 0.69 727
    Rochester's median listing price for 2024-04-01 was $295,000, a difference of $30,100 (11.4%) versus the prior year and $15,100 versus the prior month.

    Rochester's median listing price comes in at 69% of the national average.

    Rochester's average listing price for 2024-04-01 was $361,150, a difference of $24,990 (7.4%) versus the prior year and $6,086 versus the prior month.

    For the 2024-04-01 period, Rochester had 727 MLS listings, a difference of 61 listings (9%) versus the prior month and -8 listings (-1%) 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 65 days 1,716 sqft
    2018-02-01 57 days 1,759 sqft
    2018-03-01 42 days 1,766 sqft
    2018-04-01 35 days 1,770 sqft
    2018-05-01 33 days 1,770 sqft
    2018-06-01 34 days 1,780 sqft
    2018-07-01 38 days 1,766 sqft
    2018-08-01 43 days 1,755 sqft
    2018-09-01 46 days 1,752 sqft
    2018-10-01 47 days 1,743 sqft
    2018-11-01 52 days 1,724 sqft
    2018-12-01 64 days 1,730 sqft
    2019-01-01 66 days 1,726 sqft
    2019-02-01 50 days 1,730 sqft
    2019-03-01 40 days 1,763 sqft
    2019-04-01 32 days 1,797 sqft
    2019-05-01 30 days 1,807 sqft
    2019-06-01 30 days 1,813 sqft
    2019-07-01 33 days 1,812 sqft
    2019-08-01 37 days 1,801 sqft
    2019-09-01 38 days 1,788 sqft
    2019-10-01 41 days 1,778 sqft
    2019-11-01 47 days 1,768 sqft
    2019-12-01 58 days 1,751 sqft
    2020-01-01 59 days 1,739 sqft
    2020-02-01 36 days 1,747 sqft
    2020-03-01 31 days 1,766 sqft
    2020-04-01 45 days 1,760 sqft
    2020-05-01 46 days 1,812 sqft
    2020-06-01 24 days 1,788 sqft
    2020-07-01 25 days 1,791 sqft
    2020-08-01 25 days 1,752 sqft
    2020-09-01 25 days 1,730 sqft
    2020-10-01 26 days 1,728 sqft
    2020-11-01 32 days 1,713 sqft
    2020-12-01 44 days 1,719 sqft
    2021-01-01 46 days 1,729 sqft
    2021-02-01 29 days 1,742 sqft
    2021-03-01 16 days 1,715 sqft
    2021-04-01 11 days 1,713 sqft
    2021-05-01 10 days 1,700 sqft
    2021-06-01 11 days 1,757 sqft
    2021-07-01 15 days 1,744 sqft
    2021-08-01 16 days 1,736 sqft
    2021-09-01 19 days 1,701 sqft
    2021-10-01 22 days 1,699 sqft
    2021-11-01 23 days 1,687 sqft
    2021-12-01 35 days 1,671 sqft
    2022-01-01 37 days 1,695 sqft
    2022-02-01 18 days 1,718 sqft
    2022-03-01 10 days 1,678 sqft
    2022-04-01 10 days 1,664 sqft
    2022-05-01 10 days 1,709 sqft
    2022-06-01 11 days 1,733 sqft
    2022-07-01 16 days 1,727 sqft
    2022-08-01 22 days 1,696 sqft
    2022-09-01 23 days 1,683 sqft
    2022-10-01 24 days 1,689 sqft
    2022-11-01 30 days 1,705 sqft
    2022-12-01 39 days 1,721 sqft
    2023-01-01 44 days 1,699 sqft
    2023-02-01 28 days 1,711 sqft
    2023-03-01 24 days 1,711 sqft
    2023-04-01 16 days 1,727 sqft
    2023-05-01 13 days 1,708 sqft
    2023-06-01 12 days 1,741 sqft
    2023-07-01 15 days 1,748 sqft
    2023-08-01 16 days 1,727 sqft
    2023-09-01 17 days 1,700 sqft
    2023-10-01 19 days 1,704 sqft
    2023-11-01 25 days 1,675 sqft
    2023-12-01 35 days 1,674 sqft
    2024-01-01 33 days 1,666 sqft
    2024-02-01 24 days 1,675 sqft
    2024-03-01 22 days 1,733 sqft
    2024-04-01 16 days 1,716 sqft
    Rochester's median listing age (time on market) for 2024-04-01 was 16 days. This is 0% longer than the same period one year ago.

    Rochester's median square footage for active listings during the 2024-04-01 period was 1,716 sqft. One year prior, the average listing was 1,727 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.