Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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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 114 lenders originated 1,962 VA loans during 2021. The total origination value was $425,460,000, with an average VA loan value of $216,850.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.17% for the week of 2023-01-27, compared to the national average (all VA variants) of 5.952% for the same period.

    Springfield's average VA mortgage closing costs are $4,090.

    The average rate for the prior week (2023-01-20) was 6.21% and one month ago for the week of 2022-12-23, the average rate was 6.68%.

    The average rate one year ago was 3.97%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.21%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 246 2.88% $4,730
    QUICKEN LOANS, LLC 172 2.50% $4,582
    PENNYMAC LOAN SERVICES, LLC 132 2.52% $4,187
    FREEDOM MORTGAGE CORPORATION 120 2.58% $1,759
    FLAT BRANCH MORTGAGE, INC. 115 2.89% $4,765
    GERSHMAN INVESTMENT CORP. 99 2.91% $4,686
    DAS Acquisition Company, LLC 72 3.17% $4,849
    USAA Federal Savings Bank 67 2.82% $3,336
    NEW DAY FINANCIAL, LLC 46 2.71% $6,479
    NAVY FEDERAL CREDIT UNION 38 2.48% $3,346
    VILLAGE CAPITAL MORTGAGE 34 2.51% $2,822
    BROKER SOLUTIONS, INC. 33 2.76% $4,335
    LOANDEPOT.COM, LLC 29 2.54% $4,620
    Oakstar Bank 27 2.60% $4,312
    Low VA Rates, LLC 26 2.39% $3,678
    Arvest Bank 26 2.83% $5,022
    Guaranty Bank 25 2.66% $4,756
    UNITED WHOLESALE MORTGAGE, LLC 22 2.66% $4,932
    Mr. Cooper ( Nationstar Mortgage ) 22 3.00% $3,457
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 2.93% $5,186
    The Federal Savings Bank 21 2.58% $6,587
    The Central Trust Bank 21 2.60% $6,875
    Wells Fargo Bank 19 2.48% $4,015
    CALIBER HOME LOANS, INC. 18 2.56% $1,824
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 3.00% $5,269
    LAKEVIEW LOAN SERVICING, LLC 18 2.61% $2,268
    ASSEMBLIES OF GOD Credit Union 18 2.44% $4,121
    Barrington Bank & Trust Company, N.A. 14 2.77% $3,136
    Great Southern Bank 13 2.54% $2,160
    GUARANTEED RATE, INC. 10 2.85% $3,833
    Magnolia Bank 10 2.75% $8,363
    AMERISAVE MORTGAGE CORPORATION 9 2.57% $3,651
    Springfield First Community Bank 8 2.58% $3,899
    BancorpSouth Bank 8 2.89% $3,384
    First Guaranty Mortgage Corporation 8 2.64% $3,279
    MID AMERICA MORTGAGE, INC. 8 2.70% $2,132
    NEWREZ LLC 8 2.59% $2,262
    Carrington Mortgage Services, LLC 7 3.04% $5,171
    MOVEMENT MORTGAGE, LLC 7 3.02% $6,813
    Hawthorn Bank 7 2.61% $6,780
    Flagstar Bank, FSB 6 3.06% $3,014
    ON Q FINANCIAL, INC. 6 2.92% $4,128
    Mid-Continent Funding, Inc. 6 2.92% $3,543
    U.S. Bank 6 2.73% $5,952
    MUTUAL OF OMAHA MORTGAGE, INC. 5 2.53% $5,266
    HOME POINT FINANCIAL CORPORATION 5 2.57% $2,085
    NBKC BANK 5 2.70% $4,446
    Hometown Lenders, Inc. 5 2.68% $2,793
    PLANET HOME LENDING, LLC 5 2.33% $1,557
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 2.93% $4,462
    CORNERSTONE HOME LENDING, INC. 5 2.53% $2,986
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.84% $4,574
    BNC National Bank 4 2.34% $4,961
    UMB Bank 3 2.58% $4,944
    LEADERONE FINANCIAL CORPORATION 3 2.96% $4,228
    Prosperity Home Mortgage, LLC 3 2.75% $6,247
    ROYAL UNITED MORTGAGE LLC 2 2.63% $6,994
    Servion, Inc. 2 3.13% $4,875
    SUN WEST MORTGAGE COMPANY, INC. 2 2.81% $2,181
    Bank of England 2 2.75% $3,282
    Bank of America 2 2.94% $3,557
    First Home Bank 2 2.25% $6,578
    Truist 2 2.53% $713
    Northpointe Bank 2 2.81% $10,811
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.94% $4,031
    AMERICAN FINANCING CORPORATION 2 2.94% $4,372
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.56% $3,781
    Paramount Residential Mortgage Group, Inc. 2 3.00% $8,175
    AMERICAN FINANCIAL NETWORK, INC. 2 3.50% $5,606
    InterContinental Capital Group, Inc 2 2.50% $7,455
    PENTAGON FEDERAL CREDIT UNION 2 2.25% $512
    GENEVA FINANCIAL, LLC 2 3.13% $7,959
    CROSSCOUNTRY MORTGAGE, LLC 2 2.69% $8,628
    First Federal Bank 2 2.81% $8,157
    Capital Bank 2 2.38% $10,556
    First Federal Bank of Kansas City 1 2.75% $2,439
    M&T Bank 1 2.25% $23,745
    First Internet Bank of Indiana 1 2.99% $1,892
    First Savings Bank 1 2.88% $12,178
    EMBRACE HOME LOANS, INC. 1 2.75% $10,458
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 2.50% $3,107
    DELMAR FINANCIAL COMPANY 1 2.75% $0
    Great Plains National Bank 1 2.25% $2,699
    COMMUNITY MORTGAGE, LLC 1 2.75% $1,878
    GUILD MORTGAGE COMPANY 1 2.75% $2,735
    HOMESTAR FINANCIAL CORPORATION 1 3.75% $745
    INLANTA MORTGAGE, INC. 1 3.13% $2,781
    Ixonia Bank 1 2.25% $19,726
    JAMES B. NUTTER & COMPANY 1 2.63% $1,535
    JPMorgan Chase Bank 1 2.75% $10,521
    KS StateBank 1 2.38% $15,742
    COMMUNITYAMERICA 1 2.38% $16,124
    Landmark National Bank 1 2.25% $2,745
    Commerce Bank 1 3.50% $3,082
    LOANPAL, LLC 1 2.25% $1,058
    CMG MORTGAGE, INC. 1 2.75% $7,116
    Citizens Bank 1 2.63% $1,708
    Wyndham Capital Mortgage, Inc. 1 2.38% $1,728
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $3,330
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $1,626
    Chambers Bank 1 2.50% $12,123
    First Financial Bank 1 3.00% $17,722
    Nations Lending Corporation 1 3.63% $8,375
    NBH Bank 1 2.25% $1,795
    ZILLOW HOME LOANS, LLC 1 2.75% $14,010
    North American Savings Bank, F.S.B. 1 3.00% $1,277
    CANOPY MORTGAGE, LLC 1 3.75% $13,197
    Peoples National Bank , N.A. 1 2.75% $1,354
    PREMIA MORTGAGE, LLC 1 2.75% $6,081
    BAY EQUITY LLC 1 2.75% $1,089
    Academy Bank 1 2.25% $2,010
    The Home Loan Expert LLC 1 2.50% $14,372
    UNION HOME MORTGAGE CORP. 1 2.75% $6,781
    FAMILY FINANCE MORTGAGE, LLC 1 2.25% $2,226

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 246 VA loans originated. Their average total fees are $4,730, which is $148 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,759), CALIBER HOME LOANS, INC. ($1,824), Great Southern Bank ($2,160), LAKEVIEW LOAN SERVICING, LLC ($2,268) and VILLAGE CAPITAL MORTGAGE ($2,822).

    The lowest rate Springfield VA lenders (with over 10 loans originated) are Low VA Rates, LLC (2.39%), ASSEMBLIES OF GOD Credit Union (2.44%), NAVY FEDERAL CREDIT UNION (2.48%), Wells Fargo Bank (2.48%) and QUICKEN LOANS, LLC (2.50%).

    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 $176,900 (14.0%) $239,476 (13.2%) 0.66 1,628
    2018-02-01 $183,925 (15.0%) $240,957 (12.3%) 0.67 1,570
    2018-03-01 $189,900 (11.8%) $244,326 (8.0%) 0.67 1,527
    2018-04-01 $199,925 (11.1%) $255,802 (6.2%) 0.68 1,510
    2018-05-01 $207,950 (15.6%) $263,607 (8.4%) 0.69 1,517
    2018-06-01 $217,000 (19.7%) $269,986 (10.1%) 0.72 1,663
    2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
    2018-08-01 $189,900 (4.8%) $250,567 (2.4%) 0.64 1,944
    2018-09-01 $189,500 (5.3%) $246,948 (2.6%) 0.64 1,956
    2018-10-01 $186,950 (3.9%) $243,010 (0.9%) 0.63 1,955
    2018-11-01 $183,250 (2.1%) $241,238 (0.6%) 0.62 1,928
    2018-12-01 $182,900 (3.4%) $238,283 (-0.7%) 0.63 1,815
    2019-01-01 $189,900 (7.4%) $241,336 (0.8%) 0.66 1,629
    2019-02-01 $192,175 (4.5%) $242,498 (0.6%) 0.65 1,569
    2019-03-01 $205,714 (8.3%) $252,228 (3.2%) 0.67 1,474
    2019-04-01 $222,500 (11.3%) $265,900 (4.0%) 0.71 1,381
    2019-05-01 $237,350 (14.1%) $277,553 (5.3%) 0.74 1,371
    2019-06-01 $230,900 (6.4%) $280,131 (3.8%) 0.72 1,529
    2019-07-01 $226,950 (10.7%) $275,532 (3.5%) 0.71 1,573
    2019-08-01 $223,391 (17.6%) $269,822 (7.7%) 0.71 1,655
    2019-09-01 $221,427 (16.9%) $267,790 (8.4%) 0.71 1,670
    2019-10-01 $219,950 (17.7%) $266,136 (9.5%) 0.71 1,691
    2019-11-01 $217,500 (18.7%) $261,588 (8.4%) 0.71 1,708
    2019-12-01 $214,900 (17.5%) $260,998 (9.5%) 0.72 1,586
    2020-01-01 $217,200 (14.4%) $264,632 (9.7%) 0.73 1,465
    2020-02-01 $219,900 (14.4%) $272,347 (12.3%) 0.72 1,353
    2020-03-01 $227,475 (10.6%) $286,561 (13.6%) 0.71 1,300
    2020-04-01 $229,900 (3.3%) $282,742 (6.3%) 0.72 1,360
    2020-05-01 $241,950 (1.9%) $299,062 (7.8%) 0.74 1,212
    2020-06-01 $252,500 (9.4%) $315,719 (12.7%) 0.74 1,078
    2020-07-01 $246,100 (8.4%) $316,567 (14.9%) 0.71 1,041
    2020-08-01 $249,700 (11.8%) $318,251 (18.0%) 0.72 995
    2020-09-01 $249,900 (12.9%) $316,145 (18.1%) 0.72 999
    2020-10-01 $237,500 (8.0%) $310,699 (16.7%) 0.68 1,027
    2020-11-01 $239,500 (10.1%) $310,633 (18.8%) 0.70 926
    2020-12-01 $240,000 (11.7%) $313,369 (20.1%) 0.71 824
    2021-01-01 $250,000 (15.1%) $329,353 (24.5%) 0.75 699
    2021-02-01 $263,200 (19.7%) $361,775 (32.8%) 0.77 519
    2021-03-01 $282,450 (24.2%) $382,157 (33.4%) 0.80 420
    2021-04-01 $269,950 (17.4%) $382,467 (35.3%) 0.73 407
    2021-05-01 $265,000 (9.5%) $392,061 (31.1%) 0.70 469
    2021-06-01 $269,475 (6.7%) $391,324 (24.0%) 0.71 513
    2021-07-01 $274,900 (11.7%) $381,104 (20.4%) 0.72 608
    2021-08-01 $268,925 (7.7%) $362,003 (13.8%) 0.72 671
    2021-09-01 $269,450 (7.8%) $359,591 (13.7%) 0.72 685
    2021-10-01 $279,900 (17.9%) $376,026 (21.0%) 0.75 670
    2021-11-01 $299,450 (25.0%) $398,681 (28.3%) 0.80 585
    2021-12-01 $295,675 (23.2%) $384,187 (22.6%) 0.80 531
    2022-01-01 $309,900 (24.0%) $422,005 (28.1%) 0.84 455
    2022-02-01 $321,250 (22.1%) $431,289 (19.2%) 0.84 388
    2022-03-01 $322,875 (14.3%) $428,429 (12.1%) 0.81 392
    2022-04-01 $319,450 (18.3%) $411,986 (7.7%) 0.76 440
    2022-05-01 $338,450 (27.7%) $425,234 (8.5%) 0.77 562
    2022-06-01 $347,000 (28.8%) $429,154 (9.7%) 0.77 697
    2022-07-01 $344,975 (25.5%) $422,648 (10.9%) 0.78 923
    2022-08-01 $335,000 (24.6%) $413,325 (14.2%) 0.77 903
    2022-09-01 $333,725 (23.9%) $410,372 (14.1%) 0.78 897
    2022-10-01 $320,000 (14.3%) $411,364 (9.4%) 0.75 979
    2022-11-01 $317,450 (6.0%) $410,799 (3.0%) 0.76 1,029
    2022-12-01 $314,900 (6.5%) $400,153 (4.2%) 0.79 1,031
    Springfield's median listing price for 2022-12-01 was $314,900, a difference of $19,225 (6.5%) versus the prior year and $-2,550 versus the prior month.

    Springfield's median listing price comes in at 79% of the national average.

    Springfield's average listing price for 2022-12-01 was $400,153, a difference of $15,966 (4.2%) versus the prior year and $-10,646 versus the prior month.

    For the 2022-12-01 period, Springfield had 1,031 MLS listings, a difference of 2 listings (0%) versus the prior month and 500 listings (94%) 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 1,925 sqft
    2018-02-01 82 days 1,934 sqft
    2018-03-01 65 days 1,971 sqft
    2018-04-01 58 days 2,028 sqft
    2018-05-01 51 days 2,117 sqft
    2018-06-01 50 days 2,173 sqft
    2018-07-01 50 days 2,123 sqft
    2018-08-01 49 days 1,976 sqft
    2018-09-01 51 days 1,930 sqft
    2018-10-01 57 days 1,914 sqft
    2018-11-01 63 days 1,880 sqft
    2018-12-01 68 days 1,870 sqft
    2019-01-01 78 days 1,888 sqft
    2019-02-01 68 days 1,892 sqft
    2019-03-01 62 days 1,965 sqft
    2019-04-01 55 days 2,082 sqft
    2019-05-01 48 days 2,132 sqft
    2019-06-01 45 days 2,154 sqft
    2019-07-01 50 days 2,091 sqft
    2019-08-01 51 days 2,028 sqft
    2019-09-01 53 days 1,986 sqft
    2019-10-01 54 days 1,958 sqft
    2019-11-01 54 days 1,900 sqft
    2019-12-01 67 days 1,860 sqft
    2020-01-01 81 days 1,860 sqft
    2020-02-01 85 days 1,850 sqft
    2020-03-01 64 days 1,954 sqft
    2020-04-01 51 days 1,935 sqft
    2020-05-01 59 days 2,001 sqft
    2020-06-01 65 days 2,134 sqft
    2020-07-01 48 days 2,117 sqft
    2020-08-01 39 days 2,064 sqft
    2020-09-01 41 days 2,031 sqft
    2020-10-01 38 days 1,954 sqft
    2020-11-01 45 days 1,957 sqft
    2020-12-01 57 days 1,929 sqft
    2021-01-01 60 days 2,000 sqft
    2021-02-01 53 days 2,033 sqft
    2021-03-01 43 days 2,116 sqft
    2021-04-01 23 days 2,063 sqft
    2021-05-01 22 days 2,072 sqft
    2021-06-01 24 days 2,006 sqft
    2021-07-01 25 days 2,016 sqft
    2021-08-01 30 days 1,969 sqft
    2021-09-01 33 days 1,914 sqft
    2021-10-01 33 days 1,931 sqft
    2021-11-01 41 days 1,949 sqft
    2021-12-01 45 days 1,921 sqft
    2022-01-01 54 days 1,944 sqft
    2022-02-01 38 days 1,971 sqft
    2022-03-01 25 days 1,985 sqft
    2022-04-01 21 days 1,948 sqft
    2022-05-01 22 days 2,000 sqft
    2022-06-01 23 days 2,000 sqft
    2022-07-01 29 days 1,990 sqft
    2022-08-01 41 days 2,013 sqft
    2022-09-01 43 days 1,943 sqft
    2022-10-01 39 days 1,920 sqft
    2022-11-01 44 days 1,902 sqft
    2022-12-01 56 days 1,898 sqft
    Springfield's median listing age (time on market) for 2022-12-01 was 56 days. This is 24% longer than the same period one year ago.

    Springfield's median square footage for active listings during the 2022-12-01 period was 1,898 sqft. One year prior, the average listing was 1,921 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.