Watertown VA Loan Rates, Closing Costs & Stats

Watertown, SD

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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.

    Watertown's 16 lenders originated 44 VA loans during 2023. The total origination value was $14,990,000, with an average VA loan value of $340,682.

    Watertown VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Watertown averaged 6.53% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Watertown's average VA mortgage closing costs are $5,964.

    The average rate for the prior week (2025-02-07) was 6.16% and one month ago for the week of 2025-01-10, the average rate was 6.4%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.23%.

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

    Watertown 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 Watertown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 8 7.06% $2,905
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.55% $8,612
    Plains Commerce Bank 4 6.59% $14,674
    USAA Federal Savings Bank 3 5.83% $12,468
    Dacotah Bank 3 5.83% $3,668
    First Bank & Trust 3 5.42% $8,438
    GUARANTEED RATE, INC. 3 6.67% $7,017
    Servion, Inc. 3 6.54% $7,505
    First PREMIER Bank 2 6.25% $8,039
    American Bank & Trust 2 6.50% $7,426
    BLACK HILLS FEDERAL CREDIT UNION 1 6.49% $13,950
    QUICKEN LOANS, LLC 1 4.99% $9,213
    UNITED WHOLESALE MORTGAGE, LLC 1 5.60% $20,968
    Summit Mortgage Corporation 1 6.25% $22,281
    FREEDOM MORTGAGE CORPORATION 1 6.75% $10,802
    NAVY FEDERAL CREDIT UNION 1 6.25% $11,429

    The top Watertown VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $2,905, which is $5,707 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Watertown VA lenders (with over 10 loans originated) are .

    The lowest rate Watertown VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Watertown (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 $236,950 (4.2%) $254,999 (3.4%) 0.00 144
    2018-02-01 $234,900 (2.6%) $254,898 (1.4%) 0.00 149
    2018-03-01 $239,000 (8.2%) $260,814 (4.9%) 0.00 160
    2018-04-01 $244,900 (16.7%) $266,369 (10.5%) 0.00 158
    2018-05-01 $244,600 (17.9%) $261,188 (8.4%) 0.00 165
    2018-06-01 $253,900 (12.1%) $273,440 (6.7%) 0.00 157
    2018-07-01 $242,400 (5.4%) $258,672 (0.3%) 0.00 163
    2018-08-01 $240,550 (5.4%) $256,101 (0.5%) 0.00 161
    2018-09-01 $234,900 (2.2%) $252,686 (-2.4%) 0.00 149
    2018-10-01 $234,900 (3.2%) $246,897 (-4.8%) 0.00 143
    2018-11-01 $229,400 (4.4%) $243,616 (-0.7%) 0.00 145
    2018-12-01 $233,000 (5.5%) $243,618 (-2.5%) 0.00 133
    2019-01-01 $227,500 (-4.0%) $240,249 (-5.8%) 0.00 127
    2019-02-01 $219,950 (-6.4%) $231,973 (-9.0%) 0.00 129
    2019-03-01 $229,779 (-3.9%) $237,893 (-8.8%) 0.00 133
    2019-04-01 $235,004 (-4.0%) $243,157 (-8.7%) 0.00 137
    2019-05-01 $234,400 (-4.2%) $241,084 (-7.7%) 0.00 159
    2019-06-01 $232,900 (-8.3%) $243,148 (-11.1%) 0.00 171
    2019-07-01 $229,900 (-5.2%) $241,497 (-6.6%) 0.00 181
    2019-08-01 $226,355 (-5.9%) $238,522 (-6.9%) 0.00 178
    2019-09-01 $221,036 (-5.9%) $234,963 (-7.0%) 0.00 173
    2019-10-01 $216,900 (-7.7%) $231,871 (-6.1%) 0.00 166
    2019-11-01 $209,000 (-8.9%) $228,673 (-6.1%) 0.00 154
    2019-12-01 $211,950 (-9.0%) $233,228 (-4.3%) 0.00 125
    2020-01-01 $224,225 (-1.4%) $243,841 (1.5%) 0.00 113
    2020-02-01 $229,900 (4.5%) $245,524 (5.8%) 0.00 125
    2020-03-01 $227,400 (-1.0%) $244,066 (2.6%) 0.00 121
    2020-04-01 $221,950 (-5.6%) $247,491 (1.8%) 0.00 131
    2020-05-01 $219,900 (-6.2%) $245,443 (1.8%) 0.00 143
    2020-06-01 $241,150 (3.5%) $261,163 (7.4%) 0.00 152
    2020-07-01 $257,400 (12.0%) $268,813 (11.3%) 0.00 138
    2020-08-01 $249,900 (10.4%) $266,347 (11.7%) 0.00 116
    2020-09-01 $229,800 (4.0%) $266,424 (13.4%) 0.00 118
    2020-10-01 $224,900 (3.7%) $264,213 (14.0%) 0.00 112
    2020-11-01 $217,900 (4.3%) $263,851 (15.4%) 0.00 98
    2020-12-01 $234,925 (10.8%) $280,056 (20.1%) 0.00 82
    2021-01-01 $234,900 (4.8%) $278,522 (14.2%) 0.00 75
    2021-02-01 $242,425 (5.5%) $296,119 (20.6%) 0.00 61
    2021-03-01 $266,450 (17.2%) $316,335 (29.6%) 0.00 67
    2021-04-01 $312,400 (40.8%) $330,383 (33.5%) 0.00 85
    2021-05-01 $339,900 (54.6%) $338,807 (38.0%) 0.00 86
    2021-06-01 $349,950 (45.1%) $368,794 (41.2%) 0.00 88
    2021-07-01 $379,900 (47.6%) $375,123 (39.6%) 0.00 91
    2021-08-01 $356,175 (42.5%) $365,208 (37.1%) 0.00 96
    2021-09-01 $339,900 (47.9%) $348,960 (31.0%) 0.00 93
    2021-10-01 $339,900 (51.1%) $333,028 (26.1%) 0.00 80
    2021-11-01 $339,900 (56.0%) $330,641 (25.3%) 0.00 69
    2021-12-01 $339,900 (44.7%) $317,682 (13.4%) 0.00 59
    2022-01-01 $339,900 (44.7%) $331,765 (19.1%) 0.00 46
    2022-02-01 $339,900 (40.2%) $331,973 (12.1%) 0.00 49
    2022-03-01 $339,900 (27.6%) $329,877 (4.3%) 0.00 47
    2022-04-01 $339,900 (8.8%) $307,445 (-6.9%) 0.00 50
    2022-05-01 $343,650 (1.1%) $366,726 (8.2%) 0.00 69
    2022-06-01 $364,900 (4.3%) $375,807 (1.9%) 0.00 73
    2022-07-01 $349,900 (-7.9%) $374,915 (-0.1%) 0.00 78
    2022-08-01 $359,900 (1.1%) $394,425 (8.0%) 0.00 68
    2022-09-01 $374,900 (10.3%) $393,929 (12.9%) 0.00 77
    2022-10-01 $339,900 (0.0%) $362,497 (8.9%) 0.00 67
    2022-11-01 $329,900 (-2.9%) $351,933 (6.4%) 0.00 61
    2022-12-01 $319,900 (-5.9%) $347,692 (9.5%) 0.00 53
    2023-01-01 $339,900 (0.0%) $355,925 (7.3%) 0.00 48
    2023-02-01 $339,900 (0.0%) $347,925 (4.8%) 0.00 40
    2023-03-01 $357,400 (5.2%) $386,860 (17.3%) 0.00 39
    2023-04-01 $375,900 (10.6%) $431,407 (40.3%) 0.00 48
    2023-05-01 $372,650 (8.4%) $434,779 (18.6%) 0.00 67
    2023-06-01 $369,900 (1.4%) $423,654 (12.7%) 0.00 72
    2023-07-01 $377,000 (7.8%) $441,628 (17.8%) 0.00 67
    2023-08-01 $387,400 (7.6%) $441,601 (12.0%) 0.00 71
    2023-09-01 $364,900 (-2.7%) $428,286 (8.7%) 0.00 85
    2023-10-01 $350,650 (3.2%) $417,177 (15.1%) 0.00 87
    2023-11-01 $350,425 (6.2%) $400,753 (13.9%) 0.00 84
    2023-12-01 $354,900 (10.9%) $396,338 (14.0%) 0.00 82
    2024-01-01 $364,900 (7.4%) $397,867 (11.8%) 0.00 69
    2024-02-01 $381,150 (12.1%) $396,488 (14.0%) 0.00 67
    2024-03-01 $374,900 (4.9%) $412,269 (6.6%) 0.00 53
    2024-04-01 $394,900 (5.1%) $428,743 (-0.6%) 0.00 63
    2024-05-01 $376,900 (1.1%) $397,449 (-8.6%) 0.00 70
    2024-06-01 $367,000 (-0.8%) $389,208 (-8.1%) 0.00 76
    2024-07-01 $345,700 (-8.3%) $383,881 (-13.1%) 0.00 91
    2024-08-01 $359,900 (-7.1%) $399,348 (-9.6%) 0.00 93
    2024-09-01 $364,450 (-0.1%) $401,484 (-6.3%) 0.00 94
    2024-10-01 $367,450 (4.8%) $407,430 (-2.3%) 0.00 100
    2024-11-01 $359,900 (2.7%) $402,096 (0.3%) 0.00 95
    2024-12-01 $357,400 (0.7%) $399,307 (0.8%) 0.00 78
    2025-01-01 $359,975 (-1.4%) $411,336 (3.4%) 0.00 63
    Watertown's median listing price for 2025-01-01 was $359,975, a difference of $-4,925 (-1.4%) versus the prior year and $2,575 versus the prior month.

    Watertown's median listing price comes in at 0% of the national average.

    Watertown's average listing price for 2025-01-01 was $411,336, a difference of $13,469 (3.4%) versus the prior year and $12,029 versus the prior month.

    For the 2025-01-01 period, Watertown had 63 MLS listings, a difference of -15 listings (-19%) versus the prior month and -6 listings (-9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,354 sqft
    2018-02-01 0 days 2,390 sqft
    2018-03-01 0 days 2,416 sqft
    2018-04-01 0 days 2,491 sqft
    2018-05-01 0 days 2,516 sqft
    2018-06-01 0 days 2,531 sqft
    2018-07-01 0 days 2,420 sqft
    2018-08-01 0 days 2,352 sqft
    2018-09-01 0 days 2,358 sqft
    2018-10-01 0 days 2,296 sqft
    2018-11-01 0 days 2,358 sqft
    2018-12-01 0 days 2,358 sqft
    2019-01-01 0 days 2,304 sqft
    2019-02-01 0 days 2,277 sqft
    2019-03-01 0 days 2,315 sqft
    2019-04-01 0 days 2,372 sqft
    2019-05-01 0 days 2,346 sqft
    2019-06-01 0 days 2,283 sqft
    2019-07-01 0 days 2,280 sqft
    2019-08-01 0 days 2,227 sqft
    2019-09-01 0 days 2,220 sqft
    2019-10-01 0 days 2,214 sqft
    2019-11-01 0 days 2,170 sqft
    2019-12-01 0 days 2,195 sqft
    2020-01-01 0 days 2,243 sqft
    2020-02-01 0 days 2,242 sqft
    2020-03-01 0 days 2,196 sqft
    2020-04-01 0 days 2,172 sqft
    2020-05-01 0 days 2,179 sqft
    2020-06-01 0 days 2,390 sqft
    2020-07-01 0 days 2,439 sqft
    2020-08-01 0 days 2,424 sqft
    2020-09-01 0 days 2,348 sqft
    2020-10-01 0 days 2,280 sqft
    2020-11-01 0 days 2,265 sqft
    2020-12-01 0 days 2,278 sqft
    2021-01-01 0 days 2,148 sqft
    2021-02-01 0 days 2,344 sqft
    2021-03-01 0 days 2,295 sqft
    2021-04-01 0 days 2,114 sqft
    2021-05-01 0 days 1,753 sqft
    2021-06-01 0 days 1,773 sqft
    2021-07-01 0 days 1,742 sqft
    2021-08-01 0 days 1,790 sqft
    2021-09-01 0 days 1,746 sqft
    2021-10-01 0 days 1,731 sqft
    2021-11-01 0 days 1,731 sqft
    2021-12-01 0 days 1,697 sqft
    2022-01-01 0 days 1,731 sqft
    2022-02-01 0 days 1,731 sqft
    2022-03-01 0 days 1,731 sqft
    2022-04-01 0 days 1,731 sqft
    2022-05-01 0 days 1,731 sqft
    2022-06-01 0 days 1,783 sqft
    2022-07-01 0 days 1,926 sqft
    2022-08-01 0 days 2,345 sqft
    2022-09-01 0 days 2,537 sqft
    2022-10-01 0 days 2,232 sqft
    2022-11-01 0 days 2,013 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 1,901 sqft
    2023-02-01 0 days 1,731 sqft
    2023-03-01 0 days 1,756 sqft
    2023-04-01 0 days 1,940 sqft
    2023-05-01 0 days 2,199 sqft
    2023-06-01 0 days 1,878 sqft
    2023-07-01 0 days 2,009 sqft
    2023-08-01 0 days 1,552 sqft
    2023-09-01 0 days 1,558 sqft
    2023-10-01 0 days 1,501 sqft
    2023-11-01 0 days 1,477 sqft
    2023-12-01 0 days 1,525 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,525 sqft
    2024-03-01 0 days 1,552 sqft
    2024-04-01 0 days 1,544 sqft
    2024-05-01 0 days 1,510 sqft
    2024-06-01 0 days 1,427 sqft
    2024-07-01 0 days 1,427 sqft
    2024-08-01 0 days 1,991 sqft
    2024-09-01 0 days 1,974 sqft
    2024-10-01 0 days 1,976 sqft
    2024-11-01 0 days 1,977 sqft
    2024-12-01 0 days 1,932 sqft
    2025-01-01 0 days 1,909 sqft
    Watertown's median listing age (time on market) for 2025-01-01 was 0 days.

    Watertown's median square footage for active listings during the 2025-01-01 period was 1,909 sqft. One year prior, the average listing was 1,525 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.