Traverse City VA Loan Rates, Closing Costs & Stats

Traverse City, MI

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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.

    Traverse City's 34 lenders originated 136 VA loans during 2023. The total origination value was $45,100,000, with an average VA loan value of $331,618.

    Traverse City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Traverse City averaged 6.96% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Traverse City's average VA mortgage closing costs are $5,824.

    The average rate for the prior week (2024-04-12) was 6.79% and one month ago for the week of 2024-03-15, the average rate was 6.95%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-04-19, the average rate was 8.21%.

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

    Traverse City 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 Traverse City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 24 6.15% $8,269
    Mortgage Research Center, LLC 19 6.56% $7,994
    QUICKEN LOANS, LLC 15 6.47% $8,737
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.88% $9,380
    FREEDOM MORTGAGE CORPORATION 6 6.69% $16,303
    NEW DAY FINANCIAL, LLC 6 7.41% $15,289
    STAUNTON FINANCIAL, INC. 5 5.93% $9,904
    NAVY FEDERAL CREDIT UNION 5 5.80% $4,259
    The Federal Savings Bank 5 6.53% $15,243
    USAA Federal Savings Bank 4 6.50% $13,406
    CALIBER HOME LOANS, INC. 4 6.50% $4,965
    Neighborhood Loans, Inc. 2 7.00% $8,651
    NEWREZ LLC 2 7.00% $9,847
    MICHIGAN MUTUAL, INC. 2 6.13% $8,074
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $8,746
    PREMIA MORTGAGE, LLC 1 5.50% $13,943
    Service Federal Credit Union 1 5.75% $2,655
    The Dart Bank 1 6.13% $12,630
    VAN DYK MORTGAGE CORPORATION 1 6.63% $738
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $33,160
    Wells Fargo Bank 1 5.75% $2,703
    Ameris Bank 1 6.00% $15,934
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,881
    BROKER SOLUTIONS, INC. 1 5.99% $5,455
    CARDINAL FINANCIAL 1 6.25% $9,402
    DAS Acquisition Company, LLC 1 6.25% $7,983
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $13,580
    Fifth Third Bank 1 7.00% $2,376
    GUARANTEED RATE, INC. 1 6.23% $9,059
    LOANDEPOT.COM, LLC 1 5.38% $12,022
    M&T Bank 1 7.25% $7,639
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $9,746
    NBKC BANK 1 5.63% $11,252
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $11,665

    The top Traverse City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 24 VA loans originated. Their average total fees are $8,269, which is $276 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Traverse City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,994), UNITED WHOLESALE MORTGAGE, LLC ($8,269), QUICKEN LOANS, LLC ($8,737), .

    The lowest rate Traverse City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.15%), QUICKEN LOANS, LLC (6.47%), Mortgage Research Center, LLC (6.56%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Traverse City (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 $327,650 (6.7%) $460,418 (4.0%) 1.21 1,136
    2018-02-01 $325,000 (6.8%) $461,184 (6.5%) 1.18 1,108
    2018-03-01 $324,950 (8.3%) $457,845 (6.0%) 1.14 1,155
    2018-04-01 $325,000 (8.4%) $464,115 (10.2%) 1.10 1,228
    2018-05-01 $329,250 (10.0%) $468,541 (10.4%) 1.10 1,367
    2018-06-01 $325,000 (8.1%) $461,995 (7.0%) 1.08 1,582
    2018-07-01 $318,750 (-0.1%) $450,046 (0.7%) 1.06 1,745
    2018-08-01 $315,000 (-1.6%) $448,761 (-1.8%) 1.06 1,772
    2018-09-01 $309,250 (-3.1%) $447,667 (-1.1%) 1.04 1,742
    2018-10-01 $301,225 (-6.5%) $447,610 (-2.1%) 1.02 1,680
    2018-11-01 $309,500 (-5.3%) $454,225 (-2.6%) 1.05 1,582
    2018-12-01 $310,500 (-5.6%) $466,265 (-1.0%) 1.07 1,374
    2019-01-01 $309,892 (-5.4%) $466,426 (1.3%) 1.07 1,248
    2019-02-01 $305,350 (-6.1%) $463,499 (0.5%) 1.03 1,211
    2019-03-01 $318,314 (-2.0%) $468,494 (2.3%) 1.04 1,211
    2019-04-01 $324,950 (0.0%) $470,011 (1.3%) 1.03 1,227
    2019-05-01 $329,000 (-0.1%) $473,545 (1.1%) 1.03 1,345
    2019-06-01 $329,900 (1.5%) $479,102 (3.7%) 1.03 1,530
    2019-07-01 $330,000 (3.5%) $483,432 (7.4%) 1.03 1,606
    2019-08-01 $329,155 (4.5%) $481,978 (7.4%) 1.04 1,595
    2019-09-01 $327,886 (6.0%) $477,557 (6.7%) 1.05 1,564
    2019-10-01 $338,541 (12.4%) $487,750 (9.0%) 1.09 1,350
    2019-11-01 $349,000 (12.8%) $502,983 (10.7%) 1.14 1,075
    2019-12-01 $349,450 (12.5%) $510,393 (9.5%) 1.17 970
    2020-01-01 $349,000 (12.6%) $513,515 (10.1%) 1.17 872
    2020-02-01 $369,000 (20.8%) $536,054 (15.7%) 1.21 786
    2020-03-01 $379,900 (19.4%) $541,905 (15.7%) 1.19 775
    2020-04-01 $387,400 (19.2%) $542,869 (15.5%) 1.21 799
    2020-05-01 $395,000 (20.1%) $560,489 (18.4%) 1.20 856
    2020-06-01 $399,450 (21.1%) $576,902 (20.4%) 1.18 877
    2020-07-01 $389,450 (18.0%) $594,494 (23.0%) 1.13 766
    2020-08-01 $385,000 (17.0%) $595,020 (23.5%) 1.10 712
    2020-09-01 $379,800 (15.8%) $593,811 (24.3%) 1.09 611
    2020-10-01 $379,900 (12.2%) $622,348 (27.6%) 1.09 544
    2020-11-01 $388,500 (11.3%) $646,632 (28.6%) 1.14 464
    2020-12-01 $379,200 (8.5%) $638,267 (25.1%) 1.13 421
    2021-01-01 $389,000 (11.5%) $592,696 (15.4%) 1.16 342
    2021-02-01 $410,000 (11.1%) $633,807 (18.2%) 1.19 274
    2021-03-01 $424,400 (11.7%) $700,259 (29.2%) 1.20 270
    2021-04-01 $427,100 (10.3%) $715,891 (31.9%) 1.16 260
    2021-05-01 $449,000 (13.7%) $717,080 (27.9%) 1.19 317
    2021-06-01 $475,000 (18.9%) $749,391 (29.9%) 1.25 354
    2021-07-01 $450,000 (15.6%) $739,264 (24.4%) 1.19 372
    2021-08-01 $455,000 (18.2%) $732,227 (23.1%) 1.21 388
    2021-09-01 $450,000 (18.5%) $740,610 (24.7%) 1.20 376
    2021-10-01 $434,900 (14.5%) $742,207 (19.3%) 1.16 355
    2021-11-01 $424,900 (9.4%) $762,077 (17.9%) 1.14 312
    2021-12-01 $429,900 (13.4%) $773,135 (21.1%) 1.16 261
    2022-01-01 $450,000 (15.7%) $793,090 (33.8%) 1.22 237
    2022-02-01 $453,450 (10.6%) $811,637 (28.1%) 1.18 204
    2022-03-01 $492,500 (16.1%) $844,214 (20.6%) 1.23 206
    2022-04-01 $485,000 (13.6%) $862,664 (20.5%) 1.16 214
    2022-05-01 $499,000 (11.1%) $857,224 (19.5%) 1.14 298
    2022-06-01 $499,500 (5.2%) $860,393 (14.8%) 1.11 389
    2022-07-01 $534,950 (18.9%) $813,042 (10.0%) 1.21 507
    2022-08-01 $520,000 (14.3%) $790,376 (7.9%) 1.20 529
    2022-09-01 $506,750 (12.6%) $780,532 (5.4%) 1.18 483
    2022-10-01 $499,950 (15.0%) $764,063 (2.9%) 1.18 472
    2022-11-01 $481,050 (13.2%) $748,948 (-1.7%) 1.16 430
    2022-12-01 $479,900 (11.6%) $763,714 (-1.2%) 1.18 361
    2023-01-01 $464,950 (3.3%) $773,499 (-2.5%) 1.15 286
    2023-02-01 $485,975 (7.2%) $786,699 (-3.1%) 1.17 293
    2023-03-01 $486,475 (-1.2%) $794,078 (-5.9%) 1.15 293
    2023-04-01 $499,000 (2.9%) $809,578 (-6.2%) 1.16 315
    2023-05-01 $534,000 (7.0%) $827,017 (-3.5%) 1.21 367
    2023-06-01 $524,500 (5.0%) $811,622 (-5.7%) 1.18 451
    2023-07-01 $497,500 (-7.0%) $772,506 (-5.0%) 1.13 508
    2023-08-01 $495,000 (-4.8%) $757,657 (-4.1%) 1.14 514
    2023-09-01 $499,000 (-1.5%) $755,802 (-3.2%) 1.16 556
    2023-10-01 $499,000 (-0.2%) $747,081 (-2.2%) 1.17 565
    2023-11-01 $477,250 (-0.8%) $722,174 (-3.6%) 1.14 559
    2023-12-01 $485,000 (1.1%) $724,312 (-5.2%) 1.18 469
    2024-01-01 $459,188 (-1.2%) $675,119 (-12.7%) 1.12 390
    2024-02-01 $459,375 (-5.5%) $694,065 (-11.8%) 1.11 391
    2024-03-01 $480,000 (-1.3%) $700,635 (-11.8%) 1.13 428
    Traverse City's median listing price for 2024-03-01 was $480,000, a difference of $-6,475 (-1.3%) versus the prior year and $20,625 versus the prior month.

    Traverse City's median listing price comes in at 113% of the national average.

    Traverse City's average listing price for 2024-03-01 was $700,635, a difference of $-93,443 (-11.8%) versus the prior year and $6,570 versus the prior month.

    For the 2024-03-01 period, Traverse City had 428 MLS listings, a difference of 37 listings (9%) versus the prior month and 135 listings (46%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 121 days 1,703 sqft
    2018-02-01 122 days 1,700 sqft
    2018-03-01 127 days 1,719 sqft
    2018-04-01 84 days 1,718 sqft
    2018-05-01 55 days 1,750 sqft
    2018-06-01 48 days 1,778 sqft
    2018-07-01 56 days 1,771 sqft
    2018-08-01 66 days 1,793 sqft
    2018-09-01 75 days 1,800 sqft
    2018-10-01 80 days 1,739 sqft
    2018-11-01 85 days 1,717 sqft
    2018-12-01 100 days 1,725 sqft
    2019-01-01 111 days 1,681 sqft
    2019-02-01 117 days 1,638 sqft
    2019-03-01 101 days 1,631 sqft
    2019-04-01 76 days 1,641 sqft
    2019-05-01 50 days 1,660 sqft
    2019-06-01 46 days 1,700 sqft
    2019-07-01 54 days 1,709 sqft
    2019-08-01 60 days 1,713 sqft
    2019-09-01 67 days 1,719 sqft
    2019-10-01 76 days 1,732 sqft
    2019-11-01 89 days 1,722 sqft
    2019-12-01 101 days 1,692 sqft
    2020-01-01 114 days 1,651 sqft
    2020-02-01 106 days 1,628 sqft
    2020-03-01 78 days 1,618 sqft
    2020-04-01 83 days 1,652 sqft
    2020-05-01 81 days 1,732 sqft
    2020-06-01 72 days 1,781 sqft
    2020-07-01 60 days 1,967 sqft
    2020-08-01 68 days 1,888 sqft
    2020-09-01 73 days 1,827 sqft
    2020-10-01 64 days 1,792 sqft
    2020-11-01 67 days 1,665 sqft
    2020-12-01 77 days 1,604 sqft
    2021-01-01 80 days 1,608 sqft
    2021-02-01 79 days 1,584 sqft
    2021-03-01 49 days 1,625 sqft
    2021-04-01 44 days 1,660 sqft
    2021-05-01 37 days 1,708 sqft
    2021-06-01 38 days 1,823 sqft
    2021-07-01 40 days 1,794 sqft
    2021-08-01 40 days 1,758 sqft
    2021-09-01 42 days 1,771 sqft
    2021-10-01 54 days 1,753 sqft
    2021-11-01 58 days 1,744 sqft
    2021-12-01 66 days 1,622 sqft
    2022-01-01 68 days 1,545 sqft
    2022-02-01 72 days 1,510 sqft
    2022-03-01 64 days 1,515 sqft
    2022-04-01 44 days 1,531 sqft
    2022-05-01 30 days 1,672 sqft
    2022-06-01 31 days 1,806 sqft
    2022-07-01 33 days 1,800 sqft
    2022-08-01 47 days 1,770 sqft
    2022-09-01 58 days 1,741 sqft
    2022-10-01 61 days 1,700 sqft
    2022-11-01 70 days 1,648 sqft
    2022-12-01 87 days 1,603 sqft
    2023-01-01 81 days 1,628 sqft
    2023-02-01 60 days 1,567 sqft
    2023-03-01 56 days 1,567 sqft
    2023-04-01 52 days 1,632 sqft
    2023-05-01 42 days 1,684 sqft
    2023-06-01 38 days 1,763 sqft
    2023-07-01 40 days 1,766 sqft
    2023-08-01 51 days 1,716 sqft
    2023-09-01 48 days 1,708 sqft
    2023-10-01 51 days 1,719 sqft
    2023-11-01 59 days 1,610 sqft
    2023-12-01 80 days 1,585 sqft
    2024-01-01 82 days 1,528 sqft
    2024-02-01 67 days 1,526 sqft
    2024-03-01 47 days 1,550 sqft
    Traverse City's median listing age (time on market) for 2024-03-01 was 47 days. This is -16% shorter than the same period one year ago.

    Traverse City's median square footage for active listings during the 2024-03-01 period was 1,550 sqft. One year prior, the average listing was 1,567 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.