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 6.17% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Springfield's average VA mortgage closing costs are $5,734.

The average rate for the prior week (2024-02-23) was 6.2% and one month ago for the week of 2024-01-26, the average rate was 6.13%.

The average rate one year ago was 5.86%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.01%.

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 $264,450 (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
Springfield's median listing price for 2024-01-01 was $349,900, a difference of $22,450 (6.9%) versus the prior year and $0 versus the prior month.

Springfield's median listing price comes in at 85% of the national average.

Springfield's average listing price for 2024-01-01 was $480,035, a difference of $52,387 (12.3%) versus the prior year and $3,239 versus the prior month.

For the 2024-01-01 period, Springfield had 446 MLS listings, a difference of -76 listings (-15%) versus the prior month and -91 listings (-17%) 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
Springfield's median listing age (time on market) for 2024-01-01 was 47 days. This is -14% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2024-01-01 period was 1,595 sqft. One year prior, the average listing was 1,688 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.