Washington VA Loans
Washington-Arlington-Alexandria, DC-VA-MD-WV
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 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.
Washington's 341 lenders originated 49,928 VA loans during 2021. The total origination value was $24,135,220,000, with an average VA loan value of $483,400.
Washington VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Washington
averaged
5.27%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.4% and
one month ago for the week of 2022-04-08, the
average rate was 5.13%.
The average rate one year ago was 3.04%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.36%.
Washington VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Washington level.
The top Washington VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
3,397 VA loans originated. Their average total fees are
$4,423, which is $1,865
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Washington VA lenders (with over 10 loans originated) are
Wyndham Capital Mortgage, Inc. ($2,966), HOMESTEAD FUNDING CORP. ($2,967), Lakeview Community Capital, LLC ($3,147), LAKEVIEW LOAN SERVICING, LLC ($3,149) and ZILLOW HOME LOANS, LLC ($3,577).
The lowest rate Washington VA lenders (with over 10 loans originated) are
UNITED SECURITY FINANCIAL CORP (2.03%), First Mortgage Solutions, LLC (2.22%), ACCELERATE MORTGAGE, LLC (2.23%), The Central Trust Bank (2.25%) and VILLAGE CAPITAL & INVESTMENT LLC (2.26%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Washington (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 | $430,040 (1.8%) | $642,544 (1.8%) | 1.58 | 12,254 |
| 2018-02-01 | $442,888 (2.4%) | $657,015 (1.3%) | 1.60 | 12,100 |
| 2018-03-01 | $464,900 (3.4%) | $670,536 (1.3%) | 1.61 | 13,471 |
| 2018-04-01 | $474,999 (2.2%) | $680,805 (1.7%) | 1.59 | 15,372 |
| 2018-05-01 | $475,000 (1.3%) | $681,457 (2.0%) | 1.58 | 16,663 |
| 2018-06-01 | $475,000 (1.3%) | $677,481 (2.3%) | 1.58 | 17,313 |
| 2018-07-01 | $465,450 (1.2%) | $660,538 (1.6%) | 1.55 | 17,706 |
| 2018-08-01 | $449,950 (0.1%) | $640,743 (1.6%) | 1.50 | 17,781 |
| 2018-09-01 | $449,900 (0.0%) | $638,911 (0.2%) | 1.50 | 18,409 |
| 2018-10-01 | $449,910 (0.2%) | $640,352 (0.4%) | 1.50 | 18,552 |
| 2018-11-01 | $444,950 (0.6%) | $636,335 (0.2%) | 1.49 | 17,351 |
| 2018-12-01 | $434,900 (1.1%) | $634,693 (-0.2%) | 1.49 | 14,141 |
| 2019-01-01 | $432,450 (0.6%) | $641,940 (-0.1%) | 1.49 | 12,020 |
| 2019-02-01 | $446,990 (0.9%) | $657,373 (0.1%) | 1.50 | 11,673 |
| 2019-03-01 | $464,143 (-0.2%) | $673,643 (0.5%) | 1.51 | 12,591 |
| 2019-04-01 | $481,000 (1.3%) | $686,059 (0.8%) | 1.51 | 13,712 |
| 2019-05-01 | $489,450 (3.0%) | $692,615 (1.6%) | 1.51 | 15,046 |
| 2019-06-01 | $489,508 (3.1%) | $691,379 (2.1%) | 1.51 | 15,663 |
| 2019-07-01 | $475,000 (2.1%) | $674,786 (2.2%) | 1.48 | 15,548 |
| 2019-08-01 | $475,000 (5.6%) | $677,659 (5.8%) | 1.49 | 15,128 |
| 2019-09-01 | $475,495 (5.7%) | $685,811 (7.3%) | 1.51 | 14,800 |
| 2019-10-01 | $479,900 (6.7%) | $697,968 (9.0%) | 1.53 | 14,918 |
| 2019-11-01 | $475,970 (7.0%) | $706,371 (11.0%) | 1.54 | 13,694 |
| 2019-12-01 | $471,857 (8.5%) | $717,482 (13.0%) | 1.57 | 10,721 |
| 2020-01-01 | $469,900 (8.7%) | $725,458 (13.0%) | 1.57 | 9,317 |
| 2020-02-01 | $485,000 (8.5%) | $747,255 (13.7%) | 1.57 | 8,939 |
| 2020-03-01 | $504,950 (8.8%) | $770,507 (14.4%) | 1.58 | 9,609 |
| 2020-04-01 | $499,950 (3.9%) | $743,918 (8.4%) | 1.56 | 10,407 |
| 2020-05-01 | $510,000 (4.2%) | $767,376 (10.8%) | 1.55 | 10,307 |
| 2020-06-01 | $529,958 (8.3%) | $791,963 (14.6%) | 1.55 | 9,747 |
| 2020-07-01 | $529,945 (11.6%) | $801,057 (18.7%) | 1.52 | 8,964 |
| 2020-08-01 | $525,000 (10.5%) | $801,739 (18.3%) | 1.50 | 8,596 |
| 2020-09-01 | $519,250 (9.2%) | $793,857 (15.8%) | 1.48 | 9,008 |
| 2020-10-01 | $502,000 (4.6%) | $773,057 (10.8%) | 1.43 | 9,458 |
| 2020-11-01 | $499,900 (5.0%) | $788,352 (11.6%) | 1.43 | 8,941 |
| 2020-12-01 | $497,200 (5.4%) | $801,084 (11.7%) | 1.46 | 7,443 |
| 2021-01-01 | $489,000 (4.1%) | $822,931 (13.4%) | 1.44 | 6,271 |
| 2021-02-01 | $489,950 (1.0%) | $823,620 (10.2%) | 1.41 | 5,733 |
| 2021-03-01 | $494,900 (-2.0%) | $802,716 (4.2%) | 1.39 | 6,357 |
| 2021-04-01 | $504,948 (1.0%) | $798,711 (7.4%) | 1.36 | 6,976 |
| 2021-05-01 | $509,900 (0.0%) | $786,632 (2.5%) | 1.34 | 7,616 |
| 2021-06-01 | $524,950 (-0.9%) | $783,240 (-1.1%) | 1.36 | 8,869 |
| 2021-07-01 | $512,030 (-3.4%) | $757,576 (-5.4%) | 1.33 | 9,788 |
| 2021-08-01 | $506,000 (-3.6%) | $737,554 (-8.0%) | 1.33 | 10,048 |
| 2021-09-01 | $509,500 (-1.9%) | $737,932 (-7.0%) | 1.34 | 10,606 |
| 2021-10-01 | $509,900 (1.6%) | $740,625 (-4.2%) | 1.34 | 10,234 |
| 2021-11-01 | $505,000 (1.0%) | $749,330 (-5.0%) | 1.33 | 8,424 |
| 2021-12-01 | $500,000 (0.6%) | $767,792 (-4.2%) | 1.33 | 6,400 |
| 2022-01-01 | $500,000 (2.3%) | $811,720 (-1.4%) | 1.33 | 4,856 |
| 2022-02-01 | $527,500 (7.7%) | $832,769 (1.1%) | 1.34 | 4,836 |
| 2022-03-01 | $544,950 (10.1%) | $835,985 (4.1%) | 1.35 | 5,292 |
| 2022-04-01 | $565,000 (11.9%) | $826,921 (3.5%) | 1.33 | 5,985 |
Washington's median listing price comes in at 133% of the national average.
Washington's average listing price for 2022-04-01 was $826,921, a difference of $28,210 (3.5%) versus the prior year and $-9,064 versus the prior month.
For the 2022-04-01 period, Washington had 5,985 MLS listings, a difference of 693 listings (13%) versus the prior month and -991 listings (-14%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 71 days | 2,120 sqft |
| 2018-02-01 | 52 days | 2,170 sqft |
| 2018-03-01 | 36 days | 2,181 sqft |
| 2018-04-01 | 33 days | 2,198 sqft |
| 2018-05-01 | 32 days | 2,200 sqft |
| 2018-06-01 | 39 days | 2,246 sqft |
| 2018-07-01 | 44 days | 2,201 sqft |
| 2018-08-01 | 46 days | 2,163 sqft |
| 2018-09-01 | 47 days | 2,130 sqft |
| 2018-10-01 | 47 days | 2,105 sqft |
| 2018-11-01 | 51 days | 2,112 sqft |
| 2018-12-01 | 63 days | 2,134 sqft |
| 2019-01-01 | 71 days | 2,155 sqft |
| 2019-02-01 | 55 days | 2,195 sqft |
| 2019-03-01 | 35 days | 2,260 sqft |
| 2019-04-01 | 30 days | 2,317 sqft |
| 2019-05-01 | 32 days | 2,331 sqft |
| 2019-06-01 | 37 days | 2,358 sqft |
| 2019-07-01 | 43 days | 2,310 sqft |
| 2019-08-01 | 45 days | 2,304 sqft |
| 2019-09-01 | 45 days | 2,294 sqft |
| 2019-10-01 | 43 days | 2,257 sqft |
| 2019-11-01 | 50 days | 2,228 sqft |
| 2019-12-01 | 63 days | 2,202 sqft |
| 2020-01-01 | 65 days | 2,188 sqft |
| 2020-02-01 | 39 days | 2,212 sqft |
| 2020-03-01 | 29 days | 2,250 sqft |
| 2020-04-01 | 35 days | 2,216 sqft |
| 2020-05-01 | 44 days | 2,224 sqft |
| 2020-06-01 | 37 days | 2,211 sqft |
| 2020-07-01 | 33 days | 2,134 sqft |
| 2020-08-01 | 30 days | 2,040 sqft |
| 2020-09-01 | 28 days | 1,928 sqft |
| 2020-10-01 | 36 days | 1,840 sqft |
| 2020-11-01 | 41 days | 1,781 sqft |
| 2020-12-01 | 48 days | 1,738 sqft |
| 2021-01-01 | 50 days | 1,664 sqft |
| 2021-02-01 | 40 days | 1,600 sqft |
| 2021-03-01 | 32 days | 1,664 sqft |
| 2021-04-01 | 30 days | 1,731 sqft |
| 2021-05-01 | 30 days | 1,800 sqft |
| 2021-06-01 | 29 days | 1,815 sqft |
| 2021-07-01 | 31 days | 1,815 sqft |
| 2021-08-01 | 33 days | 1,816 sqft |
| 2021-09-01 | 35 days | 1,786 sqft |
| 2021-10-01 | 35 days | 1,752 sqft |
| 2021-11-01 | 41 days | 1,686 sqft |
| 2021-12-01 | 48 days | 1,663 sqft |
| 2022-01-01 | 51 days | 1,610 sqft |
| 2022-02-01 | 34 days | 1,671 sqft |
| 2022-03-01 | 28 days | 1,746 sqft |
| 2022-04-01 | 28 days | 1,840 sqft |
Washington's median square footage for active listings during the 2022-04-01 period was 1,840 sqft. One year prior, the average listing was 1,731 sqft.
