Utica VA Loan Rates, Closing Costs & Stats

UTICA-ROME, NY

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.

Utica's 39 lenders originated 333 VA loans during 2021. The total origination value was $65,275,000, with an average VA loan value of $196,021.

Utica VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Utica averaged 6.57% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Utica's average VA mortgage closing costs are $4,782.

The average rate for the prior week (2022-11-25) was 6.91% and one month ago for the week of 2022-10-28, the average rate was 7.3%.

The average rate one year ago was 3.57%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.35%.

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

Utica 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 Utica level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 85 2.57% $4,675
Mortgage Research Center, LLC 29 2.91% $4,583
USAA Federal Savings Bank 21 2.96% $5,474
HOMESTEAD FUNDING CORP. 20 3.16% $4,197
PLAZA HOME MORTGAGE, INC. 18 2.85% $7,708
NAVY FEDERAL CREDIT UNION 18 2.40% $5,571
Barrington Bank & Trust Company, N.A. 13 3.08% $5,856
MOVEMENT MORTGAGE, LLC 12 3.04% $4,127
Premium Mortgage Corporation 11 3.17% $7,321
LOANDEPOT.COM, LLC 6 3.10% $3,317
FREEDOM MORTGAGE CORPORATION 6 2.75% $5,481
PARAGON HOME LOANS INC. 5 2.75% $6,036
CALIBER HOME LOANS, INC. 5 2.85% $5,319
Mr. Cooper ( Nationstar Mortgage ) 4 3.00% $1,131
GUARANTEED RATE, INC. 4 2.66% $4,506
The Federal Savings Bank 4 2.72% $4,365
COMMONFUND MORTGAGE CORP. 3 2.58% $5,662
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.04% $3,102
First Federal Bank 3 3.13% $5,880
Genesee Regional Bank 3 3.13% $6,229
HUNT MORTGAGE CORPORATION 3 3.42% $3,126
UNITED WHOLESALE MORTGAGE, LLC 2 2.42% $2,936
SEFCU SERVICES, LLC 2 3.00% $7,842
Colonial Savings, F.A. 2 3.44% $12,846
NEWREZ LLC 2 2.87% $3,193
RELIANCE FIRST CAPITAL, LLC 2 2.88% $10,077
CROSSCOUNTRY MORTGAGE, LLC 2 3.13% $8,221
Wells Fargo Bank 1 3.13% $3,335
AMERICAN FINANCING CORPORATION 1 3.25% $2,128
Bank of America 1 3.50% $5,874
Bank of England 1 3.75% $14,609
Citizens Bank 1 2.50% $3,036
HOME POINT FINANCIAL CORPORATION 1 2.50% $7,098
M&T Bank 1 3.13% $7,861
NBKC BANK 1 2.50% $3,581
Paramount Bank 1 2.63% $9,355
PHH Mortgage Corporation 1 2.88% $3,627
U.S. Bank 1 2.63% $0
1ST PRIORITY MORTGAGE, INC. 1 3.13% $3,938

The top Utica VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 85 VA loans originated. Their average total fees are $4,675, which is $93 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Utica VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($4,127), HOMESTEAD FUNDING CORP. ($4,197), Mortgage Research Center, LLC ($4,583), QUICKEN LOANS, LLC ($4,675) and USAA Federal Savings Bank ($5,474).

The lowest rate Utica VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.40%), QUICKEN LOANS, LLC (2.57%), PLAZA HOME MORTGAGE, INC. (2.85%), Mortgage Research Center, LLC (2.91%) and USAA Federal Savings Bank (2.96%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Utica (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 $124,450 (3.8%) $188,625 (6.5%) 0.46 901
2018-02-01 $125,975 (0.9%) $193,281 (5.6%) 0.46 879
2018-03-01 $129,500 (0.0%) $197,630 (5.9%) 0.45 849
2018-04-01 $139,250 (7.2%) $204,597 (7.3%) 0.47 844
2018-05-01 $137,450 (0.8%) $203,962 (6.3%) 0.46 863
2018-06-01 $148,450 (6.1%) $216,786 (13.0%) 0.50 974
2018-07-01 $149,900 (0.6%) $218,698 (12.1%) 0.50 1,061
2018-08-01 $145,450 (2.8%) $213,285 (4.8%) 0.49 1,104
2018-09-01 $144,700 (3.4%) $210,519 (6.4%) 0.49 1,124
2018-10-01 $135,000 (-1.2%) $197,666 (1.0%) 0.46 1,090
2018-11-01 $131,975 (-1.4%) $199,358 (2.0%) 0.45 1,007
2018-12-01 $129,900 (0.7%) $197,481 (3.6%) 0.45 941
2019-01-01 $129,900 (4.4%) $201,832 (7.0%) 0.45 857
2019-02-01 $130,950 (4.0%) $208,127 (7.7%) 0.44 768
2019-03-01 $139,671 (7.9%) $217,085 (9.8%) 0.46 745
2019-04-01 $149,900 (7.7%) $225,616 (10.3%) 0.48 735
2019-05-01 $154,900 (12.7%) $223,031 (9.4%) 0.48 755
2019-06-01 $154,900 (4.3%) $225,239 (3.9%) 0.48 826
2019-07-01 $159,900 (6.7%) $226,086 (3.4%) 0.50 893
2019-08-01 $158,536 (9.0%) $223,648 (4.9%) 0.50 915
2019-09-01 $156,491 (8.2%) $224,287 (6.5%) 0.50 922
2019-10-01 $152,400 (12.9%) $224,713 (13.7%) 0.49 914
2019-11-01 $148,000 (12.1%) $223,625 (12.2%) 0.49 864
2019-12-01 $148,050 (14.0%) $225,583 (14.2%) 0.49 772
2020-01-01 $146,900 (13.1%) $228,602 (13.3%) 0.49 679
2020-02-01 $149,000 (13.8%) $229,832 (10.4%) 0.49 637
2020-03-01 $156,950 (12.4%) $224,047 (3.2%) 0.49 599
2020-04-01 $158,450 (5.7%) $235,851 (4.5%) 0.50 575
2020-05-01 $169,900 (9.7%) $248,324 (11.3%) 0.52 575
2020-06-01 $178,000 (14.9%) $249,022 (10.6%) 0.52 547
2020-07-01 $169,900 (6.3%) $249,073 (10.2%) 0.49 540
2020-08-01 $169,900 (7.2%) $241,754 (8.1%) 0.49 522
2020-09-01 $172,400 (10.2%) $236,855 (5.6%) 0.49 522
2020-10-01 $169,900 (11.5%) $232,784 (3.6%) 0.49 547
2020-11-01 $169,700 (14.7%) $222,897 (-0.3%) 0.50 522
2020-12-01 $165,175 (11.6%) $221,999 (-1.6%) 0.49 483
2021-01-01 $159,900 (8.9%) $227,408 (-0.5%) 0.48 409
2021-02-01 $169,700 (13.9%) $232,319 (1.1%) 0.49 336
2021-03-01 $174,900 (11.4%) $251,245 (12.1%) 0.50 296
2021-04-01 $189,900 (19.9%) $262,386 (11.3%) 0.51 281
2021-05-01 $193,450 (13.9%) $263,039 (5.9%) 0.51 323
2021-06-01 $199,900 (12.3%) $282,850 (13.6%) 0.53 355
2021-07-01 $199,900 (17.7%) $277,759 (11.5%) 0.53 400
2021-08-01 $192,400 (13.2%) $267,458 (10.6%) 0.51 456
2021-09-01 $197,750 (14.7%) $271,413 (14.6%) 0.53 475
2021-10-01 $184,900 (8.8%) $264,954 (13.8%) 0.49 436
2021-11-01 $176,925 (4.3%) $250,521 (12.4%) 0.47 402
2021-12-01 $178,950 (8.3%) $253,253 (14.1%) 0.49 355
2022-01-01 $176,950 (10.7%) $245,485 (8.0%) 0.48 322
2022-02-01 $168,950 (-0.4%) $243,639 (4.9%) 0.44 272
2022-03-01 $179,675 (2.7%) $260,413 (3.7%) 0.45 258
2022-04-01 $179,900 (-5.3%) $261,451 (-0.4%) 0.43 265
2022-05-01 $182,400 (-5.7%) $279,095 (6.1%) 0.42 310
2022-06-01 $199,450 (-0.2%) $287,454 (1.6%) 0.44 372
2022-07-01 $199,000 (-0.5%) $277,158 (-0.2%) 0.45 443
2022-08-01 $189,900 (-1.3%) $262,573 (-1.8%) 0.44 462
2022-09-01 $189,000 (-4.4%) $252,013 (-7.2%) 0.44 489
2022-10-01 $189,000 (2.2%) $252,409 (-4.7%) 0.44 494
2022-11-01 $179,450 (1.4%) $250,210 (-0.1%) 0.43 454
Utica's median listing price for 2022-11-01 was $179,450, a difference of $2,525 (1.4%) versus the prior year and $-9,550 versus the prior month.

Utica's median listing price comes in at 43% of the national average.

Utica's average listing price for 2022-11-01 was $250,210, a difference of $-311 (-0.1%) versus the prior year and $-2,199 versus the prior month.

For the 2022-11-01 period, Utica had 454 MLS listings, a difference of -40 listings (-8%) versus the prior month and 52 listings (13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Utica (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 114 days 1,535 sqft
2018-02-01 115 days 1,563 sqft
2018-03-01 116 days 1,568 sqft
2018-04-01 96 days 1,624 sqft
2018-05-01 62 days 1,648 sqft
2018-06-01 56 days 1,678 sqft
2018-07-01 61 days 1,667 sqft
2018-08-01 64 days 1,674 sqft
2018-09-01 74 days 1,660 sqft
2018-10-01 80 days 1,625 sqft
2018-11-01 90 days 1,633 sqft
2018-12-01 100 days 1,596 sqft
2019-01-01 103 days 1,580 sqft
2019-02-01 107 days 1,580 sqft
2019-03-01 98 days 1,627 sqft
2019-04-01 82 days 1,663 sqft
2019-05-01 62 days 1,669 sqft
2019-06-01 54 days 1,664 sqft
2019-07-01 55 days 1,659 sqft
2019-08-01 61 days 1,654 sqft
2019-09-01 68 days 1,664 sqft
2019-10-01 74 days 1,666 sqft
2019-11-01 79 days 1,650 sqft
2019-12-01 97 days 1,640 sqft
2020-01-01 116 days 1,645 sqft
2020-02-01 119 days 1,632 sqft
2020-03-01 122 days 1,667 sqft
2020-04-01 127 days 1,680 sqft
2020-05-01 127 days 1,700 sqft
2020-06-01 107 days 1,661 sqft
2020-07-01 72 days 1,650 sqft
2020-08-01 71 days 1,661 sqft
2020-09-01 68 days 1,700 sqft
2020-10-01 68 days 1,680 sqft
2020-11-01 70 days 1,676 sqft
2020-12-01 85 days 1,679 sqft
2021-01-01 102 days 1,640 sqft
2021-02-01 113 days 1,629 sqft
2021-03-01 102 days 1,638 sqft
2021-04-01 79 days 1,702 sqft
2021-05-01 48 days 1,660 sqft
2021-06-01 40 days 1,684 sqft
2021-07-01 45 days 1,688 sqft
2021-08-01 47 days 1,652 sqft
2021-09-01 49 days 1,660 sqft
2021-10-01 59 days 1,655 sqft
2021-11-01 67 days 1,650 sqft
2021-12-01 83 days 1,659 sqft
2022-01-01 88 days 1,622 sqft
2022-02-01 86 days 1,582 sqft
2022-03-01 75 days 1,582 sqft
2022-04-01 65 days 1,617 sqft
2022-05-01 48 days 1,586 sqft
2022-06-01 38 days 1,644 sqft
2022-07-01 43 days 1,630 sqft
2022-08-01 52 days 1,628 sqft
2022-09-01 57 days 1,598 sqft
2022-10-01 61 days 1,585 sqft
2022-11-01 66 days 1,591 sqft
Utica's median listing age (time on market) for 2022-11-01 was 66 days. This is -1% shorter than the same period one year ago.

Utica's median square footage for active listings during the 2022-11-01 period was 1,591 sqft. One year prior, the average listing was 1,650 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.