Torrington VA Loan Rates, Closing Costs & Stats

Torrington, CT

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.

Torrington's 38 lenders originated 164 VA loans during 2022. The total origination value was $49,900,000, with an average VA loan value of $304,268.

Torrington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Torrington averaged -0.32% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Torrington's average VA mortgage closing costs are $6,274.

The average rate for the prior week (2024-02-16) was 6.26% and one month ago for the week of 2024-01-19, the average rate was 6.01%.

The average rate one year ago was 5.72%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.3%.

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

Torrington 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 Torrington level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 49 5.33% $7,160
NAVY FEDERAL CREDIT UNION 11 3.82% $6,625
QUICKEN LOANS, LLC 10 3.76% $9,913
LOANDEPOT.COM, LLC 9 4.39% $9,198
USAA Federal Savings Bank 7 4.29% $7,827
NEW DAY FINANCIAL, LLC 7 4.83% $14,633
UNITED WHOLESALE MORTGAGE, LLC 6 5.00% $7,614
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 4.33% $9,960
FREEDOM MORTGAGE CORPORATION 5 4.90% $12,646
The Federal Savings Bank 3 5.38% $16,882
Mr. Cooper ( Nationstar Mortgage ) 3 4.00% $18,748
CROSSCOUNTRY MORTGAGE, LLC 3 4.60% $9,381
TOTAL MORTGAGE SERVICES, LLC 3 4.46% $11,582
NORWICH COMMERCIAL GROUP, INC. 3 5.08% $7,608
MOVEMENT MORTGAGE, LLC 2 5.56% $8,350
Barrington Bank & Trust Company, N.A. 2 7.00% $7,053
Flagstar Bank, FSB 2 3.55% $7,757
NEWREZ LLC 2 2.94% $1,592
PENNYMAC LOAN SERVICES, LLC 2 3.12% $14,463
Prosperity Home Mortgage, LLC 2 4.50% $18,865
HOME POINT FINANCIAL CORPORATION 2 4.68% $9,804
LAKEVIEW LOAN SERVICING, LLC 2 2.75% $2,442
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.37% $893
FIRST WORLD MORTGAGE CORPORATION 2 5.75% $5,768
Capital Bank 1 2.50% $11,545
Equity Prime Mortgage LLC 1 5.75% $11,126
EQUITY RESOURCES, INC. 1 5.75% $14,364
GUARANTEED RATE AFFINITY, LLC 1 5.58% $11,251
CALIBER HOME LOANS, INC. 1 3.70% $37,941
BNC National Bank 1 2.25% $5,822
NBKC BANK 1 4.75% $9,876
AMERISAVE MORTGAGE CORPORATION 1 5.25% $966
Paramount Residential Mortgage Group, Inc. 1 3.88% $15,024
PROVINCE MORTGAGE ASSOCIATES, INC. 1 6.75% $7,742
AmRes Corporation 1 3.63% $5,534
SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $4,081
The Central Trust Bank 1 6.50% $3,671
CMG MORTGAGE, INC. 1 4.63% $4,355

The top Torrington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $7,160, which is $535 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Torrington VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,625), Mortgage Research Center, LLC ($7,160), QUICKEN LOANS, LLC ($9,913), .

The lowest rate Torrington VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.76%), NAVY FEDERAL CREDIT UNION (3.82%), Mortgage Research Center, LLC (5.33%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Torrington (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 $349,900 (6.1%) $641,342 (-0.4%) 1.30 1,365
2018-02-01 $355,750 (6.4%) $653,179 (-0.3%) 1.29 1,346
2018-03-01 $357,900 (3.9%) $638,493 (-6.9%) 1.26 1,393
2018-04-01 $359,000 (2.6%) $639,940 (-6.7%) 1.22 1,457
2018-05-01 $349,900 (-2.7%) $635,832 (-5.7%) 1.17 1,589
2018-06-01 $350,000 (-2.5%) $645,536 (-3.9%) 1.17 1,714
2018-07-01 $350,000 (-2.8%) $651,378 (-3.5%) 1.17 1,766
2018-08-01 $354,950 (1.5%) $656,124 (0.4%) 1.19 1,762
2018-09-01 $349,000 (-0.3%) $658,896 (0.6%) 1.17 1,756
2018-10-01 $344,950 (-1.4%) $660,423 (3.0%) 1.17 1,711
2018-11-01 $349,925 (0.0%) $676,375 (4.6%) 1.19 1,585
2018-12-01 $349,000 (-0.1%) $681,681 (7.7%) 1.20 1,477
2019-01-01 $349,900 (0.0%) $701,843 (9.4%) 1.21 1,343
2019-02-01 $353,475 (-0.6%) $708,797 (8.5%) 1.19 1,316
2019-03-01 $367,979 (2.8%) $716,780 (12.3%) 1.20 1,321
2019-04-01 $377,337 (5.1%) $707,597 (10.6%) 1.20 1,333
2019-05-01 $369,000 (5.5%) $690,491 (8.6%) 1.15 1,456
2019-06-01 $369,000 (5.4%) $677,903 (5.0%) 1.15 1,584
2019-07-01 $369,000 (5.4%) $667,364 (2.5%) 1.16 1,614
2019-08-01 $369,245 (4.0%) $663,852 (1.2%) 1.17 1,597
2019-09-01 $369,614 (5.9%) $658,361 (-0.1%) 1.18 1,587
2019-10-01 $372,450 (8.0%) $657,653 (-0.4%) 1.20 1,575
2019-11-01 $387,250 (10.7%) $677,440 (0.2%) 1.27 1,428
2019-12-01 $388,575 (11.3%) $695,742 (2.1%) 1.30 1,268
2020-01-01 $395,000 (12.9%) $706,736 (0.7%) 1.32 1,155
2020-02-01 $395,000 (11.8%) $704,170 (-0.7%) 1.29 1,103
2020-03-01 $399,000 (8.4%) $713,373 (-0.5%) 1.25 1,064
2020-04-01 $398,950 (5.7%) $720,458 (1.8%) 1.25 1,002
2020-05-01 $395,000 (7.1%) $694,918 (0.6%) 1.20 914
2020-06-01 $416,200 (12.8%) $789,814 (16.5%) 1.23 864
2020-07-01 $444,900 (20.6%) $825,605 (23.7%) 1.29 875
2020-08-01 $439,900 (19.1%) $814,214 (22.7%) 1.26 870
2020-09-01 $466,200 (26.1%) $823,199 (25.0%) 1.34 878
2020-10-01 $479,000 (28.6%) $848,641 (29.0%) 1.37 880
2020-11-01 $487,450 (25.9%) $888,957 (31.2%) 1.43 752
2020-12-01 $499,450 (28.5%) $922,267 (32.6%) 1.49 656
2021-01-01 $509,900 (29.1%) $1,071,864 (51.7%) 1.52 562
2021-02-01 $529,000 (33.9%) $1,122,294 (59.4%) 1.54 472
2021-03-01 $541,450 (35.7%) $1,183,788 (65.9%) 1.54 454
2021-04-01 $539,950 (35.3%) $1,119,098 (55.3%) 1.46 471
2021-05-01 $548,000 (38.7%) $1,139,519 (64.0%) 1.46 504
2021-06-01 $527,000 (26.6%) $1,096,759 (38.9%) 1.39 573
2021-07-01 $499,900 (12.4%) $1,041,410 (26.1%) 1.32 673
2021-08-01 $499,000 (13.4%) $1,008,902 (23.9%) 1.33 687
2021-09-01 $499,900 (7.2%) $1,011,388 (22.9%) 1.33 655
2021-10-01 $489,900 (2.3%) $1,000,387 (17.9%) 1.31 633
2021-11-01 $494,450 (1.4%) $1,045,673 (17.6%) 1.32 542
2021-12-01 $502,400 (0.6%) $1,066,235 (15.6%) 1.36 462
2022-01-01 $529,450 (3.8%) $1,218,183 (13.7%) 1.43 389
2022-02-01 $559,500 (5.8%) $1,280,928 (14.1%) 1.46 329
2022-03-01 $547,450 (1.1%) $1,213,733 (2.5%) 1.37 328
2022-04-01 $549,000 (1.7%) $1,185,915 (6.0%) 1.31 347
2022-05-01 $539,788 (-1.5%) $1,164,542 (2.2%) 1.23 428
2022-06-01 $549,900 (4.4%) $1,149,266 (4.8%) 1.22 491
2022-07-01 $539,900 (8.0%) $1,085,630 (4.3%) 1.22 523
2022-08-01 $554,675 (11.2%) $1,137,378 (12.7%) 1.28 527
2022-09-01 $553,450 (10.7%) $1,154,949 (14.2%) 1.29 496
2022-10-01 $545,000 (11.3%) $1,124,370 (12.4%) 1.28 480
2022-11-01 $527,000 (6.6%) $1,145,727 (9.6%) 1.27 434
2022-12-01 $549,999 (9.5%) $1,178,516 (10.5%) 1.36 387
2023-01-01 $566,000 (6.9%) $1,237,991 (1.6%) 1.40 325
2023-02-01 $598,500 (7.0%) $1,255,107 (-2.0%) 1.44 293
2023-03-01 $642,425 (17.4%) $1,305,840 (7.6%) 1.52 298
2023-04-01 $675,000 (23.0%) $1,336,434 (12.7%) 1.57 308
2023-05-01 $687,000 (27.3%) $1,366,496 (17.3%) 1.56 339
2023-06-01 $656,250 (19.3%) $1,250,193 (8.8%) 1.47 365
2023-07-01 $689,900 (27.8%) $1,176,739 (8.4%) 1.57 371
2023-08-01 $634,925 (14.5%) $1,107,221 (-2.7%) 1.46 368
2023-09-01 $619,999 (12.0%) $1,088,865 (-5.7%) 1.44 398
2023-10-01 $649,950 (19.3%) $1,086,473 (-3.4%) 1.53 423
2023-11-01 $649,950 (23.3%) $1,058,302 (-7.6%) 1.55 411
2023-12-01 $629,500 (14.5%) $1,033,071 (-12.3%) 1.54 368
Torrington's median listing price for 2023-12-01 was $629,500, a difference of $79,501 (14.5%) versus the prior year and $-20,450 versus the prior month.

Torrington's median listing price comes in at 154% of the national average.

Torrington's average listing price for 2023-12-01 was $1,033,071, a difference of $-145,445 (-12.3%) versus the prior year and $-25,231 versus the prior month.

For the 2023-12-01 period, Torrington had 368 MLS listings, a difference of -43 listings (-10%) versus the prior month and -19 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Torrington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 119 days 2,079 sqft
2018-02-01 128 days 2,114 sqft
2018-03-01 109 days 2,115 sqft
2018-04-01 70 days 2,131 sqft
2018-05-01 65 days 2,104 sqft
2018-06-01 68 days 2,115 sqft
2018-07-01 75 days 2,133 sqft
2018-08-01 86 days 2,127 sqft
2018-09-01 92 days 2,089 sqft
2018-10-01 98 days 2,056 sqft
2018-11-01 102 days 2,058 sqft
2018-12-01 108 days 2,036 sqft
2019-01-01 120 days 2,030 sqft
2019-02-01 124 days 2,050 sqft
2019-03-01 104 days 2,102 sqft
2019-04-01 76 days 2,133 sqft
2019-05-01 65 days 2,218 sqft
2019-06-01 66 days 2,284 sqft
2019-07-01 74 days 2,268 sqft
2019-08-01 80 days 2,287 sqft
2019-09-01 85 days 2,292 sqft
2019-10-01 90 days 2,294 sqft
2019-11-01 101 days 2,282 sqft
2019-12-01 116 days 2,256 sqft
2020-01-01 126 days 2,275 sqft
2020-02-01 128 days 2,282 sqft
2020-03-01 109 days 2,305 sqft
2020-04-01 91 days 2,301 sqft
2020-05-01 86 days 2,277 sqft
2020-06-01 68 days 2,374 sqft
2020-07-01 49 days 2,422 sqft
2020-08-01 51 days 2,400 sqft
2020-09-01 51 days 2,439 sqft
2020-10-01 50 days 2,424 sqft
2020-11-01 64 days 2,461 sqft
2020-12-01 83 days 2,471 sqft
2021-01-01 100 days 2,468 sqft
2021-02-01 114 days 2,444 sqft
2021-03-01 97 days 2,426 sqft
2021-04-01 46 days 2,409 sqft
2021-05-01 41 days 2,400 sqft
2021-06-01 40 days 2,329 sqft
2021-07-01 43 days 2,233 sqft
2021-08-01 46 days 2,116 sqft
2021-09-01 57 days 2,129 sqft
2021-10-01 67 days 2,120 sqft
2021-11-01 74 days 2,136 sqft
2021-12-01 78 days 2,144 sqft
2022-01-01 88 days 2,249 sqft
2022-02-01 89 days 2,276 sqft
2022-03-01 48 days 2,218 sqft
2022-04-01 38 days 2,150 sqft
2022-05-01 30 days 2,114 sqft
2022-06-01 32 days 2,222 sqft
2022-07-01 38 days 2,175 sqft
2022-08-01 45 days 2,361 sqft
2022-09-01 54 days 2,330 sqft
2022-10-01 64 days 2,268 sqft
2022-11-01 70 days 2,295 sqft
2022-12-01 82 days 2,322 sqft
2023-01-01 93 days 2,319 sqft
2023-02-01 97 days 2,466 sqft
2023-03-01 56 days 2,469 sqft
2023-04-01 51 days 2,466 sqft
2023-05-01 38 days 2,452 sqft
2023-06-01 34 days 2,347 sqft
2023-07-01 45 days 2,306 sqft
2023-08-01 51 days 2,252 sqft
2023-09-01 50 days 2,300 sqft
2023-10-01 48 days 2,410 sqft
2023-11-01 60 days 2,439 sqft
2023-12-01 72 days 2,337 sqft
Torrington's median listing age (time on market) for 2023-12-01 was 72 days. This is -12% shorter than the same period one year ago.

Torrington's median square footage for active listings during the 2023-12-01 period was 2,337 sqft. One year prior, the average listing was 2,322 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.