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 6.71% 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 $6,056.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 5.99%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.13%.

    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 $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 $264,450 (10.2%) $315,743 (10.0%) 0.93 1,358
    2018-04-01 $277,450 (11.0%) $328,050 (11.3%) 0.94 1,417
    2018-05-01 $279,900 (7.9%) $329,061 (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 (2.4%) $322,990 (4.4%) 0.90 1,917
    2018-09-01 $259,900 (0.0%) $319,000 (3.9%) 0.87 1,983
    2018-10-01 $259,900 (2.9%) $318,728 (4.6%) 0.88 1,989
    2018-11-01 $259,900 (4.0%) $318,556 (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 (-2.3%) $322,308 (2.1%) 0.84 1,305
    2019-04-01 $277,450 (0.0%) $341,470 (4.1%) 0.88 1,313
    2019-05-01 $288,400 (3.0%) $347,196 (5.5%) 0.90 1,462
    2019-06-01 $299,000 (7.2%) $352,466 (7.4%) 0.93 1,565
    2019-07-01 $295,000 (6.3%) $350,600 (6.7%) 0.92 1,614
    2019-08-01 $285,823 (6.7%) $344,156 (6.6%) 0.91 1,649
    2019-09-01 $279,707 (7.6%) $335,682 (5.2%) 0.90 1,681
    2019-10-01 $274,975 (5.8%) $328,933 (3.2%) 0.89 1,707
    2019-11-01 $269,225 (3.6%) $328,210 (3.0%) 0.88 1,535
    2019-12-01 $272,175 (8.9%) $331,038 (6.8%) 0.91 1,292
    2020-01-01 $271,450 (8.6%) $331,611 (8.7%) 0.91 1,125
    2020-02-01 $272,400 (10.8%) $331,979 (7.8%) 0.89 1,074
    2020-03-01 $299,900 (16.1%) $357,402 (10.9%) 0.94 1,087
    2020-04-01 $299,900 (8.1%) $362,913 (6.3%) 0.94 1,054
    2020-05-01 $324,900 (12.7%) $378,411 (9.0%) 0.99 1,020
    2020-06-01 $338,450 (13.2%) $394,299 (11.9%) 1.00 965
    2020-07-01 $343,850 (16.6%) $398,264 (13.6%) 1.00 878
    2020-08-01 $349,000 (22.1%) $411,168 (19.5%) 1.00 849
    2020-09-01 $346,950 (24.0%) $413,393 (23.2%) 0.99 871
    2020-10-01 $325,000 (18.2%) $396,248 (20.5%) 0.93 898
    2020-11-01 $306,175 (13.7%) $389,205 (18.6%) 0.90 796
    2020-12-01 $289,455 (6.4%) $374,207 (13.0%) 0.86 717
    2021-01-01 $299,000 (10.2%) $390,192 (17.7%) 0.89 582
    2021-02-01 $327,450 (20.2%) $406,478 (22.4%) 0.95 483
    2021-03-01 $344,825 (15.0%) $422,690 (18.3%) 0.98 448
    2021-04-01 $363,625 (21.3%) $439,802 (21.2%) 0.98 467
    2021-05-01 $350,000 (7.7%) $427,173 (12.9%) 0.93 534
    2021-06-01 $339,725 (0.4%) $426,378 (8.1%) 0.89 618
    2021-07-01 $346,500 (0.8%) $425,902 (6.9%) 0.91 648
    2021-08-01 $339,950 (-2.6%) $414,764 (0.9%) 0.91 724
    2021-09-01 $309,450 (-10.8%) $404,946 (-2.0%) 0.83 701
    2021-10-01 $300,000 (-7.7%) $399,008 (0.7%) 0.80 663
    2021-11-01 $304,500 (-0.6%) $415,806 (6.8%) 0.81 607
    2021-12-01 $303,900 (5.0%) $412,733 (10.3%) 0.82 507
    2022-01-01 $325,000 (8.7%) $414,897 (6.3%) 0.88 394
    2022-02-01 $315,000 (-3.8%) $407,652 (0.3%) 0.82 357
    2022-03-01 $326,950 (-5.2%) $409,968 (-3.0%) 0.82 342
    2022-04-01 $355,900 (-2.1%) $431,126 (-2.0%) 0.85 392
    2022-05-01 $355,500 (1.6%) $422,312 (-1.1%) 0.81 504
    2022-06-01 $352,125 (3.7%) $432,145 (1.4%) 0.78 648
    2022-07-01 $349,525 (0.9%) $421,054 (-1.1%) 0.79 766
    2022-08-01 $344,925 (1.5%) $416,833 (0.5%) 0.80 771
    2022-09-01 $350,000 (13.1%) $423,518 (4.6%) 0.82 761
    2022-10-01 $349,900 (16.6%) $426,954 (7.0%) 0.82 721
    2022-11-01 $344,500 (13.1%) $418,506 (0.7%) 0.83 689
    2022-12-01 $340,000 (11.9%) $416,000 (0.8%) 0.84 595
    2023-01-01 $327,450 (0.8%) $427,648 (3.1%) 0.81 537
    2023-02-01 $322,450 (2.4%) $446,635 (9.6%) 0.78 455
    2023-03-01 $345,725 (5.7%) $466,264 (13.7%) 0.82 426
    2023-04-01 $369,000 (3.7%) $485,736 (12.7%) 0.86 437
    2023-05-01 $383,250 (7.8%) $492,285 (16.6%) 0.87 474
    2023-06-01 $386,950 (9.9%) $511,045 (18.3%) 0.87 477
    2023-07-01 $377,450 (8.0%) $503,902 (19.7%) 0.86 521
    2023-08-01 $373,675 (8.3%) $494,165 (18.6%) 0.86 555
    2023-09-01 $379,263 (8.4%) $497,378 (17.4%) 0.88 572
    2023-10-01 $368,675 (5.4%) $479,805 (12.4%) 0.87 643
    2023-11-01 $350,000 (1.6%) $468,391 (11.9%) 0.83 623
    2023-12-01 $349,900 (2.9%) $476,796 (14.6%) 0.85 522
    2024-01-01 $349,900 (6.9%) $480,035 (12.3%) 0.85 446
    2024-02-01 $350,000 (8.5%) $488,882 (9.5%) 0.84 389
    2024-03-01 $350,000 (1.2%) $505,335 (8.4%) 0.82 382
    Springfield's median listing price for 2024-03-01 was $350,000, a difference of $4,275 (1.2%) versus the prior year and $0 versus the prior month.

    Springfield's median listing price comes in at 82% of the national average.

    Springfield's average listing price for 2024-03-01 was $505,335, a difference of $39,071 (8.4%) versus the prior year and $16,453 versus the prior month.

    For the 2024-03-01 period, Springfield had 382 MLS listings, a difference of -7 listings (-2%) versus the prior month and -44 listings (-10%) 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 1,641 sqft
    2018-02-01 84 days 1,654 sqft
    2018-03-01 58 days 1,714 sqft
    2018-04-01 46 days 1,792 sqft
    2018-05-01 39 days 1,800 sqft
    2018-06-01 39 days 1,800 sqft
    2018-07-01 47 days 1,795 sqft
    2018-08-01 53 days 1,761 sqft
    2018-09-01 60 days 1,734 sqft
    2018-10-01 61 days 1,736 sqft
    2018-11-01 65 days 1,746 sqft
    2018-12-01 72 days 1,723 sqft
    2019-01-01 80 days 1,701 sqft
    2019-02-01 75 days 1,710 sqft
    2019-03-01 61 days 1,762 sqft
    2019-04-01 44 days 1,822 sqft
    2019-05-01 39 days 1,832 sqft
    2019-06-01 40 days 1,858 sqft
    2019-07-01 47 days 1,839 sqft
    2019-08-01 53 days 1,813 sqft
    2019-09-01 56 days 1,789 sqft
    2019-10-01 56 days 1,772 sqft
    2019-11-01 61 days 1,748 sqft
    2019-12-01 73 days 1,737 sqft
    2020-01-01 78 days 1,741 sqft
    2020-02-01 66 days 1,735 sqft
    2020-03-01 49 days 1,800 sqft
    2020-04-01 56 days 1,792 sqft
    2020-05-01 64 days 1,801 sqft
    2020-06-01 49 days 1,867 sqft
    2020-07-01 46 days 1,840 sqft
    2020-08-01 43 days 1,872 sqft
    2020-09-01 38 days 1,843 sqft
    2020-10-01 36 days 1,784 sqft
    2020-11-01 46 days 1,737 sqft
    2020-12-01 55 days 1,691 sqft
    2021-01-01 58 days 1,700 sqft
    2021-02-01 52 days 1,750 sqft
    2021-03-01 33 days 1,743 sqft
    2021-04-01 19 days 1,791 sqft
    2021-05-01 18 days 1,770 sqft
    2021-06-01 18 days 1,715 sqft
    2021-07-01 26 days 1,732 sqft
    2021-08-01 25 days 1,725 sqft
    2021-09-01 29 days 1,656 sqft
    2021-10-01 30 days 1,612 sqft
    2021-11-01 31 days 1,640 sqft
    2021-12-01 42 days 1,644 sqft
    2022-01-01 46 days 1,638 sqft
    2022-02-01 23 days 1,636 sqft
    2022-03-01 21 days 1,616 sqft
    2022-04-01 17 days 1,727 sqft
    2022-05-01 16 days 1,738 sqft
    2022-06-01 18 days 1,742 sqft
    2022-07-01 25 days 1,729 sqft
    2022-08-01 33 days 1,695 sqft
    2022-09-01 35 days 1,709 sqft
    2022-10-01 38 days 1,700 sqft
    2022-11-01 39 days 1,684 sqft
    2022-12-01 47 days 1,698 sqft
    2023-01-01 54 days 1,688 sqft
    2023-02-01 38 days 1,623 sqft
    2023-03-01 35 days 1,689 sqft
    2023-04-01 20 days 1,708 sqft
    2023-05-01 19 days 1,691 sqft
    2023-06-01 19 days 1,747 sqft
    2023-07-01 23 days 1,749 sqft
    2023-08-01 25 days 1,742 sqft
    2023-09-01 30 days 1,759 sqft
    2023-10-01 30 days 1,736 sqft
    2023-11-01 34 days 1,682 sqft
    2023-12-01 45 days 1,646 sqft
    2024-01-01 47 days 1,595 sqft
    2024-02-01 38 days 1,600 sqft
    2024-03-01 27 days 1,610 sqft
    Springfield's median listing age (time on market) for 2024-03-01 was 27 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 1,610 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.