Storm Lake VA Loan Rates, Closing Costs & Stats

Storm Lake, IA

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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.

    Storm Lake's 5 lenders originated 5 VA loans during 2023. The total origination value was $1,225,000, with an average VA loan value of $245,000.

    Storm Lake VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Storm Lake averaged 6.12% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Storm Lake's average VA mortgage closing costs are $4,513.

    The average rate for the prior week (2024-12-06) was 6.36% and one month ago for the week of 2024-11-08, the average rate was 6.65%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.98%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Storm Lake 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 Storm Lake level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $2,282
    NAVY FEDERAL CREDIT UNION 1 5.25% $6,108
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $3,471
    QUICKEN LOANS, LLC 1 6.49% $9,855
    UNITED WHOLESALE MORTGAGE, LLC 1 5.63% $16,664

    The top Storm Lake VA lender as defined by loan originations is Mr. Cooper ( Nationstar Mortgage ), with 1 VA loans originated. Their average total fees are $2,282, which is $3,826 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Storm Lake VA lenders (with over 10 loans originated) are .

    The lowest rate Storm Lake VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Storm Lake (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 $153,738 (34.7%) $174,160 (37.2%) 0.00 32
    2018-02-01 $155,000 (47.0%) $173,924 (43.0%) 0.00 32
    2018-03-01 $148,400 (50.1%) $162,428 (23.7%) 0.00 32
    2018-04-01 $133,925 (41.0%) $148,260 (-6.7%) 0.00 31
    2018-05-01 $110,450 (3.7%) $140,968 (3.9%) 0.00 27
    2018-06-01 $122,900 (37.7%) $149,145 (30.5%) 0.00 26
    2018-07-01 $135,325 (20.3%) $165,175 (12.8%) 0.00 28
    2018-08-01 $129,675 (-2.0%) $158,192 (-9.4%) 0.00 29
    2018-09-01 $124,900 (-12.6%) $153,153 (-15.3%) 0.00 30
    2018-10-01 $117,500 (-17.5%) $133,368 (-24.6%) 0.00 42
    2018-11-01 $112,250 (-7.6%) $138,497 (-13.5%) 0.00 42
    2018-12-01 $117,500 (-15.7%) $137,641 (-17.0%) 0.00 37
    2019-01-01 $118,950 (-22.6%) $140,884 (-19.1%) 0.00 34
    2019-02-01 $118,575 (-23.5%) $140,095 (-19.5%) 0.00 35
    2019-03-01 $120,371 (-18.9%) $142,162 (-12.5%) 0.00 32
    2019-04-01 $114,446 (-14.5%) $142,698 (-3.8%) 0.00 32
    2019-05-01 $115,375 (4.5%) $153,213 (8.7%) 0.00 38
    2019-06-01 $109,725 (-10.7%) $149,792 (0.4%) 0.00 37
    2019-07-01 $131,000 (-3.2%) $149,738 (-9.4%) 0.00 33
    2019-08-01 $129,364 (-0.2%) $148,121 (-6.4%) 0.00 30
    2019-09-01 $122,409 (-2.0%) $145,522 (-5.0%) 0.00 29
    2019-10-01 $110,875 (-5.6%) $143,146 (7.3%) 0.00 28
    2019-11-01 $101,000 (-10.0%) $119,267 (-13.9%) 0.00 24
    2019-12-01 $90,000 (-23.4%) $118,321 (-14.0%) 0.00 19
    2020-01-01 $90,000 (-24.3%) $115,101 (-18.3%) 0.00 19
    2020-02-01 $79,700 (-32.8%) $95,669 (-31.7%) 0.00 25
    2020-03-01 $90,000 (-25.2%) $113,238 (-20.4%) 0.00 27
    2020-04-01 $90,000 (-21.4%) $124,666 (-12.6%) 0.00 27
    2020-05-01 $92,500 (-19.8%) $146,371 (-4.5%) 0.00 27
    2020-06-01 $146,250 (33.3%) $165,389 (10.4%) 0.00 27
    2020-07-01 $147,250 (12.4%) $168,154 (12.3%) 0.00 28
    2020-08-01 $173,900 (34.4%) $191,244 (29.1%) 0.00 30
    2020-09-01 $175,000 (43.0%) $198,728 (36.6%) 0.00 27
    2020-10-01 $162,500 (46.6%) $187,103 (30.7%) 0.00 28
    2020-11-01 $166,975 (65.3%) $179,197 (50.3%) 0.00 26
    2020-12-01 $167,225 (85.8%) $189,075 (59.8%) 0.00 22
    2021-01-01 $174,950 (94.4%) $193,022 (67.7%) 0.00 19
    2021-02-01 $187,000 (134.6%) $200,506 (109.6%) 0.00 17
    2021-03-01 $193,625 (115.1%) $201,370 (77.8%) 0.00 16
    2021-04-01 $246,000 (173.3%) $235,097 (88.6%) 0.00 16
    2021-05-01 $240,000 (159.5%) $226,720 (54.9%) 0.00 12
    2021-06-01 $168,500 (15.2%) $174,675 (5.6%) 0.00 12
    2021-07-01 $124,900 (-15.2%) $120,189 (-28.5%) 0.00 9
    2021-08-01 $111,250 (-36.0%) $136,138 (-28.8%) 0.00 13
    2021-09-01 $162,250 (-7.3%) $173,385 (-12.8%) 0.00 15
    2021-10-01 $150,000 (-7.7%) $194,013 (3.7%) 0.00 21
    2021-11-01 $148,725 (-10.9%) $196,323 (9.6%) 0.00 23
    2021-12-01 $155,000 (-7.3%) $194,688 (3.0%) 0.00 21
    2022-01-01 $169,900 (-2.9%) $226,876 (17.5%) 0.00 17
    2022-02-01 $189,750 (1.5%) $241,412 (20.4%) 0.00 15
    2022-03-01 $186,750 (-3.6%) $223,173 (10.8%) 0.00 17
    2022-04-01 $215,000 (-12.6%) $227,021 (-3.4%) 0.00 15
    2022-05-01 $211,425 (-11.9%) $232,146 (2.4%) 0.00 14
    2022-06-01 $212,450 (26.1%) $206,424 (18.2%) 0.00 18
    2022-07-01 $236,000 (89.0%) $262,492 (118.4%) 0.00 21
    2022-08-01 $225,750 (102.9%) $247,620 (81.9%) 0.00 25
    2022-09-01 $234,750 (44.7%) $241,716 (39.4%) 0.00 23
    2022-10-01 $247,000 (64.7%) $245,271 (26.4%) 0.00 26
    2022-11-01 $228,000 (53.3%) $239,053 (21.8%) 0.00 28
    2022-12-01 $228,000 (47.1%) $233,309 (19.8%) 0.00 30
    2023-01-01 $228,000 (34.2%) $236,075 (4.1%) 0.00 28
    2023-02-01 $226,000 (19.1%) $235,588 (-2.4%) 0.00 30
    2023-03-01 $223,500 (19.7%) $232,152 (4.0%) 0.00 29
    2023-04-01 $228,000 (6.1%) $238,148 (4.9%) 0.00 27
    2023-05-01 $260,250 (23.1%) $288,685 (24.4%) 0.00 25
    2023-06-01 $280,750 (32.2%) $301,076 (45.9%) 0.00 29
    2023-07-01 $271,000 (14.8%) $256,316 (-2.4%) 0.00 28
    2023-08-01 $271,000 (20.0%) $252,166 (1.8%) 0.00 32
    2023-09-01 $267,000 (13.7%) $253,506 (4.9%) 0.00 33
    2023-10-01 $249,375 (1.0%) $242,836 (-1.0%) 0.00 30
    2023-11-01 $234,500 (2.9%) $240,365 (0.6%) 0.00 32
    2023-12-01 $228,000 (0.0%) $228,680 (-2.0%) 0.00 27
    2024-01-01 $235,250 (3.2%) $231,327 (-2.0%) 0.00 25
    2024-02-01 $235,250 (4.1%) $229,794 (-2.5%) 0.00 25
    2024-03-01 $235,000 (5.2%) $245,262 (5.7%) 0.00 30
    2024-04-01 $226,475 (-0.7%) $246,398 (3.5%) 0.00 33
    2024-05-01 $236,000 (-9.3%) $254,708 (-11.8%) 0.00 40
    2024-06-01 $249,500 (-11.1%) $265,360 (-11.9%) 0.00 40
    2024-07-01 $234,500 (-13.5%) $243,329 (-5.1%) 0.00 37
    2024-08-01 $214,000 (-21.0%) $254,323 (0.9%) 0.00 44
    2024-09-01 $211,500 (-20.8%) $272,189 (7.4%) 0.00 38
    2024-10-01 $234,500 (-6.0%) $293,604 (20.9%) 0.00 37
    2024-11-01 $247,000 (5.3%) $291,250 (21.2%) 0.00 36
    Storm Lake's median listing price for 2024-11-01 was $247,000, a difference of $12,500 (5.3%) versus the prior year and $12,500 versus the prior month.

    Storm Lake's median listing price comes in at 0% of the national average.

    Storm Lake's average listing price for 2024-11-01 was $291,250, a difference of $50,885 (21.2%) versus the prior year and $-2,354 versus the prior month.

    For the 2024-11-01 period, Storm Lake had 36 MLS listings, a difference of -1 listings (-3%) versus the prior month and 4 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Storm Lake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,699 sqft
    2018-02-01 0 days 1,644 sqft
    2018-03-01 0 days 1,587 sqft
    2018-04-01 0 days 1,655 sqft
    2018-05-01 0 days 1,722 sqft
    2018-06-01 0 days 1,715 sqft
    2018-07-01 0 days 1,859 sqft
    2018-08-01 0 days 1,771 sqft
    2018-09-01 0 days 1,776 sqft
    2018-10-01 0 days 1,541 sqft
    2018-11-01 0 days 1,573 sqft
    2018-12-01 0 days 1,476 sqft
    2019-01-01 0 days 1,478 sqft
    2019-02-01 0 days 1,573 sqft
    2019-03-01 0 days 1,670 sqft
    2019-04-01 0 days 1,639 sqft
    2019-05-01 0 days 1,503 sqft
    2019-06-01 0 days 1,512 sqft
    2019-07-01 0 days 1,644 sqft
    2019-08-01 0 days 1,657 sqft
    2019-09-01 0 days 1,671 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,497 sqft
    2019-12-01 0 days 1,435 sqft
    2020-01-01 0 days 1,642 sqft
    2020-02-01 0 days 1,296 sqft
    2020-03-01 0 days 1,364 sqft
    2020-04-01 0 days 1,308 sqft
    2020-05-01 0 days 1,572 sqft
    2020-06-01 0 days 1,882 sqft
    2020-07-01 0 days 1,933 sqft
    2020-08-01 0 days 2,143 sqft
    2020-09-01 0 days 2,152 sqft
    2020-10-01 0 days 2,122 sqft
    2020-11-01 0 days 2,087 sqft
    2020-12-01 0 days 2,026 sqft
    2021-01-01 0 days 2,006 sqft
    2021-02-01 0 days 1,985 sqft
    2021-03-01 0 days 2,085 sqft
    2021-04-01 0 days 2,091 sqft
    2021-05-01 0 days 2,100 sqft
    2021-06-01 0 days 2,041 sqft
    2021-07-01 0 days 1,573 sqft
    2021-08-01 0 days 1,611 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,588 sqft
    2021-12-01 0 days 1,618 sqft
    2022-01-01 0 days 1,593 sqft
    2022-02-01 0 days 1,640 sqft
    2022-03-01 0 days 1,697 sqft
    2022-04-01 0 days 1,356 sqft
    2022-05-01 0 days 1,374 sqft
    2022-06-01 0 days 1,299 sqft
    2022-07-01 0 days 1,299 sqft
    2022-08-01 0 days 1,387 sqft
    2022-09-01 0 days 1,696 sqft
    2022-10-01 0 days 1,765 sqft
    2022-11-01 0 days 1,781 sqft
    2022-12-01 0 days 1,757 sqft
    2023-01-01 0 days 1,780 sqft
    2023-02-01 0 days 1,588 sqft
    2023-03-01 0 days 1,587 sqft
    2023-04-01 0 days 1,786 sqft
    2023-05-01 0 days 1,837 sqft
    2023-06-01 0 days 1,864 sqft
    2023-07-01 0 days 1,907 sqft
    2023-08-01 0 days 1,982 sqft
    2023-09-01 0 days 1,860 sqft
    2023-10-01 0 days 2,069 sqft
    2023-11-01 0 days 2,032 sqft
    2023-12-01 0 days 1,824 sqft
    2024-01-01 0 days 1,700 sqft
    2024-02-01 0 days 1,602 sqft
    2024-03-01 0 days 1,636 sqft
    2024-04-01 0 days 1,568 sqft
    2024-05-01 0 days 1,649 sqft
    2024-06-01 0 days 1,749 sqft
    2024-07-01 0 days 1,672 sqft
    2024-08-01 0 days 1,581 sqft
    2024-09-01 0 days 1,600 sqft
    2024-10-01 0 days 1,691 sqft
    2024-11-01 0 days 1,656 sqft
    Storm Lake's median listing age (time on market) for 2024-11-01 was 0 days.

    Storm Lake's median square footage for active listings during the 2024-11-01 period was 1,656 sqft. One year prior, the average listing was 2,032 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.