Somerset VA Loan Rates, Closing Costs & Stats
Somerset, KY
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.
Somerset's 30 lenders originated 92 VA loans during 2023. The total origination value was $22,970,000, with an average VA loan value of $249,674.
Somerset VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Somerset
averaged
0.29%
for the week of 2024-11-29, compared to the national average (all VA variants) of
0% for the same period.
Somerset's average VA mortgage closing costs are $4,715.
The average rate for the prior week (2024-11-22) was
6.85% and
one month ago for the week of 2024-10-25, the
average rate was 6.35%.
The average rate one year ago was 7.29%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.2%.
Somerset 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 Somerset level.
The top Somerset VA lender as defined by loan originations is Mortgage Research Center, LLC, with
24 VA loans originated. Their average total fees are
$2,215, which is $4,982
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Somerset VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($2,215), .
The lowest rate Somerset VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.91%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $159,900 (0.0%) | $207,462 (-0.8%) | 0.00 | 401 |
2018-02-01 | $159,900 (0.0%) | $205,723 (-0.4%) | 0.00 | 413 |
2018-03-01 | $159,900 (0.0%) | $214,127 (2.6%) | 0.00 | 416 |
2018-04-01 | $168,650 (-0.2%) | $212,896 (-1.3%) | 0.00 | 432 |
2018-05-01 | $169,900 (0.0%) | $214,561 (-0.3%) | 0.00 | 439 |
2018-06-01 | $170,000 (0.6%) | $214,704 (1.1%) | 0.00 | 441 |
2018-07-01 | $175,000 (6.1%) | $215,264 (1.9%) | 0.00 | 457 |
2018-08-01 | $172,225 (3.8%) | $210,917 (-0.8%) | 0.00 | 460 |
2018-09-01 | $175,900 (3.5%) | $216,538 (0.7%) | 0.00 | 450 |
2018-10-01 | $177,600 (4.8%) | $217,399 (2.5%) | 0.00 | 431 |
2018-11-01 | $175,225 (3.1%) | $217,836 (2.6%) | 0.00 | 433 |
2018-12-01 | $175,700 (9.9%) | $222,628 (5.7%) | 0.00 | 406 |
2019-01-01 | $170,600 (6.7%) | $217,171 (4.7%) | 0.00 | 387 |
2019-02-01 | $169,925 (6.3%) | $215,848 (4.9%) | 0.00 | 378 |
2019-03-01 | $169,900 (6.3%) | $212,970 (-0.5%) | 0.00 | 385 |
2019-04-01 | $169,900 (0.7%) | $213,819 (0.4%) | 0.00 | 390 |
2019-05-01 | $169,900 (0.0%) | $212,784 (-0.8%) | 0.00 | 395 |
2019-06-01 | $174,500 (2.7%) | $216,373 (0.8%) | 0.00 | 413 |
2019-07-01 | $179,000 (2.3%) | $218,611 (1.6%) | 0.00 | 421 |
2019-08-01 | $180,609 (4.9%) | $221,499 (5.0%) | 0.00 | 393 |
2019-09-01 | $183,023 (4.1%) | $226,319 (4.5%) | 0.00 | 373 |
2019-10-01 | $185,842 (4.6%) | $230,838 (6.2%) | 0.00 | 359 |
2019-11-01 | $183,900 (5.0%) | $228,638 (5.0%) | 0.00 | 346 |
2019-12-01 | $179,900 (2.4%) | $229,158 (2.9%) | 0.00 | 327 |
2020-01-01 | $179,900 (5.5%) | $229,096 (5.5%) | 0.00 | 293 |
2020-02-01 | $184,900 (8.8%) | $239,817 (11.1%) | 0.00 | 304 |
2020-03-01 | $192,400 (13.2%) | $243,654 (14.4%) | 0.00 | 312 |
2020-04-01 | $199,800 (17.6%) | $245,918 (15.0%) | 0.00 | 302 |
2020-05-01 | $195,000 (14.8%) | $240,007 (12.8%) | 0.00 | 271 |
2020-06-01 | $207,450 (18.9%) | $257,377 (19.0%) | 0.00 | 238 |
2020-07-01 | $199,900 (11.7%) | $255,471 (16.9%) | 0.00 | 235 |
2020-08-01 | $207,350 (14.8%) | $263,699 (19.1%) | 0.00 | 224 |
2020-09-01 | $219,450 (19.9%) | $273,534 (20.9%) | 0.00 | 185 |
2020-10-01 | $214,450 (15.4%) | $265,444 (15.0%) | 0.00 | 188 |
2020-11-01 | $216,125 (17.5%) | $273,886 (19.8%) | 0.00 | 168 |
2020-12-01 | $219,000 (21.7%) | $270,396 (18.0%) | 0.00 | 171 |
2021-01-01 | $199,900 (11.1%) | $269,360 (17.6%) | 0.00 | 166 |
2021-02-01 | $199,225 (7.8%) | $277,473 (15.7%) | 0.00 | 146 |
2021-03-01 | $219,950 (14.3%) | $322,166 (32.2%) | 0.00 | 104 |
2021-04-01 | $247,450 (23.9%) | $341,425 (38.8%) | 0.00 | 110 |
2021-05-01 | $259,900 (33.3%) | $343,384 (43.1%) | 0.00 | 119 |
2021-06-01 | $269,475 (29.9%) | $335,492 (30.4%) | 0.00 | 132 |
2021-07-01 | $279,000 (39.6%) | $345,632 (35.3%) | 0.00 | 153 |
2021-08-01 | $283,750 (36.9%) | $351,681 (33.4%) | 0.00 | 166 |
2021-09-01 | $254,950 (16.2%) | $330,496 (20.8%) | 0.00 | 184 |
2021-10-01 | $268,500 (25.2%) | $335,147 (26.3%) | 0.00 | 177 |
2021-11-01 | $249,400 (15.4%) | $324,610 (18.5%) | 0.00 | 177 |
2021-12-01 | $245,925 (12.3%) | $331,871 (22.7%) | 0.00 | 167 |
2022-01-01 | $249,000 (24.6%) | $328,258 (21.9%) | 0.00 | 157 |
2022-02-01 | $243,950 (22.5%) | $289,794 (4.4%) | 0.00 | 132 |
2022-03-01 | $238,125 (8.3%) | $292,850 (-9.1%) | 0.00 | 119 |
2022-04-01 | $249,900 (1.0%) | $302,295 (-11.5%) | 0.00 | 124 |
2022-05-01 | $244,450 (-5.9%) | $313,606 (-8.7%) | 0.00 | 149 |
2022-06-01 | $266,725 (-1.0%) | $323,142 (-3.7%) | 0.00 | 175 |
2022-07-01 | $277,777 (-0.4%) | $334,383 (-3.3%) | 0.00 | 206 |
2022-08-01 | $290,000 (2.2%) | $341,689 (-2.8%) | 0.00 | 231 |
2022-09-01 | $274,950 (7.8%) | $337,804 (2.2%) | 0.00 | 246 |
2022-10-01 | $274,950 (2.4%) | $333,516 (-0.5%) | 0.00 | 232 |
2022-11-01 | $269,675 (8.1%) | $328,438 (1.2%) | 0.00 | 239 |
2022-12-01 | $270,000 (9.8%) | $330,726 (-0.4%) | 0.00 | 200 |
2023-01-01 | $264,900 (6.4%) | $327,542 (-0.2%) | 0.00 | 186 |
2023-02-01 | $269,925 (10.7%) | $331,199 (14.3%) | 0.00 | 173 |
2023-03-01 | $274,900 (15.4%) | $342,394 (16.9%) | 0.00 | 166 |
2023-04-01 | $283,500 (13.5%) | $356,228 (17.8%) | 0.00 | 156 |
2023-05-01 | $294,450 (20.5%) | $352,910 (12.5%) | 0.00 | 162 |
2023-06-01 | $283,375 (6.2%) | $345,352 (6.9%) | 0.00 | 175 |
2023-07-01 | $285,000 (2.6%) | $336,513 (0.6%) | 0.00 | 190 |
2023-08-01 | $299,900 (3.4%) | $342,241 (0.2%) | 0.00 | 207 |
2023-09-01 | $299,000 (8.8%) | $353,106 (4.5%) | 0.00 | 219 |
2023-10-01 | $294,900 (7.3%) | $358,832 (7.6%) | 0.00 | 221 |
2023-11-01 | $295,950 (9.7%) | $359,519 (9.5%) | 0.00 | 225 |
2023-12-01 | $309,450 (14.6%) | $368,990 (11.6%) | 0.00 | 217 |
2024-01-01 | $309,900 (17.0%) | $372,292 (13.7%) | 0.00 | 225 |
2024-02-01 | $318,225 (17.9%) | $373,241 (12.7%) | 0.00 | 219 |
2024-03-01 | $315,000 (14.6%) | $363,977 (6.3%) | 0.00 | 228 |
2024-04-01 | $313,725 (10.7%) | $354,716 (-0.4%) | 0.00 | 263 |
2024-05-01 | $317,000 (7.7%) | $370,749 (5.1%) | 0.00 | 267 |
2024-06-01 | $315,000 (11.2%) | $370,575 (7.3%) | 0.00 | 265 |
2024-07-01 | $307,450 (7.9%) | $367,810 (9.3%) | 0.00 | 272 |
2024-08-01 | $309,000 (3.0%) | $360,300 (5.3%) | 0.00 | 307 |
2024-09-01 | $303,950 (1.7%) | $354,243 (0.3%) | 0.00 | 315 |
2024-10-01 | $310,000 (5.1%) | $354,801 (-1.1%) | 0.00 | 302 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2024-10-01 was $354,801, a difference of $-4,031 (-1.1%) versus the prior year and $558 versus the prior month.
For the 2024-10-01 period, Somerset had 302 MLS listings, a difference of -13 listings (-4%) versus the prior month and 81 listings (37%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,862 sqft |
2018-02-01 | 0 days | 1,928 sqft |
2018-03-01 | 0 days | 1,948 sqft |
2018-04-01 | 0 days | 1,843 sqft |
2018-05-01 | 0 days | 1,841 sqft |
2018-06-01 | 0 days | 1,800 sqft |
2018-07-01 | 0 days | 1,817 sqft |
2018-08-01 | 0 days | 1,847 sqft |
2018-09-01 | 0 days | 1,873 sqft |
2018-10-01 | 0 days | 1,881 sqft |
2018-11-01 | 0 days | 1,941 sqft |
2018-12-01 | 0 days | 1,910 sqft |
2019-01-01 | 0 days | 1,827 sqft |
2019-02-01 | 0 days | 1,785 sqft |
2019-03-01 | 0 days | 1,750 sqft |
2019-04-01 | 0 days | 1,763 sqft |
2019-05-01 | 0 days | 1,884 sqft |
2019-06-01 | 0 days | 1,900 sqft |
2019-07-01 | 0 days | 1,987 sqft |
2019-08-01 | 0 days | 2,000 sqft |
2019-09-01 | 0 days | 2,000 sqft |
2019-10-01 | 0 days | 2,007 sqft |
2019-11-01 | 0 days | 2,006 sqft |
2019-12-01 | 0 days | 1,981 sqft |
2020-01-01 | 0 days | 1,934 sqft |
2020-02-01 | 0 days | 2,000 sqft |
2020-03-01 | 0 days | 1,983 sqft |
2020-04-01 | 0 days | 2,020 sqft |
2020-05-01 | 0 days | 1,944 sqft |
2020-06-01 | 0 days | 2,063 sqft |
2020-07-01 | 0 days | 2,064 sqft |
2020-08-01 | 0 days | 2,100 sqft |
2020-09-01 | 0 days | 2,119 sqft |
2020-10-01 | 0 days | 2,079 sqft |
2020-11-01 | 0 days | 2,106 sqft |
2020-12-01 | 0 days | 2,095 sqft |
2021-01-01 | 0 days | 2,072 sqft |
2021-02-01 | 0 days | 2,002 sqft |
2021-03-01 | 0 days | 2,057 sqft |
2021-04-01 | 0 days | 2,218 sqft |
2021-05-01 | 0 days | 2,081 sqft |
2021-06-01 | 0 days | 2,131 sqft |
2021-07-01 | 0 days | 2,079 sqft |
2021-08-01 | 0 days | 2,129 sqft |
2021-09-01 | 0 days | 2,000 sqft |
2021-10-01 | 0 days | 1,980 sqft |
2021-11-01 | 0 days | 1,902 sqft |
2021-12-01 | 0 days | 1,863 sqft |
2022-01-01 | 0 days | 1,870 sqft |
2022-02-01 | 0 days | 1,838 sqft |
2022-03-01 | 0 days | 1,788 sqft |
2022-04-01 | 0 days | 1,988 sqft |
2022-05-01 | 0 days | 1,833 sqft |
2022-06-01 | 0 days | 1,951 sqft |
2022-07-01 | 0 days | 2,068 sqft |
2022-08-01 | 0 days | 2,082 sqft |
2022-09-01 | 0 days | 2,064 sqft |
2022-10-01 | 0 days | 2,039 sqft |
2022-11-01 | 0 days | 1,990 sqft |
2022-12-01 | 0 days | 1,914 sqft |
2023-01-01 | 0 days | 1,882 sqft |
2023-02-01 | 0 days | 1,794 sqft |
2023-03-01 | 0 days | 1,805 sqft |
2023-04-01 | 0 days | 1,820 sqft |
2023-05-01 | 0 days | 1,994 sqft |
2023-06-01 | 0 days | 1,938 sqft |
2023-07-01 | 0 days | 1,840 sqft |
2023-08-01 | 0 days | 1,864 sqft |
2023-09-01 | 0 days | 1,853 sqft |
2023-10-01 | 0 days | 1,900 sqft |
2023-11-01 | 0 days | 1,877 sqft |
2023-12-01 | 0 days | 1,963 sqft |
2024-01-01 | 0 days | 1,962 sqft |
2024-02-01 | 0 days | 1,966 sqft |
2024-03-01 | 0 days | 1,953 sqft |
2024-04-01 | 0 days | 1,875 sqft |
2024-05-01 | 0 days | 1,978 sqft |
2024-06-01 | 0 days | 1,964 sqft |
2024-07-01 | 0 days | 1,976 sqft |
2024-08-01 | 0 days | 1,964 sqft |
2024-09-01 | 0 days | 1,850 sqft |
2024-10-01 | 0 days | 1,900 sqft |
Somerset's median square footage for active listings during the 2024-10-01 period was 1,900 sqft. One year prior, the average listing was 1,900 sqft.