Spirit Lake VA Loan Rates, Closing Costs & Stats

Spirit Lake, 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.

    Spirit Lake's 11 lenders originated 16 VA loans during 2023. The total origination value was $4,240,000, with an average VA loan value of $265,000.

    Spirit Lake VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spirit Lake averaged 6.67% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Spirit Lake's average VA mortgage closing costs are $4,813.

    The average rate for the prior week (2024-04-12) was 6.5% and one month ago for the week of 2024-03-15, the average rate was 6.46%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Spirit Lake 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 Spirit Lake level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 5 6.80% $3,524
    Paramount Residential Mortgage Group, Inc. 2 6.31% $4,708
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $7,372
    Flagstar Bank, FSB 1 6.63% $4,354
    FREEDOM MORTGAGE CORPORATION 1 7.25% $5,642
    GUILD MORTGAGE COMPANY 1 6.63% $4,418
    Northwest Bank 1 6.63% $6,828
    QUICKEN LOANS, LLC 1 5.13% $10,067
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $14,449
    SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $23,009
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,181

    The top Spirit Lake VA lender as defined by loan originations is Mortgage Research Center, LLC, with 5 VA loans originated. Their average total fees are $3,524, which is $1,183 lower than the next largest lender, Paramount Residential Mortgage Group, Inc..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spirit Lake (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 $243,825 (-2.4%) $409,697 (5.7%) 0.00 215
    2018-02-01 $245,938 (-2.1%) $423,644 (10.0%) 0.00 219
    2018-03-01 $279,900 (10.6%) $472,664 (28.5%) 0.00 207
    2018-04-01 $296,200 (14.4%) $486,417 (20.1%) 0.00 233
    2018-05-01 $301,749 (12.1%) $488,350 (11.2%) 0.00 233
    2018-06-01 $319,000 (25.4%) $492,116 (12.7%) 0.00 242
    2018-07-01 $324,800 (30.3%) $492,498 (15.7%) 0.00 236
    2018-08-01 $321,975 (27.5%) $431,217 (-2.4%) 0.00 246
    2018-09-01 $324,850 (25.1%) $435,042 (-2.1%) 0.00 237
    2018-10-01 $338,875 (28.0%) $449,230 (1.9%) 0.00 224
    2018-11-01 $335,200 (34.6%) $438,603 (3.3%) 0.00 205
    2018-12-01 $329,000 (34.6%) $438,933 (5.7%) 0.00 181
    2019-01-01 $323,750 (32.8%) $434,079 (6.0%) 0.00 162
    2019-02-01 $323,350 (31.5%) $426,234 (0.6%) 0.00 172
    2019-03-01 $323,357 (15.5%) $420,360 (-11.1%) 0.00 203
    2019-04-01 $324,900 (9.7%) $422,019 (-13.2%) 0.00 236
    2019-05-01 $329,000 (9.0%) $432,644 (-11.4%) 0.00 263
    2019-06-01 $329,000 (3.1%) $463,606 (-5.8%) 0.00 277
    2019-07-01 $310,975 (-4.3%) $451,412 (-8.3%) 0.00 296
    2019-08-01 $302,427 (-6.1%) $447,190 (3.7%) 0.00 291
    2019-09-01 $292,568 (-9.9%) $439,912 (1.1%) 0.00 280
    2019-10-01 $280,950 (-17.1%) $435,060 (-3.2%) 0.00 260
    2019-11-01 $275,000 (-18.0%) $429,499 (-2.1%) 0.00 227
    2019-12-01 $271,000 (-17.6%) $402,178 (-8.4%) 0.00 191
    2020-01-01 $299,750 (-7.4%) $425,320 (-2.0%) 0.00 164
    2020-02-01 $288,500 (-10.8%) $425,303 (-0.2%) 0.00 168
    2020-03-01 $281,350 (-13.0%) $408,649 (-2.8%) 0.00 175
    2020-04-01 $316,250 (-2.7%) $426,550 (1.1%) 0.00 192
    2020-05-01 $317,500 (-3.5%) $502,861 (16.2%) 0.00 211
    2020-06-01 $332,500 (1.1%) $547,660 (18.1%) 0.00 192
    2020-07-01 $320,750 (3.1%) $551,294 (22.1%) 0.00 190
    2020-08-01 $270,000 (-10.7%) $493,216 (10.3%) 0.00 158
    2020-09-01 $256,500 (-12.3%) $469,486 (6.7%) 0.00 131
    2020-10-01 $256,250 (-8.8%) $476,831 (9.6%) 0.00 116
    2020-11-01 $258,375 (-6.1%) $517,164 (20.4%) 0.00 99
    2020-12-01 $254,500 (-6.1%) $504,255 (25.4%) 0.00 87
    2021-01-01 $254,500 (-15.1%) $394,606 (-7.2%) 0.00 78
    2021-02-01 $249,500 (-13.5%) $354,279 (-16.7%) 0.00 76
    2021-03-01 $255,000 (-9.4%) $453,375 (11.0%) 0.00 59
    2021-04-01 $245,750 (-22.3%) $444,032 (4.1%) 0.00 59
    2021-05-01 $246,500 (-22.4%) $429,802 (-14.5%) 0.00 58
    2021-06-01 $283,375 (-14.8%) $654,721 (19.6%) 0.00 51
    2021-07-01 $287,000 (-10.5%) $648,495 (17.6%) 0.00 56
    2021-08-01 $288,375 (6.8%) $518,479 (5.1%) 0.00 78
    2021-09-01 $289,900 (13.0%) $472,801 (0.7%) 0.00 95
    2021-10-01 $289,900 (13.1%) $493,768 (3.6%) 0.00 91
    2021-11-01 $289,900 (12.2%) $499,211 (-3.5%) 0.00 69
    2021-12-01 $289,900 (13.9%) $494,075 (-2.0%) 0.00 64
    2022-01-01 $289,900 (13.9%) $476,345 (20.7%) 0.00 54
    2022-02-01 $289,900 (16.2%) $361,291 (2.0%) 0.00 53
    2022-03-01 $289,900 (13.7%) $411,537 (-9.2%) 0.00 51
    2022-04-01 $314,900 (28.1%) $654,708 (47.5%) 0.00 60
    2022-05-01 $314,900 (27.8%) $690,028 (60.6%) 0.00 64
    2022-06-01 $319,950 (12.9%) $693,437 (5.9%) 0.00 71
    2022-07-01 $325,000 (13.2%) $802,094 (23.7%) 0.00 92
    2022-08-01 $303,275 (5.2%) $651,537 (25.7%) 0.00 104
    2022-09-01 $312,400 (7.8%) $629,703 (33.2%) 0.00 93
    2022-10-01 $328,400 (13.3%) $625,270 (26.6%) 0.00 106
    2022-11-01 $324,900 (12.1%) $598,338 (19.9%) 0.00 102
    2022-12-01 $326,650 (12.7%) $618,921 (25.3%) 0.00 98
    2023-01-01 $324,500 (11.9%) $601,526 (26.3%) 0.00 93
    2023-02-01 $324,500 (11.9%) $606,753 (67.9%) 0.00 89
    2023-03-01 $324,500 (11.9%) $658,782 (60.1%) 0.00 84
    2023-04-01 $328,400 (4.3%) $610,175 (-6.8%) 0.00 96
    2023-05-01 $349,900 (11.1%) $691,644 (0.2%) 0.00 106
    2023-06-01 $339,150 (6.0%) $714,006 (3.0%) 0.00 109
    2023-07-01 $338,650 (4.2%) $777,435 (-3.1%) 0.00 104
    2023-08-01 $349,450 (15.2%) $748,980 (15.0%) 0.00 96
    2023-09-01 $349,000 (11.7%) $736,836 (17.0%) 0.00 104
    2023-10-01 $375,010 (14.2%) $715,584 (14.4%) 0.00 112
    2023-11-01 $389,020 (19.7%) $740,445 (23.8%) 0.00 107
    2023-12-01 $398,000 (21.8%) $586,846 (-5.2%) 0.00 96
    2024-01-01 $385,030 (18.7%) $569,290 (-5.4%) 0.00 85
    2024-02-01 $377,030 (16.2%) $589,165 (-2.9%) 0.00 88
    2024-03-01 $380,270 (17.2%) $573,647 (-12.9%) 0.00 105
    Spirit Lake's median listing price for 2024-03-01 was $380,270, a difference of $55,770 (17.2%) versus the prior year and $3,240 versus the prior month.

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

    Spirit Lake's average listing price for 2024-03-01 was $573,647, a difference of $-85,135 (-12.9%) versus the prior year and $-15,518 versus the prior month.

    For the 2024-03-01 period, Spirit Lake had 105 MLS listings, a difference of 17 listings (19%) versus the prior month and 21 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spirit Lake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,770 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,944 sqft
    2018-04-01 0 days 1,921 sqft
    2018-05-01 0 days 1,929 sqft
    2018-06-01 0 days 2,089 sqft
    2018-07-01 0 days 2,082 sqft
    2018-08-01 0 days 2,082 sqft
    2018-09-01 0 days 2,136 sqft
    2018-10-01 0 days 2,196 sqft
    2018-11-01 0 days 2,148 sqft
    2018-12-01 0 days 2,228 sqft
    2019-01-01 0 days 2,082 sqft
    2019-02-01 0 days 2,001 sqft
    2019-03-01 0 days 1,941 sqft
    2019-04-01 0 days 1,979 sqft
    2019-05-01 0 days 1,980 sqft
    2019-06-01 0 days 1,985 sqft
    2019-07-01 0 days 1,916 sqft
    2019-08-01 0 days 1,896 sqft
    2019-09-01 0 days 1,854 sqft
    2019-10-01 0 days 1,835 sqft
    2019-11-01 0 days 1,811 sqft
    2019-12-01 0 days 1,728 sqft
    2020-01-01 0 days 1,747 sqft
    2020-02-01 0 days 1,704 sqft
    2020-03-01 0 days 1,704 sqft
    2020-04-01 0 days 1,719 sqft
    2020-05-01 0 days 1,704 sqft
    2020-06-01 0 days 1,895 sqft
    2020-07-01 0 days 1,936 sqft
    2020-08-01 0 days 1,629 sqft
    2020-09-01 0 days 1,693 sqft
    2020-10-01 0 days 1,488 sqft
    2020-11-01 0 days 1,647 sqft
    2020-12-01 0 days 1,478 sqft
    2021-01-01 0 days 1,440 sqft
    2021-02-01 0 days 1,404 sqft
    2021-03-01 0 days 1,427 sqft
    2021-04-01 0 days 1,371 sqft
    2021-05-01 0 days 1,408 sqft
    2021-06-01 0 days 1,536 sqft
    2021-07-01 0 days 1,704 sqft
    2021-08-01 0 days 1,478 sqft
    2021-09-01 0 days 1,588 sqft
    2021-10-01 0 days 1,588 sqft
    2021-11-01 0 days 1,557 sqft
    2021-12-01 0 days 1,536 sqft
    2022-01-01 0 days 1,478 sqft
    2022-02-01 0 days 1,492 sqft
    2022-03-01 0 days 1,588 sqft
    2022-04-01 0 days 1,588 sqft
    2022-05-01 0 days 1,588 sqft
    2022-06-01 0 days 1,588 sqft
    2022-07-01 0 days 1,865 sqft
    2022-08-01 0 days 1,588 sqft
    2022-09-01 0 days 1,588 sqft
    2022-10-01 0 days 1,588 sqft
    2022-11-01 0 days 1,588 sqft
    2022-12-01 0 days 1,588 sqft
    2023-01-01 0 days 1,588 sqft
    2023-02-01 0 days 1,588 sqft
    2023-03-01 0 days 1,588 sqft
    2023-04-01 0 days 1,588 sqft
    2023-05-01 0 days 1,588 sqft
    2023-06-01 0 days 1,588 sqft
    2023-07-01 0 days 1,588 sqft
    2023-08-01 0 days 1,588 sqft
    2023-09-01 0 days 1,588 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,588 sqft
    2023-12-01 0 days 1,588 sqft
    2024-01-01 0 days 1,588 sqft
    2024-02-01 0 days 1,588 sqft
    2024-03-01 0 days 1,588 sqft
    Spirit Lake's median listing age (time on market) for 2024-03-01 was 0 days.

    Spirit Lake's median square footage for active listings during the 2024-03-01 period was 1,588 sqft. One year prior, the average listing was 1,588 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.