Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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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.

    Springfield's 59 lenders originated 415 VA loans during 2023. The total origination value was $129,925,000, with an average VA loan value of $313,072.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.58% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Springfield's average VA mortgage closing costs are $6,056.

    The average rate for the prior week (2025-02-07) was 6.21% and one month ago for the week of 2025-01-10, the average rate was 6.45%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2025-02-14, the average rate was 7%.

    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 99 6.82% $8,643
    QUICKEN LOANS, LLC 30 6.25% $11,402
    NAVY FEDERAL CREDIT UNION 25 5.93% $7,681
    MOVEMENT MORTGAGE, LLC 21 6.38% $8,006
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.79% $9,316
    UNITED WHOLESALE MORTGAGE, LLC 20 6.43% $10,739
    USAA Federal Savings Bank 16 6.42% $7,873
    FREEDOM MORTGAGE CORPORATION 12 6.60% $15,316
    PENNYMAC LOAN SERVICES, LLC 11 5.51% $6,717
    The Federal Savings Bank 9 6.24% $16,087
    GUARANTEED RATE, INC. 8 6.46% $11,558
    NEWREZ LLC 8 6.59% $10,715
    ACADEMY MORTGAGE CORPORATION 7 6.73% $9,858
    LOANDEPOT.COM, LLC 6 5.87% $12,620
    TOTAL MORTGAGE SERVICES, LLC 5 6.90% $10,989
    Mr. Cooper ( Nationstar Mortgage ) 5 5.90% $10,711
    HARBORONE MORTGAGE, LLC 5 7.10% $9,220
    Evolve Bank & Trust 5 6.53% $10,416
    GUARANTEED RATE AFFINITY, LLC 5 6.22% $5,782
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.44% $13,268
    HOMESTEAD FUNDING CORP. 4 7.06% $10,603
    PENTAGON FEDERAL CREDIT UNION 4 5.19% $13,143
    NORTHPOINT MORTGAGE, INC. 4 6.75% $8,984
    Nations Lending Corporation 3 6.83% $10,025
    Barrington Bank & Trust Company, N.A. 3 6.58% $12,490
    RELIANCE FIRST CAPITAL, LLC 3 6.42% $7,979
    CROSSCOUNTRY MORTGAGE, LLC 3 7.33% $8,651
    NORWICH COMMERCIAL GROUP, INC. 3 6.58% $8,717
    BROKER SOLUTIONS, INC. 3 6.46% $12,886
    GUILD MORTGAGE COMPANY 3 6.79% $13,218
    NBKC BANK 3 6.00% $4,165
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.42% $7,219
    FIRST WORLD MORTGAGE CORPORATION 2 6.50% $12,796
    AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $9,822
    AMERISAVE MORTGAGE CORPORATION 2 6.88% $11,262
    GENEVA FINANCIAL, LLC 2 6.75% $5,750
    LEADERONE FINANCIAL CORPORATION 2 6.19% $17,701
    North American Savings Bank, F.S.B. 2 6.13% $10,889
    Paramount Residential Mortgage Group, Inc. 2 6.13% $11,799
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $4,253
    Strong Home Mortgage, LLC 2 5.75% $8,293
    VILLAGE CAPITAL MORTGAGE 2 5.75% $4,766
    LADERA LENDING, INC. 1 7.25% $16,638
    Plains Commerce Bank 1 5.25% $21,380
    PLAZA HOME MORTGAGE, INC. 1 6.25% $7,150
    BNC National Bank 1 5.13% $3,491
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 6.25% $12,767
    Keystone Funding, Inc. 1 5.88% $7,616
    RADIUS FINANCIAL GROUP INC. 1 7.25% $9,796
    FIRST MORTGAGE COMPANY, INC. 1 6.25% $8,723
    Semper Home Loans, Inc. 1 7.13% $20,875
    Wells Fargo Bank 1 6.50% $13,034
    T2 FINANCIAL LLC 1 7.25% $12,211
    Fall River Five Cents Savings Bank 1 7.13% $9,773
    EVERETT FINANCIAL, INC. 1 6.13% $2,300
    M&T Bank 1 5.75% $7,262
    MORTGAGE EQUITY PARTNERS LLC 1 6.75% $4,602
    CARDINAL FINANCIAL 1 7.25% $19,563
    LOANPAL, LLC 1 5.99% $13,367

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 99 VA loans originated. Their average total fees are $8,643, which is $2,759 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($6,717), NAVY FEDERAL CREDIT UNION ($7,681), USAA Federal Savings Bank ($7,873), MOVEMENT MORTGAGE, LLC ($8,006) and Mortgage Research Center, LLC ($8,643).

    The lowest rate Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.51%), NAVY FEDERAL CREDIT UNION (5.93%), QUICKEN LOANS, LLC (6.25%), MOVEMENT MORTGAGE, LLC (6.38%) and USAA Federal Savings Bank (6.42%).

    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 $219,900 (15.8%) $269,640 (12.6%) 0.91 834
    2018-02-01 $222,494 (14.4%) $271,836 (10.0%) 0.91 804
    2018-03-01 $239,900 (14.1%) $280,963 (8.8%) 0.93 813
    2018-04-01 $248,450 (12.4%) $293,341 (10.0%) 0.94 860
    2018-05-01 $249,950 (8.9%) $294,335 (6.7%) 0.93 998
    2018-06-01 $249,900 (5.2%) $296,475 (6.6%) 0.93 1,069
    2018-07-01 $249,900 (4.6%) $298,909 (6.7%) 0.93 1,148
    2018-08-01 $239,900 (2.1%) $292,279 (4.6%) 0.90 1,190
    2018-09-01 $239,000 (2.2%) $288,269 (4.2%) 0.87 1,229
    2018-10-01 $237,075 (3.3%) $285,583 (3.7%) 0.88 1,231
    2018-11-01 $232,400 (3.3%) $281,525 (2.3%) 0.88 1,132
    2018-12-01 $224,900 (2.3%) $272,879 (-0.1%) 0.86 1,016
    2019-01-01 $225,850 (2.7%) $269,264 (-0.1%) 0.86 880
    2019-02-01 $225,561 (1.4%) $272,008 (0.1%) 0.83 837
    2019-03-01 $235,614 (-1.8%) $282,346 (0.5%) 0.84 814
    2019-04-01 $249,900 (0.6%) $297,955 (1.6%) 0.88 796
    2019-05-01 $254,900 (2.0%) $309,415 (5.1%) 0.90 839
    2019-06-01 $259,900 (4.0%) $312,213 (5.3%) 0.93 900
    2019-07-01 $259,075 (3.7%) $308,830 (3.3%) 0.92 931
    2019-08-01 $253,609 (5.7%) $304,096 (4.0%) 0.91 963
    2019-09-01 $251,523 (5.2%) $299,571 (3.9%) 0.90 1,000
    2019-10-01 $249,900 (5.4%) $294,661 (3.2%) 0.89 1,019
    2019-11-01 $242,500 (4.4%) $291,941 (3.7%) 0.88 907
    2019-12-01 $235,925 (4.9%) $289,675 (6.2%) 0.91 761
    2020-01-01 $242,400 (7.3%) $297,487 (10.5%) 0.91 680
    2020-02-01 $249,900 (10.8%) $305,632 (12.4%) 0.89 651
    2020-03-01 $279,947 (18.8%) $331,316 (17.3%) 0.94 638
    2020-04-01 $279,900 (12.0%) $328,207 (10.2%) 0.94 630
    2020-05-01 $289,000 (13.4%) $339,209 (9.6%) 0.99 581
    2020-06-01 $299,950 (15.4%) $352,067 (12.8%) 1.00 545
    2020-07-01 $299,900 (15.8%) $353,411 (14.4%) 1.00 495
    2020-08-01 $315,000 (24.2%) $364,117 (19.7%) 1.00 480
    2020-09-01 $299,900 (19.2%) $368,968 (23.2%) 0.99 485
    2020-10-01 $299,000 (19.7%) $362,699 (23.1%) 0.93 530
    2020-11-01 $269,603 (11.2%) $342,126 (17.2%) 0.90 477
    2020-12-01 $254,950 (8.1%) $333,376 (15.1%) 0.86 430
    2021-01-01 $250,000 (3.1%) $344,136 (15.7%) 0.89 339
    2021-02-01 $276,700 (10.7%) $352,048 (15.2%) 0.95 280
    2021-03-01 $298,450 (6.6%) $373,032 (12.6%) 0.98 262
    2021-04-01 $312,475 (11.6%) $385,827 (17.6%) 0.98 269
    2021-05-01 $299,900 (3.8%) $374,684 (10.5%) 0.93 315
    2021-06-01 $299,675 (-0.1%) $385,361 (9.5%) 0.89 351
    2021-07-01 $295,000 (-1.6%) $382,269 (8.2%) 0.91 393
    2021-08-01 $299,350 (-5.0%) $375,638 (3.2%) 0.91 454
    2021-09-01 $284,500 (-5.1%) $365,342 (-1.0%) 0.83 439
    2021-10-01 $274,675 (-8.1%) $351,310 (-3.1%) 0.80 413
    2021-11-01 $270,400 (0.3%) $359,013 (4.9%) 0.81 367
    2021-12-01 $267,450 (4.9%) $356,919 (7.1%) 0.82 316
    2022-01-01 $275,000 (10.0%) $350,962 (2.0%) 0.88 248
    2022-02-01 $282,497 (2.1%) $352,937 (0.3%) 0.82 233
    2022-03-01 $287,175 (-3.8%) $358,158 (-4.0%) 0.82 221
    2022-04-01 $314,458 (0.6%) $379,656 (-1.6%) 0.85 240
    2022-05-01 $307,475 (2.5%) $372,941 (-0.5%) 0.81 323
    2022-06-01 $322,500 (7.6%) $385,188 (-0.1%) 0.78 409
    2022-07-01 $299,900 (1.7%) $367,596 (-3.8%) 0.79 484
    2022-08-01 $299,900 (0.2%) $364,967 (-2.8%) 0.80 479
    2022-09-01 $314,975 (10.7%) $373,374 (2.2%) 0.82 466
    2022-10-01 $314,900 (14.6%) $371,401 (5.7%) 0.82 446
    2022-11-01 $314,175 (16.2%) $369,983 (3.1%) 0.83 415
    2022-12-01 $299,987 (12.2%) $361,857 (1.4%) 0.84 363
    2023-01-01 $294,900 (7.2%) $349,483 (-0.4%) 0.81 332
    2023-02-01 $297,450 (5.3%) $343,503 (-2.7%) 0.78 307
    2023-03-01 $311,050 (8.3%) $361,482 (0.9%) 0.82 268
    2023-04-01 $325,000 (3.4%) $380,579 (0.2%) 0.86 276
    2023-05-01 $344,175 (11.9%) $389,652 (4.5%) 0.87 291
    2023-06-01 $345,400 (7.1%) $417,028 (8.3%) 0.87 290
    2023-07-01 $349,900 (16.7%) $415,426 (13.0%) 0.86 319
    2023-08-01 $339,950 (13.4%) $408,020 (11.8%) 0.86 341
    2023-09-01 $332,450 (5.6%) $405,884 (8.7%) 0.88 353
    2023-10-01 $327,450 (4.0%) $395,177 (6.4%) 0.87 405
    2023-11-01 $325,000 (3.5%) $383,578 (3.7%) 0.83 392
    2023-12-01 $316,950 (5.7%) $380,885 (5.3%) 0.85 340
    2024-01-01 $320,925 (8.8%) $383,699 (9.8%) 0.85 278
    2024-02-01 $307,494 (3.4%) $383,438 (11.6%) 0.84 246
    2024-03-01 $324,900 (4.5%) $401,846 (11.2%) 0.82 249
    2024-04-01 $333,000 (2.5%) $407,910 (7.2%) 0.91 260
    2024-05-01 $349,950 (1.7%) $425,943 (9.3%) 0.90 320
    2024-06-01 $335,000 (-3.0%) $416,143 (-0.2%) 0.90 364
    2024-07-01 $338,225 (-3.3%) $419,018 (0.9%) 0.90 357
    2024-08-01 $350,000 (3.0%) $434,595 (6.5%) 0.93 383
    2024-09-01 $344,950 (3.8%) $421,269 (3.8%) 0.93 460
    2024-10-01 $341,950 (4.4%) $410,651 (3.9%) 0.91 508
    2024-11-01 $329,900 (1.5%) $393,262 (2.5%) 0.88 498
    2024-12-01 $330,000 (4.1%) $397,518 (4.4%) 0.91 417
    2025-01-01 $328,161 (2.3%) $385,830 (0.6%) 0.00 376
    Springfield's median listing price for 2025-01-01 was $328,161, a difference of $7,236 (2.3%) versus the prior year and $-1,839 versus the prior month.

    Springfield's median listing price comes in at 0% of the national average.

    Springfield's average listing price for 2025-01-01 was $385,830, a difference of $2,131 (0.6%) versus the prior year and $-11,688 versus the prior month.

    For the 2025-01-01 period, Springfield had 376 MLS listings, a difference of -41 listings (-10%) versus the prior month and 98 listings (35%) 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 87 days 1,589 sqft
    2018-02-01 84 days 1,612 sqft
    2018-03-01 58 days 1,656 sqft
    2018-04-01 46 days 1,725 sqft
    2018-05-01 39 days 1,728 sqft
    2018-06-01 39 days 1,737 sqft
    2018-07-01 47 days 1,751 sqft
    2018-08-01 53 days 1,710 sqft
    2018-09-01 60 days 1,680 sqft
    2018-10-01 61 days 1,665 sqft
    2018-11-01 65 days 1,680 sqft
    2018-12-01 72 days 1,659 sqft
    2019-01-01 80 days 1,633 sqft
    2019-02-01 75 days 1,639 sqft
    2019-03-01 61 days 1,684 sqft
    2019-04-01 44 days 1,755 sqft
    2019-05-01 39 days 1,767 sqft
    2019-06-01 40 days 1,762 sqft
    2019-07-01 47 days 1,741 sqft
    2019-08-01 53 days 1,726 sqft
    2019-09-01 56 days 1,709 sqft
    2019-10-01 56 days 1,696 sqft
    2019-11-01 61 days 1,683 sqft
    2019-12-01 73 days 1,626 sqft
    2020-01-01 78 days 1,642 sqft
    2020-02-01 66 days 1,674 sqft
    2020-03-01 49 days 1,755 sqft
    2020-04-01 56 days 1,737 sqft
    2020-05-01 64 days 1,764 sqft
    2020-06-01 49 days 1,801 sqft
    2020-07-01 46 days 1,783 sqft
    2020-08-01 43 days 1,801 sqft
    2020-09-01 38 days 1,793 sqft
    2020-10-01 36 days 1,737 sqft
    2020-11-01 46 days 1,650 sqft
    2020-12-01 55 days 1,622 sqft
    2021-01-01 58 days 1,600 sqft
    2021-02-01 52 days 1,673 sqft
    2021-03-01 33 days 1,673 sqft
    2021-04-01 19 days 1,730 sqft
    2021-05-01 18 days 1,688 sqft
    2021-06-01 18 days 1,685 sqft
    2021-07-01 26 days 1,641 sqft
    2021-08-01 25 days 1,648 sqft
    2021-09-01 29 days 1,610 sqft
    2021-10-01 30 days 1,569 sqft
    2021-11-01 31 days 1,562 sqft
    2021-12-01 42 days 1,569 sqft
    2022-01-01 46 days 1,541 sqft
    2022-02-01 23 days 1,579 sqft
    2022-03-01 21 days 1,607 sqft
    2022-04-01 17 days 1,704 sqft
    2022-05-01 16 days 1,694 sqft
    2022-06-01 18 days 1,731 sqft
    2022-07-01 25 days 1,656 sqft
    2022-08-01 33 days 1,633 sqft
    2022-09-01 35 days 1,628 sqft
    2022-10-01 38 days 1,638 sqft
    2022-11-01 39 days 1,637 sqft
    2022-12-01 47 days 1,619 sqft
    2023-01-01 54 days 1,564 sqft
    2023-02-01 38 days 1,534 sqft
    2023-03-01 35 days 1,613 sqft
    2023-04-01 20 days 1,622 sqft
    2023-05-01 19 days 1,615 sqft
    2023-06-01 19 days 1,680 sqft
    2023-07-01 23 days 1,720 sqft
    2023-08-01 25 days 1,673 sqft
    2023-09-01 30 days 1,670 sqft
    2023-10-01 30 days 1,662 sqft
    2023-11-01 34 days 1,589 sqft
    2023-12-01 45 days 1,564 sqft
    2024-01-01 47 days 1,540 sqft
    2024-02-01 38 days 1,535 sqft
    2024-03-01 27 days 1,580 sqft
    2024-04-01 20 days 1,598 sqft
    2024-05-01 17 days 1,648 sqft
    2024-06-01 24 days 1,564 sqft
    2024-07-01 30 days 1,567 sqft
    2024-08-01 31 days 1,575 sqft
    2024-09-01 28 days 1,565 sqft
    2024-10-01 30 days 1,588 sqft
    2024-11-01 37 days 1,569 sqft
    2024-12-01 51 days 1,563 sqft
    2025-01-01 0 days 1,537 sqft
    Springfield's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2025-01-01 period was 1,537 sqft. One year prior, the average listing was 1,540 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.