Spearfish VA Loan Rates, Closing Costs & Stats

Spearfish, SD

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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.

    Spearfish's 13 lenders originated 37 VA loans during 2023. The total origination value was $13,165,000, with an average VA loan value of $355,811.

    Spearfish VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spearfish averaged 7.01% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Spearfish's average VA mortgage closing costs are $6,121.

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Spearfish 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 Spearfish level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CMG MORTGAGE, INC. 9 6.11% $9,861
    PENNYMAC LOAN SERVICES, LLC 4 5.97% $9,254
    USAA Federal Savings Bank 2 6.00% $7,597
    BLACK HILLS FEDERAL CREDIT UNION 2 5.13% $7,914
    Mortgage Research Center, LLC 2 6.88% $4,397
    QUICKEN LOANS, LLC 2 5.87% $5,909
    UNITED WHOLESALE MORTGAGE, LLC 2 5.81% $6,926
    NAVY FEDERAL CREDIT UNION 1 2.88% $1,898
    Flagstar Bank, FSB 1 5.75% $23,954
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $30,646
    Gateway First Bank 1 6.25% $16,012
    LOANDEPOT.COM, LLC 1 6.99% $9,798
    Unify Home Lending Inc. 1 6.50% $6,524

    The top Spearfish VA lender as defined by loan originations is CMG MORTGAGE, INC., with 9 VA loans originated. Their average total fees are $9,861, which is $607 higher than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Spearfish VA lenders (with over 10 loans originated) are .

    The lowest rate Spearfish VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spearfish (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 $379,000 (26.4%) $418,675 (18.0%) 0.00 206
    2018-02-01 $375,000 (17.4%) $416,304 (15.6%) 0.00 213
    2018-03-01 $359,900 (10.7%) $410,579 (10.8%) 0.00 216
    2018-04-01 $364,200 (8.9%) $409,982 (8.0%) 0.00 216
    2018-05-01 $348,000 (7.1%) $397,017 (4.2%) 0.00 236
    2018-06-01 $354,450 (7.4%) $398,514 (1.2%) 0.00 246
    2018-07-01 $349,900 (4.9%) $396,520 (-3.4%) 0.00 269
    2018-08-01 $352,500 (7.9%) $397,832 (-1.5%) 0.00 268
    2018-09-01 $364,500 (13.4%) $404,910 (-0.7%) 0.00 262
    2018-10-01 $358,500 (7.3%) $411,352 (5.8%) 0.00 243
    2018-11-01 $346,075 (-3.8%) $397,111 (2.3%) 0.00 229
    2018-12-01 $358,950 (-1.7%) $401,647 (0.9%) 0.00 216
    2019-01-01 $351,250 (-7.3%) $401,875 (-4.0%) 0.00 210
    2019-02-01 $342,248 (-8.7%) $399,977 (-3.9%) 0.00 214
    2019-03-01 $348,143 (-3.3%) $420,799 (2.5%) 0.00 224
    2019-04-01 $364,000 (-0.1%) $447,893 (9.3%) 0.00 227
    2019-05-01 $392,500 (12.8%) $449,914 (13.3%) 0.00 248
    2019-06-01 $417,500 (17.8%) $467,654 (17.4%) 0.00 249
    2019-07-01 $404,225 (15.5%) $452,216 (14.1%) 0.00 259
    2019-08-01 $411,145 (16.6%) $460,594 (15.8%) 0.00 255
    2019-09-01 $430,189 (18.0%) $481,031 (18.8%) 0.00 254
    2019-10-01 $445,000 (24.1%) $498,305 (21.1%) 0.00 254
    2019-11-01 $437,450 (26.4%) $495,926 (24.9%) 0.00 235
    2019-12-01 $429,900 (19.8%) $487,875 (21.5%) 0.00 210
    2020-01-01 $421,250 (19.9%) $466,182 (16.0%) 0.00 191
    2020-02-01 $425,000 (24.2%) $474,357 (18.6%) 0.00 186
    2020-03-01 $434,725 (24.9%) $475,321 (13.0%) 0.00 168
    2020-04-01 $409,248 (12.4%) $456,395 (1.9%) 0.00 182
    2020-05-01 $398,500 (1.5%) $442,037 (-1.8%) 0.00 196
    2020-06-01 $398,625 (-4.5%) $457,569 (-2.2%) 0.00 199
    2020-07-01 $419,975 (3.9%) $464,833 (2.8%) 0.00 191
    2020-08-01 $394,500 (-4.1%) $424,991 (-7.7%) 0.00 179
    2020-09-01 $385,350 (-10.4%) $430,063 (-10.6%) 0.00 142
    2020-10-01 $383,250 (-13.9%) $434,483 (-12.8%) 0.00 111
    2020-11-01 $394,375 (-9.9%) $446,156 (-10.0%) 0.00 107
    2020-12-01 $409,500 (-4.8%) $452,383 (-7.3%) 0.00 96
    2021-01-01 $375,000 (-11.0%) $431,177 (-7.5%) 0.00 88
    2021-02-01 $357,625 (-15.9%) $439,055 (-7.4%) 0.00 67
    2021-03-01 $441,500 (1.6%) $470,586 (-1.0%) 0.00 68
    2021-04-01 $525,000 (28.3%) $514,126 (12.7%) 0.00 70
    2021-05-01 $475,000 (19.2%) $560,905 (26.9%) 0.00 82
    2021-06-01 $500,000 (25.4%) $620,472 (35.6%) 0.00 87
    2021-07-01 $495,000 (17.9%) $637,388 (37.1%) 0.00 97
    2021-08-01 $499,450 (26.6%) $624,924 (47.0%) 0.00 109
    2021-09-01 $480,950 (24.8%) $599,523 (39.4%) 0.00 90
    2021-10-01 $449,925 (17.4%) $572,453 (31.8%) 0.00 93
    2021-11-01 $475,750 (20.6%) $661,054 (48.2%) 0.00 84
    2021-12-01 $525,500 (28.3%) $676,239 (49.5%) 0.00 73
    2022-01-01 $599,900 (60.0%) $787,917 (82.7%) 0.00 61
    2022-02-01 $640,250 (79.0%) $745,868 (69.9%) 0.00 63
    2022-03-01 $649,750 (47.2%) $736,917 (56.6%) 0.00 78
    2022-04-01 $740,000 (41.0%) $790,702 (53.8%) 0.00 105
    2022-05-01 $753,000 (58.5%) $873,258 (55.7%) 0.00 85
    2022-06-01 $776,000 (55.2%) $862,642 (39.0%) 0.00 93
    2022-07-01 $675,000 (36.4%) $838,274 (31.5%) 0.00 122
    2022-08-01 $649,700 (30.1%) $823,756 (31.8%) 0.00 141
    2022-09-01 $655,500 (36.3%) $826,803 (37.9%) 0.00 136
    2022-10-01 $659,000 (46.5%) $869,532 (51.9%) 0.00 131
    2022-11-01 $737,000 (54.9%) $897,178 (35.7%) 0.00 111
    2022-12-01 $629,000 (19.7%) $836,804 (23.7%) 0.00 120
    2023-01-01 $599,500 (-0.1%) $794,615 (0.9%) 0.00 115
    2023-02-01 $659,500 (3.0%) $850,391 (14.0%) 0.00 114
    2023-03-01 $696,825 (7.3%) $853,240 (15.8%) 0.00 107
    2023-04-01 $672,000 (-9.2%) $864,264 (9.3%) 0.00 113
    2023-05-01 $799,000 (6.1%) $892,940 (2.3%) 0.00 127
    2023-06-01 $797,000 (2.7%) $892,496 (3.5%) 0.00 142
    2023-07-01 $789,000 (16.9%) $856,943 (2.2%) 0.00 156
    2023-08-01 $799,450 (23.1%) $897,417 (8.9%) 0.00 153
    2023-09-01 $805,000 (22.8%) $895,056 (8.3%) 0.00 151
    2023-10-01 $837,000 (27.0%) $891,381 (2.5%) 0.00 140
    2023-11-01 $857,450 (16.3%) $886,710 (-1.2%) 0.00 128
    2023-12-01 $827,000 (31.5%) $905,556 (8.2%) 0.00 121
    2024-01-01 $816,000 (36.1%) $880,609 (10.8%) 0.00 114
    2024-02-01 $801,175 (21.5%) $880,035 (3.5%) 0.00 112
    2024-03-01 $829,000 (19.0%) $901,511 (5.7%) 0.00 133
    Spearfish's median listing price for 2024-03-01 was $829,000, a difference of $132,175 (19.0%) versus the prior year and $27,825 versus the prior month.

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

    Spearfish's average listing price for 2024-03-01 was $901,511, a difference of $48,271 (5.7%) versus the prior year and $21,476 versus the prior month.

    For the 2024-03-01 period, Spearfish had 133 MLS listings, a difference of 21 listings (19%) versus the prior month and 26 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spearfish (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,376 sqft
    2018-02-01 0 days 2,380 sqft
    2018-03-01 0 days 2,450 sqft
    2018-04-01 0 days 2,535 sqft
    2018-05-01 0 days 2,419 sqft
    2018-06-01 0 days 2,409 sqft
    2018-07-01 0 days 2,508 sqft
    2018-08-01 0 days 2,495 sqft
    2018-09-01 0 days 2,512 sqft
    2018-10-01 0 days 2,576 sqft
    2018-11-01 0 days 2,576 sqft
    2018-12-01 0 days 2,600 sqft
    2019-01-01 0 days 2,526 sqft
    2019-02-01 0 days 2,508 sqft
    2019-03-01 0 days 2,524 sqft
    2019-04-01 0 days 2,561 sqft
    2019-05-01 0 days 2,548 sqft
    2019-06-01 0 days 2,645 sqft
    2019-07-01 0 days 2,600 sqft
    2019-08-01 0 days 2,607 sqft
    2019-09-01 0 days 2,677 sqft
    2019-10-01 0 days 2,736 sqft
    2019-11-01 0 days 2,712 sqft
    2019-12-01 0 days 2,726 sqft
    2020-01-01 0 days 2,670 sqft
    2020-02-01 0 days 2,700 sqft
    2020-03-01 0 days 2,693 sqft
    2020-04-01 0 days 2,435 sqft
    2020-05-01 0 days 2,361 sqft
    2020-06-01 0 days 2,396 sqft
    2020-07-01 0 days 2,485 sqft
    2020-08-01 0 days 2,270 sqft
    2020-09-01 0 days 2,194 sqft
    2020-10-01 0 days 2,098 sqft
    2020-11-01 0 days 2,162 sqft
    2020-12-01 0 days 2,029 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,977 sqft
    2021-03-01 0 days 1,977 sqft
    2021-04-01 0 days 2,144 sqft
    2021-05-01 0 days 2,157 sqft
    2021-06-01 0 days 2,021 sqft
    2021-07-01 0 days 2,089 sqft
    2021-08-01 0 days 2,301 sqft
    2021-09-01 0 days 2,170 sqft
    2021-10-01 0 days 2,104 sqft
    2021-11-01 0 days 2,257 sqft
    2021-12-01 0 days 2,420 sqft
    2022-01-01 0 days 2,610 sqft
    2022-02-01 0 days 2,666 sqft
    2022-03-01 0 days 2,541 sqft
    2022-04-01 0 days 2,372 sqft
    2022-05-01 0 days 2,530 sqft
    2022-06-01 0 days 2,583 sqft
    2022-07-01 0 days 2,588 sqft
    2022-08-01 0 days 2,473 sqft
    2022-09-01 0 days 2,423 sqft
    2022-10-01 0 days 2,407 sqft
    2022-11-01 0 days 2,473 sqft
    2022-12-01 0 days 2,304 sqft
    2023-01-01 0 days 2,312 sqft
    2023-02-01 0 days 2,371 sqft
    2023-03-01 0 days 2,363 sqft
    2023-04-01 0 days 2,427 sqft
    2023-05-01 0 days 2,669 sqft
    2023-06-01 0 days 2,617 sqft
    2023-07-01 0 days 2,430 sqft
    2023-08-01 0 days 2,625 sqft
    2023-09-01 0 days 2,665 sqft
    2023-10-01 0 days 2,724 sqft
    2023-11-01 0 days 2,791 sqft
    2023-12-01 0 days 2,753 sqft
    2024-01-01 0 days 2,490 sqft
    2024-02-01 0 days 2,347 sqft
    2024-03-01 0 days 2,555 sqft
    Spearfish's median listing age (time on market) for 2024-03-01 was 0 days.

    Spearfish's median square footage for active listings during the 2024-03-01 period was 2,555 sqft. One year prior, the average listing was 2,363 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.