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 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%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 137 5.15% $8,132
    QUICKEN LOANS, LLC 44 3.87% $9,758
    USAA Federal Savings Bank 28 4.58% $8,078
    NAVY FEDERAL CREDIT UNION 27 3.93% $7,919
    PENNYMAC LOAN SERVICES, LLC 25 3.53% $7,594
    FREEDOM MORTGAGE CORPORATION 24 4.41% $9,593
    Mortgage Network, Inc. 22 5.17% $10,411
    MOVEMENT MORTGAGE, LLC 18 5.27% $10,859
    LOANDEPOT.COM, LLC 17 3.48% $9,459
    ACADEMY MORTGAGE CORPORATION 17 5.04% $7,064
    UNITED WHOLESALE MORTGAGE, LLC 16 4.27% $6,907
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.26% $6,034
    GUARANTEED RATE, INC. 14 4.58% $7,390
    The Federal Savings Bank 13 4.88% $15,008
    NEWREZ LLC 10 4.25% $8,993
    Mr. Cooper ( Nationstar Mortgage ) 9 4.78% $9,133
    CROSSCOUNTRY MORTGAGE, LLC 7 4.80% $9,522
    Evolve Bank & Trust 7 6.04% $8,564
    HARBORONE MORTGAGE, LLC 7 3.79% $8,884
    NORWICH COMMERCIAL GROUP, INC. 7 4.89% $11,295
    CALIBER HOME LOANS, INC. 6 4.96% $10,536
    LAKEVIEW LOAN SERVICING, LLC 6 3.50% $4,027
    GUARANTEED RATE AFFINITY, LLC 6 4.33% $7,116
    EMM LOANS LLC 6 5.13% $8,094
    ENVOY MORTGAGE, LTD 5 4.80% $7,569
    GUILD MORTGAGE COMPANY 5 4.45% $12,552
    North American Savings Bank, F.S.B. 5 3.93% $11,213
    TD Bank 4 3.75% $7,781
    AMERISAVE MORTGAGE CORPORATION 4 3.59% $9,618
    PENTAGON FEDERAL CREDIT UNION 4 2.50% $6,243
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.54% $6,013
    FIRST WORLD MORTGAGE CORPORATION 3 6.38% $14,304
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.42% $8,388
    NORTHPOINT MORTGAGE, INC. 3 4.96% $13,977
    FINANCE OF AMERICA MORTGAGE LLC 3 3.50% $8,256
    Equity Prime Mortgage LLC 2 4.69% $9,263
    HOME POINT FINANCIAL CORPORATION 2 2.94% $14,803
    INLAND BANK & TRUST 2 5.69% $13,588
    EVERETT FINANCIAL, INC. 2 5.88% $4,192
    GENEVA FINANCIAL, LLC 2 6.88% $7,153
    Magnolia Bank 2 4.50% $13,126
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.75% $13,102
    Nations Lending Corporation 2 4.00% $9,972
    CMG MORTGAGE, INC. 2 4.12% $12,749
    NBKC BANK 2 4.06% $10,218
    CARDINAL FINANCIAL 2 4.00% $14,448
    PNC Bank 2 4.75% $10,773
    Prosperity Home Mortgage, LLC 2 5.19% $18,624
    RADIUS FINANCIAL GROUP INC. 2 3.38% $9,195
    Shamrock Home Loans, Inc. 2 5.44% $4,968
    Armed Forces Bank 2 4.69% $6,989
    VILLAGE CAPITAL MORTGAGE 2 3.31% $4,033
    Flagstar Bank, FSB 2 2.74% $11,338
    NORTHERN MORTGAGE SERVICES, LLC 1 7.13% $575
    First Federal Bank 1 4.25% $13,218
    BROKER SOLUTIONS, INC. 1 6.75% $8,528
    Berkshire Bank 1 3.75% $10,430
    ZILLOW HOME LOANS, LLC 1 5.25% $11,903
    FIRST MORTGAGE COMPANY, INC. 1 7.50% $6,210
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $8,575
    BAY EQUITY LLC 1 5.63% $15,609
    Leader Bank 1 7.00% $15,093
    Wells Fargo Bank 1 6.13% $10,411
    Residential Mortgage Solutions, Inc. 1 5.25% $8,129
    EMBRACE HOME LOANS, INC. 1 4.75% $15,226
    DREW MORTGAGE ASSOCIATES, INC. 1 5.13% $20,348
    DRAPER AND KRAMER MORTGAGE CORP. 1 4.63% $3,239
    CONTOUR MORTGAGE CORPORATION 1 4.50% $8,700
    M&T Bank 1 3.38% $16,254
    SALEM FIVE MORTGAGE COMPANY, LLC 1 6.25% $8,469
    Watermark Capital, Inc. 1 3.75% $8,155
    Assurance Financial Group, L.L.C. 1 5.63% $6,218
    Waterstone Mortgage Corporation 1 5.13% $8,099
    TOTAL MORTGAGE SERVICES, LLC 1 5.13% $18,377
    Capital Bank 1 2.50% $2,263

    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. 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%) $318,556 (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 for 2023-04-01 was $369,000, a difference of $13,550 (3.8%) versus the prior year and $23,275 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2023-04-01 was 23 days. This is 35% longer than the same period one year ago.

    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.

    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.