Utica VA Loan Rates, Closing Costs & Stats

UTICA-ROME, NY

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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.

    Utica's 26 lenders originated 148 VA loans during 2023. The total origination value was $34,760,000, with an average VA loan value of $234,865.

    Utica VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Utica averaged 6.78% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Utica's average VA mortgage closing costs are $5,409.

    The average rate for the prior week (2024-04-12) was 6.51% and one month ago for the week of 2024-03-15, the average rate was 6.37%.

    The average rate one year ago was 5.96%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.11%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 34 6.85% $5,163
    NAVY FEDERAL CREDIT UNION 19 5.89% $7,107
    QUICKEN LOANS, LLC 16 6.46% $8,179
    PLAZA HOME MORTGAGE, INC. 14 6.24% $7,464
    HOMESTEAD FUNDING CORP. 13 6.43% $6,400
    Premium Mortgage Corporation 8 6.56% $7,364
    USAA Federal Savings Bank 7 6.46% $10,224
    MOVEMENT MORTGAGE, LLC 6 7.21% $5,835
    Barrington Bank & Trust Company, N.A. 4 6.25% $6,781
    Community Bank 3 6.17% $4,009
    UNITED WHOLESALE MORTGAGE, LLC 2 6.12% $8,012
    RELIANCE FIRST CAPITAL, LLC 2 6.50% $10,545
    M&T Bank 2 6.00% $1,718
    PARAGON HOME LOANS INC. 1 7.63% $4,893
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $10,141
    CROSSCOUNTRY MORTGAGE, LLC 1 6.99% $8,041
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,989
    Citizens Bank 1 5.38% $14,321
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $4,801
    The Federal Savings Bank 1 7.25% $8,088
    CARDINAL FINANCIAL 1 6.25% $12,099
    HUNT MORTGAGE CORPORATION 1 6.88% $625
    Wells Fargo Bank 1 6.13% $3,538
    Genesee Regional Bank 1 6.63% $5,880
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,493
    EMBRACE HOME LOANS, INC. 1 7.25% $9,493

    The top Utica VA lender as defined by loan originations is Mortgage Research Center, LLC, with 34 VA loans originated. Their average total fees are $5,163, which is $1,944 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Utica VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,163), HOMESTEAD FUNDING CORP. ($6,400), NAVY FEDERAL CREDIT UNION ($7,107), PLAZA HOME MORTGAGE, INC. ($7,464) and QUICKEN LOANS, LLC ($8,179).

    The lowest rate Utica VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), PLAZA HOME MORTGAGE, INC. (6.24%), HOMESTEAD FUNDING CORP. (6.43%), QUICKEN LOANS, LLC (6.46%) and Mortgage Research Center, LLC (6.85%).

    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 $124,425 (3.8%) $188,284 (7.1%) 0.46 903
    2018-02-01 $125,975 (0.9%) $193,025 (6.2%) 0.46 878
    2018-03-01 $129,250 (-0.2%) $196,765 (5.9%) 0.45 849
    2018-04-01 $139,250 (7.2%) $204,120 (7.6%) 0.47 846
    2018-05-01 $138,450 (2.6%) $203,655 (6.6%) 0.46 865
    2018-06-01 $149,000 (6.5%) $216,767 (13.6%) 0.50 979
    2018-07-01 $149,900 (2.0%) $218,719 (12.6%) 0.50 1,064
    2018-08-01 $146,475 (4.3%) $213,433 (5.3%) 0.49 1,106
    2018-09-01 $144,900 (3.6%) $210,792 (6.9%) 0.49 1,129
    2018-10-01 $135,375 (-0.8%) $197,863 (1.3%) 0.46 1,091
    2018-11-01 $133,200 (0.0%) $199,757 (2.3%) 0.45 1,008
    2018-12-01 $129,900 (0.7%) $197,690 (3.9%) 0.45 943
    2019-01-01 $129,900 (4.4%) $201,842 (7.2%) 0.45 859
    2019-02-01 $131,175 (4.1%) $208,257 (7.9%) 0.44 769
    2019-03-01 $139,929 (8.3%) $217,116 (10.3%) 0.46 744
    2019-04-01 $149,900 (7.7%) $223,671 (9.6%) 0.48 730
    2019-05-01 $154,900 (11.9%) $222,900 (9.5%) 0.48 749
    2019-06-01 $154,900 (4.0%) $225,761 (4.2%) 0.48 818
    2019-07-01 $159,900 (6.7%) $226,446 (3.5%) 0.50 886
    2019-08-01 $157,868 (7.8%) $223,864 (4.9%) 0.50 908
    2019-09-01 $154,820 (6.9%) $224,557 (6.5%) 0.50 915
    2019-10-01 $151,175 (11.7%) $225,019 (13.7%) 0.49 907
    2019-11-01 $145,900 (9.5%) $222,199 (11.2%) 0.48 855
    2019-12-01 $145,450 (12.0%) $221,943 (12.3%) 0.49 764
    2020-01-01 $144,950 (11.6%) $227,115 (12.5%) 0.48 671
    2020-02-01 $148,000 (12.8%) $229,566 (10.2%) 0.48 629
    2020-03-01 $154,900 (10.7%) $223,725 (3.0%) 0.49 590
    2020-04-01 $156,975 (4.7%) $235,692 (5.4%) 0.49 566
    2020-05-01 $169,900 (9.7%) $248,395 (11.4%) 0.52 566
    2020-06-01 $179,450 (15.9%) $249,119 (10.4%) 0.53 538
    2020-07-01 $169,900 (6.3%) $249,554 (10.2%) 0.49 532
    2020-08-01 $170,950 (8.3%) $242,580 (8.4%) 0.49 513
    2020-09-01 $172,450 (11.4%) $237,585 (5.8%) 0.49 513
    2020-10-01 $169,900 (12.4%) $233,247 (3.7%) 0.49 538
    2020-11-01 $169,800 (16.4%) $223,346 (0.5%) 0.50 513
    2020-12-01 $167,450 (15.1%) $222,431 (0.2%) 0.50 475
    2021-01-01 $164,700 (13.6%) $228,334 (0.5%) 0.49 402
    2021-02-01 $169,900 (14.8%) $233,409 (1.7%) 0.49 329
    2021-03-01 $176,400 (13.9%) $252,421 (12.8%) 0.50 288
    2021-04-01 $192,400 (22.6%) $264,519 (12.2%) 0.52 273
    2021-05-01 $199,000 (17.1%) $264,599 (6.5%) 0.53 315
    2021-06-01 $199,900 (11.4%) $284,558 (14.2%) 0.53 347
    2021-07-01 $199,900 (17.7%) $279,271 (11.9%) 0.53 394
    2021-08-01 $192,500 (12.6%) $268,763 (10.8%) 0.51 451
    2021-09-01 $198,000 (14.8%) $272,729 (14.8%) 0.53 470
    2021-10-01 $184,950 (8.9%) $266,709 (14.4%) 0.49 430
    2021-11-01 $177,400 (4.5%) $252,234 (12.9%) 0.47 396
    2021-12-01 $179,450 (7.2%) $254,238 (14.3%) 0.49 347
    2022-01-01 $179,000 (8.7%) $246,613 (8.0%) 0.48 315
    2022-02-01 $169,450 (-0.3%) $244,820 (4.9%) 0.44 265
    2022-03-01 $179,900 (2.0%) $262,173 (3.9%) 0.45 251
    2022-04-01 $185,000 (-3.9%) $263,132 (-0.5%) 0.44 258
    2022-05-01 $184,900 (-7.1%) $282,365 (6.7%) 0.42 304
    2022-06-01 $199,900 (0.0%) $290,195 (2.0%) 0.45 366
    2022-07-01 $199,000 (-0.5%) $279,080 (-0.1%) 0.45 437
    2022-08-01 $190,738 (-0.9%) $263,571 (-1.9%) 0.44 455
    2022-09-01 $189,000 (-4.6%) $252,839 (-7.3%) 0.44 482
    2022-10-01 $189,900 (2.7%) $253,235 (-5.1%) 0.45 487
    2022-11-01 $179,450 (1.2%) $251,089 (-0.5%) 0.43 448
    2022-12-01 $175,000 (-2.5%) $246,419 (-3.1%) 0.43 394
    2023-01-01 $174,900 (-2.3%) $250,158 (1.4%) 0.43 337
    2023-02-01 $176,975 (4.4%) $253,481 (3.5%) 0.43 293
    2023-03-01 $188,450 (4.8%) $266,768 (1.8%) 0.44 279
    2023-04-01 $197,500 (6.8%) $272,878 (3.7%) 0.46 269
    2023-05-01 $206,175 (11.5%) $276,952 (-1.9%) 0.47 290
    2023-06-01 $209,950 (5.0%) $287,098 (-1.1%) 0.47 297
    2023-07-01 $228,250 (14.7%) $315,641 (13.1%) 0.52 335
    2023-08-01 $229,125 (20.1%) $313,034 (18.8%) 0.53 385
    2023-09-01 $229,000 (21.2%) $322,159 (27.4%) 0.53 416
    2023-10-01 $224,725 (18.3%) $315,161 (24.5%) 0.53 410
    2023-11-01 $229,450 (27.9%) $313,641 (24.9%) 0.55 416
    2023-12-01 $229,000 (30.9%) $315,949 (28.2%) 0.56 392
    2024-01-01 $234,500 (34.1%) $317,640 (27.0%) 0.57 356
    2024-02-01 $238,250 (34.6%) $323,918 (27.8%) 0.57 328
    2024-03-01 $239,900 (27.3%) $332,473 (24.6%) 0.56 322
    Utica's median listing price for 2024-03-01 was $239,900, a difference of $51,450 (27.3%) versus the prior year and $1,650 versus the prior month.

    Utica's median listing price comes in at 56% of the national average.

    Utica's average listing price for 2024-03-01 was $332,473, a difference of $65,705 (24.6%) versus the prior year and $8,555 versus the prior month.

    For the 2024-03-01 period, Utica had 322 MLS listings, a difference of -6 listings (-2%) versus the prior month and 43 listings (15%) 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
    2018-01-01 106 days 1,522 sqft
    2018-02-01 105 days 1,554 sqft
    2018-03-01 103 days 1,568 sqft
    2018-04-01 86 days 1,624 sqft
    2018-05-01 53 days 1,648 sqft
    2018-06-01 50 days 1,678 sqft
    2018-07-01 56 days 1,667 sqft
    2018-08-01 59 days 1,676 sqft
    2018-09-01 67 days 1,662 sqft
    2018-10-01 74 days 1,625 sqft
    2018-11-01 83 days 1,633 sqft
    2018-12-01 92 days 1,594 sqft
    2019-01-01 94 days 1,580 sqft
    2019-02-01 98 days 1,579 sqft
    2019-03-01 88 days 1,625 sqft
    2019-04-01 70 days 1,660 sqft
    2019-05-01 55 days 1,668 sqft
    2019-06-01 47 days 1,665 sqft
    2019-07-01 51 days 1,660 sqft
    2019-08-01 56 days 1,655 sqft
    2019-09-01 63 days 1,664 sqft
    2019-10-01 68 days 1,667 sqft
    2019-11-01 71 days 1,650 sqft
    2019-12-01 92 days 1,640 sqft
    2020-01-01 107 days 1,645 sqft
    2020-02-01 106 days 1,632 sqft
    2020-03-01 106 days 1,668 sqft
    2020-04-01 104 days 1,680 sqft
    2020-05-01 113 days 1,700 sqft
    2020-06-01 95 days 1,664 sqft
    2020-07-01 53 days 1,658 sqft
    2020-08-01 60 days 1,664 sqft
    2020-09-01 57 days 1,703 sqft
    2020-10-01 54 days 1,680 sqft
    2020-11-01 63 days 1,677 sqft
    2020-12-01 78 days 1,679 sqft
    2021-01-01 93 days 1,641 sqft
    2021-02-01 103 days 1,632 sqft
    2021-03-01 85 days 1,642 sqft
    2021-04-01 62 days 1,708 sqft
    2021-05-01 38 days 1,680 sqft
    2021-06-01 35 days 1,684 sqft
    2021-07-01 42 days 1,688 sqft
    2021-08-01 41 days 1,655 sqft
    2021-09-01 45 days 1,663 sqft
    2021-10-01 56 days 1,656 sqft
    2021-11-01 62 days 1,651 sqft
    2021-12-01 76 days 1,663 sqft
    2022-01-01 81 days 1,623 sqft
    2022-02-01 75 days 1,585 sqft
    2022-03-01 63 days 1,584 sqft
    2022-04-01 54 days 1,626 sqft
    2022-05-01 42 days 1,603 sqft
    2022-06-01 35 days 1,654 sqft
    2022-07-01 43 days 1,632 sqft
    2022-08-01 50 days 1,630 sqft
    2022-09-01 53 days 1,600 sqft
    2022-10-01 58 days 1,585 sqft
    2022-11-01 62 days 1,591 sqft
    2022-12-01 76 days 1,584 sqft
    2023-01-01 82 days 1,584 sqft
    2023-02-01 90 days 1,588 sqft
    2023-03-01 79 days 1,601 sqft
    2023-04-01 68 days 1,600 sqft
    2023-05-01 49 days 1,593 sqft
    2023-06-01 48 days 1,585 sqft
    2023-07-01 44 days 1,644 sqft
    2023-08-01 44 days 1,632 sqft
    2023-09-01 52 days 1,628 sqft
    2023-10-01 60 days 1,617 sqft
    2023-11-01 60 days 1,668 sqft
    2023-12-01 70 days 1,653 sqft
    2024-01-01 76 days 1,656 sqft
    2024-02-01 79 days 1,631 sqft
    2024-03-01 68 days 1,628 sqft
    Utica's median listing age (time on market) for 2024-03-01 was 68 days. This is -14% shorter than the same period one year ago.

    Utica's median square footage for active listings during the 2024-03-01 period was 1,628 sqft. One year prior, the average listing was 1,601 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.