Salem VA Loan Rates, Closing Costs & Stats

SALEM, OR

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 111 lenders originated 808 VA loans during 2022. The total origination value was $320,600,000, with an average VA loan value of $396,782.

Salem VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Salem averaged 6.42% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Salem's average VA mortgage closing costs are $7,298.

The average rate for the prior week (2024-02-23) was 6.35% and one month ago for the week of 2024-01-26, the average rate was 6.18%.

The average rate one year ago was 5.92%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.39%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 69 4.87% $9,305
UNITED WHOLESALE MORTGAGE, LLC 59 4.36% $9,478
QUICKEN LOANS, LLC 53 3.71% $12,468
FREEDOM MORTGAGE CORPORATION 48 3.96% $13,981
NATIONS DIRECT MORTGAGE, LLC 35 3.83% $11,942
CALIBER HOME LOANS, INC. 34 4.46% $10,910
PENNYMAC LOAN SERVICES, LLC 32 3.33% $13,341
S1L, Inc. 30 4.71% $15,120
LOANDEPOT.COM, LLC 19 3.97% $13,473
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 4.17% $8,328
NAVY FEDERAL CREDIT UNION 16 4.00% $7,535
DHI MORTGAGE COMPANY, LTD. 16 4.12% $9,803
GUILD MORTGAGE COMPANY 15 4.45% $16,728
USAA Federal Savings Bank 15 4.21% $8,431
HOME POINT FINANCIAL CORPORATION 14 4.07% $12,212
Flagstar Bank, FSB 12 4.35% $9,446
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 4.44% $11,698
ACADEMY MORTGAGE CORPORATION 10 4.66% $10,578
PACIFIC RESIDENTIAL MORTGAGE, LLC 10 4.44% $14,117
NEW DAY FINANCIAL, LLC 10 4.38% $15,953
CHURCHILL MORTGAGE CORPORATION 10 5.01% $9,146
The Federal Savings Bank 10 4.26% $20,242
NEWREZ LLC 9 4.29% $6,794
GUARANTEED RATE, INC. 9 4.18% $13,468
CLEARPATH LENDING 7 2.45% $5,976
CROSSCOUNTRY MORTGAGE, LLC 7 5.09% $10,245
PLAZA HOME MORTGAGE, INC. 7 4.09% $15,049
Magnolia Bank 7 4.41% $15,232
LPMC, LLC 7 4.09% $15,583
GENEVA FINANCIAL, LLC 7 4.00% $9,408
Wells Fargo Bank 7 4.46% $6,983
MOVEMENT MORTGAGE, LLC 6 4.94% $9,844
MANN FINANCIAL INC. 6 4.46% $11,025
CMG MORTGAGE, INC. 6 3.81% $15,451
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 4.33% $11,299
Umpqua Bank 6 4.56% $12,877
MORTGAGE EXPRESS, LLC 5 4.57% $13,750
KeyBank 5 5.18% $5,697
Paramount Residential Mortgage Group, Inc. 5 4.30% $10,045
AMERISAVE MORTGAGE CORPORATION 5 3.80% $15,868
BROKER SOLUTIONS, INC. 5 4.75% $9,849
Sierra Pacific Mortgage Company, Inc. 4 3.59% $12,726
AMERICAN PACIFIC MORTGAGE CORPORATION 4 4.65% $11,752
PENTAGON FEDERAL CREDIT UNION 4 3.66% $15,655
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 3.94% $14,527
Mr. Cooper ( Nationstar Mortgage ) 4 5.56% $13,097
Carrington Mortgage Services, LLC 3 3.63% $5,541
Commerce Home Mortgage, Inc. 3 3.71% $13,762
DIRECTORS MORTGAGE, INC. 3 5.50% $13,248
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.08% $17,728
EAGLE HOME MORTGAGE, LLC 3 5.38% $1,375
LAKEVIEW LOAN SERVICING, LLC 3 3.04% $2,644
HOMESIDE FINANCIAL, LLC 2 2.81% $8,963
SOVEREIGN LENDING GROUP INCORPORATED 2 2.50% $22,306
AMERICAN FINANCING CORPORATION 2 3.94% $14,993
Low VA Rates, LLC 2 4.13% $17,398
HOMEAMERICAN MORTGAGE CORPORATION 2 3.31% $8,542
PLANET HOME LENDING, LLC 2 5.06% $9,628
MASON MCDUFFIE MORTGAGE CORPORATION 2 4.69% $16,619
CARDINAL FINANCIAL 2 3.81% $15,591
PANORAMA MORTGAGE GROUP, LLC 2 4.19% $32,911
BAY EQUITY LLC 2 4.88% $8,466
OnPoint Community Credit Union 2 5.94% $8,070
North American Savings Bank, F.S.B. 2 4.56% $6,937
Citizens Bank 2 4.13% $9,524
TruHome Solutions, LLC 2 3.38% $10,873
SUMMIT MORTGAGE CORPORATION 2 3.19% $5,041
VERITAS FUNDING, LLC 2 5.63% $23,180
VILLAGE CAPITAL MORTGAGE 2 2.50% $3,644
V.I.P. MORTGAGE, INC. 2 5.06% $7,962
Summit Mortgage Corporation 2 3.94% $15,489
Texana Bank 1 4.63% $9,309
CENTRAL WILLAMETTE Credit Union 1 5.63% $12,317
CHERRY CREEK MORTGAGE, LLC 1 5.25% $950
Community First National Bank 1 3.13% $3,213
BNC National Bank 1 3.25% $3,509
EMBRACE HOME LOANS, INC. 1 4.49% $22,353
ENVOY MORTGAGE, LTD 1 4.25% $3,487
Equity Prime Mortgage LLC 1 4.75% $29,777
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $0
First Federal Bank of Kansas City 1 2.38% $8,293
First Savings Bank 1 3.25% $8,216
Franklin Loan Corporation 1 6.25% $7,413
1st Security Bank of Washington 1 6.13% $5,407
HERITAGE GROVE Federal Credit Union 1 4.88% $10,667
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $7,368
Barrington Bank & Trust Company, N.A. 1 3.63% $2,656
HomeStreet Bank 1 5.00% $5,710
Hometown Lenders, Inc. 1 4.63% $20,639
JPMorgan Chase Bank 1 4.25% $19,400
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.63% $10,370
Armed Forces Bank 1 2.25% $2,090
LOANPAL, LLC 1 4.75% $11,961
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $9,391
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $15,334
MUFG Union Bank 1 3.00% $9,367
Nations Lending Corporation 1 5.75% $18,495
AMERIFIRST FINANCIAL CORPORATION 1 3.75% $9,509
NBKC BANK 1 2.75% $21,821
ON Q FINANCIAL, INC. 1 5.63% $5,540
PHH Mortgage Corporation 1 4.63% $20,406
PREMIA MORTGAGE, LLC 1 2.88% $7,050
PREMIER MORTGAGE RESOURCES, L.L.C. 1 4.25% $12,908
Prosperity Home Mortgage, LLC 1 3.63% $4,769
RESIDENTIAL BANCORP 1 2.63% $29,651
SUMMIT FUNDING, INC. 1 7.13% $0
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $18,577
CANOPY MORTGAGE, LLC 1 5.13% $19,801
The Central Trust Bank 1 4.75% $29,978
Willamette Valley Bank 1 6.25% $2,845
U.S. Bank 1 3.38% $4,222

The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 69 VA loans originated. Their average total fees are $9,305, which is $172 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Salem VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($7,535), HOMEBRIDGE FINANCIAL SERVICES, INC. ($8,328), USAA Federal Savings Bank ($8,431), CHURCHILL MORTGAGE CORPORATION ($9,146) and Mortgage Research Center, LLC ($9,305).

The lowest rate Salem VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.33%), QUICKEN LOANS, LLC (3.71%), NATIONS DIRECT MORTGAGE, LLC (3.83%), FREEDOM MORTGAGE CORPORATION (3.96%) and LOANDEPOT.COM, LLC (3.97%).


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 $377,425 (36.6%) $492,987 (35.6%) 1.40 714
2018-02-01 $377,450 (34.3%) $486,422 (32.0%) 1.37 712
2018-03-01 $374,900 (32.3%) $478,838 (28.6%) 1.32 740
2018-04-01 $384,175 (30.2%) $499,384 (29.3%) 1.30 763
2018-05-01 $389,450 (31.1%) $496,079 (28.1%) 1.30 857
2018-06-01 $385,900 (29.8%) $488,871 (29.3%) 1.29 924
2018-07-01 $394,700 (12.2%) $487,251 (10.3%) 1.32 978
2018-08-01 $375,450 (5.3%) $461,644 (2.0%) 1.26 1,168
2018-09-01 $369,900 (5.7%) $450,427 (0.4%) 1.24 1,235
2018-10-01 $367,450 (0.0%) $448,628 (-2.8%) 1.24 1,236
2018-11-01 $362,200 (-2.1%) $438,794 (-6.5%) 1.23 1,223
2018-12-01 $364,900 (-3.1%) $443,344 (-9.0%) 1.26 1,130
2019-01-01 $367,450 (-2.6%) $440,820 (-10.6%) 1.27 1,065
2019-02-01 $362,450 (-4.0%) $423,227 (-13.0%) 1.22 1,025
2019-03-01 $364,371 (-2.8%) $423,621 (-11.5%) 1.19 1,035
2019-04-01 $365,000 (-5.0%) $425,952 (-14.7%) 1.16 1,063
2019-05-01 $365,175 (-6.2%) $429,796 (-13.4%) 1.14 1,141
2019-06-01 $365,000 (-5.4%) $428,623 (-12.3%) 1.14 1,253
2019-07-01 $369,900 (-6.3%) $429,676 (-11.8%) 1.16 1,317
2019-08-01 $373,609 (-0.5%) $434,708 (-5.8%) 1.18 1,299
2019-09-01 $371,523 (0.4%) $443,484 (-1.5%) 1.19 1,288
2019-10-01 $372,682 (1.4%) $453,796 (1.2%) 1.20 1,253
2019-11-01 $380,450 (5.0%) $462,231 (5.3%) 1.25 1,126
2019-12-01 $380,000 (4.1%) $467,497 (5.5%) 1.27 978
2020-01-01 $387,475 (5.5%) $474,112 (7.6%) 1.29 852
2020-02-01 $389,900 (7.6%) $480,831 (13.6%) 1.28 794
2020-03-01 $404,975 (11.1%) $501,706 (18.4%) 1.27 770
2020-04-01 $399,450 (9.4%) $481,605 (13.1%) 1.25 833
2020-05-01 $414,900 (13.6%) $503,742 (17.2%) 1.26 767
2020-06-01 $423,925 (16.1%) $516,805 (20.6%) 1.25 668
2020-07-01 $429,450 (16.1%) $532,956 (24.0%) 1.24 632
2020-08-01 $425,000 (13.8%) $540,325 (24.3%) 1.22 578
2020-09-01 $438,075 (17.9%) $553,802 (24.9%) 1.26 496
2020-10-01 $419,999 (12.7%) $542,943 (19.6%) 1.20 498
2020-11-01 $429,900 (13.0%) $559,831 (21.1%) 1.26 418
2020-12-01 $424,500 (11.7%) $568,387 (21.6%) 1.26 344
2021-01-01 $444,500 (14.7%) $608,697 (28.4%) 1.33 294
2021-02-01 $449,300 (15.2%) $597,622 (24.3%) 1.31 255
2021-03-01 $427,400 (5.5%) $569,909 (13.6%) 1.21 275
2021-04-01 $433,625 (8.6%) $597,237 (24.0%) 1.17 299
2021-05-01 $450,000 (8.5%) $572,892 (13.7%) 1.20 355
2021-06-01 $462,218 (9.0%) $591,684 (14.5%) 1.22 418
2021-07-01 $449,950 (4.8%) $597,008 (12.0%) 1.19 509
2021-08-01 $462,104 (8.7%) $596,846 (10.5%) 1.23 573
2021-09-01 $463,500 (5.8%) $619,073 (11.8%) 1.24 625
2021-10-01 $450,000 (7.1%) $621,742 (14.5%) 1.20 622
2021-11-01 $454,475 (5.7%) $633,856 (13.2%) 1.21 530
2021-12-01 $482,975 (13.8%) $663,040 (16.7%) 1.31 438
2022-01-01 $496,475 (11.7%) $730,178 (20.0%) 1.34 345
2022-02-01 $499,000 (11.1%) $765,098 (28.0%) 1.30 326
2022-03-01 $509,950 (19.3%) $744,159 (30.6%) 1.28 348
2022-04-01 $506,630 (16.8%) $686,111 (14.9%) 1.21 414
2022-05-01 $509,998 (13.3%) $660,496 (15.3%) 1.17 503
2022-06-01 $504,945 (9.2%) $645,544 (9.1%) 1.12 619
2022-07-01 $499,900 (11.1%) $617,545 (3.4%) 1.13 815
2022-08-01 $499,000 (8.0%) $607,389 (1.8%) 1.15 897
2022-09-01 $497,000 (7.2%) $604,679 (-2.3%) 1.16 935
2022-10-01 $489,225 (8.7%) $567,286 (-8.8%) 1.15 975
2022-11-01 $484,945 (6.7%) $570,383 (-10.0%) 1.17 954
2022-12-01 $489,000 (1.3%) $589,835 (-11.0%) 1.21 838
2023-01-01 $491,998 (-0.9%) $589,971 (-19.2%) 1.22 727
2023-02-01 $497,000 (-0.4%) $596,657 (-22.0%) 1.20 646
2023-03-01 $500,724 (-1.8%) $614,653 (-17.4%) 1.18 642
2023-04-01 $506,140 (-0.1%) $627,086 (-8.6%) 1.18 604
2023-05-01 $507,450 (-0.5%) $633,381 (-4.1%) 1.15 639
2023-06-01 $503,868 (-0.2%) $621,945 (-3.7%) 1.13 748
2023-07-01 $525,000 (5.0%) $631,180 (2.2%) 1.19 819
2023-08-01 $517,474 (3.7%) $632,566 (4.2%) 1.19 864
2023-09-01 $495,000 (-0.4%) $610,032 (0.9%) 1.15 881
2023-10-01 $489,450 (0.1%) $606,533 (6.9%) 1.15 905
2023-11-01 $481,450 (-0.7%) $603,261 (5.8%) 1.15 875
2023-12-01 $475,000 (-2.9%) $599,052 (1.6%) 1.16 809
2024-01-01 $481,995 (-2.0%) $611,083 (3.6%) 1.18 728
Salem's median listing price for 2024-01-01 was $481,995, a difference of $-10,003 (-2.0%) versus the prior year and $6,995 versus the prior month.

Salem's median listing price comes in at 118% of the national average.

Salem's average listing price for 2024-01-01 was $611,083, a difference of $21,112 (3.6%) versus the prior year and $12,031 versus the prior month.

For the 2024-01-01 period, Salem had 728 MLS listings, a difference of -81 listings (-10%) versus the prior month and 1 listings (0%) 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 69 days 2,099 sqft
2018-02-01 53 days 2,058 sqft
2018-03-01 38 days 2,032 sqft
2018-04-01 39 days 2,037 sqft
2018-05-01 31 days 2,070 sqft
2018-06-01 33 days 2,030 sqft
2018-07-01 41 days 2,079 sqft
2018-08-01 36 days 2,031 sqft
2018-09-01 43 days 1,994 sqft
2018-10-01 55 days 1,996 sqft
2018-11-01 56 days 1,968 sqft
2018-12-01 66 days 1,971 sqft
2019-01-01 73 days 1,949 sqft
2019-02-01 55 days 1,932 sqft
2019-03-01 48 days 1,956 sqft
2019-04-01 45 days 1,951 sqft
2019-05-01 41 days 1,928 sqft
2019-06-01 37 days 1,950 sqft
2019-07-01 40 days 1,955 sqft
2019-08-01 45 days 1,990 sqft
2019-09-01 50 days 1,999 sqft
2019-10-01 52 days 2,018 sqft
2019-11-01 57 days 2,027 sqft
2019-12-01 68 days 2,005 sqft
2020-01-01 75 days 1,993 sqft
2020-02-01 67 days 1,995 sqft
2020-03-01 45 days 2,023 sqft
2020-04-01 46 days 1,989 sqft
2020-05-01 52 days 2,076 sqft
2020-06-01 45 days 2,144 sqft
2020-07-01 35 days 2,157 sqft
2020-08-01 33 days 2,053 sqft
2020-09-01 37 days 2,097 sqft
2020-10-01 38 days 2,017 sqft
2020-11-01 55 days 2,029 sqft
2020-12-01 57 days 1,989 sqft
2021-01-01 37 days 2,084 sqft
2021-02-01 30 days 1,956 sqft
2021-03-01 19 days 1,873 sqft
2021-04-01 19 days 1,868 sqft
2021-05-01 15 days 1,880 sqft
2021-06-01 18 days 1,944 sqft
2021-07-01 22 days 1,933 sqft
2021-08-01 24 days 1,938 sqft
2021-09-01 28 days 1,907 sqft
2021-10-01 31 days 1,851 sqft
2021-11-01 37 days 1,872 sqft
2021-12-01 44 days 1,932 sqft
2022-01-01 52 days 1,952 sqft
2022-02-01 28 days 1,896 sqft
2022-03-01 27 days 1,908 sqft
2022-04-01 22 days 1,864 sqft
2022-05-01 25 days 1,912 sqft
2022-06-01 23 days 1,897 sqft
2022-07-01 29 days 1,855 sqft
2022-08-01 36 days 1,901 sqft
2022-09-01 46 days 1,899 sqft
2022-10-01 48 days 1,842 sqft
2022-11-01 55 days 1,812 sqft
2022-12-01 71 days 1,848 sqft
2023-01-01 83 days 1,846 sqft
2023-02-01 84 days 1,863 sqft
2023-03-01 56 days 1,890 sqft
2023-04-01 50 days 1,851 sqft
2023-05-01 34 days 1,871 sqft
2023-06-01 33 days 1,805 sqft
2023-07-01 40 days 1,865 sqft
2023-08-01 45 days 1,865 sqft
2023-09-01 51 days 1,824 sqft
2023-10-01 55 days 1,815 sqft
2023-11-01 58 days 1,790 sqft
2023-12-01 71 days 1,781 sqft
2024-01-01 79 days 1,733 sqft
Salem's median listing age (time on market) for 2024-01-01 was 79 days. This is -5% shorter than the same period one year ago.

Salem's median square footage for active listings during the 2024-01-01 period was 1,733 sqft. One year prior, the average listing was 1,846 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.