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 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 6.24% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.27% and one month ago for the week of 2024-11-08, the average rate was 6.37%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2024-12-13, the average rate was 7.02%.

    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
    2024-05-01 $544,450 (3.7%) $662,479 (6.4%) 1.23 1,341
    2024-06-01 $530,000 (-0.5%) $650,286 (2.6%) 1.19 1,579
    2024-07-01 $525,000 (-1.9%) $633,632 (0.7%) 1.20 1,747
    2024-08-01 $515,000 (-1.9%) $624,397 (0.6%) 1.20 1,767
    2024-09-01 $505,000 (-1.8%) $623,689 (0.8%) 1.19 1,791
    2024-10-01 $497,125 (-0.5%) $615,083 (1.6%) 1.17 1,792
    2024-11-01 $489,950 (-1.4%) $607,370 (1.5%) 1.18 1,673
    Spokane's median listing price for 2024-11-01 was $489,950, a difference of $-7,050 (-1.4%) versus the prior year and $-7,175 versus the prior month.

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

    Spokane's average listing price for 2024-11-01 was $607,370, a difference of $9,207 (1.5%) versus the prior year and $-7,713 versus the prior month.

    For the 2024-11-01 period, Spokane had 1,673 MLS listings, a difference of -119 listings (-7%) versus the prior month and 350 listings (26%) 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
    2024-05-01 26 days 2,309 sqft
    2024-06-01 30 days 2,326 sqft
    2024-07-01 38 days 2,301 sqft
    2024-08-01 44 days 2,287 sqft
    2024-09-01 43 days 2,264 sqft
    2024-10-01 45 days 2,245 sqft
    2024-11-01 54 days 2,203 sqft
    Spokane's median listing age (time on market) for 2024-11-01 was 54 days. This is 16% longer than the same period one year ago.

    Spokane's median square footage for active listings during the 2024-11-01 period was 2,203 sqft. One year prior, the average listing was 2,255 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.