Salem VA Loan Rates, Closing Costs & Stats

SALEM, OR

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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 80 lenders originated 388 VA loans during 2023. The total origination value was $163,410,000, with an average VA loan value of $421,160.

    Salem VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salem averaged 6.69% 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 $7,533.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.18%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.19%.

    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 39 6.58% $8,639
    UNITED WHOLESALE MORTGAGE, LLC 35 6.08% $10,634
    QUICKEN LOANS, LLC 21 6.07% $13,187
    GUILD MORTGAGE COMPANY 20 6.23% $18,203
    NAVY FEDERAL CREDIT UNION 17 5.52% $8,196
    NATIONS DIRECT MORTGAGE, LLC 17 6.34% $11,210
    S1L, Inc. 13 6.36% $12,553
    DHI MORTGAGE COMPANY, LTD. 12 5.56% $10,746
    NEWREZ LLC 10 6.31% $10,060
    The Federal Savings Bank 9 6.39% $24,088
    FREEDOM MORTGAGE CORPORATION 8 6.31% $20,908
    PENNYMAC LOAN SERVICES, LLC 6 5.08% $13,850
    MANN FINANCIAL INC. 6 6.33% $15,429
    Century Mortgage Company DBA Century Lending Company 6 6.08% $12,080
    PACIFIC RESIDENTIAL MORTGAGE, LLC 6 6.79% $11,245
    Willamette Valley Bank 6 6.42% $13,823
    LOANDEPOT.COM, LLC 6 6.00% $9,588
    LPMC, LLC 6 6.35% $13,517
    CROSSCOUNTRY MORTGAGE, LLC 5 6.60% $13,072
    MOVEMENT MORTGAGE, LLC 4 6.47% $10,682
    SUCCESS MORTGAGE PARTNERS, INC. 4 7.00% $14,587
    VILLAGE CAPITAL MORTGAGE 4 5.88% $18,551
    USAA Federal Savings Bank 4 6.13% $17,432
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.91% $18,913
    Mr. Cooper ( Nationstar Mortgage ) 4 5.88% $22,617
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.56% $6,316
    DIRECTORS MORTGAGE, INC. 4 6.94% $13,904
    CMG MORTGAGE, INC. 3 6.25% $16,964
    SUMMIT FUNDING, INC. 3 6.54% $14,514
    Flagstar Bank, FSB 3 5.79% $15,307
    ACADEMY MORTGAGE CORPORATION 3 7.00% $14,141
    GUARANTEED RATE, INC. 3 6.38% $10,209
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.00% $9,149
    Prosperity Home Mortgage, LLC 3 7.00% $10,618
    Wells Fargo Bank 3 5.75% $10,058
    BAY EQUITY LLC 3 6.29% $9,330
    North American Savings Bank, F.S.B. 2 5.56% $15,644
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $19,499
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $7,890
    Barrington Bank & Trust Company, N.A. 2 6.50% $4,232
    BROKER SOLUTIONS, INC. 2 7.37% $16,192
    CALIBER HOME LOANS, INC. 2 6.25% $15,674
    DAS Acquisition Company, LLC 2 5.94% $17,238
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 5.88% $14,276
    LAKEVIEW LOAN SERVICING, LLC 2 5.69% $10,449
    LOANPAL, LLC 2 5.38% $19,641
    MORTGAGE EXPRESS, LLC 2 6.75% $6,102
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $635
    NEW DAY FINANCIAL, LLC 2 8.62% $19,906
    Paramount Residential Mortgage Group, Inc. 2 6.25% $13,340
    PLANET HOME LENDING, LLC 2 5.81% $12,046
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.56% $18,094
    Sierra Pacific Mortgage Company, Inc. 2 6.50% $23,479
    SUMMIT MORTGAGE CORPORATION 2 6.50% $6,943
    Umpqua Bank 2 5.69% $14,606
    VERITAS FUNDING, LLC 2 5.75% $16,581
    Waterstone Mortgage Corporation 2 5.88% $17,341
    PLAZA HOME MORTGAGE, INC. 1 6.25% $4,771
    U.S. Bank 1 5.75% $10,847
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $7,090
    LADERA LENDING, INC. 1 5.75% $7,177
    JPMorgan Chase Bank 1 5.75% $6,128
    RANLIFE, INC. 1 6.63% $5,780
    Franklin Loan Corporation 1 6.13% $12,281
    SECURITY HOME MORTGAGE, LLC. 1 7.25% $551
    CANOPY MORTGAGE, LLC 1 6.13% $12,890
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.75% $29,255
    ENVOY MORTGAGE, LTD 1 6.25% $7,429
    CARDINAL FINANCIAL 1 6.25% $11,261
    EAGLE HOME MORTGAGE, LLC 1 6.25% $2,158
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $9,097
    UNION HOME MORTGAGE CORP. 1 7.25% $11,806
    NBKC BANK 1 5.13% $469
    NBH Bank 1 5.63% $8,040
    OnPoint Community Credit Union 1 6.00% $4,947
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $20,342
    Commerce Home Mortgage, Inc. 1 6.50% $2,491
    Magnolia Bank 1 6.25% $19,976
    Plains Commerce Bank 1 4.99% $27,463
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $25,432

    The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 39 VA loans originated. Their average total fees are $8,639, which is $1,995 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 ($8,196), Mortgage Research Center, LLC ($8,639), NEWREZ LLC ($10,060), UNITED WHOLESALE MORTGAGE, LLC ($10,634) and DHI MORTGAGE COMPANY, LTD. ($10,746).

    The lowest rate Salem VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.52%), DHI MORTGAGE COMPANY, LTD. (5.56%), QUICKEN LOANS, LLC (6.07%), UNITED WHOLESALE MORTGAGE, LLC (6.08%) and GUILD MORTGAGE COMPANY (6.23%).

    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
    2024-02-01 $489,220 (-1.6%) $614,220 (2.9%) 1.18 684
    2024-03-01 $499,000 (-0.3%) $625,846 (1.8%) 1.17 712
    Salem's median listing price for 2024-03-01 was $499,000, a difference of $-1,724 (-0.3%) versus the prior year and $9,780 versus the prior month.

    Salem's median listing price comes in at 117% of the national average.

    Salem's average listing price for 2024-03-01 was $625,846, a difference of $11,193 (1.8%) versus the prior year and $11,626 versus the prior month.

    For the 2024-03-01 period, Salem had 712 MLS listings, a difference of 28 listings (4%) versus the prior month and 70 listings (11%) 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
    2024-02-01 73 days 1,746 sqft
    2024-03-01 50 days 1,815 sqft
    Salem's median listing age (time on market) for 2024-03-01 was 50 days. This is -10% shorter than the same period one year ago.

    Salem's median square footage for active listings during the 2024-03-01 period was 1,815 sqft. One year prior, the average listing was 1,890 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.