Rockford VA Loan Rates, Closing Costs & Stats

ROCKFORD, IL

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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.

    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 7.32% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.72%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.05%.

    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.