Torrington VA Loan Rates, Closing Costs & Stats

Torrington, CT

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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.

    Torrington's 28 lenders originated 99 VA loans during 2023. The total origination value was $32,155,000, with an average VA loan value of $324,798.

    Torrington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Torrington averaged 7.12% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Torrington's average VA mortgage closing costs are $6,539.

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.71%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.21%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 23 6.85% $8,921
    NAVY FEDERAL CREDIT UNION 9 5.42% $4,995
    LOANDEPOT.COM, LLC 8 6.47% $17,059
    QUICKEN LOANS, LLC 6 6.83% $10,180
    UNITED WHOLESALE MORTGAGE, LLC 6 6.44% $15,848
    NORWICH COMMERCIAL GROUP, INC. 5 6.63% $6,253
    PENNYMAC LOAN SERVICES, LLC 4 5.28% $10,125
    Flagstar Bank, FSB 3 6.46% $9,242
    FREEDOM MORTGAGE CORPORATION 2 6.75% $15,589
    NEWREZ LLC 2 6.44% $12,530
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $4,499
    PLAZA HOME MORTGAGE, INC. 2 5.94% $8,669
    Semper Home Loans, Inc. 2 7.31% $9,878
    CMG MORTGAGE, INC. 2 6.44% $11,014
    TOTAL MORTGAGE SERVICES, LLC 2 6.38% $10,381
    USAA Federal Savings Bank 1 6.00% $2,877
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $17,006
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $5,929
    Barrington Bank & Trust Company, N.A. 1 6.75% $8,294
    Chelsea Groton Bank 1 6.13% $3,853
    First Federal Bank 1 6.50% $5,496
    GUARANTEED RATE AFFINITY, LLC 1 7.00% $3,922
    GUARANTEED RATE, INC. 1 6.88% $1,778
    GUILD MORTGAGE COMPANY 1 7.13% $13,356
    Leader Bank 1 7.50% $10,377
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $25,299
    T2 FINANCIAL LLC 1 7.75% $6,806
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $7,163

    The top Torrington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $8,921, which is $3,926 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Torrington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,921), .

    The lowest rate Torrington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.85%), .

    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
    2024-01-01 $617,125 (9.0%) $1,013,449 (-18.1%) 1.51 302
    2024-02-01 $599,975 (0.3%) $962,782 (-23.3%) 1.44 284
    2024-03-01 $599,900 (-6.6%) $1,024,594 (-21.5%) 1.41 280
    Torrington's median listing price for 2024-03-01 was $599,900, a difference of $-42,525 (-6.6%) versus the prior year and $-75 versus the prior month.

    Torrington's median listing price comes in at 141% of the national average.

    Torrington's average listing price for 2024-03-01 was $1,024,594, a difference of $-281,246 (-21.5%) versus the prior year and $61,812 versus the prior month.

    For the 2024-03-01 period, Torrington had 280 MLS listings, a difference of -4 listings (-1%) versus the prior month and -18 listings (-6%) 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 2,080 sqft
    2018-02-01 128 days 2,114 sqft
    2018-03-01 109 days 2,116 sqft
    2018-04-01 70 days 2,132 sqft
    2018-05-01 65 days 2,105 sqft
    2018-06-01 68 days 2,116 sqft
    2018-07-01 75 days 2,134 sqft
    2018-08-01 86 days 2,127 sqft
    2018-09-01 92 days 2,089 sqft
    2018-10-01 98 days 2,055 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
    2024-01-01 81 days 2,291 sqft
    2024-02-01 73 days 2,262 sqft
    2024-03-01 55 days 2,182 sqft
    Torrington's median listing age (time on market) for 2024-03-01 was 55 days. This is -2% shorter than the same period one year ago.

    Torrington's median square footage for active listings during the 2024-03-01 period was 2,182 sqft. One year prior, the average listing was 2,469 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.