Scranton VA Loan Rates, Closing Costs & Stats

SCRANTON--WILKES-BARRE, PA

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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.

    Scranton's 53 lenders originated 304 VA loans during 2023. The total origination value was $69,490,000, with an average VA loan value of $228,586.

    Scranton VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Scranton averaged 7.23% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Scranton's average VA mortgage closing costs are $5,600.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 7.02%.

    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 7.73%.

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

    Scranton 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 Scranton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 84 6.83% $4,763
    QUICKEN LOANS, LLC 28 6.55% $9,980
    NEW DAY FINANCIAL, LLC 20 7.38% $12,135
    NAVY FEDERAL CREDIT UNION 13 5.87% $6,324
    USAA Federal Savings Bank 13 6.63% $6,278
    Century Mortgage Company DBA Century Lending Company 11 6.50% $8,849
    FREEDOM MORTGAGE CORPORATION 10 6.46% $11,002
    UNITED WHOLESALE MORTGAGE, LLC 9 6.20% $7,249
    GUILD MORTGAGE COMPANY 9 6.64% $8,577
    PENNYMAC LOAN SERVICES, LLC 9 5.71% $5,906
    SWBC MORTGAGE CORPORATION 6 6.48% $9,934
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.65% $12,962
    PENTAGON FEDERAL CREDIT UNION 5 5.60% $9,397
    Ixonia Bank 4 6.97% $10,673
    NEWREZ LLC 4 6.25% $10,011
    CROSSCOUNTRY MORTGAGE, LLC 4 6.44% $8,081
    Wells Fargo Bank 3 5.88% $9,432
    Barrington Bank & Trust Company, N.A. 3 6.25% $7,244
    LOANDEPOT.COM, LLC 3 6.46% $11,273
    The Federal Savings Bank 3 6.50% $16,138
    RELIANCE FIRST CAPITAL, LLC 2 6.56% $9,047
    VILLAGE CAPITAL MORTGAGE 2 7.00% $14,927
    Mid-Continent Funding, Inc. 2 6.94% $6,136
    BROKER SOLUTIONS, INC. 2 6.94% $14,989
    First Federal Bank 2 5.50% $7,158
    PREMIA MORTGAGE, LLC 2 6.00% $4,401
    Equity Prime Mortgage LLC 2 6.19% $8,040
    Magnolia Bank 2 6.94% $15,609
    Homesale Mortgage, LLC 2 7.19% $10,964
    Mr. Cooper ( Nationstar Mortgage ) 2 5.56% $12,228
    Paramount Residential Mortgage Group, Inc. 1 5.75% $7,608
    CMG MORTGAGE, INC. 1 6.75% $9,870
    CARDINAL FINANCIAL 1 6.25% $14,713
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $3,077
    Prosperity Home Mortgage, LLC 1 6.63% $6,522
    CALIBER HOME LOANS, INC. 1 6.25% $12,682
    RiverHills Bank 1 7.25% $7,182
    Summit Mortgage Corporation 1 5.75% $6,739
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $7,170
    THRIVE MORTGAGE, LLC 1 7.63% $10,164
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $11,072
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $10,748
    JPMorgan Chase Bank 1 5.25% $500
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $3,867
    MICHIGAN MUTUAL, INC. 1 5.63% $14,218
    MORTGAGEONE, INC. 1 8.25% $65
    Foote Capital Mortgage Company 1 6.63% $17,233
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $1,673
    MOVEMENT MORTGAGE, LLC 1 6.25% $11,465
    M&T Bank 1 7.50% $4,773
    Nations Lending Corporation 1 7.13% $8,457
    Cornerstone First Mortgage, Inc 1 6.50% $4,521
    NFM, INC. 1 7.13% $7,424

    The top Scranton VA lender as defined by loan originations is Mortgage Research Center, LLC, with 84 VA loans originated. Their average total fees are $4,763, which is $5,217 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Scranton VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,763), USAA Federal Savings Bank ($6,278), NAVY FEDERAL CREDIT UNION ($6,324), Century Mortgage Company DBA Century Lending Company ($8,849) and QUICKEN LOANS, LLC ($9,980).

    The lowest rate Scranton VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.87%), FREEDOM MORTGAGE CORPORATION (6.46%), Century Mortgage Company DBA Century Lending Company (6.50%), QUICKEN LOANS, LLC (6.55%) and USAA Federal Savings Bank (6.63%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Scranton (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 $133,950 (4.9%) $179,445 (3.8%) 0.50 1,977
    2018-02-01 $135,000 (5.1%) $181,319 (4.3%) 0.49 1,889
    2018-03-01 $139,950 (4.8%) $187,644 (3.5%) 0.49 1,874
    2018-04-01 $145,450 (4.0%) $192,148 (1.9%) 0.49 1,948
    2018-05-01 $149,950 (5.4%) $199,890 (4.9%) 0.50 2,078
    2018-06-01 $159,000 (9.4%) $204,537 (6.8%) 0.53 2,219
    2018-07-01 $159,900 (7.5%) $207,041 (9.9%) 0.53 2,310
    2018-08-01 $158,700 (11.2%) $205,376 (9.2%) 0.53 2,326
    2018-09-01 $154,900 (8.3%) $200,383 (6.9%) 0.52 2,362
    2018-10-01 $149,900 (4.8%) $198,466 (6.5%) 0.51 2,321
    2018-11-01 $149,900 (7.2%) $194,492 (4.6%) 0.51 2,216
    2018-12-01 $144,900 (5.2%) $189,050 (3.8%) 0.50 2,058
    2019-01-01 $145,945 (9.0%) $189,661 (5.7%) 0.50 1,854
    2019-02-01 $146,000 (8.2%) $192,122 (6.0%) 0.49 1,760
    2019-03-01 $151,143 (8.0%) $195,505 (4.2%) 0.49 1,743
    2019-04-01 $154,850 (6.5%) $200,180 (4.2%) 0.49 1,771
    2019-05-01 $159,900 (6.6%) $207,287 (3.7%) 0.50 1,855
    2019-06-01 $160,000 (0.6%) $209,885 (2.6%) 0.50 1,972
    2019-07-01 $159,950 (0.0%) $210,785 (1.8%) 0.50 2,076
    2019-08-01 $159,450 (0.5%) $208,840 (1.7%) 0.50 2,084
    2019-09-01 $158,775 (2.5%) $206,653 (3.1%) 0.51 2,090
    2019-10-01 $158,125 (5.5%) $204,933 (3.3%) 0.51 2,073
    2019-11-01 $158,500 (5.7%) $206,298 (6.1%) 0.52 1,898
    2019-12-01 $152,450 (5.2%) $203,103 (7.4%) 0.51 1,718
    2020-01-01 $149,900 (2.7%) $197,588 (4.2%) 0.50 1,567
    2020-02-01 $150,000 (2.7%) $198,103 (3.1%) 0.49 1,533
    2020-03-01 $157,225 (4.0%) $199,114 (1.9%) 0.49 1,485
    2020-04-01 $159,900 (3.3%) $206,435 (3.1%) 0.50 1,381
    2020-05-01 $165,000 (3.2%) $210,467 (1.5%) 0.50 1,340
    2020-06-01 $170,800 (6.8%) $217,607 (3.7%) 0.50 1,256
    2020-07-01 $175,000 (9.4%) $240,359 (14.0%) 0.51 1,095
    2020-08-01 $184,900 (16.0%) $247,741 (18.6%) 0.53 1,023
    2020-09-01 $182,400 (14.9%) $253,988 (22.9%) 0.52 975
    2020-10-01 $185,000 (17.0%) $258,707 (26.2%) 0.53 976
    2020-11-01 $179,900 (13.5%) $256,632 (24.4%) 0.53 924
    2020-12-01 $179,450 (17.7%) $254,977 (25.5%) 0.53 858
    2021-01-01 $169,250 (12.9%) $246,866 (24.9%) 0.51 755
    2021-02-01 $177,075 (18.1%) $258,425 (30.5%) 0.52 599
    2021-03-01 $183,725 (16.9%) $274,938 (38.1%) 0.52 524
    2021-04-01 $189,450 (18.5%) $280,101 (35.7%) 0.51 520
    2021-05-01 $199,000 (20.6%) $295,339 (40.3%) 0.53 573
    2021-06-01 $197,500 (15.6%) $295,015 (35.6%) 0.52 714
    2021-07-01 $199,900 (14.2%) $282,180 (17.4%) 0.53 809
    2021-08-01 $198,750 (7.5%) $275,819 (11.3%) 0.53 831
    2021-09-01 $190,950 (4.7%) $273,482 (7.7%) 0.51 834
    2021-10-01 $179,000 (-3.2%) $263,468 (1.8%) 0.48 832
    2021-11-01 $175,000 (-2.7%) $260,370 (1.5%) 0.47 762
    2021-12-01 $175,000 (-2.5%) $262,608 (3.0%) 0.47 676
    2022-01-01 $175,000 (3.4%) $263,859 (6.9%) 0.47 576
    2022-02-01 $179,450 (1.3%) $286,744 (11.0%) 0.47 421
    2022-03-01 $188,450 (2.6%) $296,576 (7.9%) 0.47 417
    2022-04-01 $217,000 (14.5%) $306,663 (9.5%) 0.52 447
    2022-05-01 $219,225 (10.2%) $307,869 (4.2%) 0.50 513
    2022-06-01 $225,000 (13.9%) $309,141 (4.8%) 0.50 640
    2022-07-01 $229,000 (14.6%) $311,957 (10.6%) 0.52 746
    2022-08-01 $225,000 (13.2%) $302,117 (9.5%) 0.52 798
    2022-09-01 $227,000 (18.9%) $302,322 (10.6%) 0.53 793
    2022-10-01 $225,000 (25.7%) $301,407 (14.4%) 0.53 822
    2022-11-01 $219,950 (25.7%) $289,023 (11.0%) 0.53 872
    2022-12-01 $215,000 (22.9%) $295,432 (12.5%) 0.53 797
    2023-01-01 $217,450 (24.3%) $297,126 (12.6%) 0.54 673
    2023-02-01 $217,000 (20.9%) $293,096 (2.2%) 0.52 597
    2023-03-01 $229,450 (21.8%) $311,231 (4.9%) 0.54 555
    2023-04-01 $235,000 (8.3%) $313,089 (2.1%) 0.55 566
    2023-05-01 $242,225 (10.5%) $314,732 (2.2%) 0.55 600
    2023-06-01 $250,000 (11.1%) $331,871 (7.4%) 0.56 649
    2023-07-01 $249,900 (9.1%) $328,801 (5.4%) 0.57 720
    2023-08-01 $240,000 (6.7%) $321,815 (6.5%) 0.55 777
    2023-09-01 $239,900 (5.7%) $310,854 (2.8%) 0.56 792
    2023-10-01 $239,495 (6.4%) $305,659 (1.4%) 0.56 818
    2023-11-01 $237,000 (7.8%) $299,895 (3.8%) 0.56 852
    2023-12-01 $240,000 (11.6%) $308,303 (4.4%) 0.59 831
    2024-01-01 $232,500 (6.9%) $292,465 (-1.6%) 0.57 741
    2024-02-01 $229,900 (5.9%) $284,464 (-3.0%) 0.55 692
    2024-03-01 $234,900 (2.4%) $293,956 (-5.6%) 0.55 651
    Scranton's median listing price for 2024-03-01 was $234,900, a difference of $5,450 (2.4%) versus the prior year and $5,000 versus the prior month.

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

    Scranton's average listing price for 2024-03-01 was $293,956, a difference of $-17,275 (-5.6%) versus the prior year and $9,492 versus the prior month.

    For the 2024-03-01 period, Scranton had 651 MLS listings, a difference of -41 listings (-6%) versus the prior month and 96 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Scranton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 101 days 1,750 sqft
    2018-02-01 107 days 1,732 sqft
    2018-03-01 96 days 1,759 sqft
    2018-04-01 72 days 1,780 sqft
    2018-05-01 64 days 1,840 sqft
    2018-06-01 60 days 1,869 sqft
    2018-07-01 64 days 1,862 sqft
    2018-08-01 70 days 1,840 sqft
    2018-09-01 79 days 1,844 sqft
    2018-10-01 83 days 1,808 sqft
    2018-11-01 87 days 1,797 sqft
    2018-12-01 96 days 1,760 sqft
    2019-01-01 103 days 1,763 sqft
    2019-02-01 109 days 1,770 sqft
    2019-03-01 94 days 1,788 sqft
    2019-04-01 71 days 1,830 sqft
    2019-05-01 61 days 1,845 sqft
    2019-06-01 62 days 1,842 sqft
    2019-07-01 66 days 1,825 sqft
    2019-08-01 71 days 1,833 sqft
    2019-09-01 76 days 1,847 sqft
    2019-10-01 80 days 1,856 sqft
    2019-11-01 85 days 1,845 sqft
    2019-12-01 97 days 1,839 sqft
    2020-01-01 105 days 1,800 sqft
    2020-02-01 103 days 1,800 sqft
    2020-03-01 78 days 1,800 sqft
    2020-04-01 91 days 1,800 sqft
    2020-05-01 99 days 1,805 sqft
    2020-06-01 93 days 1,831 sqft
    2020-07-01 52 days 1,857 sqft
    2020-08-01 49 days 1,849 sqft
    2020-09-01 46 days 1,823 sqft
    2020-10-01 44 days 1,854 sqft
    2020-11-01 52 days 1,814 sqft
    2020-12-01 62 days 1,800 sqft
    2021-01-01 72 days 1,745 sqft
    2021-02-01 70 days 1,778 sqft
    2021-03-01 54 days 1,800 sqft
    2021-04-01 35 days 1,806 sqft
    2021-05-01 29 days 1,803 sqft
    2021-06-01 28 days 1,804 sqft
    2021-07-01 30 days 1,800 sqft
    2021-08-01 35 days 1,816 sqft
    2021-09-01 39 days 1,816 sqft
    2021-10-01 41 days 1,764 sqft
    2021-11-01 44 days 1,749 sqft
    2021-12-01 55 days 1,740 sqft
    2022-01-01 61 days 1,770 sqft
    2022-02-01 58 days 1,768 sqft
    2022-03-01 38 days 1,777 sqft
    2022-04-01 26 days 1,812 sqft
    2022-05-01 28 days 1,837 sqft
    2022-06-01 29 days 1,797 sqft
    2022-07-01 33 days 1,824 sqft
    2022-08-01 39 days 1,809 sqft
    2022-09-01 44 days 1,837 sqft
    2022-10-01 46 days 1,872 sqft
    2022-11-01 47 days 1,797 sqft
    2022-12-01 63 days 1,777 sqft
    2023-01-01 77 days 1,771 sqft
    2023-02-01 76 days 1,737 sqft
    2023-03-01 57 days 1,791 sqft
    2023-04-01 42 days 1,800 sqft
    2023-05-01 39 days 1,832 sqft
    2023-06-01 37 days 1,861 sqft
    2023-07-01 38 days 1,852 sqft
    2023-08-01 39 days 1,838 sqft
    2023-09-01 41 days 1,829 sqft
    2023-10-01 43 days 1,824 sqft
    2023-11-01 45 days 1,800 sqft
    2023-12-01 54 days 1,800 sqft
    2024-01-01 70 days 1,774 sqft
    2024-02-01 65 days 1,725 sqft
    2024-03-01 49 days 1,728 sqft
    Scranton's median listing age (time on market) for 2024-03-01 was 49 days. This is -14% shorter than the same period one year ago.

    Scranton's median square footage for active listings during the 2024-03-01 period was 1,728 sqft. One year prior, the average listing was 1,791 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.