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 75 lenders originated 618 VA loans during 2022. The total origination value was $188,570,000, with an average VA loan value of $305,129.
Springfield VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Springfield
averaged
5.86%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Springfield's average VA mortgage closing costs are $5,734.
The average rate for the prior week (2023-05-19) was
5.78% and
one month ago for the week of 2023-04-21, the
average rate was 5.81%.
The average rate one year ago was 4.78%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.31%.
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.
The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with
137 VA loans originated. Their average total fees are
$8,132, which is $1,626
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Springfield VA lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,034), UNITED WHOLESALE MORTGAGE, LLC ($6,907), ACADEMY MORTGAGE CORPORATION ($7,064), GUARANTEED RATE, INC. ($7,390) and PENNYMAC LOAN SERVICES, LLC ($7,594).
The lowest rate Springfield VA lenders (with over 10 loans originated) are
LOANDEPOT.COM, LLC (3.48%), PENNYMAC LOAN SERVICES, LLC (3.53%), QUICKEN LOANS, LLC (3.87%), NAVY FEDERAL CREDIT UNION (3.93%) and NEWREZ LLC (4.25%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Springfield (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 | $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%) | $318,556 (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 | $259,900 (-1.9%) | $321,216 (1.7%) | 0.87 | 1,293 |
2019-04-01 | $277,450 (0.0%) | $341,483 (4.1%) | 0.88 | 1,309 |
2019-05-01 | $288,150 (3.0%) | $347,168 (5.5%) | 0.90 | 1,461 |
2019-06-01 | $299,000 (7.2%) | $352,443 (7.4%) | 0.93 | 1,564 |
2019-07-01 | $295,000 (6.3%) | $350,796 (6.8%) | 0.92 | 1,614 |
2019-08-01 | $289,900 (8.2%) | $349,069 (8.1%) | 0.91 | 1,608 |
2019-09-01 | $289,900 (11.5%) | $347,084 (8.8%) | 0.91 | 1,515 |
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 (15.4%) | $357,402 (11.3%) | 0.94 | 1,087 |
2020-04-01 | $299,900 (8.1%) | $362,913 (6.3%) | 0.94 | 1,054 |
2020-05-01 | $324,900 (12.8%) | $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%) | $398,071 (13.5%) | 1.00 | 879 |
2020-08-01 | $349,000 (20.4%) | $410,330 (17.6%) | 1.00 | 848 |
2020-09-01 | $346,950 (19.7%) | $413,333 (19.1%) | 0.99 | 871 |
2020-10-01 | $324,950 (18.2%) | $396,118 (20.4%) | 0.93 | 898 |
2020-11-01 | $304,725 (13.2%) | $388,663 (18.4%) | 0.89 | 796 |
2020-12-01 | $288,975 (6.2%) | $373,835 (12.9%) | 0.86 | 718 |
2021-01-01 | $299,000 (10.2%) | $389,655 (17.5%) | 0.89 | 583 |
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 (7.0%) | 0.91 | 648 |
2021-08-01 | $339,950 (-2.6%) | $414,764 (1.1%) | 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 (-0.1%) | $415,806 (7.0%) | 0.81 | 607 |
2021-12-01 | $303,900 (5.2%) | $412,733 (10.4%) | 0.82 | 507 |
2022-01-01 | $325,000 (8.7%) | $414,897 (6.5%) | 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 | $355,450 (-2.3%) | $430,013 (-2.2%) | 0.85 | 391 |
2022-05-01 | $353,500 (1.0%) | $421,351 (-1.4%) | 0.81 | 503 |
2022-06-01 | $350,000 (3.0%) | $431,448 (1.2%) | 0.78 | 647 |
2022-07-01 | $349,263 (0.8%) | $420,420 (-1.3%) | 0.79 | 765 |
2022-08-01 | $344,900 (1.5%) | $416,251 (0.4%) | 0.80 | 770 |
2022-09-01 | $350,000 (13.1%) | $422,939 (4.4%) | 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%) | 0.81 | 426 |
2023-04-01 | $369,000 (3.8%) | $485,736 (13.0%) | 0.86 | 437 |
Springfield's median listing price comes in at 86% of the national average.
Springfield's average listing price for 2023-04-01 was $485,736, a difference of $55,723 (13.0%) versus the prior year and $19,472 versus the prior month.
For the 2023-04-01 period, Springfield had 437 MLS listings, a difference of 11 listings (3%) versus the prior month and 46 listings (12%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 1,641 sqft |
2018-02-01 | 95 days | 1,654 sqft |
2018-03-01 | 66 days | 1,714 sqft |
2018-04-01 | 51 days | 1,792 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 | 57 days | 1,758 sqft |
2019-04-01 | 49 days | 1,821 sqft |
2019-05-01 | 42 days | 1,831 sqft |
2019-06-01 | 45 days | 1,857 sqft |
2019-07-01 | 51 days | 1,839 sqft |
2019-08-01 | 64 days | 1,833 sqft |
2019-09-01 | 73 days | 1,838 sqft |
2019-10-01 | 61 days | 1,768 sqft |
2019-11-01 | 65 days | 1,748 sqft |
2019-12-01 | 77 days | 1,737 sqft |
2020-01-01 | 83 days | 1,741 sqft |
2020-02-01 | 73 days | 1,735 sqft |
2020-03-01 | 54 days | 1,800 sqft |
2020-04-01 | 62 days | 1,792 sqft |
2020-05-01 | 71 days | 1,801 sqft |
2020-06-01 | 57 days | 1,867 sqft |
2020-07-01 | 51 days | 1,840 sqft |
2020-08-01 | 50 days | 1,873 sqft |
2020-09-01 | 44 days | 1,843 sqft |
2020-10-01 | 41 days | 1,780 sqft |
2020-11-01 | 49 days | 1,737 sqft |
2020-12-01 | 59 days | 1,691 sqft |
2021-01-01 | 61 days | 1,700 sqft |
2021-02-01 | 60 days | 1,750 sqft |
2021-03-01 | 41 days | 1,743 sqft |
2021-04-01 | 22 days | 1,791 sqft |
2021-05-01 | 19 days | 1,770 sqft |
2021-06-01 | 19 days | 1,715 sqft |
2021-07-01 | 27 days | 1,732 sqft |
2021-08-01 | 27 days | 1,725 sqft |
2021-09-01 | 30 days | 1,656 sqft |
2021-10-01 | 31 days | 1,612 sqft |
2021-11-01 | 33 days | 1,640 sqft |
2021-12-01 | 45 days | 1,644 sqft |
2022-01-01 | 51 days | 1,638 sqft |
2022-02-01 | 24 days | 1,636 sqft |
2022-03-01 | 25 days | 1,616 sqft |
2022-04-01 | 17 days | 1,722 sqft |
2022-05-01 | 16 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 | 36 days | 1,708 sqft |
2022-10-01 | 38 days | 1,700 sqft |
2022-11-01 | 41 days | 1,684 sqft |
2022-12-01 | 50 days | 1,698 sqft |
2023-01-01 | 56 days | 1,688 sqft |
2023-02-01 | 40 days | 1,623 sqft |
2023-03-01 | 37 days | 1,689 sqft |
2023-04-01 | 23 days | 1,708 sqft |
Springfield's median square footage for active listings during the 2023-04-01 period was 1,708 sqft. One year prior, the average listing was 1,722 sqft.