Salem VA Loan Rates, Closing Costs & Stats

Salem, OH

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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.

    Salem's 24 lenders originated 73 VA loans during 2023. The total origination value was $15,905,000, with an average VA loan value of $217,877.

    Salem VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salem averaged 7.01% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Salem's average VA mortgage closing costs are $4,930.

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.71%.

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

    Salem 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 Salem level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.85% $4,181
    QUICKEN LOANS, LLC 12 6.54% $11,077
    UNITED WHOLESALE MORTGAGE, LLC 5 6.35% $6,294
    CROSSCOUNTRY MORTGAGE, LLC 4 7.00% $5,242
    NEW DAY FINANCIAL, LLC 4 7.18% $14,407
    AMERISAVE MORTGAGE CORPORATION 3 6.42% $11,677
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.44% $8,231
    FREEDOM MORTGAGE CORPORATION 2 6.56% $9,249
    Ixonia Bank 2 7.38% $8,677
    PENNYMAC LOAN SERVICES, LLC 2 5.06% $3,188
    The Farmers National Bank of Canfield 2 5.88% $4,412
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 6.19% $13,677
    CMG MORTGAGE, INC. 1 8.13% $11,319
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,119
    NAVY FEDERAL CREDIT UNION 1 5.88% $6,259
    Citizens Bank 1 5.38% $5,505
    Paramount Residential Mortgage Group, Inc. 1 7.25% $5,365
    BAY EQUITY LLC 1 6.25% $18,935
    CALIBER HOME LOANS, INC. 1 5.63% $16,956
    First Commonwealth Bank 1 7.38% $3,375
    USAA Federal Savings Bank 1 7.38% $4,870
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.50% $3,695
    The Huntington National Bank 1 7.00% $1,332
    LOANDEPOT.COM, LLC 1 5.63% $10,743

    The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $4,181, which is $6,897 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Salem VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,181), QUICKEN LOANS, LLC ($11,077), .

    The lowest rate Salem VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.54%), Mortgage Research Center, LLC (6.85%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salem (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 $97,900 (-0.3%) $121,227 (-0.8%) 0.00 318
    2018-02-01 $99,925 (2.1%) $122,195 (-0.9%) 0.00 304
    2018-03-01 $99,700 (-0.2%) $123,924 (-1.1%) 0.00 294
    2018-04-01 $107,450 (3.8%) $128,953 (0.1%) 0.00 287
    2018-05-01 $112,575 (7.5%) $134,335 (3.3%) 0.00 299
    2018-06-01 $118,750 (18.0%) $139,077 (8.6%) 0.00 310
    2018-07-01 $119,900 (14.2%) $149,485 (11.8%) 0.00 326
    2018-08-01 $119,900 (17.9%) $155,671 (16.1%) 0.00 341
    2018-09-01 $119,900 (20.0%) $158,218 (17.7%) 0.00 339
    2018-10-01 $119,900 (14.5%) $163,467 (24.4%) 0.00 326
    2018-11-01 $120,425 (14.7%) $167,991 (30.0%) 0.00 295
    2018-12-01 $119,900 (20.0%) $164,882 (31.0%) 0.00 267
    2019-01-01 $119,900 (22.5%) $164,185 (35.4%) 0.00 250
    2019-02-01 $119,900 (20.0%) $161,943 (32.5%) 0.00 221
    2019-03-01 $121,571 (21.9%) $166,516 (34.4%) 0.00 217
    2019-04-01 $130,000 (21.0%) $171,173 (32.7%) 0.00 225
    2019-05-01 $125,000 (11.0%) $169,116 (25.9%) 0.00 236
    2019-06-01 $129,000 (8.6%) $167,387 (20.4%) 0.00 240
    2019-07-01 $123,925 (3.4%) $159,679 (6.8%) 0.00 238
    2019-08-01 $123,414 (2.9%) $159,168 (2.3%) 0.00 261
    2019-09-01 $121,184 (1.1%) $160,768 (1.6%) 0.00 276
    2019-10-01 $119,575 (-0.3%) $159,792 (-2.3%) 0.00 288
    2019-11-01 $104,950 (-12.9%) $156,772 (-6.7%) 0.00 289
    2019-12-01 $99,900 (-16.7%) $156,947 (-4.8%) 0.00 264
    2020-01-01 $99,900 (-16.7%) $154,959 (-5.6%) 0.00 248
    2020-02-01 $98,500 (-17.9%) $160,901 (-0.6%) 0.00 224
    2020-03-01 $109,450 (-10.0%) $170,203 (2.2%) 0.00 223
    2020-04-01 $109,950 (-15.4%) $176,710 (3.2%) 0.00 203
    2020-05-01 $127,500 (2.0%) $182,980 (8.2%) 0.00 196
    2020-06-01 $132,450 (2.7%) $189,206 (13.0%) 0.00 178
    2020-07-01 $137,500 (11.0%) $189,916 (18.9%) 0.00 178
    2020-08-01 $130,950 (6.1%) $193,599 (21.6%) 0.00 166
    2020-09-01 $127,000 (4.8%) $187,124 (16.4%) 0.00 153
    2020-10-01 $126,500 (5.8%) $197,734 (23.7%) 0.00 150
    2020-11-01 $129,225 (23.1%) $208,172 (32.8%) 0.00 142
    2020-12-01 $127,175 (27.3%) $203,070 (29.4%) 0.00 136
    2021-01-01 $105,900 (6.0%) $188,876 (21.9%) 0.00 117
    2021-02-01 $110,000 (11.7%) $191,662 (19.1%) 0.00 112
    2021-03-01 $121,825 (11.3%) $212,425 (24.8%) 0.00 114
    2021-04-01 $135,000 (22.8%) $218,745 (23.8%) 0.00 113
    2021-05-01 $131,000 (2.8%) $202,901 (10.9%) 0.00 120
    2021-06-01 $134,700 (1.7%) $198,662 (5.0%) 0.00 132
    2021-07-01 $133,700 (-2.8%) $193,426 (1.9%) 0.00 148
    2021-08-01 $142,000 (8.4%) $198,922 (2.8%) 0.00 171
    2021-09-01 $134,225 (5.7%) $192,708 (3.0%) 0.00 173
    2021-10-01 $128,400 (1.5%) $188,295 (-4.8%) 0.00 182
    2021-11-01 $129,900 (0.5%) $199,018 (-4.4%) 0.00 155
    2021-12-01 $115,000 (-9.6%) $186,449 (-8.2%) 0.00 140
    2022-01-01 $114,900 (8.5%) $190,787 (1.0%) 0.00 121
    2022-02-01 $122,825 (11.7%) $196,213 (2.4%) 0.00 107
    2022-03-01 $124,925 (2.5%) $188,408 (-11.3%) 0.00 105
    2022-04-01 $159,000 (17.8%) $210,817 (-3.6%) 0.00 93
    2022-05-01 $170,725 (30.3%) $233,346 (15.0%) 0.00 104
    2022-06-01 $176,225 (30.8%) $240,879 (21.3%) 0.00 111
    2022-07-01 $161,500 (20.8%) $226,126 (16.9%) 0.00 132
    2022-08-01 $157,400 (10.9%) $216,075 (8.6%) 0.00 144
    2022-09-01 $146,850 (9.4%) $196,391 (1.9%) 0.00 164
    2022-10-01 $142,000 (10.6%) $193,471 (2.8%) 0.00 159
    2022-11-01 $136,175 (4.8%) $181,054 (-9.0%) 0.00 164
    2022-12-01 $129,950 (13.0%) $182,250 (-2.3%) 0.00 152
    2023-01-01 $134,850 (17.4%) $183,558 (-3.8%) 0.00 130
    2023-02-01 $146,500 (19.3%) $193,397 (-1.4%) 0.00 108
    2023-03-01 $152,225 (21.9%) $207,385 (10.1%) 0.00 110
    2023-04-01 $140,000 (-12.0%) $181,051 (-14.1%) 0.00 114
    2023-05-01 $149,450 (-12.5%) $201,319 (-13.7%) 0.00 126
    2023-06-01 $174,900 (-0.8%) $240,539 (-0.1%) 0.00 127
    2023-07-01 $172,400 (6.8%) $244,455 (8.1%) 0.00 122
    2023-08-01 $183,125 (16.3%) $243,605 (12.7%) 0.00 138
    2023-09-01 $188,700 (28.5%) $241,932 (23.2%) 0.00 158
    2023-10-01 $177,475 (25.0%) $230,408 (19.1%) 0.00 181
    2023-11-01 $177,000 (30.0%) $241,210 (33.2%) 0.00 204
    2023-12-01 $169,900 (30.7%) $236,903 (30.0%) 0.00 199
    2024-01-01 $164,250 (21.8%) $242,091 (31.9%) 0.00 177
    2024-02-01 $159,925 (9.2%) $242,499 (25.4%) 0.00 173
    2024-03-01 $162,500 (6.8%) $249,621 (20.4%) 0.00 166
    Salem's median listing price for 2024-03-01 was $162,500, a difference of $10,275 (6.8%) versus the prior year and $2,575 versus the prior month.

    Salem's median listing price comes in at 0% of the national average.

    Salem's average listing price for 2024-03-01 was $249,621, a difference of $42,236 (20.4%) versus the prior year and $7,122 versus the prior month.

    For the 2024-03-01 period, Salem had 166 MLS listings, a difference of -7 listings (-4%) versus the prior month and 56 listings (51%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,443 sqft
    2018-02-01 0 days 1,419 sqft
    2018-03-01 0 days 1,462 sqft
    2018-04-01 0 days 1,465 sqft
    2018-05-01 0 days 1,500 sqft
    2018-06-01 0 days 1,518 sqft
    2018-07-01 0 days 1,616 sqft
    2018-08-01 0 days 1,595 sqft
    2018-09-01 0 days 1,608 sqft
    2018-10-01 0 days 1,674 sqft
    2018-11-01 0 days 1,699 sqft
    2018-12-01 0 days 1,628 sqft
    2019-01-01 0 days 1,619 sqft
    2019-02-01 0 days 1,644 sqft
    2019-03-01 0 days 1,629 sqft
    2019-04-01 0 days 1,658 sqft
    2019-05-01 0 days 1,559 sqft
    2019-06-01 0 days 1,619 sqft
    2019-07-01 0 days 1,603 sqft
    2019-08-01 0 days 1,612 sqft
    2019-09-01 0 days 1,623 sqft
    2019-10-01 0 days 1,627 sqft
    2019-11-01 0 days 1,601 sqft
    2019-12-01 0 days 1,601 sqft
    2020-01-01 0 days 1,589 sqft
    2020-02-01 0 days 1,556 sqft
    2020-03-01 0 days 1,564 sqft
    2020-04-01 0 days 1,593 sqft
    2020-05-01 0 days 1,632 sqft
    2020-06-01 0 days 1,620 sqft
    2020-07-01 0 days 1,640 sqft
    2020-08-01 0 days 1,624 sqft
    2020-09-01 0 days 1,566 sqft
    2020-10-01 0 days 1,592 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,536 sqft
    2021-01-01 0 days 1,550 sqft
    2021-02-01 0 days 1,486 sqft
    2021-03-01 0 days 1,563 sqft
    2021-04-01 0 days 1,590 sqft
    2021-05-01 0 days 1,569 sqft
    2021-06-01 0 days 1,518 sqft
    2021-07-01 0 days 1,569 sqft
    2021-08-01 0 days 1,592 sqft
    2021-09-01 0 days 1,554 sqft
    2021-10-01 0 days 1,508 sqft
    2021-11-01 0 days 1,511 sqft
    2021-12-01 0 days 1,492 sqft
    2022-01-01 0 days 1,469 sqft
    2022-02-01 0 days 1,539 sqft
    2022-03-01 0 days 1,517 sqft
    2022-04-01 0 days 1,541 sqft
    2022-05-01 0 days 1,540 sqft
    2022-06-01 0 days 1,533 sqft
    2022-07-01 0 days 1,515 sqft
    2022-08-01 0 days 1,491 sqft
    2022-09-01 0 days 1,461 sqft
    2022-10-01 0 days 1,446 sqft
    2022-11-01 0 days 1,417 sqft
    2022-12-01 0 days 1,445 sqft
    2023-01-01 0 days 1,471 sqft
    2023-02-01 0 days 1,488 sqft
    2023-03-01 0 days 1,530 sqft
    2023-04-01 0 days 1,476 sqft
    2023-05-01 0 days 1,482 sqft
    2023-06-01 0 days 1,533 sqft
    2023-07-01 0 days 1,593 sqft
    2023-08-01 0 days 1,616 sqft
    2023-09-01 0 days 1,600 sqft
    2023-10-01 0 days 1,510 sqft
    2023-11-01 0 days 1,545 sqft
    2023-12-01 0 days 1,536 sqft
    2024-01-01 0 days 1,518 sqft
    2024-02-01 0 days 1,524 sqft
    2024-03-01 0 days 1,494 sqft
    Salem's median listing age (time on market) for 2024-03-01 was 0 days.

    Salem's median square footage for active listings during the 2024-03-01 period was 1,494 sqft. One year prior, the average listing was 1,530 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.