Scranton VA Loan Rates, Closing Costs & Stats

SCRANTON--WILKES-BARRE, PA

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 6.87% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

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

The average rate for the prior week (2024-05-10) was 7.08% and one month ago for the week of 2024-04-12, the average rate was 6.86%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.38%.

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
2024-04-01 $242,450 (3.2%) $305,103 (-2.6%) 0.56 630
Scranton's median listing price for 2024-04-01 was $242,450, a difference of $7,450 (3.2%) versus the prior year and $7,550 versus the prior month.

Scranton's median listing price comes in at 56% of the national average.

Scranton's average listing price for 2024-04-01 was $305,103, a difference of $-7,986 (-2.6%) versus the prior year and $11,147 versus the prior month.

For the 2024-04-01 period, Scranton had 630 MLS listings, a difference of -21 listings (-3%) versus the prior month and 64 listings (11%) 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 1,723 sqft
2024-03-01 49 days 1,726 sqft
2024-04-01 42 days 1,767 sqft
Scranton's median listing age (time on market) for 2024-04-01 was 42 days. This is 0% longer than the same period one year ago.

Scranton's median square footage for active listings during the 2024-04-01 period was 1,767 sqft. One year prior, the average listing was 1,800 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.