Spokane VA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

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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.

    Spokane's 139 lenders originated 1,414 VA loans during 2022. The total origination value was $547,930,000, with an average VA loan value of $387,504.

    Spokane VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spokane averaged -0.04% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Spokane's average VA mortgage closing costs are $6,498.

    The average rate for the prior week (2023-11-17) was 6.81% and one month ago for the week of 2023-10-20, the average rate was 7.14%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.34%.

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

    Spokane 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 Spokane level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 144 5.04% $8,477
    UNITED WHOLESALE MORTGAGE, LLC 123 4.27% $8,520
    QUICKEN LOANS, LLC 97 3.99% $11,232
    FREEDOM MORTGAGE CORPORATION 73 3.84% $13,211
    GUILD MORTGAGE COMPANY 41 4.59% $11,605
    LOANDEPOT.COM, LLC 40 4.12% $11,328
    Sunflower Bank 40 4.59% $9,854
    HOMEBRIDGE FINANCIAL SERVICES, INC. 38 4.27% $11,182
    PENNYMAC LOAN SERVICES, LLC 37 3.22% $8,799
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 4.89% $8,324
    USAA Federal Savings Bank 31 4.41% $8,610
    NAVY FEDERAL CREDIT UNION 31 4.03% $8,641
    The Federal Savings Bank 28 4.32% $15,275
    DHI MORTGAGE COMPANY, LTD. 27 3.81% $9,442
    CALIBER HOME LOANS, INC. 26 4.34% $12,469
    NEW DAY FINANCIAL, LLC 26 4.79% $14,484
    Flagstar Bank, FSB 20 4.73% $9,679
    Mr. Cooper ( Nationstar Mortgage ) 19 4.27% $9,658
    Wheatland Bank 18 4.65% $11,035
    Willamette Valley Bank 17 4.63% $12,389
    CROSSCOUNTRY MORTGAGE, LLC 17 5.36% $10,340
    ENVOY MORTGAGE, LTD 17 4.59% $10,797
    LEADERONE FINANCIAL CORPORATION 14 4.62% $7,970
    NEWREZ LLC 13 4.96% $9,233
    MOVEMENT MORTGAGE, LLC 12 5.10% $13,141
    PREMIER LENDING, INC. 12 5.01% $14,430
    HOMESIDE FINANCIAL, LLC 12 5.00% $13,976
    CMG MORTGAGE, INC. 11 4.54% $9,143
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 5.14% $12,990
    GUARANTEED RATE, INC. 10 4.65% $7,525
    Glacier Bank 9 4.07% $8,962
    Alaska USA Federal Credit Union 9 4.49% $6,880
    NBKC BANK 9 4.13% $10,142
    Sierra Pacific Mortgage Company, Inc. 9 4.35% $10,389
    HomeStreet Bank 8 4.19% $13,468
    AMERISAVE MORTGAGE CORPORATION 8 4.44% $15,622
    FINANCE OF AMERICA MORTGAGE LLC 8 4.69% $9,817
    Paramount Residential Mortgage Group, Inc. 8 5.53% $12,706
    PLANET HOME LENDING, LLC 8 4.09% $3,992
    PREMIER MORTGAGE RESOURCES, L.L.C. 8 4.58% $14,335
    CHERRY CREEK MORTGAGE, LLC 7 4.95% $2,720
    BROKER SOLUTIONS, INC. 7 4.46% $8,794
    NATIONS DIRECT MORTGAGE, LLC 7 4.55% $6,721
    HOME POINT FINANCIAL CORPORATION 7 3.30% $5,819
    ACADEMY MORTGAGE CORPORATION 6 4.23% $13,241
    MANN FINANCIAL INC. 6 4.33% $15,163
    Wells Fargo Bank 6 3.73% $10,497
    Washington Trust Bank 6 4.27% $7,418
    Hometown Lenders, Inc. 6 5.75% $17,636
    Northpointe Bank 6 4.65% $10,819
    SUMMIT FUNDING, INC. 5 5.28% $12,357
    CHURCHILL MORTGAGE CORPORATION 5 4.48% $10,284
    JPMorgan Chase Bank 5 4.28% $10,613
    NUMERICA CREDIT UNION 5 6.03% $13,936
    Barrington Bank & Trust Company, N.A. 4 4.00% $9,292
    PENRITH HOME LOANS LLC 4 4.84% $12,525
    BAY EQUITY LLC 4 5.69% $9,564
    Armed Forces Bank 4 4.38% $9,626
    Umpqua Bank 4 3.97% $7,811
    Gateway First Bank 4 4.81% $13,520
    LAKEVIEW LOAN SERVICING, LLC 4 3.09% $7,417
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 5.06% $24,176
    PRIORITY HOME LENDING, LLC 4 4.13% $10,629
    MEMBER FIRST MORTGAGE, LLC 4 4.75% $6,528
    GENEVA FINANCIAL, LLC 4 4.88% $8,488
    LOANPAL, LLC 3 3.71% $14,801
    EVERETT FINANCIAL, INC. 3 5.79% $8,392
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.46% $9,082
    Carrington Mortgage Services, LLC 3 3.71% $6,067
    CARDINAL FINANCIAL 3 4.67% $18,505
    North American Savings Bank, F.S.B. 3 5.00% $6,720
    AMERICAN FINANCIAL RESOURCES, INC. 3 4.21% $17,232
    PENTAGON FEDERAL CREDIT UNION 3 2.96% $8,460
    Banner Bank 3 3.08% $9,511
    RESIDENTIAL BANCORP 3 4.41% $11,091
    Servion, Inc. 3 3.96% $8,692
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.67% $8,356
    First Interstate Bank 3 4.08% $3,965
    Strong Home Mortgage, LLC 2 4.06% $4,936
    VILLAGE CAPITAL MORTGAGE 2 3.31% $3,215
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.13% $12,687
    NP, Inc. 2 3.31% $7,939
    SUN WEST MORTGAGE COMPANY, INC. 2 4.94% $13,112
    CANOPY MORTGAGE, LLC 2 5.31% $11,481
    The Central Trust Bank 2 4.44% $5,785
    Wyndham Capital Mortgage, Inc. 2 4.38% $2,601
    Mid-Continent Funding, Inc. 2 4.31% $10,095
    NFM, INC. 2 5.25% $18,747
    CONTOUR MORTGAGE CORPORATION 2 3.88% $14,375
    AMERICAN FINANCING CORPORATION 2 4.38% $3,197
    Waterstone Mortgage Corporation 2 4.44% $9,816
    M&T Bank 2 4.44% $4,515
    DHA FINANCIAL, LLC 1 2.50% $6,502
    Plains Commerce Bank 1 5.50% $10,975
    AMERICAN ADVISORS GROUP 1 2.75% $15,775
    Platinum Home Mortgage Corporation 1 3.75% $17,857
    HORIZON 1 5.50% $8,054
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $8,165
    RELIANCE FIRST CAPITAL, LLC 1 2.25% $9,754
    GESA 1 3.75% $18,398
    RESIDENTIAL MORTGAGE, LLC 1 2.63% $9,641
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $13,592
    First Bank 1 5.25% $23,412
    AXIA FINANCIAL, LLC 1 6.25% $173
    SIRVA MORTGAGE, INC. 1 4.25% $7,553
    First Savings Bank 1 4.13% $5,618
    HomePromise Corporation 1 6.25% $13,641
    SUMMIT MORTGAGE CORPORATION 1 4.75% $2,265
    Arvest Bank 1 3.50% $3,260
    T2 FINANCIAL LLC 1 4.75% $10,995
    CORNERSTONE HOME LENDING, INC. 1 6.75% $0
    TJC Mortgage, Inc. 1 3.25% $12,051
    TRISTAR FINANCE, INC. 1 4.75% $9,608
    Credence Funding Corporation 1 2.25% $13,505
    UNION HOME MORTGAGE CORP. 1 2.25% $2,235
    United Fidelity Funding Corp. 1 5.88% $7,763
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.00% $4,821
    Magnolia Bank 1 3.25% $8,912
    Low VA Rates, LLC 1 2.00% $15,445
    Meridian Bank Corporation 1 2.75% $6,614
    MICHIGAN MUTUAL, INC. 1 5.50% $0
    MID AMERICA MORTGAGE, INC. 1 4.63% $2,675
    MORIA DEVELOPMENT, INC. 1 6.63% $9,639
    Franklin Loan Corporation 1 4.75% $13,789
    U.S. Bank 1 5.63% $15,440
    VERITAS FUNDING, LLC 1 5.00% $24,509
    LENOX FINANCIAL MORTGAGE CORPORATION 1 4.38% $7,872
    Nations Lending Corporation 1 5.25% $22,158
    NBH Bank 1 4.75% $7,161
    Community First National Bank 1 5.75% $3,495
    Boeing Employees Credit Union 1 5.75% $0
    BNC National Bank 1 4.38% $16,185
    Lakeview Community Capital, LLC 1 2.88% $5,489
    LADERA LENDING, INC. 1 3.75% $16,987
    Pacific Lending LLC 1 5.13% $9,446
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $17,813
    Wallick & Volk, Inc. 1 4.63% $5,500
    Jonah Bank of Wyoming 1 2.75% $9,410
    IDAHO CENTRAL 1 5.25% $9,992

    The top Spokane VA lender as defined by loan originations is Mortgage Research Center, LLC, with 144 VA loans originated. Their average total fees are $8,477, which is $43 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Spokane VA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($7,525), LEADERONE FINANCIAL CORPORATION ($7,970), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,324), Mortgage Research Center, LLC ($8,477) and UNITED WHOLESALE MORTGAGE, LLC ($8,520).

    The lowest rate Spokane VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.22%), DHI MORTGAGE COMPANY, LTD. (3.81%), FREEDOM MORTGAGE CORPORATION (3.84%), QUICKEN LOANS, LLC (3.99%) and NAVY FEDERAL CREDIT UNION (4.03%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spokane (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 $285,000 (13.3%) $356,733 (11.9%) 1.06 1,073
    2018-02-01 $299,250 (14.0%) $373,678 (13.9%) 1.09 990
    2018-03-01 $309,900 (12.7%) $381,271 (11.0%) 1.09 979
    2018-04-01 $319,225 (12.0%) $392,806 (12.5%) 1.08 1,110
    2018-05-01 $319,070 (10.4%) $395,916 (11.7%) 1.07 1,260
    2018-06-01 $315,000 (9.2%) $395,583 (11.1%) 1.05 1,421
    2018-07-01 $317,500 (11.4%) $399,237 (14.0%) 1.06 1,543
    2018-08-01 $309,463 (12.5%) $391,344 (14.5%) 1.04 1,605
    2018-09-01 $300,000 (9.1%) $388,146 (13.8%) 1.01 1,633
    2018-10-01 $312,250 (14.6%) $397,319 (16.3%) 1.06 1,559
    2018-11-01 $319,500 (19.2%) $403,049 (19.2%) 1.08 1,342
    2018-12-01 $318,500 (15.8%) $402,314 (15.2%) 1.10 1,127
    2019-01-01 $327,995 (15.1%) $415,262 (16.4%) 1.13 950
    2019-02-01 $335,845 (12.2%) $422,619 (13.1%) 1.13 859
    2019-03-01 $341,043 (10.1%) $427,846 (12.2%) 1.12 892
    2019-04-01 $346,818 (8.6%) $430,929 (9.7%) 1.10 1,003
    2019-05-01 $349,985 (9.7%) $426,538 (7.7%) 1.09 1,170
    2019-06-01 $349,990 (11.1%) $419,145 (6.0%) 1.09 1,287
    2019-07-01 $344,950 (8.7%) $408,021 (2.2%) 1.08 1,470
    2019-08-01 $340,273 (10.0%) $410,035 (4.8%) 1.08 1,492
    2019-09-01 $340,682 (13.6%) $415,430 (7.0%) 1.09 1,474
    2019-10-01 $340,955 (9.2%) $419,683 (5.6%) 1.10 1,451
    2019-11-01 $345,000 (8.0%) $422,492 (4.8%) 1.13 1,256
    2019-12-01 $342,970 (7.7%) $420,764 (4.6%) 1.14 1,044
    2020-01-01 $342,498 (4.4%) $419,674 (1.1%) 1.14 813
    2020-02-01 $359,900 (7.2%) $438,974 (3.9%) 1.18 747
    2020-03-01 $381,250 (11.8%) $448,525 (4.8%) 1.20 796
    2020-04-01 $379,350 (9.4%) $451,379 (4.8%) 1.19 932
    2020-05-01 $385,604 (10.2%) $455,230 (6.7%) 1.17 940
    2020-06-01 $384,975 (10.0%) $450,694 (7.5%) 1.13 938
    2020-07-01 $393,963 (14.2%) $459,805 (12.7%) 1.14 885
    2020-08-01 $388,073 (14.1%) $464,389 (13.3%) 1.11 858
    2020-09-01 $387,419 (13.7%) $462,065 (11.2%) 1.11 842
    2020-10-01 $376,156 (10.3%) $462,780 (10.3%) 1.08 751
    2020-11-01 $374,950 (8.7%) $466,012 (10.3%) 1.10 614
    2020-12-01 $369,849 (7.8%) $470,358 (11.8%) 1.10 464
    2021-01-01 $369,900 (8.0%) $490,305 (16.8%) 1.10 324
    2021-02-01 $378,155 (5.1%) $512,838 (16.8%) 1.10 286
    2021-03-01 $377,450 (-1.0%) $508,198 (13.3%) 1.07 323
    2021-04-01 $399,900 (5.4%) $529,689 (17.4%) 1.08 331
    2021-05-01 $413,000 (7.1%) $530,315 (16.5%) 1.10 395
    2021-06-01 $422,450 (9.7%) $569,547 (26.4%) 1.11 514
    2021-07-01 $439,995 (11.7%) $570,861 (24.2%) 1.16 647
    2021-08-01 $454,400 (17.1%) $567,544 (22.2%) 1.21 728
    2021-09-01 $450,000 (16.2%) $565,649 (22.4%) 1.20 850
    2021-10-01 $450,000 (19.6%) $551,467 (19.2%) 1.20 839
    2021-11-01 $449,975 (20.0%) $557,558 (19.6%) 1.20 627
    2021-12-01 $459,725 (24.3%) $576,341 (22.5%) 1.25 479
    2022-01-01 $480,825 (30.0%) $617,610 (26.0%) 1.30 328
    2022-02-01 $480,480 (27.1%) $631,296 (23.1%) 1.25 306
    2022-03-01 $479,995 (27.2%) $633,895 (24.7%) 1.20 333
    2022-04-01 $500,000 (25.0%) $642,876 (21.4%) 1.19 440
    2022-05-01 $509,625 (23.4%) $635,058 (19.8%) 1.17 719
    2022-06-01 $517,450 (22.5%) $642,778 (12.9%) 1.15 955
    2022-07-01 $499,000 (13.4%) $607,213 (6.4%) 1.12 1,276
    2022-08-01 $489,951 (7.8%) $594,388 (4.7%) 1.13 1,375
    2022-09-01 $476,125 (5.8%) $579,690 (2.5%) 1.11 1,376
    2022-10-01 $469,900 (4.4%) $571,775 (3.7%) 1.11 1,355
    2022-11-01 $449,935 (0.0%) $554,290 (-0.6%) 1.08 1,219
    2022-12-01 $449,032 (-2.3%) $545,111 (-5.4%) 1.11 966
    2023-01-01 $449,463 (-6.5%) $548,437 (-11.2%) 1.11 762
    2023-02-01 $479,000 (-0.3%) $577,990 (-8.4%) 1.16 682
    2023-03-01 $497,475 (3.6%) $591,683 (-6.7%) 1.17 676
    2023-04-01 $512,500 (2.5%) $604,916 (-5.9%) 1.19 780
    2023-05-01 $524,924 (3.0%) $622,699 (-2.0%) 1.19 941
    2023-06-01 $532,488 (2.9%) $633,820 (-1.4%) 1.20 1,136
    2023-07-01 $535,000 (7.2%) $629,217 (3.6%) 1.22 1,336
    2023-08-01 $525,000 (7.2%) $620,451 (4.4%) 1.21 1,402
    2023-09-01 $514,000 (8.0%) $618,592 (6.7%) 1.20 1,457
    2023-10-01 $499,575 (6.3%) $605,209 (5.9%) 1.18 1,447
    Spokane's median listing price for 2023-10-01 was $499,575, a difference of $29,675 (6.3%) versus the prior year and $-14,425 versus the prior month.

    Spokane's median listing price comes in at 118% of the national average.

    Spokane's average listing price for 2023-10-01 was $605,209, a difference of $33,434 (5.9%) versus the prior year and $-13,383 versus the prior month.

    For the 2023-10-01 period, Spokane had 1,447 MLS listings, a difference of -10 listings (-1%) versus the prior month and 92 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 69 days 2,259 sqft
    2018-02-01 47 days 2,326 sqft
    2018-03-01 44 days 2,349 sqft
    2018-04-01 36 days 2,369 sqft
    2018-05-01 33 days 2,405 sqft
    2018-06-01 36 days 2,363 sqft
    2018-07-01 39 days 2,394 sqft
    2018-08-01 41 days 2,356 sqft
    2018-09-01 44 days 2,354 sqft
    2018-10-01 46 days 2,315 sqft
    2018-11-01 53 days 2,330 sqft
    2018-12-01 66 days 2,314 sqft
    2019-01-01 66 days 2,352 sqft
    2019-02-01 49 days 2,350 sqft
    2019-03-01 41 days 2,355 sqft
    2019-04-01 30 days 2,350 sqft
    2019-05-01 32 days 2,380 sqft
    2019-06-01 35 days 2,425 sqft
    2019-07-01 37 days 2,401 sqft
    2019-08-01 38 days 2,390 sqft
    2019-09-01 39 days 2,373 sqft
    2019-10-01 41 days 2,359 sqft
    2019-11-01 47 days 2,281 sqft
    2019-12-01 62 days 2,232 sqft
    2020-01-01 69 days 2,196 sqft
    2020-02-01 53 days 2,249 sqft
    2020-03-01 40 days 2,316 sqft
    2020-04-01 40 days 2,325 sqft
    2020-05-01 43 days 2,320 sqft
    2020-06-01 39 days 2,319 sqft
    2020-07-01 39 days 2,341 sqft
    2020-08-01 39 days 2,304 sqft
    2020-09-01 43 days 2,308 sqft
    2020-10-01 47 days 2,270 sqft
    2020-11-01 52 days 2,208 sqft
    2020-12-01 57 days 2,141 sqft
    2021-01-01 52 days 2,112 sqft
    2021-02-01 40 days 2,093 sqft
    2021-03-01 30 days 2,152 sqft
    2021-04-01 25 days 2,145 sqft
    2021-05-01 27 days 2,160 sqft
    2021-06-01 21 days 2,220 sqft
    2021-07-01 26 days 2,208 sqft
    2021-08-01 29 days 2,206 sqft
    2021-09-01 31 days 2,253 sqft
    2021-10-01 35 days 2,212 sqft
    2021-11-01 50 days 2,144 sqft
    2021-12-01 72 days 2,140 sqft
    2022-01-01 61 days 2,034 sqft
    2022-02-01 33 days 2,024 sqft
    2022-03-01 25 days 2,034 sqft
    2022-04-01 22 days 2,165 sqft
    2022-05-01 20 days 2,222 sqft
    2022-06-01 22 days 2,217 sqft
    2022-07-01 28 days 2,192 sqft
    2022-08-01 32 days 2,192 sqft
    2022-09-01 39 days 2,178 sqft
    2022-10-01 39 days 2,158 sqft
    2022-11-01 44 days 2,132 sqft
    2022-12-01 57 days 2,120 sqft
    2023-01-01 52 days 2,102 sqft
    2023-02-01 43 days 2,124 sqft
    2023-03-01 37 days 2,169 sqft
    2023-04-01 30 days 2,195 sqft
    2023-05-01 29 days 2,263 sqft
    2023-06-01 30 days 2,309 sqft
    2023-07-01 35 days 2,317 sqft
    2023-08-01 37 days 2,317 sqft
    2023-09-01 41 days 2,306 sqft
    2023-10-01 39 days 2,276 sqft
    Spokane's median listing age (time on market) for 2023-10-01 was 39 days. This is 0% longer than the same period one year ago.

    Spokane's median square footage for active listings during the 2023-10-01 period was 2,276 sqft. One year prior, the average listing was 2,158 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.