Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Springfield's 42 lenders originated 189 VA loans during 2023. The total origination value was $41,765,000, with an average VA loan value of $220,979.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 7.09% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Springfield's average VA mortgage closing costs are $4,468.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.48%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.79%.

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

    Springfield 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 Springfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 44 6.96% $4,670
    INB 29 6.40% $5,718
    FLAT BRANCH MORTGAGE, INC. 19 6.85% $4,689
    PNC Bank 9 6.83% $4,218
    QUICKEN LOANS, LLC 9 6.72% $9,047
    USAA Federal Savings Bank 6 6.27% $5,562
    Mr. Cooper ( Nationstar Mortgage ) 4 5.78% $8,586
    FREEDOM MORTGAGE CORPORATION 4 6.09% $8,397
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.58% $8,486
    Bank of Springfield 3 6.00% $4,386
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.33% $5,727
    GUARANTEED RATE, INC. 3 7.48% $3,025
    NAVY FEDERAL CREDIT UNION 3 5.75% $5,270
    NEWREZ LLC 3 6.38% $6,456
    Plains Commerce Bank 3 7.46% $6,374
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $3,605
    PENNYMAC LOAN SERVICES, LLC 2 5.19% $5,880
    UNITED WHOLESALE MORTGAGE, LLC 2 6.82% $2,225
    VILLAGE CAPITAL MORTGAGE 2 5.75% $5,044
    LOANDEPOT.COM, LLC 2 6.63% $12,013
    Heartland Bank and Trust Company 2 6.31% $2,518
    NEW DAY FINANCIAL, LLC 2 7.37% $17,492
    MOVEMENT MORTGAGE, LLC 1 7.25% $3,793
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $6,848
    NBKC BANK 1 6.63% $3,064
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $13,850
    PHH Mortgage Corporation 1 6.49% $6,335
    CONTOUR MORTGAGE CORPORATION 1 6.25% $5,254
    BROKER SOLUTIONS, INC. 1 6.63% $8,967
    Regions Bank 1 5.13% $2,767
    Simmons Bank 1 6.50% $3,163
    The Federal Savings Bank 1 6.75% $9,000
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $5,072
    United Community Bank 1 5.00% $27,979
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $2,853
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.62% $9,912
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.50% $10,237
    JPMorgan Chase Bank 1 5.88% $0
    LEADERONE FINANCIAL CORPORATION 1 7.13% $11,203
    Magnolia Bank 1 5.25% $20,069
    Marine Bank 1 6.13% $9,157
    DAS Acquisition Company, LLC 1 7.63% $0

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 44 VA loans originated. Their average total fees are $4,670, which is $1,048 lower than the next largest lender, INB.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,670), FLAT BRANCH MORTGAGE, INC. ($4,689), INB ($5,718), .

    The lowest rate Springfield VA lenders (with over 10 loans originated) are INB (6.40%), FLAT BRANCH MORTGAGE, INC. (6.85%), Mortgage Research Center, LLC (6.96%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Springfield (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 $136,950 (1.9%) $182,107 (0.5%) 0.51 829
    2018-02-01 $137,500 (1.9%) $184,524 (0.7%) 0.50 831
    2018-03-01 $139,900 (-0.7%) $189,588 (-3.4%) 0.49 875
    2018-04-01 $144,900 (-3.3%) $192,321 (-4.1%) 0.49 886
    2018-05-01 $144,650 (-7.8%) $192,476 (-8.4%) 0.48 940
    2018-06-01 $143,900 (-10.0%) $195,637 (-7.6%) 0.48 1,027
    2018-07-01 $140,900 (-9.1%) $192,657 (-5.1%) 0.47 1,065
    2018-08-01 $144,900 (-4.9%) $191,130 (-4.6%) 0.49 1,055
    2018-09-01 $149,900 (0.0%) $190,452 (-4.5%) 0.50 1,041
    2018-10-01 $149,900 (0.8%) $193,627 (-0.1%) 0.51 997
    2018-11-01 $149,700 (7.0%) $194,421 (4.8%) 0.51 951
    2018-12-01 $139,900 (0.0%) $183,840 (2.1%) 0.48 867
    2019-01-01 $136,950 (0.0%) $181,503 (-0.3%) 0.47 839
    2019-02-01 $139,225 (1.3%) $182,700 (-1.0%) 0.47 831
    2019-03-01 $142,471 (1.8%) $185,598 (-2.1%) 0.47 809
    2019-04-01 $147,800 (2.0%) $193,868 (0.8%) 0.47 783
    2019-05-01 $149,900 (3.6%) $198,267 (3.0%) 0.47 791
    2019-06-01 $154,250 (7.2%) $198,332 (1.4%) 0.48 859
    2019-07-01 $153,925 (9.2%) $197,056 (2.3%) 0.48 922
    2019-08-01 $152,191 (5.0%) $195,923 (2.5%) 0.48 907
    2019-09-01 $149,552 (-0.2%) $191,832 (0.7%) 0.48 868
    2019-10-01 $147,500 (-1.6%) $189,301 (-2.2%) 0.48 844
    2019-11-01 $139,900 (-6.6%) $181,831 (-6.5%) 0.46 817
    2019-12-01 $131,375 (-6.1%) $174,626 (-5.0%) 0.44 733
    2020-01-01 $131,200 (-4.2%) $177,365 (-2.3%) 0.44 672
    2020-02-01 $133,000 (-4.5%) $182,486 (-0.1%) 0.44 651
    2020-03-01 $147,975 (3.9%) $197,148 (6.2%) 0.46 617
    2020-04-01 $149,950 (1.5%) $201,211 (3.8%) 0.47 613
    2020-05-01 $144,900 (-3.3%) $200,964 (1.4%) 0.44 543
    2020-06-01 $150,425 (-2.5%) $207,978 (4.9%) 0.44 540
    2020-07-01 $152,400 (-1.0%) $206,062 (4.6%) 0.44 527
    2020-08-01 $139,900 (-8.1%) $194,492 (-0.7%) 0.40 494
    2020-09-01 $134,900 (-9.8%) $193,896 (1.1%) 0.39 453
    2020-10-01 $124,700 (-15.5%) $179,027 (-5.4%) 0.36 440
    2020-11-01 $113,300 (-19.0%) $167,143 (-8.1%) 0.33 437
    2020-12-01 $102,400 (-22.1%) $155,419 (-11.0%) 0.30 401
    2021-01-01 $99,900 (-23.9%) $156,968 (-11.5%) 0.30 335
    2021-02-01 $98,200 (-26.2%) $156,389 (-14.3%) 0.29 285
    2021-03-01 $99,900 (-32.5%) $168,588 (-14.5%) 0.28 237
    2021-04-01 $99,825 (-33.4%) $179,571 (-10.8%) 0.27 220
    2021-05-01 $110,000 (-24.1%) $194,730 (-3.1%) 0.29 218
    2021-06-01 $124,400 (-17.3%) $202,841 (-2.5%) 0.33 264
    2021-07-01 $129,900 (-14.8%) $211,187 (2.5%) 0.34 259
    2021-08-01 $127,450 (-8.9%) $212,737 (9.4%) 0.34 274
    2021-09-01 $124,900 (-7.4%) $197,930 (2.1%) 0.33 267
    2021-10-01 $118,000 (-5.4%) $184,105 (2.8%) 0.31 267
    2021-11-01 $108,075 (-4.6%) $172,594 (3.3%) 0.29 237
    2021-12-01 $117,450 (14.7%) $173,805 (11.8%) 0.32 208
    2022-01-01 $107,500 (7.6%) $175,743 (12.0%) 0.29 180
    2022-02-01 $104,200 (6.1%) $179,084 (14.5%) 0.27 144
    2022-03-01 $120,750 (20.9%) $210,377 (24.8%) 0.30 138
    2022-04-01 $139,900 (40.2%) $226,506 (26.1%) 0.33 145
    2022-05-01 $146,750 (33.4%) $257,527 (32.3%) 0.34 142
    2022-06-01 $166,050 (33.5%) $249,691 (23.1%) 0.37 186
    2022-07-01 $165,000 (27.0%) $256,210 (21.3%) 0.37 221
    2022-08-01 $175,000 (37.3%) $256,117 (20.4%) 0.40 216
    2022-09-01 $193,950 (55.3%) $271,496 (37.2%) 0.45 199
    2022-10-01 $186,500 (58.1%) $250,575 (36.1%) 0.44 219
    2022-11-01 $169,425 (56.8%) $229,425 (32.9%) 0.41 231
    2022-12-01 $165,000 (40.5%) $232,606 (33.8%) 0.41 221
    2023-01-01 $157,475 (46.5%) $232,968 (32.6%) 0.39 188
    2023-02-01 $154,950 (48.7%) $236,733 (32.2%) 0.37 146
    2023-03-01 $149,475 (23.8%) $236,979 (12.7%) 0.35 149
    2023-04-01 $179,900 (28.6%) $251,032 (10.8%) 0.42 137
    2023-05-01 $182,573 (24.4%) $266,066 (3.3%) 0.41 136
    2023-06-01 $186,345 (12.2%) $277,081 (11.0%) 0.42 144
    2023-07-01 $179,900 (9.0%) $267,720 (4.5%) 0.41 169
    2023-08-01 $194,575 (11.2%) $276,310 (7.9%) 0.45 189
    2023-09-01 $177,450 (-8.5%) $271,466 (0.0%) 0.41 194
    2023-10-01 $172,475 (-7.5%) $260,745 (4.1%) 0.41 212
    2023-11-01 $179,950 (6.2%) $259,775 (13.2%) 0.43 217
    2023-12-01 $168,950 (2.4%) $246,610 (6.0%) 0.41 193
    2024-01-01 $169,100 (7.4%) $251,057 (7.8%) 0.41 172
    2024-02-01 $174,925 (12.9%) $253,375 (7.0%) 0.42 166
    2024-03-01 $180,000 (20.4%) $255,181 (7.7%) 0.42 183
    Springfield's median listing price for 2024-03-01 was $180,000, a difference of $30,525 (20.4%) versus the prior year and $5,075 versus the prior month.

    Springfield's median listing price comes in at 42% of the national average.

    Springfield's average listing price for 2024-03-01 was $255,181, a difference of $18,202 (7.7%) versus the prior year and $1,806 versus the prior month.

    For the 2024-03-01 period, Springfield had 183 MLS listings, a difference of 17 listings (10%) versus the prior month and 34 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 89 days 1,730 sqft
    2018-02-01 90 days 1,763 sqft
    2018-03-01 68 days 1,800 sqft
    2018-04-01 59 days 1,802 sqft
    2018-05-01 58 days 1,800 sqft
    2018-06-01 53 days 1,841 sqft
    2018-07-01 57 days 1,815 sqft
    2018-08-01 63 days 1,806 sqft
    2018-09-01 69 days 1,810 sqft
    2018-10-01 74 days 1,831 sqft
    2018-11-01 76 days 1,827 sqft
    2018-12-01 81 days 1,736 sqft
    2019-01-01 89 days 1,700 sqft
    2019-02-01 92 days 1,700 sqft
    2019-03-01 69 days 1,748 sqft
    2019-04-01 51 days 1,820 sqft
    2019-05-01 51 days 1,855 sqft
    2019-06-01 53 days 1,866 sqft
    2019-07-01 56 days 1,893 sqft
    2019-08-01 61 days 1,891 sqft
    2019-09-01 65 days 1,875 sqft
    2019-10-01 67 days 1,874 sqft
    2019-11-01 70 days 1,824 sqft
    2019-12-01 75 days 1,773 sqft
    2020-01-01 84 days 1,750 sqft
    2020-02-01 83 days 1,744 sqft
    2020-03-01 67 days 1,794 sqft
    2020-04-01 67 days 1,800 sqft
    2020-05-01 65 days 1,770 sqft
    2020-06-01 52 days 1,862 sqft
    2020-07-01 50 days 1,821 sqft
    2020-08-01 52 days 1,714 sqft
    2020-09-01 52 days 1,742 sqft
    2020-10-01 51 days 1,688 sqft
    2020-11-01 51 days 1,570 sqft
    2020-12-01 58 days 1,526 sqft
    2021-01-01 68 days 1,482 sqft
    2021-02-01 74 days 1,445 sqft
    2021-03-01 63 days 1,437 sqft
    2021-04-01 39 days 1,421 sqft
    2021-05-01 30 days 1,500 sqft
    2021-06-01 31 days 1,559 sqft
    2021-07-01 38 days 1,685 sqft
    2021-08-01 31 days 1,676 sqft
    2021-09-01 39 days 1,622 sqft
    2021-10-01 39 days 1,602 sqft
    2021-11-01 45 days 1,578 sqft
    2021-12-01 50 days 1,631 sqft
    2022-01-01 64 days 1,543 sqft
    2022-02-01 46 days 1,562 sqft
    2022-03-01 34 days 1,533 sqft
    2022-04-01 26 days 1,607 sqft
    2022-05-01 27 days 1,685 sqft
    2022-06-01 36 days 1,721 sqft
    2022-07-01 35 days 1,685 sqft
    2022-08-01 42 days 1,749 sqft
    2022-09-01 42 days 1,778 sqft
    2022-10-01 39 days 1,784 sqft
    2022-11-01 39 days 1,740 sqft
    2022-12-01 45 days 1,710 sqft
    2023-01-01 56 days 1,649 sqft
    2023-02-01 54 days 1,662 sqft
    2023-03-01 46 days 1,689 sqft
    2023-04-01 39 days 1,700 sqft
    2023-05-01 37 days 1,733 sqft
    2023-06-01 37 days 1,787 sqft
    2023-07-01 36 days 1,808 sqft
    2023-08-01 33 days 1,882 sqft
    2023-09-01 38 days 1,859 sqft
    2023-10-01 40 days 1,844 sqft
    2023-11-01 40 days 1,794 sqft
    2023-12-01 49 days 1,741 sqft
    2024-01-01 52 days 1,745 sqft
    2024-02-01 43 days 1,759 sqft
    2024-03-01 35 days 1,685 sqft
    Springfield's median listing age (time on market) for 2024-03-01 was 35 days. This is -24% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2024-03-01 period was 1,685 sqft. One year prior, the average listing was 1,689 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.