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 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
6.2%
for the week of 2023-03-17, compared to the national average (all VA variants) of
6.138% for the same period.
Spokane's average VA mortgage closing costs are $6,498.
The average rate for the prior week (2023-03-10) was
6.48% and
one month ago for the week of 2023-02-10, the
average rate was 6.01%.
The average rate one year ago was 3.91%.
For refis of the same type during the week of 2023-03-17, the average rate
was 5.1%.
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.
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. LouisDate | 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%) | $388,193 (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 | $340,940 (10.0%) | $427,758 (12.2%) | 1.11 | 892 |
2019-04-01 | $346,474 (8.5%) | $430,992 (9.7%) | 1.10 | 1,004 |
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%) | 1.17 | 747 |
2020-03-01 | $381,525 (11.9%) | $448,596 (4.9%) | 1.19 | 796 |
2020-04-01 | $379,350 (9.5%) | $451,379 (4.7%) | 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%) | 1.09 | 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 | $377,802 (5.0%) | $512,838 (16.8%) | 1.10 | 286 |
2021-03-01 | $377,450 (-1.1%) | $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%) | 1.09 | 395 |
2021-06-01 | $422,450 (9.7%) | $569,617 (26.4%) | 1.11 | 514 |
2021-07-01 | $439,900 (11.7%) | $570,861 (24.2%) | 1.16 | 647 |
2021-08-01 | $454,425 (17.1%) | $567,645 (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 | $450,000 (20.0%) | $557,652 (19.7%) | 1.20 | 627 |
2021-12-01 | $459,725 (24.3%) | $576,402 (22.6%) | 1.24 | 479 |
2022-01-01 | $479,450 (29.6%) | $618,187 (26.1%) | 1.30 | 328 |
2022-02-01 | $480,480 (27.2%) | $631,296 (23.1%) | 1.25 | 306 |
2022-03-01 | $479,995 (27.2%) | $634,160 (24.8%) | 1.20 | 333 |
2022-04-01 | $499,900 (25.0%) | $642,915 (21.4%) | 1.19 | 440 |
2022-05-01 | $510,056 (23.5%) | $635,223 (19.8%) | 1.17 | 719 |
2022-06-01 | $517,225 (22.4%) | $642,990 (12.9%) | 1.15 | 955 |
2022-07-01 | $499,000 (13.4%) | $607,213 (6.4%) | 1.12 | 1,276 |
2022-08-01 | $489,999 (7.8%) | $594,843 (4.8%) | 1.13 | 1,375 |
2022-09-01 | $477,000 (6.0%) | $579,823 (2.5%) | 1.11 | 1,376 |
2022-10-01 | $469,900 (4.4%) | $572,236 (3.8%) | 1.11 | 1,355 |
2022-11-01 | $449,943 (0.0%) | $554,560 (-0.6%) | 1.08 | 1,219 |
2022-12-01 | $449,000 (-2.3%) | $545,531 (-5.4%) | 1.11 | 966 |
2023-01-01 | $449,450 (-6.3%) | $548,645 (-11.3%) | 1.11 | 762 |
2023-02-01 | $478,750 (-0.4%) | $578,115 (-8.4%) | 1.15 | 682 |
Spokane's median listing price comes in at 115% of the national average.
Spokane's average listing price for 2023-02-01 was $578,115, a difference of $-53,181 (-8.4%) versus the prior year and $29,470 versus the prior month.
For the 2023-02-01 period, Spokane had 682 MLS listings, a difference of -80 listings (-10%) versus the prior month and 376 listings (123%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 72 days | 2,263 sqft |
2018-02-01 | 52 days | 2,317 sqft |
2018-03-01 | 46 days | 2,350 sqft |
2018-04-01 | 37 days | 2,370 sqft |
2018-05-01 | 35 days | 2,401 sqft |
2018-06-01 | 36 days | 2,363 sqft |
2018-07-01 | 41 days | 2,395 sqft |
2018-08-01 | 43 days | 2,356 sqft |
2018-09-01 | 46 days | 2,360 sqft |
2018-10-01 | 47 days | 2,321 sqft |
2018-11-01 | 54 days | 2,337 sqft |
2018-12-01 | 69 days | 2,316 sqft |
2019-01-01 | 69 days | 2,355 sqft |
2019-02-01 | 53 days | 2,353 sqft |
2019-03-01 | 43 days | 2,360 sqft |
2019-04-01 | 32 days | 2,349 sqft |
2019-05-01 | 32 days | 2,382 sqft |
2019-06-01 | 36 days | 2,432 sqft |
2019-07-01 | 37 days | 2,401 sqft |
2019-08-01 | 39 days | 2,389 sqft |
2019-09-01 | 41 days | 2,372 sqft |
2019-10-01 | 43 days | 2,354 sqft |
2019-11-01 | 49 days | 2,278 sqft |
2019-12-01 | 64 days | 2,227 sqft |
2020-01-01 | 72 days | 2,197 sqft |
2020-02-01 | 54 days | 2,252 sqft |
2020-03-01 | 41 days | 2,317 sqft |
2020-04-01 | 41 days | 2,323 sqft |
2020-05-01 | 44 days | 2,323 sqft |
2020-06-01 | 40 days | 2,320 sqft |
2020-07-01 | 40 days | 2,340 sqft |
2020-08-01 | 41 days | 2,304 sqft |
2020-09-01 | 44 days | 2,307 sqft |
2020-10-01 | 49 days | 2,264 sqft |
2020-11-01 | 54 days | 2,209 sqft |
2020-12-01 | 59 days | 2,148 sqft |
2021-01-01 | 52 days | 2,121 sqft |
2021-02-01 | 40 days | 2,093 sqft |
2021-03-01 | 32 days | 2,155 sqft |
2021-04-01 | 25 days | 2,157 sqft |
2021-05-01 | 29 days | 2,161 sqft |
2021-06-01 | 22 days | 2,226 sqft |
2021-07-01 | 26 days | 2,211 sqft |
2021-08-01 | 29 days | 2,213 sqft |
2021-09-01 | 32 days | 2,255 sqft |
2021-10-01 | 36 days | 2,214 sqft |
2021-11-01 | 51 days | 2,146 sqft |
2021-12-01 | 72 days | 2,144 sqft |
2022-01-01 | 62 days | 2,046 sqft |
2022-02-01 | 33 days | 2,020 sqft |
2022-03-01 | 26 days | 2,041 sqft |
2022-04-01 | 22 days | 2,160 sqft |
2022-05-01 | 20 days | 2,228 sqft |
2022-06-01 | 22 days | 2,217 sqft |
2022-07-01 | 29 days | 2,197 sqft |
2022-08-01 | 33 days | 2,196 sqft |
2022-09-01 | 39 days | 2,177 sqft |
2022-10-01 | 39 days | 2,158 sqft |
2022-11-01 | 44 days | 2,133 sqft |
2022-12-01 | 58 days | 2,120 sqft |
2023-01-01 | 53 days | 2,101 sqft |
2023-02-01 | 44 days | 2,123 sqft |
Spokane's median square footage for active listings during the 2023-02-01 period was 2,123 sqft. One year prior, the average listing was 2,020 sqft.