Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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 84 lenders originated 726 VA loans during 2023. The total origination value was $206,270,000, with an average VA loan value of $284,118.

Springfield VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Springfield averaged 6.72% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Springfield's average VA mortgage closing costs are $4,796.

The average rate for the prior week (2024-05-31) was 6.93% and one month ago for the week of 2024-05-03, the average rate was 6.86%.

The average rate one year ago was 6.46%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.12%.

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 158 6.69% $5,104
FLAT BRANCH MORTGAGE, INC. 49 6.83% $8,369
QUICKEN LOANS, LLC 46 6.28% $9,026
GERSHMAN INVESTMENT CORP. 34 7.09% $6,538
PENNYMAC LOAN SERVICES, LLC 32 5.75% $5,826
FREEDOM MORTGAGE CORPORATION 27 6.44% $15,247
USAA Federal Savings Bank 24 6.46% $4,830
DAS Acquisition Company, LLC 22 7.14% $6,584
NAVY FEDERAL CREDIT UNION 21 5.88% $4,821
UNITED WHOLESALE MORTGAGE, LLC 20 6.65% $5,797
Arvest Bank 13 6.61% $7,087
The Federal Savings Bank 13 6.19% $16,286
LOANDEPOT.COM, LLC 11 6.75% $16,573
NEW DAY FINANCIAL, LLC 11 7.46% $14,597
BROKER SOLUTIONS, INC. 10 6.66% $8,505
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.69% $6,603
Springfield First Community Bank 10 6.83% $7,333
Oakstar Bank 9 7.01% $7,711
MORTGAGE SOLUTIONS OF COLORADO, LLC 9 7.67% $2,530
The Central Trust Bank 9 6.55% $8,795
VILLAGE CAPITAL MORTGAGE 8 5.92% $7,978
ASSEMBLIES OF GOD Credit Union 8 6.43% $6,465
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.88% $6,385
Hawthorn Bank 6 6.52% $7,806
Plains Commerce Bank 6 6.23% $10,297
Mr. Cooper ( Nationstar Mortgage ) 6 5.85% $11,700
MOVEMENT MORTGAGE, LLC 6 6.64% $6,705
CROSSCOUNTRY MORTGAGE, LLC 5 7.00% $6,429
NEWREZ LLC 5 7.10% $10,267
CARDINAL FINANCIAL 5 6.25% $10,173
Barrington Bank & Trust Company, N.A. 4 6.50% $3,692
AMERISAVE MORTGAGE CORPORATION 4 5.56% $12,223
GUARANTEED RATE, INC. 4 6.31% $2,752
MID AMERICA MORTGAGE, INC. 4 6.97% $3,153
MORTGAGE FINANCIAL SERVICES, LLC 4 6.91% $6,677
PENTAGON FEDERAL CREDIT UNION 4 5.38% $5,909
PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.53% $5,775
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.13% $8,455
Great Southern Bank 3 5.67% $4,440
PLANET HOME LENDING, LLC 3 5.87% $1,878
Mid-Continent Funding, Inc. 3 6.88% $11,123
NBKC BANK 3 6.38% $7,659
Paramount Residential Mortgage Group, Inc. 2 6.94% $7,080
Magnolia Bank 2 5.81% $33,750
Equity Prime Mortgage LLC 2 7.56% $696
BLUCURRENT 2 6.44% $3,015
DELMAR FINANCIAL COMPANY 2 7.00% $1,887
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.19% $9,359
Ameris Bank 2 6.25% $7,462
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $3,302
Gateway First Bank 2 7.31% $8,364
Midwest Mortgage Associates Corporation 2 7.56% $5,185
BANK OF LITTLE ROCK MORTGAGE CORPORATION 2 6.50% $11,429
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,279
Bank of England 2 6.69% $7,431
Southside Bank 1 6.63% $10,694
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,651
BancorpSouth 1 6.13% $1,576
The Huntington National Bank 1 6.63% $5,463
TIB The Independent Bankersbank 1 7.25% $5,067
TJC Mortgage, Inc. 1 6.88% $5,066
Truist 1 6.75% $2,537
UNION HOME MORTGAGE CORP. 1 5.88% $4,974
Heartland Bank and Trust Company 1 7.13% $2,175
GENEVA FINANCIAL, LLC 1 7.13% $13,763
GUILD MORTGAGE COMPANY 1 7.13% $3,086
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,805
Flagstar Bank, FSB 1 6.75% $8,034
U.S. Bank 1 6.63% $10,959
VERITAS FUNDING, LLC 1 6.25% $31,434
Farmers Bank & Trust 1 5.63% $8,107
EVERETT FINANCIAL, INC. 1 6.63% $8,471
COMMUNITY MORTGAGE, LLC 1 6.13% $9,838
Commerce Bank 1 7.63% $2,777
CMG MORTGAGE, INC. 1 6.75% $2,282
Carrington Mortgage Services, LLC 1 5.13% $4,544
ON Q FINANCIAL, INC. 1 7.50% $12,120
BNC National Bank 1 5.63% $2,942
AMERICAN FINANCING CORPORATION 1 6.25% $13,985
Wells Fargo Bank 1 7.00% $435
BAY EQUITY LLC 1 6.13% $4,366
AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $16,357
ROYAL UNITED MORTGAGE LLC 1 5.00% $419
Simmons Bank 1 6.25% $3,033

The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 158 VA loans originated. Their average total fees are $5,104, which is $3,265 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Springfield VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,821), USAA Federal Savings Bank ($4,830), Mortgage Research Center, LLC ($5,104), UNITED WHOLESALE MORTGAGE, LLC ($5,797) and PENNYMAC LOAN SERVICES, LLC ($5,826).

The lowest rate Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.75%), NAVY FEDERAL CREDIT UNION (5.88%), The Federal Savings Bank (6.19%), QUICKEN LOANS, LLC (6.28%) and FREEDOM MORTGAGE CORPORATION (6.44%).


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 1,627
2018-02-01 $184,450 (15.4%) $240,981 (12.3%) 0.67 1,569
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 (10.0%) 0.72 1,663
2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
2018-08-01 $189,900 (4.4%) $250,567 (2.4%) 0.64 1,944
2018-09-01 $189,500 (5.3%) $246,948 (2.5%) 0.64 1,956
2018-10-01 $186,950 (3.9%) $243,010 (0.8%) 0.63 1,955
2018-11-01 $183,250 (2.2%) $241,238 (0.5%) 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 (4.2%) $242,498 (0.6%) 0.65 1,569
2019-03-01 $205,714 (8.3%) $252,274 (3.3%) 0.67 1,472
2019-04-01 $222,500 (11.3%) $265,965 (4.0%) 0.71 1,376
2019-05-01 $237,448 (14.2%) $278,000 (5.5%) 0.74 1,362
2019-06-01 $232,450 (7.1%) $280,759 (4.0%) 0.73 1,520
2019-07-01 $227,413 (10.9%) $276,044 (3.6%) 0.71 1,564
2019-08-01 $223,536 (17.7%) $270,237 (7.9%) 0.71 1,646
2019-09-01 $221,491 (16.9%) $268,105 (8.6%) 0.71 1,661
2019-10-01 $220,127 (17.8%) $266,423 (9.6%) 0.71 1,682
2019-11-01 $217,000 (18.4%) $261,760 (8.5%) 0.71 1,698
2019-12-01 $214,900 (17.5%) $261,175 (9.6%) 0.72 1,576
2020-01-01 $217,200 (14.4%) $265,035 (9.8%) 0.73 1,454
2020-02-01 $219,900 (14.4%) $272,984 (12.6%) 0.72 1,342
2020-03-01 $228,375 (11.0%) $287,330 (13.9%) 0.72 1,289
2020-04-01 $229,900 (3.3%) $283,449 (6.6%) 0.72 1,349
2020-05-01 $242,900 (2.3%) $300,019 (7.9%) 0.74 1,201
2020-06-01 $254,420 (9.5%) $316,983 (12.9%) 0.75 1,067
2020-07-01 $248,200 (9.1%) $317,859 (15.2%) 0.72 1,030
2020-08-01 $249,900 (11.8%) $319,570 (18.3%) 0.72 985
2020-09-01 $249,925 (12.8%) $317,422 (18.4%) 0.72 988
2020-10-01 $237,900 (8.1%) $312,008 (17.1%) 0.68 1,017
2020-11-01 $242,450 (11.7%) $312,002 (19.2%) 0.71 916
2020-12-01 $242,625 (12.9%) $314,952 (20.6%) 0.72 814
2021-01-01 $250,000 (15.1%) $331,455 (25.1%) 0.75 689
2021-02-01 $263,975 (20.0%) $365,284 (33.8%) 0.77 509
2021-03-01 $284,400 (24.5%) $386,983 (34.7%) 0.81 410
2021-04-01 $272,500 (18.5%) $387,313 (36.6%) 0.74 397
2021-05-01 $269,225 (10.8%) $396,489 (32.2%) 0.72 459
2021-06-01 $272,050 (6.9%) $394,780 (24.5%) 0.72 505
2021-07-01 $277,450 (11.8%) $383,617 (20.7%) 0.73 599
2021-08-01 $270,200 (8.1%) $364,639 (14.1%) 0.72 661
2021-09-01 $272,425 (9.0%) $362,113 (14.1%) 0.73 675
2021-10-01 $279,950 (17.7%) $378,716 (21.4%) 0.75 660
2021-11-01 $299,900 (23.7%) $402,516 (29.0%) 0.80 575
2021-12-01 $297,225 (22.5%) $387,938 (23.2%) 0.81 521
2022-01-01 $314,500 (25.8%) $427,302 (28.9%) 0.85 448
2022-02-01 $327,425 (24.0%) $437,726 (19.8%) 0.85 378
2022-03-01 $326,125 (14.7%) $434,662 (12.3%) 0.82 382
2022-04-01 $319,950 (17.4%) $416,888 (7.6%) 0.76 430
2022-05-01 $345,613 (28.4%) $429,755 (8.4%) 0.79 552
2022-06-01 $349,900 (28.6%) $432,661 (9.6%) 0.78 687
2022-07-01 $345,000 (24.4%) $425,482 (10.9%) 0.78 913
2022-08-01 $339,225 (25.6%) $415,812 (14.0%) 0.78 893
2022-09-01 $338,788 (24.4%) $412,872 (14.0%) 0.79 887
2022-10-01 $320,375 (14.4%) $413,574 (9.2%) 0.75 970
2022-11-01 $319,900 (6.7%) $412,983 (2.6%) 0.77 1,019
2022-12-01 $315,000 (6.0%) $402,231 (3.7%) 0.78 1,021
2023-01-01 $312,500 (-0.6%) $394,430 (-7.7%) 0.77 887
2023-02-01 $324,950 (-0.8%) $411,902 (-5.9%) 0.78 787
2023-03-01 $342,500 (5.0%) $444,215 (2.2%) 0.81 710
2023-04-01 $348,700 (9.0%) $454,179 (9.0%) 0.81 684
2023-05-01 $357,425 (3.4%) $454,180 (5.7%) 0.81 712
2023-06-01 $363,475 (3.9%) $446,082 (3.1%) 0.82 768
2023-07-01 $349,900 (1.4%) $437,372 (2.8%) 0.80 858
2023-08-01 $350,000 (3.2%) $436,889 (5.1%) 0.80 934
2023-09-01 $349,000 (3.0%) $417,962 (1.2%) 0.81 1,034
2023-10-01 $331,200 (3.4%) $402,541 (-2.7%) 0.78 1,118
2023-11-01 $314,999 (-1.5%) $395,026 (-4.4%) 0.75 1,181
2023-12-01 $319,200 (1.3%) $398,587 (-0.9%) 0.78 1,136
2024-01-01 $330,000 (5.6%) $407,898 (3.4%) 0.81 1,009
2024-02-01 $337,450 (3.9%) $408,241 (-0.9%) 0.81 942
2024-03-01 $339,948 (-0.8%) $417,825 (-5.9%) 0.80 975
2024-04-01 $340,000 (-2.5%) $423,216 (-6.8%) 0.79 1,065
2024-05-01 $340,000 (-4.9%) $424,432 (-6.6%) 0.77 1,134
Springfield's median listing price for 2024-05-01 was $340,000, a difference of $-17,425 (-4.9%) versus the prior year and $0 versus the prior month.

Springfield's median listing price comes in at 77% of the national average.

Springfield's average listing price for 2024-05-01 was $424,432, a difference of $-29,748 (-6.6%) versus the prior year and $1,216 versus the prior month.

For the 2024-05-01 period, Springfield had 1,134 MLS listings, a difference of 69 listings (6%) versus the prior month and 422 listings (59%) 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 80 days 1,923 sqft
2018-02-01 74 days 1,934 sqft
2018-03-01 53 days 1,971 sqft
2018-04-01 50 days 2,028 sqft
2018-05-01 45 days 2,117 sqft
2018-06-01 44 days 2,173 sqft
2018-07-01 45 days 2,123 sqft
2018-08-01 44 days 1,975 sqft
2018-09-01 46 days 1,930 sqft
2018-10-01 52 days 1,912 sqft
2018-11-01 58 days 1,880 sqft
2018-12-01 64 days 1,870 sqft
2019-01-01 72 days 1,888 sqft
2019-02-01 63 days 1,891 sqft
2019-03-01 55 days 1,965 sqft
2019-04-01 52 days 2,081 sqft
2019-05-01 46 days 2,137 sqft
2019-06-01 43 days 2,159 sqft
2019-07-01 47 days 2,095 sqft
2019-08-01 49 days 2,029 sqft
2019-09-01 51 days 1,987 sqft
2019-10-01 52 days 1,959 sqft
2019-11-01 52 days 1,900 sqft
2019-12-01 65 days 1,860 sqft
2020-01-01 79 days 1,860 sqft
2020-02-01 80 days 1,850 sqft
2020-03-01 61 days 1,954 sqft
2020-04-01 48 days 1,934 sqft
2020-05-01 57 days 2,000 sqft
2020-06-01 62 days 2,134 sqft
2020-07-01 44 days 2,118 sqft
2020-08-01 37 days 2,064 sqft
2020-09-01 39 days 2,031 sqft
2020-10-01 36 days 1,954 sqft
2020-11-01 43 days 1,968 sqft
2020-12-01 55 days 1,939 sqft
2021-01-01 57 days 2,000 sqft
2021-02-01 46 days 2,034 sqft
2021-03-01 38 days 2,118 sqft
2021-04-01 22 days 2,071 sqft
2021-05-01 20 days 2,074 sqft
2021-06-01 23 days 2,010 sqft
2021-07-01 23 days 2,020 sqft
2021-08-01 28 days 1,971 sqft
2021-09-01 32 days 1,923 sqft
2021-10-01 32 days 1,933 sqft
2021-11-01 39 days 1,951 sqft
2021-12-01 43 days 1,929 sqft
2022-01-01 49 days 1,946 sqft
2022-02-01 34 days 1,973 sqft
2022-03-01 24 days 2,003 sqft
2022-04-01 20 days 1,955 sqft
2022-05-01 22 days 2,000 sqft
2022-06-01 23 days 2,000 sqft
2022-07-01 29 days 1,993 sqft
2022-08-01 40 days 2,017 sqft
2022-09-01 41 days 1,947 sqft
2022-10-01 38 days 1,920 sqft
2022-11-01 44 days 1,904 sqft
2022-12-01 54 days 1,900 sqft
2023-01-01 62 days 1,924 sqft
2023-02-01 55 days 1,927 sqft
2023-03-01 47 days 1,990 sqft
2023-04-01 40 days 2,003 sqft
2023-05-01 32 days 2,066 sqft
2023-06-01 37 days 2,077 sqft
2023-07-01 32 days 2,017 sqft
2023-08-01 32 days 2,057 sqft
2023-09-01 37 days 2,004 sqft
2023-10-01 38 days 1,954 sqft
2023-11-01 42 days 1,860 sqft
2023-12-01 50 days 1,886 sqft
2024-01-01 60 days 1,910 sqft
2024-02-01 55 days 1,871 sqft
2024-03-01 38 days 1,926 sqft
2024-04-01 36 days 1,927 sqft
2024-05-01 37 days 1,876 sqft
Springfield's median listing age (time on market) for 2024-05-01 was 37 days. This is 14% longer than the same period one year ago.

Springfield's median square footage for active listings during the 2024-05-01 period was 1,876 sqft. One year prior, the average listing was 2,066 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.