Watertown VA Loan Rates, Closing Costs & Stats

Watertown, SD

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 6.64% for the week of 2024-03-22, compared to the national average (all VA variants) of 6.539% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.25% and one month ago for the week of 2024-02-16, the average rate was 6.28%.

The average rate one year ago was 6.31%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.74%.

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 $234,900 (6.1%) $252,219 (5.3%) 0.00 154
2018-02-01 $233,650 (5.6%) $252,012 (3.4%) 0.00 160
2018-03-01 $239,000 (10.5%) $258,848 (7.9%) 0.00 172
2018-04-01 $243,500 (16.0%) $262,899 (12.3%) 0.00 169
2018-05-01 $239,900 (20.0%) $257,056 (10.1%) 0.00 180
2018-06-01 $249,900 (17.7%) $265,356 (8.3%) 0.00 180
2018-07-01 $232,700 (7.8%) $248,982 (0.4%) 0.00 186
2018-08-01 $229,900 (7.5%) $248,841 (1.2%) 0.00 180
2018-09-01 $229,900 (5.5%) $245,142 (-1.3%) 0.00 169
2018-10-01 $229,900 (3.7%) $243,296 (-3.0%) 0.00 162
2018-11-01 $225,200 (4.1%) $243,512 (1.0%) 0.00 161
2018-12-01 $229,400 (4.3%) $245,154 (-0.6%) 0.00 144
2019-01-01 $225,100 (-4.2%) $242,143 (-4.0%) 0.00 136
2019-02-01 $212,450 (-9.1%) $233,235 (-7.5%) 0.00 139
2019-03-01 $222,929 (-6.7%) $237,899 (-8.1%) 0.00 144
2019-04-01 $231,625 (-4.9%) $242,086 (-7.9%) 0.00 148
2019-05-01 $229,900 (-4.2%) $238,929 (-7.1%) 0.00 181
2019-06-01 $229,900 (-8.0%) $235,616 (-11.2%) 0.00 196
2019-07-01 $227,150 (-2.4%) $234,613 (-5.8%) 0.00 206
2019-08-01 $218,627 (-4.9%) $231,932 (-6.8%) 0.00 201
2019-09-01 $209,218 (-9.0%) $227,430 (-7.2%) 0.00 196
2019-10-01 $202,945 (-11.7%) $224,429 (-7.8%) 0.00 186
2019-11-01 $199,400 (-11.5%) $224,053 (-8.0%) 0.00 168
2019-12-01 $209,000 (-8.9%) $228,581 (-6.8%) 0.00 141
2020-01-01 $219,225 (-2.6%) $238,493 (-1.5%) 0.00 126
2020-02-01 $226,950 (6.8%) $240,965 (3.3%) 0.00 138
2020-03-01 $224,450 (0.7%) $238,470 (0.2%) 0.00 138
2020-04-01 $219,900 (-5.1%) $243,350 (0.5%) 0.00 143
2020-05-01 $219,900 (-4.4%) $248,190 (3.9%) 0.00 165
2020-06-01 $241,150 (4.9%) $261,435 (11.0%) 0.00 179
2020-07-01 $252,900 (11.3%) $269,170 (14.7%) 0.00 165
2020-08-01 $249,900 (14.3%) $262,499 (13.2%) 0.00 138
2020-09-01 $227,800 (8.9%) $260,933 (14.7%) 0.00 134
2020-10-01 $219,900 (8.4%) $260,299 (16.0%) 0.00 127
2020-11-01 $207,400 (4.0%) $255,325 (14.0%) 0.00 112
2020-12-01 $224,900 (7.6%) $279,225 (22.2%) 0.00 94
2021-01-01 $219,900 (0.3%) $275,506 (15.5%) 0.00 87
2021-02-01 $232,475 (2.4%) $290,211 (20.4%) 0.00 72
2021-03-01 $261,150 (16.4%) $311,510 (30.6%) 0.00 77
2021-04-01 $309,900 (40.9%) $322,964 (32.7%) 0.00 95
2021-05-01 $339,900 (54.6%) $336,098 (35.4%) 0.00 97
2021-06-01 $339,900 (41.0%) $356,649 (36.4%) 0.00 100
2021-07-01 $375,000 (48.3%) $380,606 (41.4%) 0.00 102
2021-08-01 $339,900 (36.0%) $369,820 (40.9%) 0.00 107
2021-09-01 $339,900 (49.2%) $360,941 (38.3%) 0.00 106
2021-10-01 $339,900 (54.6%) $353,526 (35.8%) 0.00 93
2021-11-01 $339,900 (63.9%) $334,028 (30.8%) 0.00 78
2021-12-01 $334,900 (48.9%) $320,359 (14.7%) 0.00 69
2022-01-01 $339,900 (54.6%) $338,782 (23.0%) 0.00 54
2022-02-01 $339,900 (46.2%) $362,159 (24.8%) 0.00 56
2022-03-01 $339,900 (30.2%) $361,236 (16.0%) 0.00 53
2022-04-01 $332,400 (7.3%) $322,662 (-0.1%) 0.00 54
2022-05-01 $341,150 (0.4%) $386,299 (14.9%) 0.00 76
2022-06-01 $364,900 (7.4%) $395,208 (10.8%) 0.00 82
2022-07-01 $349,900 (-6.7%) $383,095 (0.7%) 0.00 87
2022-08-01 $354,900 (4.4%) $391,221 (5.8%) 0.00 77
2022-09-01 $372,400 (9.6%) $399,841 (10.8%) 0.00 85
2022-10-01 $339,900 (0.0%) $377,058 (6.7%) 0.00 76
2022-11-01 $339,900 (0.0%) $376,925 (12.8%) 0.00 69
2022-12-01 $339,900 (1.5%) $365,672 (14.1%) 0.00 61
2023-01-01 $339,900 (0.0%) $377,434 (11.4%) 0.00 56
2023-02-01 $347,400 (2.2%) $381,324 (5.3%) 0.00 48
2023-03-01 $364,900 (7.4%) $417,981 (15.7%) 0.00 46
2023-04-01 $379,900 (14.3%) $463,434 (43.6%) 0.00 59
2023-05-01 $399,225 (17.0%) $484,994 (25.6%) 0.00 80
2023-06-01 $399,225 (9.4%) $492,396 (24.6%) 0.00 87
2023-07-01 $399,900 (14.3%) $503,709 (31.5%) 0.00 83
2023-08-01 $392,400 (10.6%) $502,554 (28.5%) 0.00 87
2023-09-01 $369,900 (-0.7%) $472,086 (18.1%) 0.00 100
2023-10-01 $349,450 (2.8%) $451,649 (19.8%) 0.00 102
2023-11-01 $344,675 (1.4%) $430,838 (14.3%) 0.00 96
2023-12-01 $349,900 (2.9%) $431,824 (18.1%) 0.00 90
2024-01-01 $353,650 (4.1%) $435,101 (15.3%) 0.00 76
2024-02-01 $379,900 (9.4%) $439,929 (15.4%) 0.00 74
Watertown's median listing price for 2024-02-01 was $379,900, a difference of $32,500 (9.4%) versus the prior year and $26,250 versus the prior month.

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

Watertown's average listing price for 2024-02-01 was $439,929, a difference of $58,605 (15.4%) versus the prior year and $4,828 versus the prior month.

For the 2024-02-01 period, Watertown had 74 MLS listings, a difference of -2 listings (-3%) versus the prior month and 26 listings (54%) 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 2,286 sqft
2018-02-01 0 days 2,313 sqft
2018-03-01 0 days 2,354 sqft
2018-04-01 0 days 2,433 sqft
2018-05-01 0 days 2,433 sqft
2018-06-01 0 days 2,434 sqft
2018-07-01 0 days 2,295 sqft
2018-08-01 0 days 2,299 sqft
2018-09-01 0 days 2,304 sqft
2018-10-01 0 days 2,288 sqft
2018-11-01 0 days 2,323 sqft
2018-12-01 0 days 2,349 sqft
2019-01-01 0 days 2,304 sqft
2019-02-01 0 days 2,275 sqft
2019-03-01 0 days 2,309 sqft
2019-04-01 0 days 2,355 sqft
2019-05-01 0 days 2,308 sqft
2019-06-01 0 days 2,265 sqft
2019-07-01 0 days 2,251 sqft
2019-08-01 0 days 2,188 sqft
2019-09-01 0 days 2,186 sqft
2019-10-01 0 days 2,184 sqft
2019-11-01 0 days 2,143 sqft
2019-12-01 0 days 2,147 sqft
2020-01-01 0 days 2,195 sqft
2020-02-01 0 days 2,205 sqft
2020-03-01 0 days 2,175 sqft
2020-04-01 0 days 2,157 sqft
2020-05-01 0 days 2,169 sqft
2020-06-01 0 days 2,298 sqft
2020-07-01 0 days 2,320 sqft
2020-08-01 0 days 2,288 sqft
2020-09-01 0 days 2,282 sqft
2020-10-01 0 days 2,193 sqft
2020-11-01 0 days 2,192 sqft
2020-12-01 0 days 2,202 sqft
2021-01-01 0 days 2,080 sqft
2021-02-01 0 days 2,173 sqft
2021-03-01 0 days 2,233 sqft
2021-04-01 0 days 2,066 sqft
2021-05-01 0 days 1,731 sqft
2021-06-01 0 days 1,731 sqft
2021-07-01 0 days 1,753 sqft
2021-08-01 0 days 1,742 sqft
2021-09-01 0 days 1,742 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 1,815 sqft
2022-07-01 0 days 1,932 sqft
2022-08-01 0 days 2,297 sqft
2022-09-01 0 days 2,316 sqft
2022-10-01 0 days 2,185 sqft
2022-11-01 0 days 2,010 sqft
2022-12-01 0 days 2,004 sqft
2023-01-01 0 days 1,988 sqft
2023-02-01 0 days 1,795 sqft
2023-03-01 0 days 1,770 sqft
2023-04-01 0 days 1,991 sqft
2023-05-01 0 days 2,268 sqft
2023-06-01 0 days 2,034 sqft
2023-07-01 0 days 2,109 sqft
2023-08-01 0 days 1,614 sqft
2023-09-01 0 days 1,574 sqft
2023-10-01 0 days 1,501 sqft
2023-11-01 0 days 1,466 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
Watertown's median listing age (time on market) for 2024-02-01 was 0 days.

Watertown's median square footage for active listings during the 2024-02-01 period was 1,525 sqft. One year prior, the average listing was 1,795 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.