Somerset VA Loan Rates, Closing Costs & Stats

Somerset, 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.

    Somerset's 22 lenders originated 54 VA loans during 2023. The total origination value was $11,650,000, with an average VA loan value of $215,741.

    Somerset VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Somerset 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.

    Somerset's average VA mortgage closing costs are $5,337.

    The average rate for the prior week (2024-04-12) was 6.53% and one month ago for the week of 2024-03-15, the average rate was 6.49%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    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.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.79% $6,649
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.52% $4,169
    NEW DAY FINANCIAL, LLC 4 7.28% $10,253
    Wells Fargo Bank 2 5.75% $6,691
    QUICKEN LOANS, LLC 2 6.81% $7,020
    PENTAGON FEDERAL CREDIT UNION 2 6.31% $10,781
    USAA Federal Savings Bank 2 6.88% $5,675
    Meridian Bank Corporation 1 5.50% $5,340
    MOVEMENT MORTGAGE, LLC 1 6.75% $19,682
    Mr. Cooper ( Nationstar Mortgage ) 1 7.75% $3,668
    NAVY FEDERAL CREDIT UNION 1 5.50% $4,025
    NBKC BANK 1 6.13% $4,219
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $13,469
    PNC Bank 1 6.00% $5,374
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,602
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 5.75% $4,735
    Equity Prime Mortgage LLC 1 8.25% $8,748
    FIDELITY DIRECT MORTGAGE, LLC 1 7.13% $9,003
    First Commonwealth Bank 1 5.63% $10,131
    FREEDOM MORTGAGE CORPORATION 1 6.25% $12,153
    GUILD MORTGAGE COMPANY 1 7.13% $18,629
    HomePromise Corporation 1 7.00% $21,555

    The top Somerset VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $6,649, which is $2,479 higher than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Somerset VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,649), .

    The lowest rate Somerset VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.79%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Somerset (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 $168,000 (-4.0%) $230,576 (-0.1%) 0.00 450
    2018-02-01 $167,400 (-4.3%) $231,383 (-0.5%) 0.00 439
    2018-03-01 $169,000 (-0.2%) $237,756 (3.0%) 0.00 464
    2018-04-01 $169,000 (-2.3%) $235,451 (2.8%) 0.00 470
    2018-05-01 $160,438 (-7.9%) $230,871 (0.8%) 0.00 466
    2018-06-01 $164,950 (-5.7%) $237,209 (4.0%) 0.00 466
    2018-07-01 $164,250 (-8.7%) $231,818 (-2.8%) 0.00 478
    2018-08-01 $165,000 (-5.7%) $227,874 (-4.7%) 0.00 471
    2018-09-01 $169,900 (-2.9%) $228,640 (-5.6%) 0.00 482
    2018-10-01 $169,900 (-2.7%) $229,109 (-4.0%) 0.00 472
    2018-11-01 $169,450 (1.8%) $231,365 (1.6%) 0.00 446
    2018-12-01 $169,900 (3.0%) $229,930 (1.4%) 0.00 430
    2019-01-01 $176,000 (4.8%) $236,844 (2.7%) 0.00 392
    2019-02-01 $176,000 (5.1%) $239,073 (3.3%) 0.00 369
    2019-03-01 $174,229 (3.1%) $231,961 (-2.4%) 0.00 367
    2019-04-01 $173,329 (2.6%) $227,677 (-3.3%) 0.00 372
    2019-05-01 $172,450 (7.5%) $233,980 (1.4%) 0.00 380
    2019-06-01 $175,000 (6.1%) $232,272 (-2.1%) 0.00 393
    2019-07-01 $174,250 (6.1%) $234,217 (1.0%) 0.00 405
    2019-08-01 $169,600 (2.8%) $229,574 (0.8%) 0.00 409
    2019-09-01 $163,750 (-3.6%) $226,243 (-1.1%) 0.00 406
    2019-10-01 $158,100 (-7.0%) $224,140 (-2.2%) 0.00 400
    2019-11-01 $159,900 (-5.6%) $226,659 (-2.0%) 0.00 379
    2019-12-01 $166,350 (-2.1%) $230,623 (0.3%) 0.00 356
    2020-01-01 $167,025 (-5.1%) $230,725 (-2.6%) 0.00 332
    2020-02-01 $168,500 (-4.3%) $232,538 (-2.7%) 0.00 331
    2020-03-01 $169,900 (-2.5%) $235,513 (1.5%) 0.00 315
    2020-04-01 $169,950 (-2.0%) $242,261 (6.4%) 0.00 290
    2020-05-01 $179,000 (3.8%) $250,276 (7.0%) 0.00 277
    2020-06-01 $168,500 (-3.7%) $248,197 (6.9%) 0.00 303
    2020-07-01 $174,000 (-0.1%) $257,113 (9.8%) 0.00 275
    2020-08-01 $169,900 (0.2%) $260,197 (13.3%) 0.00 246
    2020-09-01 $179,450 (9.6%) $278,754 (23.2%) 0.00 217
    2020-10-01 $198,500 (25.6%) $295,310 (31.8%) 0.00 204
    2020-11-01 $210,500 (31.6%) $311,072 (37.2%) 0.00 190
    2020-12-01 $218,450 (31.3%) $323,820 (40.4%) 0.00 160
    2021-01-01 $219,000 (31.1%) $343,726 (49.0%) 0.00 133
    2021-02-01 $189,000 (12.2%) $344,724 (48.2%) 0.00 127
    2021-03-01 $222,400 (30.9%) $354,880 (50.7%) 0.00 113
    2021-04-01 $226,950 (33.5%) $350,906 (44.9%) 0.00 110
    2021-05-01 $218,950 (22.3%) $349,284 (39.6%) 0.00 105
    2021-06-01 $185,300 (10.0%) $368,101 (48.3%) 0.00 116
    2021-07-01 $183,750 (5.6%) $341,797 (32.9%) 0.00 132
    2021-08-01 $171,950 (1.2%) $323,915 (24.5%) 0.00 148
    2021-09-01 $162,450 (-9.5%) $327,213 (17.4%) 0.00 154
    2021-10-01 $162,400 (-18.2%) $285,738 (-3.2%) 0.00 145
    2021-11-01 $161,175 (-23.4%) $298,313 (-4.1%) 0.00 113
    2021-12-01 $154,950 (-29.1%) $318,989 (-1.5%) 0.00 108
    2022-01-01 $134,900 (-38.4%) $292,759 (-14.8%) 0.00 84
    2022-02-01 $120,000 (-36.5%) $254,247 (-26.3%) 0.00 74
    2022-03-01 $178,725 (-19.6%) $287,006 (-19.1%) 0.00 84
    2022-04-01 $209,950 (-7.5%) $311,726 (-11.2%) 0.00 79
    2022-05-01 $233,700 (6.7%) $310,113 (-11.2%) 0.00 85
    2022-06-01 $225,975 (22.0%) $314,196 (-14.6%) 0.00 98
    2022-07-01 $207,450 (12.9%) $333,900 (-2.3%) 0.00 100
    2022-08-01 $208,850 (21.5%) $352,910 (9.0%) 0.00 112
    2022-09-01 $224,000 (37.9%) $344,354 (5.2%) 0.00 116
    2022-10-01 $179,900 (10.8%) $322,976 (13.0%) 0.00 118
    2022-11-01 $167,625 (4.0%) $304,530 (2.1%) 0.00 119
    2022-12-01 $175,000 (12.9%) $302,983 (-5.0%) 0.00 104
    2023-01-01 $188,425 (39.7%) $328,067 (12.1%) 0.00 90
    2023-02-01 $204,000 (70.0%) $359,830 (41.5%) 0.00 80
    2023-03-01 $208,000 (16.4%) $352,206 (22.7%) 0.00 68
    2023-04-01 $219,000 (4.3%) $354,147 (13.6%) 0.00 80
    2023-05-01 $249,000 (6.6%) $395,172 (27.4%) 0.00 90
    2023-06-01 $275,000 (21.7%) $390,481 (24.3%) 0.00 104
    2023-07-01 $259,000 (24.9%) $443,716 (32.9%) 0.00 100
    2023-08-01 $243,500 (16.6%) $437,907 (24.1%) 0.00 108
    2023-09-01 $226,778 (1.2%) $423,768 (23.1%) 0.00 103
    2023-10-01 $231,664 (28.8%) $454,115 (40.6%) 0.00 109
    2023-11-01 $194,950 (16.3%) $400,210 (31.4%) 0.00 122
    2023-12-01 $215,000 (22.9%) $425,097 (40.3%) 0.00 109
    2024-01-01 $249,700 (32.5%) $424,412 (29.4%) 0.00 99
    2024-02-01 $240,975 (18.1%) $431,207 (19.8%) 0.00 91
    2024-03-01 $239,900 (15.3%) $393,113 (11.6%) 0.00 99
    Somerset's median listing price for 2024-03-01 was $239,900, a difference of $31,900 (15.3%) versus the prior year and $-1,075 versus the prior month.

    Somerset's median listing price comes in at 0% of the national average.

    Somerset's average listing price for 2024-03-01 was $393,113, a difference of $40,907 (11.6%) versus the prior year and $-38,094 versus the prior month.

    For the 2024-03-01 period, Somerset had 99 MLS listings, a difference of 8 listings (9%) versus the prior month and 31 listings (46%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,763 sqft
    2018-02-01 0 days 1,727 sqft
    2018-03-01 0 days 1,723 sqft
    2018-04-01 0 days 1,717 sqft
    2018-05-01 0 days 1,711 sqft
    2018-06-01 0 days 1,728 sqft
    2018-07-01 0 days 1,739 sqft
    2018-08-01 0 days 1,728 sqft
    2018-09-01 0 days 1,735 sqft
    2018-10-01 0 days 1,748 sqft
    2018-11-01 0 days 1,739 sqft
    2018-12-01 0 days 1,774 sqft
    2019-01-01 0 days 1,772 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,747 sqft
    2019-04-01 0 days 1,709 sqft
    2019-05-01 0 days 1,740 sqft
    2019-06-01 0 days 1,768 sqft
    2019-07-01 0 days 1,773 sqft
    2019-08-01 0 days 1,767 sqft
    2019-09-01 0 days 1,757 sqft
    2019-10-01 0 days 1,749 sqft
    2019-11-01 0 days 1,760 sqft
    2019-12-01 0 days 1,764 sqft
    2020-01-01 0 days 1,783 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,858 sqft
    2020-04-01 0 days 1,858 sqft
    2020-05-01 0 days 1,875 sqft
    2020-06-01 0 days 1,848 sqft
    2020-07-01 0 days 1,852 sqft
    2020-08-01 0 days 1,802 sqft
    2020-09-01 0 days 1,763 sqft
    2020-10-01 0 days 1,781 sqft
    2020-11-01 0 days 1,808 sqft
    2020-12-01 0 days 1,855 sqft
    2021-01-01 0 days 1,848 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,834 sqft
    2021-04-01 0 days 1,756 sqft
    2021-05-01 0 days 1,771 sqft
    2021-06-01 0 days 1,692 sqft
    2021-07-01 0 days 1,681 sqft
    2021-08-01 0 days 1,648 sqft
    2021-09-01 0 days 1,583 sqft
    2021-10-01 0 days 1,563 sqft
    2021-11-01 0 days 1,566 sqft
    2021-12-01 0 days 1,606 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,474 sqft
    2022-03-01 0 days 1,561 sqft
    2022-04-01 0 days 1,675 sqft
    2022-05-01 0 days 1,646 sqft
    2022-06-01 0 days 1,609 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,600 sqft
    2022-09-01 0 days 1,686 sqft
    2022-10-01 0 days 1,583 sqft
    2022-11-01 0 days 1,582 sqft
    2022-12-01 0 days 1,660 sqft
    2023-01-01 0 days 1,694 sqft
    2023-02-01 0 days 1,682 sqft
    2023-03-01 0 days 1,594 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,794 sqft
    2023-06-01 0 days 1,801 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,623 sqft
    2023-10-01 0 days 1,774 sqft
    2023-11-01 0 days 1,661 sqft
    2023-12-01 0 days 1,676 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,711 sqft
    2024-03-01 0 days 1,750 sqft
    Somerset's median listing age (time on market) for 2024-03-01 was 0 days.

    Somerset's median square footage for active listings during the 2024-03-01 period was 1,750 sqft. One year prior, the average listing was 1,594 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.