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 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.