Spencer VA Loan Rates, Closing Costs & Stats

Spencer, IA

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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.

    Spencer's 9 lenders originated 21 VA loans during 2024. The total origination value was $4,795,000, with an average VA loan value of $228,333.

    Spencer VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spencer averaged 6.95% for the week of 2025-07-11, compared to the national average (all VA variants) of 6.37% for the same period.

    Spencer's average VA mortgage closing costs are $4,341.

    The average rate for the prior week (2025-07-04) was 6.46% and one month ago for the week of 2025-06-06, the average rate was 7.04%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.17%.

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

    Spencer 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 Spencer level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 10 6.54% $4,979
    Flanagan State Bank 3 6.50% $6,913
    Equity Prime Mortgage LLC 1 7.00% $7,055
    First National Bank of Omaha 1 6.50% $9,105
    NEW DAY FINANCIAL, LLC 1 7.99% $5,196
    UNITED WHOLESALE MORTGAGE, LLC 1 5.75% $6,272
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.25% $4,813
    V.I.P. MORTGAGE, INC. 1 5.75% $3,489
    Carrington Mortgage Services, LLC 1 5.88% $7,016

    The top Spencer VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $4,979, which is $1,934 lower than the next largest lender, Flanagan State Bank.

    The lowest fee Spencer VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,979), .

    The lowest rate Spencer VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.54%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spencer (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 $145,975 (8.3%) $164,113 (5.9%) 0.00 66
    2018-02-01 $142,625 (3.5%) $161,219 (3.2%) 0.00 61
    2018-03-01 $151,400 (9.7%) $170,134 (2.3%) 0.00 59
    2018-04-01 $155,925 (5.9%) $179,759 (0.7%) 0.00 56
    2018-05-01 $154,925 (3.6%) $174,932 (-2.4%) 0.00 56
    2018-06-01 $165,200 (1.3%) $187,605 (5.9%) 0.00 64
    2018-07-01 $153,650 (-9.6%) $180,869 (0.3%) 0.00 58
    2018-08-01 $149,250 (-9.3%) $181,336 (-0.1%) 0.00 71
    2018-09-01 $138,750 (-11.6%) $169,235 (-2.1%) 0.00 92
    2018-10-01 $128,950 (-19.2%) $168,988 (-4.4%) 0.00 84
    2018-11-01 $142,450 (-10.1%) $174,448 (0.7%) 0.00 79
    2018-12-01 $148,500 (-4.2%) $176,906 (5.0%) 0.00 73
    2019-01-01 $149,800 (2.6%) $186,430 (13.6%) 0.00 65
    2019-02-01 $152,725 (7.1%) $188,136 (16.7%) 0.00 58
    2019-03-01 $148,100 (-2.2%) $184,518 (8.5%) 0.00 68
    2019-04-01 $142,050 (-8.9%) $180,943 (0.7%) 0.00 80
    2019-05-01 $142,150 (-8.3%) $178,885 (2.3%) 0.00 86
    2019-06-01 $139,450 (-15.6%) $178,991 (-4.6%) 0.00 81
    2019-07-01 $136,500 (-11.2%) $172,161 (-4.8%) 0.00 85
    2019-08-01 $138,805 (-7.0%) $181,219 (-0.1%) 0.00 87
    2019-09-01 $142,261 (2.5%) $192,822 (13.9%) 0.00 92
    2019-10-01 $144,566 (12.1%) $200,558 (18.7%) 0.00 96
    2019-11-01 $162,400 (14.0%) $206,633 (18.5%) 0.00 90
    2019-12-01 $159,700 (7.5%) $207,605 (17.4%) 0.00 83
    2020-01-01 $155,950 (4.1%) $201,419 (8.0%) 0.00 71
    2020-02-01 $155,950 (2.1%) $198,749 (5.6%) 0.00 67
    2020-03-01 $149,375 (0.9%) $196,891 (6.7%) 0.00 54
    2020-04-01 $129,925 (-8.5%) $196,108 (8.4%) 0.00 50
    2020-05-01 $130,700 (-8.1%) $203,712 (13.9%) 0.00 49
    2020-06-01 $153,725 (10.2%) $214,445 (19.8%) 0.00 53
    2020-07-01 $199,900 (46.5%) $239,921 (39.4%) 0.00 52
    2020-08-01 $177,450 (27.8%) $213,941 (18.1%) 0.00 56
    2020-09-01 $184,975 (30.0%) $210,806 (9.3%) 0.00 58
    2020-10-01 $169,000 (16.9%) $221,396 (10.4%) 0.00 47
    2020-11-01 $182,925 (12.6%) $215,714 (4.4%) 0.00 35
    2020-12-01 $189,450 (18.6%) $229,031 (10.3%) 0.00 33
    2021-01-01 $138,900 (-10.9%) $229,101 (13.7%) 0.00 32
    2021-02-01 $139,200 (-10.7%) $255,226 (28.4%) 0.00 30
    2021-03-01 $192,500 (28.9%) $302,617 (53.7%) 0.00 22
    2021-04-01 $177,000 (36.2%) $289,548 (47.7%) 0.00 24
    2021-05-01 $199,250 (52.5%) $305,208 (49.8%) 0.00 23
    2021-06-01 $159,900 (4.0%) $277,765 (29.5%) 0.00 26
    2021-07-01 $185,900 (-7.0%) $255,078 (6.3%) 0.00 31
    2021-08-01 $189,950 (7.0%) $247,182 (15.5%) 0.00 34
    2021-09-01 $194,950 (5.4%) $264,577 (25.5%) 0.00 29
    2021-10-01 $172,900 (2.3%) $259,295 (17.1%) 0.00 25
    2021-11-01 $148,575 (-18.8%) $214,946 (-0.4%) 0.00 22
    2021-12-01 $146,500 (-22.7%) $214,329 (-6.4%) 0.00 25
    2022-01-01 $150,000 (8.0%) $243,811 (6.4%) 0.00 20
    2022-02-01 $195,000 (40.1%) $221,150 (-13.4%) 0.00 30
    2022-03-01 $195,400 (1.5%) $224,836 (-25.7%) 0.00 28
    2022-04-01 $199,000 (12.4%) $255,461 (-11.8%) 0.00 21
    2022-05-01 $194,050 (-2.6%) $223,049 (-26.9%) 0.00 25
    2022-06-01 $189,200 (18.3%) $211,510 (-23.9%) 0.00 37
    2022-07-01 $189,900 (2.2%) $211,065 (-17.3%) 0.00 41
    2022-08-01 $203,600 (7.2%) $228,812 (-7.4%) 0.00 36
    2022-09-01 $214,950 (10.3%) $233,036 (-11.9%) 0.00 35
    2022-10-01 $195,600 (13.1%) $215,441 (-16.9%) 0.00 37
    2022-11-01 $194,800 (31.1%) $208,918 (-2.8%) 0.00 41
    2022-12-01 $193,650 (32.2%) $216,225 (0.9%) 0.00 42
    2023-01-01 $195,600 (30.4%) $221,703 (-9.1%) 0.00 34
    2023-02-01 $195,600 (0.3%) $223,066 (0.9%) 0.00 28
    2023-03-01 $209,900 (7.4%) $241,826 (7.6%) 0.00 31
    2023-04-01 $267,450 (34.4%) $269,839 (5.6%) 0.00 30
    2023-05-01 $226,200 (16.6%) $245,946 (10.3%) 0.00 25
    2023-06-01 $211,150 (11.6%) $229,063 (8.3%) 0.00 24
    2023-07-01 $259,900 (36.9%) $281,091 (33.2%) 0.00 22
    2023-08-01 $223,425 (9.7%) $276,125 (20.7%) 0.00 25
    2023-09-01 $225,000 (4.7%) $255,532 (9.7%) 0.00 27
    2023-10-01 $218,225 (11.6%) $241,590 (12.1%) 0.00 35
    2023-11-01 $223,750 (14.9%) $243,521 (16.6%) 0.00 42
    2023-12-01 $243,500 (25.7%) $256,951 (18.8%) 0.00 46
    2024-01-01 $251,100 (28.4%) $264,811 (19.4%) 0.00 39
    2024-02-01 $249,425 (27.5%) $259,550 (16.4%) 0.00 36
    2024-03-01 $252,000 (20.1%) $275,389 (13.9%) 0.00 37
    2024-04-01 $238,950 (-10.7%) $298,940 (10.8%) 0.00 38
    2024-05-01 $229,900 (1.6%) $295,882 (20.3%) 0.00 42
    2024-06-01 $229,900 (8.9%) $291,122 (27.1%) 0.00 46
    2024-07-01 $271,425 (4.4%) $321,469 (14.4%) 0.00 42
    2024-08-01 $246,500 (10.3%) $285,613 (3.4%) 0.00 44
    2024-09-01 $215,800 (-4.1%) $263,610 (3.2%) 0.00 49
    2024-10-01 $223,850 (2.6%) $270,111 (11.8%) 0.00 53
    2024-11-01 $217,500 (-2.8%) $262,037 (7.6%) 0.00 62
    2024-12-01 $219,375 (-9.9%) $273,678 (6.5%) 0.00 53
    2025-01-01 $222,000 (-11.6%) $295,761 (11.7%) 0.00 47
    2025-02-01 $217,500 (-12.8%) $273,055 (5.2%) 0.00 46
    2025-03-01 $216,200 (-14.2%) $284,513 (3.3%) 0.00 44
    2025-04-01 $249,950 (4.6%) $308,115 (3.1%) 0.00 41
    2025-05-01 $229,900 (0.0%) $300,180 (1.5%) 0.00 36
    2025-06-01 $221,000 (-3.9%) $262,349 (-9.9%) 0.00 45
    Spencer's median listing price for 2025-06-01 was $221,000, a difference of $-8,900 (-3.9%) versus the prior year and $-8,900 versus the prior month.

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

    Spencer's average listing price for 2025-06-01 was $262,349, a difference of $-28,773 (-9.9%) versus the prior year and $-37,831 versus the prior month.

    For the 2025-06-01 period, Spencer had 45 MLS listings, a difference of 9 listings (25%) versus the prior month and -1 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spencer (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,663 sqft
    2018-02-01 0 days 1,541 sqft
    2018-03-01 0 days 1,669 sqft
    2018-04-01 0 days 1,685 sqft
    2018-05-01 0 days 1,693 sqft
    2018-06-01 0 days 1,662 sqft
    2018-07-01 0 days 1,672 sqft
    2018-08-01 0 days 1,774 sqft
    2018-09-01 0 days 1,668 sqft
    2018-10-01 0 days 1,585 sqft
    2018-11-01 0 days 1,668 sqft
    2018-12-01 0 days 1,668 sqft
    2019-01-01 0 days 1,672 sqft
    2019-02-01 0 days 1,664 sqft
    2019-03-01 0 days 1,685 sqft
    2019-04-01 0 days 1,681 sqft
    2019-05-01 0 days 1,655 sqft
    2019-06-01 0 days 1,656 sqft
    2019-07-01 0 days 1,658 sqft
    2019-08-01 0 days 1,730 sqft
    2019-09-01 0 days 1,790 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,835 sqft
    2019-12-01 0 days 1,840 sqft
    2020-01-01 0 days 1,842 sqft
    2020-02-01 0 days 1,936 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 1,819 sqft
    2020-05-01 0 days 1,812 sqft
    2020-06-01 0 days 1,839 sqft
    2020-07-01 0 days 1,817 sqft
    2020-08-01 0 days 1,795 sqft
    2020-09-01 0 days 1,786 sqft
    2020-10-01 0 days 1,960 sqft
    2020-11-01 0 days 1,908 sqft
    2020-12-01 0 days 1,712 sqft
    2021-01-01 0 days 1,613 sqft
    2021-02-01 0 days 1,707 sqft
    2021-03-01 0 days 1,948 sqft
    2021-04-01 0 days 2,092 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 1,912 sqft
    2021-07-01 0 days 1,867 sqft
    2021-08-01 0 days 1,980 sqft
    2021-09-01 0 days 1,948 sqft
    2021-10-01 0 days 1,521 sqft
    2021-11-01 0 days 1,553 sqft
    2021-12-01 0 days 1,612 sqft
    2022-01-01 0 days 1,644 sqft
    2022-02-01 0 days 1,498 sqft
    2022-03-01 0 days 1,365 sqft
    2022-04-01 0 days 1,540 sqft
    2022-05-01 0 days 1,595 sqft
    2022-06-01 0 days 1,540 sqft
    2022-07-01 0 days 1,643 sqft
    2022-08-01 0 days 1,698 sqft
    2022-09-01 0 days 1,642 sqft
    2022-10-01 0 days 1,512 sqft
    2022-11-01 0 days 1,512 sqft
    2022-12-01 0 days 1,512 sqft
    2023-01-01 0 days 1,512 sqft
    2023-02-01 0 days 1,548 sqft
    2023-03-01 0 days 1,568 sqft
    2023-04-01 0 days 1,642 sqft
    2023-05-01 0 days 1,632 sqft
    2023-06-01 0 days 1,626 sqft
    2023-07-01 0 days 1,760 sqft
    2023-08-01 0 days 1,691 sqft
    2023-09-01 0 days 1,810 sqft
    2023-10-01 0 days 1,632 sqft
    2023-11-01 0 days 1,672 sqft
    2023-12-01 0 days 1,663 sqft
    2024-01-01 0 days 1,677 sqft
    2024-02-01 0 days 1,653 sqft
    2024-03-01 0 days 1,653 sqft
    2024-04-01 0 days 1,653 sqft
    2024-05-01 0 days 1,714 sqft
    2024-06-01 0 days 1,671 sqft
    2024-07-01 0 days 1,719 sqft
    2024-08-01 0 days 1,518 sqft
    2024-09-01 0 days 1,527 sqft
    2024-10-01 0 days 1,518 sqft
    2024-11-01 0 days 1,518 sqft
    2024-12-01 0 days 1,521 sqft
    2025-01-01 0 days 1,619 sqft
    2025-02-01 0 days 1,524 sqft
    2025-03-01 0 days 1,533 sqft
    2025-04-01 0 days 1,724 sqft
    2025-05-01 0 days 1,711 sqft
    2025-06-01 0 days 1,565 sqft
    Spencer's median listing age (time on market) for 2025-06-01 was 0 days.

    Spencer's median square footage for active listings during the 2025-06-01 period was 1,565 sqft. One year prior, the average listing was 1,671 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.