Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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 93 lenders originated 1,474 VA loans during 2021. The total origination value was $379,290,000, with an average VA loan value of $257,320.

Springfield VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Springfield averaged 6.61% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Springfield's average VA mortgage closing costs are $5,263.

The average rate for the prior week (2022-11-25) was 6.95% and one month ago for the week of 2022-10-28, the average rate was 7.23%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.37%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 174 2.87% $5,946
QUICKEN LOANS, LLC 166 2.51% $4,640
PENNYMAC LOAN SERVICES, LLC 84 2.44% $4,838
FREEDOM MORTGAGE CORPORATION 76 2.37% $2,449
USAA Federal Savings Bank 54 2.83% $5,460
Mortgage Network, Inc. 50 2.84% $7,592
LOANDEPOT.COM, LLC 45 2.67% $4,610
LAKEVIEW LOAN SERVICING, LLC 41 2.55% $2,683
NAVY FEDERAL CREDIT UNION 36 2.46% $7,149
MOVEMENT MORTGAGE, LLC 33 2.89% $6,883
NEWREZ LLC 30 2.74% $5,363
GUARANTEED RATE, INC. 29 2.63% $4,834
The Federal Savings Bank 27 2.62% $6,529
HARBORONE MORTGAGE, LLC 25 2.93% $5,466
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.13% $8,283
Wells Fargo Bank 23 2.51% $4,101
Mr. Cooper ( Nationstar Mortgage ) 23 2.73% $4,145
CALIBER HOME LOANS, INC. 19 2.51% $3,326
AMERICAN FINANCIAL NETWORK, INC. 18 2.49% $10,116
RESIDENTIAL MORTGAGE SERVICES, INC. 16 2.62% $8,680
Evolve Bank & Trust 15 2.83% $3,432
ACADEMY MORTGAGE CORPORATION 13 3.14% $7,436
Barrington Bank & Trust Company, N.A. 12 2.69% $7,139
UNITED WHOLESALE MORTGAGE, LLC 11 2.70% $6,403
First Federal Bank 10 3.10% $4,631
GUARANTEED RATE AFFINITY, LLC 10 2.59% $9,749
First Guaranty Mortgage Corporation 7 2.46% $3,848
EMBRACE HOME LOANS, INC. 7 2.41% $2,797
MUTUAL OF OMAHA MORTGAGE, INC. 7 2.95% $6,167
CROSSCOUNTRY MORTGAGE, LLC 7 3.09% $9,459
RADIUS FINANCIAL GROUP INC. 6 2.46% $2,602
BAY EQUITY LLC 6 3.04% $6,584
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.79% $7,202
HOME POINT FINANCIAL CORPORATION 6 2.68% $8,088
INLAND BANK & TRUST 6 3.02% $9,028
NBKC BANK 5 2.65% $4,761
Citizens Bank 5 2.45% $4,049
PENTAGON FEDERAL CREDIT UNION 5 2.48% $2,803
EMM LOANS LLC 5 3.25% $10,997
VILLAGE CAPITAL MORTGAGE 5 2.35% $2,205
Prime Choice Funding Inc. 5 2.25% $2,287
NORTHPOINT MORTGAGE, INC. 5 2.93% $7,659
AMERISAVE MORTGAGE CORPORATION 3 2.50% $6,316
NORTHERN MORTGAGE SERVICES, LLC 3 2.71% $4,519
Flagstar Bank, FSB 3 2.71% $5,478
BROKER SOLUTIONS, INC. 3 2.46% $5,785
FIRST WORLD MORTGAGE CORPORATION 3 2.88% $7,056
North American Savings Bank, F.S.B. 3 2.42% $2,174
EVERETT FINANCIAL, INC. 3 3.71% $6,547
Envision Bank 3 2.88% $3,529
ENVOY MORTGAGE, LTD 2 3.31% $4,923
NORWICH COMMERCIAL GROUP, INC. 2 2.75% $10,265
NP, Inc. 2 2.25% $4,554
OCMBC, INC. 2 2.94% $9,529
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.63% $3,184
TD Bank 2 2.69% $8,456
AMERICAN FINANCING CORPORATION 2 2.81% $1,635
KS StateBank 2 2.81% $9,176
FINANCE OF AMERICA MORTGAGE LLC 2 2.69% $7,033
Magnolia Bank 2 2.44% $7,248
BNC National Bank 2 2.25% $7,077
Community First National Bank 1 2.75% $16,086
EQUITY RESOURCES, INC. 1 2.63% $2,690
Colonial Savings, F.A. 1 3.50% $14,507
First Federal Bank of Kansas City 1 2.25% $1,328
FIRST HOME MORTGAGE CORPORATION 1 3.25% $2,613
First Savings Bank 1 2.25% $3,043
Carrington Mortgage Services, LLC 1 2.25% $3,912
GUILD MORTGAGE COMPANY 1 3.13% $3,932
HANSCOM 1 3.13% $14,727
Hometown Equity Mortgage, LLC 1 4.25% $4,200
Leader Bank 1 2.50% $2,905
LEADERONE FINANCIAL CORPORATION 1 2.25% $2,489
Meridian Bank Corporation 1 2.25% $2,865
MID AMERICA MORTGAGE, INC. 1 2.63% $1,185
MILEND, INC. 1 3.25% $2,809
Berkshire Bank 1 2.75% $3,931
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $2,717
Nations Lending Corporation 1 4.25% $938
Paramount Residential Mortgage Group, Inc. 1 2.99% $7,918
Bank of England 1 2.75% $9,602
PREMIA MORTGAGE, LLC 1 2.25% $8,910
Presidential Bank, FSB 1 2.25% $1,903
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $3,485
RELIANCE FIRST CAPITAL, LLC 1 2.38% $4,277
Sierra Pacific Mortgage Company, Inc. 1 2.38% $11,035
SIWELL, INC. 1 2.25% $9,237
STEARNS LENDING, LLC 1 2.50% $4,013
Strong Home Mortgage, LLC 1 2.75% $2,268
TJC Mortgage, Inc. 1 2.25% $5,107
TOTAL MORTGAGE SERVICES, LLC 1 2.88% $8,550
Truist 1 2.75% $9,659
CONTOUR MORTGAGE CORPORATION 1 2.25% $9,184

The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 174 VA loans originated. Their average total fees are $5,946, which is $1,306 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Springfield VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,449), LAKEVIEW LOAN SERVICING, LLC ($2,683), CALIBER HOME LOANS, INC. ($3,326), Evolve Bank & Trust ($3,432) and Wells Fargo Bank ($4,101).

The lowest rate Springfield VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.37%), PENNYMAC LOAN SERVICES, LLC (2.44%), NAVY FEDERAL CREDIT UNION (2.46%), AMERICAN FINANCIAL NETWORK, INC. (2.49%) and QUICKEN LOANS, LLC (2.51%).


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 $244,900 (8.9%) $300,694 (12.9%) 0.91 1,387
2018-02-01 $249,900 (11.1%) $304,182 (11.8%) 0.91 1,325
2018-03-01 $264,900 (10.4%) $315,824 (10.0%) 0.93 1,357
2018-04-01 $277,450 (11.0%) $328,050 (11.3%) 0.94 1,417
2018-05-01 $279,900 (7.9%) $329,059 (9.0%) 0.93 1,641
2018-06-01 $279,000 (7.4%) $328,173 (7.2%) 0.93 1,797
2018-07-01 $277,450 (6.8%) $328,610 (6.4%) 0.93 1,881
2018-08-01 $267,900 (2.3%) $322,990 (4.3%) 0.90 1,917
2018-09-01 $259,900 (0.0%) $319,000 (3.9%) 0.87 1,983
2018-10-01 $259,900 (2.7%) $318,728 (4.6%) 0.88 1,989
2018-11-01 $259,900 (4.0%) $318,557 (4.4%) 0.88 1,835
2018-12-01 $249,900 (0.0%) $309,985 (2.6%) 0.86 1,633
2019-01-01 $249,900 (2.0%) $305,196 (1.5%) 0.86 1,394
2019-02-01 $245,950 (-1.6%) $307,953 (1.2%) 0.83 1,316
2019-03-01 $258,371 (-2.5%) $322,340 (2.1%) 0.84 1,305
2019-04-01 $277,450 (0.0%) $341,520 (4.1%) 0.88 1,314
2019-05-01 $287,900 (2.9%) $347,076 (5.5%) 0.90 1,464
2019-06-01 $298,750 (7.1%) $352,165 (7.3%) 0.93 1,567
2019-07-01 $295,000 (6.3%) $350,534 (6.7%) 0.92 1,617
2019-08-01 $285,809 (6.7%) $343,994 (6.5%) 0.90 1,652
2019-09-01 $279,673 (7.6%) $335,795 (5.3%) 0.89 1,686
2019-10-01 $274,950 (5.8%) $329,290 (3.3%) 0.89 1,711
2019-11-01 $269,000 (3.5%) $328,642 (3.2%) 0.88 1,539
2019-12-01 $271,950 (8.8%) $331,571 (7.0%) 0.91 1,297
2020-01-01 $270,000 (8.0%) $332,202 (8.9%) 0.90 1,130
2020-02-01 $271,200 (10.3%) $332,591 (8.0%) 0.89 1,079
2020-03-01 $299,900 (16.1%) $357,877 (11.0%) 0.94 1,093
2020-04-01 $299,900 (8.1%) $363,364 (6.4%) 0.94 1,060
2020-05-01 $324,900 (12.9%) $378,984 (9.2%) 0.99 1,027
2020-06-01 $338,450 (13.3%) $394,803 (12.1%) 1.00 971
2020-07-01 $343,850 (16.6%) $398,602 (13.7%) 1.00 885
2020-08-01 $349,000 (22.1%) $410,805 (19.4%) 1.00 854
2020-09-01 $346,950 (24.1%) $413,770 (23.2%) 0.99 877
2020-10-01 $324,950 (18.2%) $396,633 (20.5%) 0.93 904
2020-11-01 $304,950 (13.4%) $389,800 (18.6%) 0.89 803
2020-12-01 $289,455 (6.4%) $375,600 (13.3%) 0.86 725
2021-01-01 $299,000 (10.7%) $391,898 (18.0%) 0.89 590
2021-02-01 $328,675 (21.2%) $409,063 (23.0%) 0.96 490
2021-03-01 $344,900 (15.0%) $425,234 (18.8%) 0.98 455
2021-04-01 $359,950 (20.0%) $441,095 (21.4%) 0.97 473
2021-05-01 $350,000 (7.7%) $428,565 (13.1%) 0.93 539
2021-06-01 $338,500 (0.0%) $426,984 (8.2%) 0.89 622
2021-07-01 $345,000 (0.3%) $426,847 (7.1%) 0.91 650
2021-08-01 $339,725 (-2.7%) $415,904 (1.2%) 0.91 725
2021-09-01 $308,725 (-11.0%) $405,517 (-2.0%) 0.82 702
2021-10-01 $299,900 (-7.7%) $399,207 (0.7%) 0.80 666
2021-11-01 $303,473 (-0.5%) $416,031 (6.7%) 0.81 612
2021-12-01 $303,900 (5.0%) $413,270 (10.0%) 0.82 513
2022-01-01 $325,000 (8.7%) $415,816 (6.1%) 0.88 400
2022-02-01 $315,000 (-4.2%) $408,793 (-0.1%) 0.82 363
2022-03-01 $326,950 (-5.2%) $411,081 (-3.3%) 0.82 349
2022-04-01 $355,000 (-1.4%) $433,593 (-1.7%) 0.85 399
2022-05-01 $352,375 (0.7%) $424,524 (-0.9%) 0.81 511
2022-06-01 $349,950 (3.4%) $433,694 (1.6%) 0.78 655
2022-07-01 $349,263 (1.2%) $422,528 (-1.0%) 0.79 773
2022-08-01 $344,900 (1.5%) $418,253 (0.6%) 0.80 777
2022-09-01 $350,000 (13.4%) $424,363 (4.7%) 0.82 768
2022-10-01 $349,900 (16.7%) $428,353 (7.3%) 0.82 728
2022-11-01 $344,500 (13.5%) $420,156 (1.0%) 0.83 696
Springfield's median listing price for 2022-11-01 was $344,500, a difference of $41,027 (13.5%) versus the prior year and $-5,400 versus the prior month.

Springfield's median listing price comes in at 83% of the national average.

Springfield's average listing price for 2022-11-01 was $420,156, a difference of $4,125 (1.0%) versus the prior year and $-8,197 versus the prior month.

For the 2022-11-01 period, Springfield had 696 MLS listings, a difference of -32 listings (-4%) versus the prior month and 84 listings (14%) 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 93 days 1,639 sqft
2018-02-01 95 days 1,654 sqft
2018-03-01 66 days 1,714 sqft
2018-04-01 51 days 1,791 sqft
2018-05-01 44 days 1,800 sqft
2018-06-01 43 days 1,800 sqft
2018-07-01 51 days 1,795 sqft
2018-08-01 58 days 1,761 sqft
2018-09-01 65 days 1,734 sqft
2018-10-01 67 days 1,736 sqft
2018-11-01 72 days 1,746 sqft
2018-12-01 77 days 1,723 sqft
2019-01-01 85 days 1,701 sqft
2019-02-01 82 days 1,710 sqft
2019-03-01 66 days 1,762 sqft
2019-04-01 49 days 1,821 sqft
2019-05-01 42 days 1,830 sqft
2019-06-01 45 days 1,852 sqft
2019-07-01 51 days 1,836 sqft
2019-08-01 55 days 1,809 sqft
2019-09-01 58 days 1,786 sqft
2019-10-01 60 days 1,768 sqft
2019-11-01 66 days 1,746 sqft
2019-12-01 77 days 1,737 sqft
2020-01-01 84 days 1,740 sqft
2020-02-01 75 days 1,734 sqft
2020-03-01 54 days 1,797 sqft
2020-04-01 62 days 1,791 sqft
2020-05-01 71 days 1,801 sqft
2020-06-01 58 days 1,866 sqft
2020-07-01 51 days 1,831 sqft
2020-08-01 51 days 1,868 sqft
2020-09-01 45 days 1,843 sqft
2020-10-01 43 days 1,777 sqft
2020-11-01 50 days 1,737 sqft
2020-12-01 59 days 1,689 sqft
2021-01-01 64 days 1,700 sqft
2021-02-01 63 days 1,746 sqft
2021-03-01 44 days 1,739 sqft
2021-04-01 23 days 1,790 sqft
2021-05-01 22 days 1,764 sqft
2021-06-01 20 days 1,710 sqft
2021-07-01 28 days 1,723 sqft
2021-08-01 27 days 1,716 sqft
2021-09-01 30 days 1,652 sqft
2021-10-01 31 days 1,609 sqft
2021-11-01 33 days 1,637 sqft
2021-12-01 45 days 1,642 sqft
2022-01-01 52 days 1,637 sqft
2022-02-01 24 days 1,627 sqft
2022-03-01 25 days 1,613 sqft
2022-04-01 18 days 1,722 sqft
2022-05-01 17 days 1,734 sqft
2022-06-01 19 days 1,742 sqft
2022-07-01 26 days 1,728 sqft
2022-08-01 35 days 1,694 sqft
2022-09-01 37 days 1,708 sqft
2022-10-01 38 days 1,699 sqft
2022-11-01 42 days 1,683 sqft
Springfield's median listing age (time on market) for 2022-11-01 was 42 days. This is 28% longer than the same period one year ago.

Springfield's median square footage for active listings during the 2022-11-01 period was 1,683 sqft. One year prior, the average listing was 1,637 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.