Rockford VA Loan Rates, Closing Costs & Stats

ROCKFORD, IL

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.

Rockford's 48 lenders originated 216 VA loans during 2023. The total origination value was $47,110,000, with an average VA loan value of $218,102.

Rockford VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rockford averaged 6.74% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Rockford's average VA mortgage closing costs are $4,899.

The average rate for the prior week (2024-04-05) was 6.99% and one month ago for the week of 2024-03-08, the average rate was 6.62%.

The average rate one year ago was 6.41%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.96%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Rockford 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 Rockford level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 78 6.85% $6,098
GREENSTATE CREDIT UNION 13 6.36% $6,057
QUICKEN LOANS, LLC 13 6.43% $10,200
Blackhawk Bank 9 6.65% $5,789
ENVOY MORTGAGE, LTD 7 6.57% $5,625
NAVY FEDERAL CREDIT UNION 6 5.96% $3,854
USAA Federal Savings Bank 6 6.48% $5,225
Mr. Cooper ( Nationstar Mortgage ) 6 6.25% $10,073
UNITED WHOLESALE MORTGAGE, LLC 5 6.83% $5,884
FREEDOM MORTGAGE CORPORATION 5 6.68% $11,551
CROSSCOUNTRY MORTGAGE, LLC 3 6.50% $4,965
NEW DAY FINANCIAL, LLC 3 7.50% $10,594
JPMorgan Chase Bank 3 6.46% $1,726
PENNYMAC LOAN SERVICES, LLC 2 5.75% $3,113
Barrington Bank & Trust Company, N.A. 2 7.38% $7,972
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.13% $11,234
FIRST STATE MORTGAGE SERVICES, LLC 2 6.88% $3,929
LOANDEPOT.COM, LLC 2 6.50% $6,834
Mid-Continent Funding, Inc. 2 6.44% $7,746
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 8.31% $6,181
NEWREZ LLC 2 7.00% $13,422
U.S. Bank 2 7.00% $4,684
The Federal Savings Bank 1 6.13% $5,808
Magnolia Bank 1 7.25% $14,039
The Huntington National Bank 1 6.75% $3,328
Mortgage Assurance Inc. 1 6.63% $9,205
CIBM Bank 1 5.75% $2,253
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.38% $2,700
CHURCHILL MORTGAGE CORPORATION 1 6.00% $5,881
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $2,591
CALIBER HOME LOANS, INC. 1 6.25% $8,904
Neighborhood Loans, Inc. 1 8.25% $11,828
Bank of America 1 7.63% $7,968
American Mortgage & Equity Consultants, Inc. 1 7.13% $10,303
PANORAMA MORTGAGE GROUP, LLC 1 5.13% $26,811
ACADEMY MORTGAGE CORPORATION 1 7.50% $8,850
PLANET HOME LENDING, LLC 1 6.63% $2,194
PLAZA HOME MORTGAGE, INC. 1 5.25% $3,282
POINT Mortgage 1 7.50% $5,916
PREMIER LENDING, INC. 1 7.25% $11,469
AMERISAVE MORTGAGE CORPORATION 1 5.88% $8,276
Servion, Inc. 1 6.25% $2,407
SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $6,654
Flagstar Bank, FSB 1 7.25% $2,258
GUARANTEED RATE AFFINITY, LLC 1 7.75% $3,954
GUARANTEED RATE, INC. 1 6.75% $5,755
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.38% $5,455
First Federal Bank 1 6.75% $4,541

The top Rockford VA lender as defined by loan originations is Mortgage Research Center, LLC, with 78 VA loans originated. Their average total fees are $6,098, which is $41 higher than the next largest lender, GREENSTATE CREDIT UNION.

The lowest fee Rockford VA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($6,057), Mortgage Research Center, LLC ($6,098), QUICKEN LOANS, LLC ($10,200), .

The lowest rate Rockford VA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (6.36%), QUICKEN LOANS, LLC (6.43%), Mortgage Research Center, LLC (6.85%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rockford (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 $129,900 (13.1%) $163,508 (14.4%) 0.48 928
2018-02-01 $131,725 (15.6%) $166,882 (18.7%) 0.48 847
2018-03-01 $134,900 (13.4%) $172,005 (16.7%) 0.47 797
2018-04-01 $139,900 (11.9%) $181,905 (19.5%) 0.47 773
2018-05-01 $144,900 (11.6%) $184,153 (16.6%) 0.48 848
2018-06-01 $149,000 (14.6%) $187,298 (15.6%) 0.50 974
2018-07-01 $149,000 (10.5%) $187,850 (10.3%) 0.50 1,064
2018-08-01 $145,475 (7.8%) $185,108 (9.0%) 0.49 1,109
2018-09-01 $140,750 (3.9%) $183,258 (8.3%) 0.47 1,143
2018-10-01 $137,450 (2.6%) $177,259 (7.0%) 0.47 1,143
2018-11-01 $135,900 (0.4%) $178,840 (7.2%) 0.46 1,050
2018-12-01 $134,900 (1.1%) $175,024 (4.6%) 0.47 988
2019-01-01 $134,900 (3.9%) $174,454 (6.7%) 0.47 908
2019-02-01 $134,475 (2.1%) $176,802 (5.9%) 0.45 826
2019-03-01 $139,907 (3.7%) $183,037 (6.4%) 0.46 779
2019-04-01 $147,725 (5.6%) $191,275 (5.2%) 0.47 736
2019-05-01 $149,925 (3.5%) $194,518 (5.6%) 0.47 777
2019-06-01 $159,900 (7.3%) $200,679 (7.1%) 0.50 864
2019-07-01 $155,000 (4.0%) $199,082 (6.0%) 0.49 977
2019-08-01 $153,609 (5.6%) $195,534 (5.6%) 0.49 1,029
2019-09-01 $151,523 (7.7%) $190,815 (4.1%) 0.48 1,093
2019-10-01 $147,450 (7.3%) $186,177 (5.0%) 0.48 1,144
2019-11-01 $139,900 (2.9%) $180,646 (1.0%) 0.46 1,094
2019-12-01 $139,900 (3.7%) $177,645 (1.5%) 0.47 983
2020-01-01 $138,125 (2.4%) $176,570 (1.2%) 0.46 898
2020-02-01 $145,000 (7.8%) $183,210 (3.6%) 0.47 806
2020-03-01 $144,950 (3.6%) $188,002 (2.7%) 0.45 745
2020-04-01 $149,900 (1.5%) $193,568 (1.2%) 0.47 725
2020-05-01 $159,900 (6.7%) $206,371 (6.1%) 0.49 636
2020-06-01 $170,000 (6.3%) $211,064 (5.2%) 0.50 594
2020-07-01 $174,975 (12.9%) $214,916 (8.0%) 0.51 546
2020-08-01 $169,900 (10.6%) $218,300 (11.6%) 0.49 527
2020-09-01 $175,200 (15.6%) $222,990 (16.9%) 0.50 495
2020-10-01 $163,000 (10.6%) $203,694 (9.4%) 0.47 529
2020-11-01 $154,175 (10.2%) $200,709 (11.1%) 0.45 514
2020-12-01 $139,900 (0.0%) $193,667 (9.0%) 0.42 435
2021-01-01 $133,200 (-3.6%) $196,268 (11.2%) 0.40 357
2021-02-01 $135,000 (-6.9%) $208,173 (13.6%) 0.39 259
2021-03-01 $150,225 (3.6%) $212,788 (13.2%) 0.43 219
2021-04-01 $162,400 (8.3%) $230,291 (19.0%) 0.44 200
2021-05-01 $172,450 (7.9%) $228,044 (10.5%) 0.46 275
2021-06-01 $172,425 (1.4%) $231,056 (9.5%) 0.45 397
2021-07-01 $165,000 (-5.7%) $228,765 (6.4%) 0.44 448
2021-08-01 $158,900 (-6.5%) $218,935 (0.3%) 0.42 543
2021-09-01 $162,400 (-7.3%) $217,992 (-2.2%) 0.43 555
2021-10-01 $164,900 (1.2%) $217,821 (6.9%) 0.44 562
2021-11-01 $154,675 (0.3%) $209,859 (4.6%) 0.41 513
2021-12-01 $142,725 (2.0%) $199,842 (3.2%) 0.39 464
2022-01-01 $145,250 (9.1%) $195,276 (-0.5%) 0.39 370
2022-02-01 $139,675 (3.5%) $203,388 (-2.3%) 0.36 269
2022-03-01 $147,200 (-2.0%) $222,745 (4.7%) 0.37 238
2022-04-01 $159,900 (-1.5%) $238,263 (3.5%) 0.38 254
2022-05-01 $178,475 (3.5%) $236,087 (3.5%) 0.41 286
2022-06-01 $189,950 (10.2%) $240,972 (4.3%) 0.42 354
2022-07-01 $202,495 (22.7%) $255,919 (11.9%) 0.46 416
2022-08-01 $192,450 (21.1%) $247,163 (12.9%) 0.44 463
2022-09-01 $189,700 (16.8%) $241,204 (10.7%) 0.44 465
2022-10-01 $174,900 (6.1%) $230,043 (5.6%) 0.41 460
2022-11-01 $172,400 (11.5%) $223,025 (6.3%) 0.41 459
2022-12-01 $169,900 (19.0%) $219,043 (9.6%) 0.42 409
2023-01-01 $164,900 (13.5%) $220,999 (13.2%) 0.41 324
2023-02-01 $154,350 (10.5%) $233,875 (15.0%) 0.37 244
2023-03-01 $154,925 (5.3%) $247,586 (11.2%) 0.37 221
2023-04-01 $180,000 (12.6%) $266,867 (12.0%) 0.42 196
2023-05-01 $188,550 (5.7%) $260,563 (10.4%) 0.43 235
2023-06-01 $210,700 (10.9%) $265,710 (10.3%) 0.47 260
2023-07-01 $219,900 (8.6%) $265,268 (3.7%) 0.50 294
2023-08-01 $217,325 (12.9%) $259,037 (4.8%) 0.50 321
2023-09-01 $209,000 (10.2%) $254,975 (5.7%) 0.49 333
2023-10-01 $213,450 (22.0%) $253,351 (10.1%) 0.50 345
2023-11-01 $209,200 (21.4%) $254,781 (14.2%) 0.50 404
2023-12-01 $199,900 (17.7%) $256,130 (16.9%) 0.49 364
2024-01-01 $207,250 (25.7%) $262,740 (18.9%) 0.51 310
2024-02-01 $234,150 (51.7%) $280,592 (20.0%) 0.56 247
2024-03-01 $235,000 (51.7%) $283,576 (14.5%) 0.55 229
Rockford's median listing price for 2024-03-01 was $235,000, a difference of $80,075 (51.7%) versus the prior year and $850 versus the prior month.

Rockford's median listing price comes in at 55% of the national average.

Rockford's average listing price for 2024-03-01 was $283,576, a difference of $35,990 (14.5%) versus the prior year and $2,984 versus the prior month.

For the 2024-03-01 period, Rockford had 229 MLS listings, a difference of -18 listings (-7%) versus the prior month and 8 listings (4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,855 sqft
2018-02-01 75 days 1,858 sqft
2018-03-01 61 days 1,891 sqft
2018-04-01 45 days 1,960 sqft
2018-05-01 38 days 2,000 sqft
2018-06-01 39 days 2,030 sqft
2018-07-01 43 days 2,030 sqft
2018-08-01 48 days 1,996 sqft
2018-09-01 57 days 1,994 sqft
2018-10-01 59 days 1,911 sqft
2018-11-01 60 days 1,947 sqft
2018-12-01 65 days 1,894 sqft
2019-01-01 77 days 1,824 sqft
2019-02-01 82 days 1,867 sqft
2019-03-01 68 days 1,803 sqft
2019-04-01 49 days 1,738 sqft
2019-05-01 43 days 1,736 sqft
2019-06-01 43 days 1,803 sqft
2019-07-01 42 days 1,976 sqft
2019-08-01 46 days 1,979 sqft
2019-09-01 51 days 1,947 sqft
2019-10-01 54 days 1,913 sqft
2019-11-01 60 days 1,898 sqft
2019-12-01 69 days 1,833 sqft
2020-01-01 81 days 1,807 sqft
2020-02-01 74 days 1,839 sqft
2020-03-01 53 days 1,851 sqft
2020-04-01 58 days 1,891 sqft
2020-05-01 65 days 2,024 sqft
2020-06-01 46 days 2,129 sqft
2020-07-01 39 days 2,180 sqft
2020-08-01 39 days 2,067 sqft
2020-09-01 38 days 2,076 sqft
2020-10-01 33 days 1,935 sqft
2020-11-01 39 days 1,923 sqft
2020-12-01 50 days 1,809 sqft
2021-01-01 58 days 1,777 sqft
2021-02-01 50 days 1,740 sqft
2021-03-01 37 days 1,672 sqft
2021-04-01 24 days 1,801 sqft
2021-05-01 18 days 1,853 sqft
2021-06-01 19 days 1,918 sqft
2021-07-01 25 days 2,017 sqft
2021-08-01 25 days 1,732 sqft
2021-09-01 33 days 1,728 sqft
2021-10-01 38 days 1,669 sqft
2021-11-01 47 days 1,654 sqft
2021-12-01 50 days 1,607 sqft
2022-01-01 53 days 1,640 sqft
2022-02-01 40 days 1,618 sqft
2022-03-01 32 days 1,613 sqft
2022-04-01 24 days 1,717 sqft
2022-05-01 24 days 1,755 sqft
2022-06-01 21 days 1,812 sqft
2022-07-01 29 days 1,860 sqft
2022-08-01 31 days 1,837 sqft
2022-09-01 39 days 1,828 sqft
2022-10-01 39 days 1,803 sqft
2022-11-01 42 days 1,779 sqft
2022-12-01 52 days 1,758 sqft
2023-01-01 62 days 1,724 sqft
2023-02-01 59 days 1,687 sqft
2023-03-01 46 days 1,725 sqft
2023-04-01 25 days 1,763 sqft
2023-05-01 21 days 1,678 sqft
2023-06-01 22 days 1,775 sqft
2023-07-01 24 days 1,836 sqft
2023-08-01 29 days 1,845 sqft
2023-09-01 31 days 1,827 sqft
2023-10-01 29 days 1,897 sqft
2023-11-01 27 days 1,814 sqft
2023-12-01 40 days 1,780 sqft
2024-01-01 56 days 1,758 sqft
2024-02-01 50 days 1,809 sqft
2024-03-01 37 days 1,848 sqft
Rockford's median listing age (time on market) for 2024-03-01 was 37 days. This is -19% shorter than the same period one year ago.

Rockford's median square footage for active listings during the 2024-03-01 period was 1,848 sqft. One year prior, the average listing was 1,725 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.