Spokane VA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

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 111 lenders originated 916 VA loans during 2023. The total origination value was $375,580,000, with an average VA loan value of $410,022.

Spokane VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Spokane averaged 6.46% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Spokane's average VA mortgage closing costs are $6,805.

The average rate for the prior week (2024-05-10) was 6.57% and one month ago for the week of 2024-04-12, the average rate was 6.75%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.45%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 108 6.70% $6,590
UNITED WHOLESALE MORTGAGE, LLC 82 5.98% $9,371
Sunflower Bank 56 6.13% $13,238
QUICKEN LOANS, LLC 46 6.22% $13,955
American Mortgage & Equity Consultants, Inc. 33 6.51% $10,921
DHI MORTGAGE COMPANY, LTD. 31 5.46% $9,668
NAVY FEDERAL CREDIT UNION 28 5.64% $6,613
FREEDOM MORTGAGE CORPORATION 25 6.65% $18,009
CMG MORTGAGE, INC. 24 6.23% $13,805
GUILD MORTGAGE COMPANY 20 6.36% $12,400
AMERICAN PACIFIC MORTGAGE CORPORATION 19 6.26% $17,568
The Federal Savings Bank 18 6.22% $19,118
CORNERSTONE HOME LENDING, INC. 17 6.49% $12,666
CROSSCOUNTRY MORTGAGE, LLC 17 6.82% $6,907
EAGLE HOME MORTGAGE, LLC 15 5.51% $7,990
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.19% $5,655
USAA Federal Savings Bank 13 6.03% $8,093
PREMIER MORTGAGE RESOURCES, L.L.C. 12 6.22% $15,420
LOANDEPOT.COM, LLC 12 5.52% $10,817
NEW DAY FINANCIAL, LLC 11 7.11% $12,840
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.13% $12,713
PENRITH HOME LOANS LLC 10 6.32% $15,514
ACADEMY MORTGAGE CORPORATION 10 6.55% $9,931
Glacier Bank 9 6.33% $14,237
ENVOY MORTGAGE, LTD 9 6.54% $14,192
PENNYMAC LOAN SERVICES, LLC 9 5.57% $15,194
NBKC BANK 8 6.11% $10,710
Wheatland Bank 8 6.33% $12,274
Willamette Valley Bank 7 6.29% $10,711
MOVEMENT MORTGAGE, LLC 7 6.21% $11,854
Sierra Pacific Mortgage Company, Inc. 6 6.06% $22,287
CANOPY MORTGAGE, LLC 6 7.31% $14,740
BAY EQUITY LLC 6 6.31% $13,227
LEADERONE FINANCIAL CORPORATION 6 6.06% $13,888
PENTAGON FEDERAL CREDIT UNION 5 5.68% $10,948
GUARANTEED RATE, INC. 5 6.02% $8,372
Wells Fargo Bank 5 5.60% $8,655
Century Mortgage Company DBA Century Lending Company 5 6.47% $13,836
Mr. Cooper ( Nationstar Mortgage ) 5 6.48% $15,180
HOMESIDE FINANCIAL, LLC 4 6.28% $18,989
PREMIER LENDING, INC. 4 6.81% $24,925
LAKEVIEW LOAN SERVICING, LLC 4 6.31% $11,764
WASHINGTON STATE EMPLOYEES Credit Union 4 5.84% $8,037
NUMERICA CREDIT UNION 4 6.38% $8,511
Flagstar Bank, FSB 4 6.03% $7,452
SUMMIT FUNDING, INC. 4 6.28% $9,725
T2 FINANCIAL LLC 4 7.19% $21,650
Barrington Bank & Trust Company, N.A. 3 6.92% $6,052
AMERISAVE MORTGAGE CORPORATION 3 6.58% $21,885
AXIA FINANCIAL, LLC 3 6.37% $8,944
Boeing Employees Credit Union 3 6.50% $2,824
BROKER SOLUTIONS, INC. 3 6.75% $5,987
CHURCHILL MORTGAGE CORPORATION 3 5.83% $14,938
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 6.83% $14,477
GENEVA FINANCIAL, LLC 3 7.17% $19,809
HomeStreet Bank 3 6.38% $9,482
NATIONS DIRECT MORTGAGE, LLC 3 6.58% $7,571
NEWREZ LLC 3 5.73% $20,395
Northpointe Bank 3 6.25% $5,657
Paramount Residential Mortgage Group, Inc. 3 6.63% $13,816
Umpqua Bank 3 6.92% $12,422
U.S. Bank 3 6.42% $12,134
Washington Trust Bank 3 6.75% $9,996
Alaska USA Federal Credit Union 2 6.81% $2,568
SUMMIT MORTGAGE CORPORATION 2 6.19% $9,653
VERITAS FUNDING, LLC 2 6.25% $15,608
IDAHO CENTRAL 2 5.94% $9,187
CARDINAL FINANCIAL 2 6.87% $11,696
PLANET HOME LENDING, LLC 2 4.63% $3,889
Strong Home Mortgage, LLC 2 4.94% $12,454
Armed Forces Bank 2 5.31% $8,714
Ixonia Bank 2 6.50% $22,151
VILLAGE CAPITAL MORTGAGE 2 7.25% $13,883
ON Q FINANCIAL, INC. 1 6.13% $2,483
Waterstone Mortgage Corporation 1 7.13% $10,427
Equity Prime Mortgage LLC 1 5.88% $12,329
DIGNIFIED HOME LOANS, LLC 1 7.25% $1,542
DAS Acquisition Company, LLC 1 7.00% $4,971
PHH Mortgage Corporation 1 6.99% $3,603
Plains Commerce Bank 1 6.63% $20,554
PREMIA MORTGAGE, LLC 1 6.50% $1,191
Community First National Bank 1 7.13% $3,067
CITYWIDE HOME LOANS, LLC 1 5.75% $7,305
Prosperity Home Mortgage, LLC 1 5.50% $9,182
Centennial Bank 1 6.13% $20,175
S1L, Inc. 1 6.50% $9,348
SAMMAMISH MORTGAGE COMPANY 1 5.75% $18,214
Servion, Inc. 1 7.50% $2,425
SOUTHWEST STAGE FUNDING, LLC 1 6.75% $6,828
CALIBER HOME LOANS, INC. 1 5.99% $12,749
CALCON MUTUAL MORTGAGE LLC 1 7.50% $8,082
Banner Bank 1 6.25% $6,902
Bank of Idaho 1 7.13% $10,099
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $4,713
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.50% $7,577
AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $4,405
Mid-Continent Funding, Inc. 1 6.13% $5,251
MORTGAGE ACCESS CORP. 1 6.63% $14,453
MORTGAGEONE, INC. 1 6.75% $26,203
MICHIGAN MUTUAL, INC. 1 6.00% $8,922
LOANPAL, LLC 1 5.25% $17,077
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $4,303
Nations Lending Corporation 1 6.13% $10,468
NBH Bank 1 6.49% $16,684
HomePromise Corporation 1 7.00% $1,817
NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $8,534
GUARANTEED RATE AFFINITY, LLC 1 6.13% $17,611
Ameris Bank 1 5.50% $12,605
NFM, INC. 1 6.63% $6,086
FIDELITY BANK 1 5.50% $14,328
OCMBC, INC. 1 6.25% $28,150

The top Spokane VA lender as defined by loan originations is Mortgage Research Center, LLC, with 108 VA loans originated. Their average total fees are $6,590, which is $2,781 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Spokane VA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,655), Mortgage Research Center, LLC ($6,590), NAVY FEDERAL CREDIT UNION ($6,613), CROSSCOUNTRY MORTGAGE, LLC ($6,907) and EAGLE HOME MORTGAGE, LLC ($7,990).

The lowest rate Spokane VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.46%), EAGLE HOME MORTGAGE, LLC (5.51%), LOANDEPOT.COM, LLC (5.52%), NAVY FEDERAL CREDIT UNION (5.64%) and UNITED WHOLESALE MORTGAGE, LLC (5.98%).


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%) $356,589 (11.9%) 1.06 1,074
2018-02-01 $298,625 (13.8%) $373,506 (13.9%) 1.08 991
2018-03-01 $309,900 (12.7%) $381,101 (10.9%) 1.09 980
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%) $399,258 (14.0%) 1.06 1,543
2018-08-01 $309,463 (12.5%) $391,344 (14.6%) 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 (15.3%) 1.10 1,127
2019-01-01 $327,995 (15.1%) $415,262 (16.5%) 1.13 950
2019-02-01 $335,845 (12.5%) $422,619 (13.2%) 1.13 859
2019-03-01 $341,043 (10.1%) $427,846 (12.3%) 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%) $419,099 (5.9%) 1.09 1,286
2019-07-01 $344,850 (8.6%) $407,997 (2.2%) 1.08 1,469
2019-08-01 $340,273 (10.0%) $410,018 (4.8%) 1.08 1,492
2019-09-01 $340,682 (13.6%) $415,422 (7.0%) 1.09 1,473
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%) $438,812 (3.8%) 1.18 747
2020-03-01 $379,924 (11.4%) $448,389 (4.8%) 1.19 795
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 (16.9%) 1.10 286
2021-03-01 $377,450 (-0.7%) $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%) $554,276 (-0.6%) 1.08 1,219
2022-12-01 $449,063 (-2.3%) $545,089 (-5.4%) 1.11 967
2023-01-01 $449,475 (-6.5%) $548,403 (-11.2%) 1.11 763
2023-02-01 $480,500 (0.0%) $577,914 (-8.5%) 1.16 683
2023-03-01 $497,725 (3.7%) $591,639 (-6.7%) 1.17 677
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
2023-11-01 $497,000 (10.5%) $598,163 (7.9%) 1.18 1,323
2023-12-01 $490,000 (9.1%) $603,323 (10.7%) 1.20 1,113
2024-01-01 $498,120 (10.8%) $612,666 (11.7%) 1.22 915
2024-02-01 $503,985 (4.9%) $617,954 (6.9%) 1.21 875
2024-03-01 $510,000 (2.5%) $620,133 (4.8%) 1.20 915
2024-04-01 $522,500 (2.0%) $647,977 (7.1%) 1.22 1,078
Spokane's median listing price for 2024-04-01 was $522,500, a difference of $10,000 (2.0%) versus the prior year and $12,500 versus the prior month.

Spokane's median listing price comes in at 122% of the national average.

Spokane's average listing price for 2024-04-01 was $647,977, a difference of $43,061 (7.1%) versus the prior year and $27,844 versus the prior month.

For the 2024-04-01 period, Spokane had 1,078 MLS listings, a difference of 163 listings (18%) versus the prior month and 298 listings (38%) 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 2,262 sqft
2018-02-01 47 days 2,315 sqft
2018-03-01 44 days 2,356 sqft
2018-04-01 36 days 2,364 sqft
2018-05-01 33 days 2,401 sqft
2018-06-01 36 days 2,360 sqft
2018-07-01 39 days 2,390 sqft
2018-08-01 41 days 2,353 sqft
2018-09-01 44 days 2,352 sqft
2018-10-01 46 days 2,320 sqft
2018-11-01 53 days 2,329 sqft
2018-12-01 66 days 2,316 sqft
2019-01-01 66 days 2,353 sqft
2019-02-01 49 days 2,351 sqft
2019-03-01 41 days 2,363 sqft
2019-04-01 30 days 2,349 sqft
2019-05-01 32 days 2,380 sqft
2019-06-01 35 days 2,434 sqft
2019-07-01 37 days 2,401 sqft
2019-08-01 38 days 2,391 sqft
2019-09-01 39 days 2,373 sqft
2019-10-01 41 days 2,359 sqft
2019-11-01 47 days 2,275 sqft
2019-12-01 62 days 2,225 sqft
2020-01-01 69 days 2,194 sqft
2020-02-01 53 days 2,241 sqft
2020-03-01 40 days 2,315 sqft
2020-04-01 40 days 2,324 sqft
2020-05-01 43 days 2,321 sqft
2020-06-01 39 days 2,319 sqft
2020-07-01 39 days 2,342 sqft
2020-08-01 39 days 2,308 sqft
2020-09-01 43 days 2,307 sqft
2020-10-01 47 days 2,264 sqft
2020-11-01 52 days 2,215 sqft
2020-12-01 57 days 2,152 sqft
2021-01-01 52 days 2,114 sqft
2021-02-01 40 days 2,091 sqft
2021-03-01 30 days 2,151 sqft
2021-04-01 25 days 2,150 sqft
2021-05-01 27 days 2,161 sqft
2021-06-01 21 days 2,218 sqft
2021-07-01 26 days 2,211 sqft
2021-08-01 29 days 2,209 sqft
2021-09-01 31 days 2,254 sqft
2021-10-01 35 days 2,219 sqft
2021-11-01 50 days 2,144 sqft
2021-12-01 72 days 2,145 sqft
2022-01-01 61 days 2,041 sqft
2022-02-01 33 days 2,022 sqft
2022-03-01 25 days 2,038 sqft
2022-04-01 22 days 2,165 sqft
2022-05-01 20 days 2,220 sqft
2022-06-01 22 days 2,217 sqft
2022-07-01 28 days 2,190 sqft
2022-08-01 32 days 2,193 sqft
2022-09-01 39 days 2,178 sqft
2022-10-01 39 days 2,158 sqft
2022-11-01 44 days 2,131 sqft
2022-12-01 57 days 2,120 sqft
2023-01-01 52 days 2,102 sqft
2023-02-01 43 days 2,123 sqft
2023-03-01 37 days 2,167 sqft
2023-04-01 30 days 2,193 sqft
2023-05-01 29 days 2,251 sqft
2023-06-01 30 days 2,303 sqft
2023-07-01 35 days 2,312 sqft
2023-08-01 37 days 2,318 sqft
2023-09-01 41 days 2,304 sqft
2023-10-01 39 days 2,276 sqft
2023-11-01 47 days 2,255 sqft
2023-12-01 57 days 2,258 sqft
2024-01-01 46 days 2,247 sqft
2024-02-01 39 days 2,210 sqft
2024-03-01 39 days 2,211 sqft
2024-04-01 31 days 2,240 sqft
Spokane's median listing age (time on market) for 2024-04-01 was 31 days. This is 3% longer than the same period one year ago.

Spokane's median square footage for active listings during the 2024-04-01 period was 2,240 sqft. One year prior, the average listing was 2,193 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.