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 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 6.19% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

    The average rate for the prior week (2023-05-19) was 6.01% and one month ago for the week of 2023-04-21, the average rate was 5.93%.

    The average rate one year ago was 4.7%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.11%.

    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%) $641,343 (-0.4%) 1.30 1,364
    2018-02-01 $354,500 (6.0%) $653,188 (-0.2%) 1.29 1,345
    2018-03-01 $357,700 (3.9%) $638,650 (-6.9%) 1.26 1,392
    2018-04-01 $359,000 (2.6%) $640,199 (-6.7%) 1.22 1,455
    2018-05-01 $349,900 (-2.7%) $636,073 (-5.7%) 1.17 1,587
    2018-06-01 $349,900 (-2.5%) $645,760 (-3.9%) 1.17 1,712
    2018-07-01 $350,000 (-2.8%) $651,608 (-3.5%) 1.17 1,764
    2018-08-01 $353,725 (1.2%) $656,358 (0.4%) 1.19 1,760
    2018-09-01 $349,000 (-0.3%) $659,014 (0.6%) 1.17 1,755
    2018-10-01 $344,350 (-1.6%) $660,543 (3.0%) 1.17 1,710
    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 (-0.3%) $708,797 (8.5%) 1.19 1,316
    2019-03-01 $374,900 (4.8%) $715,745 (12.1%) 1.25 1,274
    2019-04-01 $378,929 (5.6%) $708,064 (10.6%) 1.20 1,335
    2019-05-01 $369,000 (5.5%) $690,930 (8.6%) 1.15 1,457
    2019-06-01 $369,000 (5.5%) $678,316 (5.0%) 1.15 1,585
    2019-07-01 $369,450 (5.6%) $668,004 (2.5%) 1.16 1,614
    2019-08-01 $369,900 (4.6%) $665,853 (1.5%) 1.16 1,608
    2019-09-01 $379,900 (8.9%) $674,391 (2.3%) 1.20 1,554
    2019-10-01 $375,000 (8.9%) $659,038 (-0.2%) 1.21 1,575
    2019-11-01 $387,250 (10.7%) $677,361 (0.2%) 1.27 1,428
    2019-12-01 $388,575 (11.3%) $695,654 (2.1%) 1.30 1,268
    2020-01-01 $395,000 (12.9%) $706,639 (0.7%) 1.32 1,155
    2020-02-01 $395,000 (11.8%) $704,069 (-0.7%) 1.29 1,103
    2020-03-01 $399,000 (6.4%) $713,117 (-0.4%) 1.25 1,064
    2020-04-01 $398,950 (5.3%) $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 (16.4%) 1.23 864
    2020-07-01 $444,900 (20.4%) $826,047 (23.7%) 1.29 874
    2020-08-01 $439,900 (18.9%) $814,641 (22.4%) 1.26 869
    2020-09-01 $466,200 (22.7%) $823,199 (22.1%) 1.34 878
    2020-10-01 $479,000 (27.7%) $848,641 (28.8%) 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 (66.0%) 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%) $1,143,627 (9.4%) 1.27 435
    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%) 1.51 298
    2023-04-01 $675,000 (23.0%) $1,336,434 (12.7%) 1.57 308
    Torrington's median listing price for 2023-04-01 was $675,000, a difference of $126,000 (23.0%) versus the prior year and $32,575 versus the prior month.

    Torrington's median listing price comes in at 157% of the national average.

    Torrington's average listing price for 2023-04-01 was $1,336,434, a difference of $150,519 (12.7%) versus the prior year and $30,594 versus the prior month.

    For the 2023-04-01 period, Torrington had 308 MLS listings, a difference of 10 listings (3%) versus the prior month and -39 listings (-11%) 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
    2018-01-01 141 days 2,075 sqft
    2018-02-01 148 days 2,104 sqft
    2018-03-01 144 days 2,089 sqft
    2018-04-01 97 days 2,121 sqft
    2018-05-01 81 days 2,102 sqft
    2018-06-01 81 days 2,113 sqft
    2018-07-01 87 days 2,131 sqft
    2018-08-01 101 days 2,127 sqft
    2018-09-01 107 days 2,089 sqft
    2018-10-01 118 days 2,055 sqft
    2018-11-01 126 days 2,057 sqft
    2018-12-01 131 days 2,031 sqft
    2019-01-01 140 days 2,027 sqft
    2019-02-01 147 days 2,050 sqft
    2019-03-01 140 days 2,119 sqft
    2019-04-01 95 days 2,137 sqft
    2019-05-01 78 days 2,218 sqft
    2019-06-01 78 days 2,284 sqft
    2019-07-01 85 days 2,271 sqft
    2019-08-01 95 days 2,304 sqft
    2019-09-01 106 days 2,335 sqft
    2019-10-01 105 days 2,298 sqft
    2019-11-01 113 days 2,283 sqft
    2019-12-01 133 days 2,258 sqft
    2020-01-01 139 days 2,277 sqft
    2020-02-01 145 days 2,282 sqft
    2020-03-01 143 days 2,305 sqft
    2020-04-01 137 days 2,301 sqft
    2020-05-01 106 days 2,277 sqft
    2020-06-01 94 days 2,374 sqft
    2020-07-01 61 days 2,422 sqft
    2020-08-01 59 days 2,400 sqft
    2020-09-01 59 days 2,439 sqft
    2020-10-01 57 days 2,424 sqft
    2020-11-01 72 days 2,461 sqft
    2020-12-01 88 days 2,471 sqft
    2021-01-01 107 days 2,476 sqft
    2021-02-01 128 days 2,444 sqft
    2021-03-01 120 days 2,426 sqft
    2021-04-01 57 days 2,409 sqft
    2021-05-01 47 days 2,400 sqft
    2021-06-01 45 days 2,329 sqft
    2021-07-01 47 days 2,233 sqft
    2021-08-01 52 days 2,116 sqft
    2021-09-01 63 days 2,129 sqft
    2021-10-01 75 days 2,120 sqft
    2021-11-01 86 days 2,136 sqft
    2021-12-01 89 days 2,144 sqft
    2022-01-01 103 days 2,249 sqft
    2022-02-01 106 days 2,276 sqft
    2022-03-01 59 days 2,218 sqft
    2022-04-01 48 days 2,150 sqft
    2022-05-01 36 days 2,114 sqft
    2022-06-01 37 days 2,222 sqft
    2022-07-01 42 days 2,175 sqft
    2022-08-01 50 days 2,361 sqft
    2022-09-01 58 days 2,330 sqft
    2022-10-01 71 days 2,268 sqft
    2022-11-01 75 days 2,294 sqft
    2022-12-01 89 days 2,322 sqft
    2023-01-01 101 days 2,319 sqft
    2023-02-01 111 days 2,466 sqft
    2023-03-01 71 days 2,469 sqft
    2023-04-01 57 days 2,466 sqft
    Torrington's median listing age (time on market) for 2023-04-01 was 57 days. This is 19% longer than the same period one year ago.

    Torrington's median square footage for active listings during the 2023-04-01 period was 2,466 sqft. One year prior, the average listing was 2,150 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.