Worcester VA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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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.

    Worcester's 132 lenders originated 2,309 VA loans during 2021. The total origination value was $716,845,000, with an average VA loan value of $310,457.

    Worcester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Worcester averaged 0.43% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

    Worcester's average VA mortgage closing costs are $5,849.

    The average rate for the prior week (2022-11-18) was 6.52% and one month ago for the week of 2022-10-21, the average rate was 7.26%.

    The average rate one year ago was 3.45%.

    For refis of the same type during the week of 2022-11-25, the average rate was 0.26%.

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

    Worcester 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 Worcester level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 245 2.87% $7,262
    QUICKEN LOANS, LLC 220 2.46% $5,610
    FREEDOM MORTGAGE CORPORATION 136 2.47% $2,998
    PENNYMAC LOAN SERVICES, LLC 130 2.38% $5,946
    LOANDEPOT.COM, LLC 89 2.61% $6,579
    UNITED WHOLESALE MORTGAGE, LLC 81 2.52% $6,598
    LAKEVIEW LOAN SERVICING, LLC 71 2.45% $2,960
    USAA Federal Savings Bank 66 2.80% $5,981
    NAVY FEDERAL CREDIT UNION 65 2.51% $5,914
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 2.86% $7,458
    The Federal Savings Bank 46 2.51% $7,758
    Mr. Cooper ( Nationstar Mortgage ) 42 2.76% $4,106
    GUARANTEED RATE, INC. 42 2.64% $6,067
    CALIBER HOME LOANS, INC. 42 2.51% $4,510
    TOTAL MORTGAGE SERVICES, LLC 40 3.20% $7,508
    RESIDENTIAL MORTGAGE SERVICES, INC. 31 2.63% $7,077
    NEWREZ LLC 27 2.63% $4,624
    HOME POINT FINANCIAL CORPORATION 26 2.49% $4,582
    Wells Fargo Bank 21 2.71% $3,818
    CROSSCOUNTRY MORTGAGE, LLC 20 2.73% $9,384
    HOMEBRIDGE FINANCIAL SERVICES, INC. 19 2.91% $5,062
    Barrington Bank & Trust Company, N.A. 19 2.75% $6,113
    AMERISAVE MORTGAGE CORPORATION 16 2.62% $5,697
    MOVEMENT MORTGAGE, LLC 15 2.94% $5,361
    AMERICAN FINANCIAL NETWORK, INC. 14 2.57% $14,090
    PENTAGON FEDERAL CREDIT UNION 13 2.37% $3,357
    Mortgage Network, Inc. 12 2.70% $10,397
    First Federal Bank 11 2.90% $9,437
    BROKER SOLUTIONS, INC. 11 2.56% $6,479
    GUARANTEED RATE AFFINITY, LLC 11 2.59% $7,901
    Citizens Bank 10 2.54% $6,783
    RADIUS FINANCIAL GROUP INC. 10 2.53% $4,181
    Nations Lending Corporation 10 2.88% $6,249
    Magnolia Bank 10 2.62% $7,279
    MUTUAL OF OMAHA MORTGAGE, INC. 10 2.66% $8,972
    Leader Bank 10 2.40% $8,248
    VILLAGE CAPITAL MORTGAGE 9 2.33% $3,961
    NORTHPOINT MORTGAGE, INC. 9 2.57% $5,211
    North American Savings Bank, F.S.B. 9 2.32% $3,666
    Flagstar Bank, FSB 8 2.75% $7,179
    NORWICH COMMERCIAL GROUP, INC. 8 3.55% $8,150
    First Guaranty Mortgage Corporation 8 2.52% $3,717
    Evolve Bank & Trust 7 2.82% $6,231
    Sierra Pacific Mortgage Company, Inc. 7 2.68% $7,985
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 2.95% $6,735
    EMBRACE HOME LOANS, INC. 7 2.64% $5,204
    EQUITY RESOURCES, INC. 7 2.36% $2,627
    Shamrock Home Loans, Inc. 6 2.60% $3,914
    Network Funding, L.P. 6 2.85% $8,980
    KS StateBank 6 2.42% $4,450
    EMM LOANS LLC 6 2.79% $7,259
    CONTOUR MORTGAGE CORPORATION 6 2.58% $6,071
    BAY EQUITY LLC 6 2.83% $4,696
    SALEM FIVE MORTGAGE COMPANY, LLC 6 2.71% $6,038
    First Federal Bank of Kansas City 5 2.35% $6,476
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.67% $4,433
    NEW FED MORTGAGE, CORP. 5 2.47% $7,777
    Prosperity Home Mortgage, LLC 5 2.70% $8,744
    BNC National Bank 5 2.38% $8,299
    DREW MORTGAGE ASSOCIATES, INC. 5 2.48% $3,193
    Paramount Residential Mortgage Group, Inc. 5 3.02% $9,195
    Workers Credit Union 4 2.97% $4,131
    M&T Bank 4 2.88% $4,042
    NEW DAY FINANCIAL, LLC 4 2.78% $6,882
    Ross Mortgage Company, Inc. 4 2.72% $17,038
    OCMBC, INC. 3 2.71% $5,812
    ENVOY MORTGAGE, LTD 3 3.17% $12,285
    The Washington Trust Company, of Westerly 3 2.50% $7,403
    Northpointe Bank 3 2.63% $7,384
    NBKC BANK 3 2.63% $1,712
    InterContinental Capital Group, Inc 3 2.46% $3,456
    HOMESTEAD FUNDING CORP. 3 2.42% $2,828
    Bangor Savings Bank 3 2.67% $6,450
    LEADERONE FINANCIAL CORPORATION 3 2.25% $3,407
    LADERA LENDING, INC. 3 2.67% $5,480
    Carrington Mortgage Services, LLC 3 2.58% $3,121
    HARBORONE MORTGAGE, LLC 3 2.54% $4,924
    HANSCOM 3 3.04% $3,681
    PLAZA HOME MORTGAGE, INC. 3 3.38% $6,530
    Equity Prime Mortgage LLC 2 3.50% $4,023
    INLAND BANK & TRUST 2 3.13% $3,539
    Meridian Bank Corporation 2 2.25% $5,146
    Mid-Continent Funding, Inc. 2 2.75% $6,583
    NATIONS DIRECT MORTGAGE, LLC 2 2.38% $5,269
    ACCELERATE MORTGAGE, LLC 2 2.37% $7,091
    Envision Bank 2 2.75% $16,288
    NP, Inc. 2 2.25% $3,652
    CMG MORTGAGE, INC. 2 2.50% $2,658
    PLANET HOME LENDING, LLC 2 2.94% $4,191
    Capital Bank 2 2.25% $5,272
    Berkshire Bank 2 2.25% $6,916
    RELIANCE FIRST CAPITAL, LLC 2 3.00% $11,011
    TD Bank 2 2.75% $2,172
    AMERICAN FINANCING CORPORATION 2 2.50% $3,096
    Ixonia Bank 2 3.25% $9,645
    Watermark Capital, Inc. 1 2.25% $10,436
    CRESCENT MORTGAGE COMPANY 1 2.75% $8,165
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $3,040
    Chickasaw Community Bank 1 3.50% $17,194
    Plains Commerce Bank 1 2.63% $12,461
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $12,549
    GUILD MORTGAGE COMPANY 1 2.38% $7,356
    Poli Mortgage Group, Inc. 1 2.25% $517
    Presidential Bank, FSB 1 2.38% $9,627
    HOMESIDE FINANCIAL, LLC 1 3.50% $0
    Prime Choice Funding Inc. 1 2.25% $7,012
    LENDUS, LLC 1 3.25% $10,372
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 2.88% $9,844
    VAN DYK MORTGAGE CORPORATION 1 2.50% $9,670
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $30,847
    ALLIED MORTGAGE GROUP, INC. 1 3.25% $13,133
    Bank of England 1 2.75% $9,985
    ACADEMY MORTGAGE CORPORATION 1 3.38% $6,379
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $8,425
    RUOFF MORTGAGE COMPANY, INC. 1 2.88% $2,142
    MEMBER ADVANTAGE MORTGAGE, LLC 1 3.75% $11,247
    Atlantic Home Loans, Inc. 1 2.88% $7,425
    Armed Forces Bank 1 2.25% $1,749
    STEARNS LENDING, LLC 1 2.25% $2,797
    KeyBank 1 2.75% $2,120
    The Camden National Bank 1 2.75% $3,259
    First Home Bank 1 2.75% $3,670
    FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $2,156
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.13% $8,920
    Fidelity Co-operative Bank 1 2.75% $8,165
    EVERETT FINANCIAL, INC. 1 3.38% $6,480
    NFM, INC. 1 3.75% $15,709
    ITHINK FINANCIAL Credit Union 1 2.50% $2,334
    First Savings Bank 1 2.25% $19,719
    GENEVA FINANCIAL, LLC 1 4.13% $4,224
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.50% $5,900
    TJC Mortgage, Inc. 1 2.25% $6,619

    The top Worcester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 245 VA loans originated. Their average total fees are $7,262, which is $1,652 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Worcester VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,960), FREEDOM MORTGAGE CORPORATION ($2,998), PENTAGON FEDERAL CREDIT UNION ($3,357), Wells Fargo Bank ($3,818) and Mr. Cooper ( Nationstar Mortgage ) ($4,106).

    The lowest rate Worcester VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.37%), PENNYMAC LOAN SERVICES, LLC (2.38%), Leader Bank (2.40%), LAKEVIEW LOAN SERVICING, LLC (2.45%) and QUICKEN LOANS, LLC (2.46%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Worcester (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 $284,975 (6.5%) $345,132 (4.8%) 1.06 1,935
    2018-02-01 $289,900 (5.5%) $352,279 (6.3%) 1.05 1,825
    2018-03-01 $299,900 (7.2%) $367,340 (8.9%) 1.05 1,851
    2018-04-01 $318,375 (8.1%) $383,405 (9.8%) 1.08 2,007
    2018-05-01 $322,450 (7.8%) $387,331 (9.5%) 1.08 2,257
    2018-06-01 $324,900 (6.5%) $387,347 (7.4%) 1.08 2,596
    2018-07-01 $324,900 (8.3%) $388,514 (9.3%) 1.08 2,717
    2018-08-01 $319,900 (9.4%) $383,473 (8.9%) 1.07 2,825
    2018-09-01 $319,606 (10.3%) $382,196 (9.4%) 1.07 3,034
    2018-10-01 $312,000 (7.8%) $378,225 (8.3%) 1.05 3,048
    2018-11-01 $309,900 (7.2%) $371,841 (6.1%) 1.05 2,873
    2018-12-01 $304,000 (5.2%) $368,755 (6.3%) 1.05 2,403
    2019-01-01 $304,969 (7.0%) $370,772 (7.4%) 1.05 2,046
    2019-02-01 $321,200 (10.8%) $377,142 (7.1%) 1.08 1,900
    2019-03-01 $335,614 (11.9%) $390,551 (6.3%) 1.10 1,938
    2019-04-01 $351,900 (10.5%) $405,770 (5.8%) 1.12 2,039
    2019-05-01 $359,900 (11.6%) $413,324 (6.7%) 1.12 2,308
    2019-06-01 $359,900 (10.8%) $422,186 (9.0%) 1.12 2,544
    2019-07-01 $354,900 (9.2%) $416,589 (7.2%) 1.11 2,563
    2019-08-01 $350,809 (9.7%) $412,901 (7.7%) 1.11 2,575
    2019-09-01 $344,673 (7.8%) $406,522 (6.4%) 1.10 2,610
    2019-10-01 $343,132 (10.0%) $402,045 (6.3%) 1.11 2,616
    2019-11-01 $344,900 (11.3%) $398,819 (7.3%) 1.13 2,373
    2019-12-01 $344,950 (13.5%) $397,476 (7.8%) 1.15 1,920
    2020-01-01 $344,900 (13.1%) $401,691 (8.3%) 1.15 1,640
    2020-02-01 $349,900 (8.9%) $415,850 (10.3%) 1.14 1,473
    2020-03-01 $364,950 (8.7%) $433,599 (11.0%) 1.14 1,546
    2020-04-01 $369,925 (5.1%) $430,782 (6.2%) 1.16 1,562
    2020-05-01 $379,900 (5.6%) $439,315 (6.3%) 1.15 1,607
    2020-06-01 $394,950 (9.7%) $462,859 (9.6%) 1.16 1,459
    2020-07-01 $395,450 (11.4%) $464,731 (11.6%) 1.15 1,315
    2020-08-01 $389,271 (11.0%) $467,045 (13.1%) 1.12 1,198
    2020-09-01 $389,450 (13.0%) $471,491 (16.0%) 1.12 1,200
    2020-10-01 $385,000 (12.2%) $476,686 (18.6%) 1.10 1,218
    2020-11-01 $379,900 (10.2%) $471,003 (18.1%) 1.11 1,091
    2020-12-01 $389,200 (12.8%) $472,888 (19.0%) 1.16 936
    2021-01-01 $399,000 (15.7%) $487,285 (21.3%) 1.19 711
    2021-02-01 $399,900 (14.3%) $485,895 (16.8%) 1.16 596
    2021-03-01 $393,000 (7.7%) $481,133 (11.0%) 1.12 653
    2021-04-01 $394,950 (6.8%) $473,975 (10.0%) 1.07 720
    2021-05-01 $398,000 (4.8%) $484,650 (10.3%) 1.05 780
    2021-06-01 $419,950 (6.3%) $490,703 (6.0%) 1.11 909
    2021-07-01 $414,950 (4.9%) $483,873 (4.1%) 1.09 1,040
    2021-08-01 $404,925 (4.0%) $478,279 (2.4%) 1.08 1,100
    2021-09-01 $404,900 (4.0%) $479,737 (1.8%) 1.08 1,107
    2021-10-01 $395,000 (2.6%) $468,438 (-1.7%) 1.05 1,113
    2021-11-01 $391,250 (3.0%) $495,736 (5.3%) 1.04 938
    2021-12-01 $387,200 (-0.5%) $502,535 (6.3%) 1.05 733
    2022-01-01 $395,450 (-0.9%) $524,067 (7.6%) 1.07 558
    2022-02-01 $419,950 (5.0%) $615,798 (26.7%) 1.09 503
    2022-03-01 $432,450 (10.0%) $620,266 (28.9%) 1.08 522
    2022-04-01 $447,000 (13.2%) $614,226 (29.6%) 1.07 629
    2022-05-01 $465,000 (16.8%) $608,170 (25.5%) 1.06 804
    2022-06-01 $449,500 (7.0%) $588,170 (19.9%) 1.00 978
    2022-07-01 $449,450 (8.3%) $570,973 (18.0%) 1.02 1,178
    2022-08-01 $449,900 (11.1%) $575,235 (20.3%) 1.04 1,143
    2022-09-01 $439,675 (8.6%) $522,449 (8.9%) 1.03 1,080
    2022-10-01 $449,000 (13.7%) $559,274 (19.4%) 1.06 1,108
    Worcester's median listing price for 2022-10-01 was $449,000, a difference of $54,000 (13.7%) versus the prior year and $9,325 versus the prior month.

    Worcester's median listing price comes in at 106% of the national average.

    Worcester's average listing price for 2022-10-01 was $559,274, a difference of $90,836 (19.4%) versus the prior year and $36,825 versus the prior month.

    For the 2022-10-01 period, Worcester had 1,108 MLS listings, a difference of 28 listings (3%) versus the prior month and -5 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 1,792 sqft
    2018-02-01 82 days 1,800 sqft
    2018-03-01 52 days 1,802 sqft
    2018-04-01 42 days 1,839 sqft
    2018-05-01 36 days 1,836 sqft
    2018-06-01 39 days 1,858 sqft
    2018-07-01 47 days 1,876 sqft
    2018-08-01 53 days 1,880 sqft
    2018-09-01 53 days 1,876 sqft
    2018-10-01 57 days 1,869 sqft
    2018-11-01 64 days 1,851 sqft
    2018-12-01 72 days 1,818 sqft
    2019-01-01 83 days 1,802 sqft
    2019-02-01 84 days 1,826 sqft
    2019-03-01 64 days 1,878 sqft
    2019-04-01 42 days 1,970 sqft
    2019-05-01 39 days 2,018 sqft
    2019-06-01 42 days 2,029 sqft
    2019-07-01 51 days 2,000 sqft
    2019-08-01 55 days 1,981 sqft
    2019-09-01 56 days 1,952 sqft
    2019-10-01 57 days 1,943 sqft
    2019-11-01 63 days 1,920 sqft
    2019-12-01 79 days 1,891 sqft
    2020-01-01 86 days 1,877 sqft
    2020-02-01 73 days 1,904 sqft
    2020-03-01 40 days 1,991 sqft
    2020-04-01 48 days 2,000 sqft
    2020-05-01 58 days 2,000 sqft
    2020-06-01 49 days 2,000 sqft
    2020-07-01 43 days 1,999 sqft
    2020-08-01 40 days 2,000 sqft
    2020-09-01 31 days 1,960 sqft
    2020-10-01 30 days 1,953 sqft
    2020-11-01 45 days 1,922 sqft
    2020-12-01 58 days 1,884 sqft
    2021-01-01 60 days 1,900 sqft
    2021-02-01 56 days 1,815 sqft
    2021-03-01 19 days 1,801 sqft
    2021-04-01 18 days 1,794 sqft
    2021-05-01 16 days 1,817 sqft
    2021-06-01 16 days 1,849 sqft
    2021-07-01 23 days 1,834 sqft
    2021-08-01 26 days 1,809 sqft
    2021-09-01 29 days 1,812 sqft
    2021-10-01 28 days 1,780 sqft
    2021-11-01 37 days 1,768 sqft
    2021-12-01 44 days 1,723 sqft
    2022-01-01 52 days 1,709 sqft
    2022-02-01 33 days 1,771 sqft
    2022-03-01 19 days 1,800 sqft
    2022-04-01 12 days 1,848 sqft
    2022-05-01 15 days 1,897 sqft
    2022-06-01 16 days 1,874 sqft
    2022-07-01 23 days 1,875 sqft
    2022-08-01 31 days 1,886 sqft
    2022-09-01 33 days 1,871 sqft
    2022-10-01 36 days 1,879 sqft
    Worcester's median listing age (time on market) for 2022-10-01 was 36 days. This is 29% longer than the same period one year ago.

    Worcester's median square footage for active listings during the 2022-10-01 period was 1,879 sqft. One year prior, the average listing was 1,780 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.