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 89 lenders originated 589 VA loans during 2023. The total origination value was $237,885,000, with an average VA loan value of $403,879.

    Worcester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Worcester averaged 6.89% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Worcester's average VA mortgage closing costs are $6,766.

    The average rate for the prior week (2024-04-12) was 7.02% and one month ago for the week of 2024-03-15, the average rate was 6.49%.

    The average rate one year ago was 6.18%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.14%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 127 6.74% $10,846
    QUICKEN LOANS, LLC 37 5.89% $14,405
    UNITED WHOLESALE MORTGAGE, LLC 29 6.48% $8,416
    GUARANTEED RATE, INC. 29 6.73% $9,888
    LOANDEPOT.COM, LLC 28 5.82% $17,615
    NAVY FEDERAL CREDIT UNION 26 5.63% $8,375
    PENNYMAC LOAN SERVICES, LLC 23 5.44% $9,063
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.66% $9,120
    FREEDOM MORTGAGE CORPORATION 16 6.43% $14,721
    TOTAL MORTGAGE SERVICES, LLC 15 6.70% $16,258
    NEWREZ LLC 12 6.07% $10,055
    CMG MORTGAGE, INC. 12 6.64% $9,179
    The Federal Savings Bank 12 6.46% $17,858
    USAA Federal Savings Bank 11 6.34% $11,442
    MOVEMENT MORTGAGE, LLC 11 6.58% $9,179
    GUILD MORTGAGE COMPANY 9 6.85% $11,594
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 6.40% $10,222
    Mr. Cooper ( Nationstar Mortgage ) 8 6.23% $16,220
    CROSSCOUNTRY MORTGAGE, LLC 7 6.50% $11,404
    AMERISAVE MORTGAGE CORPORATION 6 5.33% $20,140
    Leader Bank 6 6.71% $10,640
    GUARANTEED RATE AFFINITY, LLC 5 6.23% $8,342
    NORWICH COMMERCIAL GROUP, INC. 5 6.93% $15,131
    PENTAGON FEDERAL CREDIT UNION 4 5.78% $6,578
    Semper Home Loans, Inc. 4 6.75% $17,172
    Barrington Bank & Trust Company, N.A. 4 6.25% $15,250
    Paramount Residential Mortgage Group, Inc. 4 6.91% $13,062
    NORTHPOINT MORTGAGE, INC. 4 6.97% $8,936
    AMERICAN FINANCIAL NETWORK, INC. 4 6.31% $9,128
    ENVOY MORTGAGE, LTD 3 6.58% $11,933
    Shamrock Home Loans, Inc. 3 6.37% $18,589
    U.S. Bank 3 6.42% $8,297
    LAKEVIEW LOAN SERVICING, LLC 3 6.38% $14,449
    VILLAGE CAPITAL MORTGAGE 2 6.25% $6,501
    Wells Fargo Bank 2 5.56% $0
    RELIANCE FIRST CAPITAL, LLC 2 6.81% $6,845
    HARBORONE MORTGAGE, LLC 2 6.38% $6,929
    RADIUS FINANCIAL GROUP INC. 2 6.56% $24,689
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.44% $6,508
    Keystone Funding, Inc. 2 6.13% $10,670
    Nations Lending Corporation 2 7.25% $12,046
    Plains Commerce Bank 2 6.88% $5,105
    OCMBC, INC. 2 6.31% $15,121
    Magnolia Bank 2 5.94% $14,715
    CIBM Bank 2 6.94% $5,885
    BROKER SOLUTIONS, INC. 2 6.69% $8,631
    NFM, INC. 2 6.38% $2,563
    CARDINAL FINANCIAL 2 6.94% $10,842
    FBC MORTGAGE, LLC 2 6.75% $12,265
    Evolve Bank & Trust 2 7.19% $10,339
    EQUITY RESOURCES, INC. 2 6.12% $11,634
    SALEM FIVE MORTGAGE COMPANY, LLC 2 6.69% $11,933
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $21,399
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.99% $19,846
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $10,512
    Armed Forces Bank 1 5.75% $11,771
    Bank of England 1 6.25% $28,552
    BAY EQUITY LLC 1 5.99% $4,375
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.88% $11,054
    BNC National Bank 1 6.00% $7,613
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $21,655
    Citizens Bank 1 7.38% $17,980
    COMMUNITYAMERICA 1 6.63% $23,740
    CONTOUR MORTGAGE CORPORATION 1 4.88% $27,712
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $2,968
    Easthampton Savings Bank 1 6.75% $3,451
    EMM LOANS LLC 1 7.13% $5,292
    FIRST HOME MORTGAGE CORPORATION 1 5.75% $32,179
    First Savings Bank 1 5.25% $9,695
    Flagstar Bank, FSB 1 5.50% $12,477
    GENEVA FINANCIAL, LLC 1 7.25% $8,374
    Home Loan Investment Bank, F.S.B. 1 5.75% $6,154
    MILEND, INC. 1 5.63% $14,661
    MORTGAGE EQUITY PARTNERS LLC 1 7.75% $10,381
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $0
    M&T Bank 1 5.25% $15,861
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $4,876
    NATIONS RELIABLE LENDING, LLC 1 6.50% $1,285
    ALLIED MORTGAGE GROUP, INC. 1 5.63% $6,090
    Network Funding, L.P. 1 7.63% $7,272
    NEW DAY FINANCIAL, LLC 1 6.99% $11,654
    North American Savings Bank, F.S.B. 1 5.50% $3,993
    Northpointe Bank 1 7.25% $6,896
    PHH Mortgage Corporation 1 5.13% $20,526
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 7.63% $14,149
    Residential Mortgage Solutions, Inc. 1 6.63% $10,265
    The Washington Trust Company, of Westerly 1 6.62% $15,315
    TOP FLITE FINANCIAL, INC. 1 6.75% $12,525
    ZILLOW HOME LOANS, LLC 1 6.63% $4,810

    The top Worcester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 127 VA loans originated. Their average total fees are $10,846, which is $3,559 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Worcester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($8,375), UNITED WHOLESALE MORTGAGE, LLC ($8,416), PENNYMAC LOAN SERVICES, LLC ($9,063), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,120) and MOVEMENT MORTGAGE, LLC ($9,179).

    The lowest rate Worcester VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.44%), NAVY FEDERAL CREDIT UNION (5.63%), LOANDEPOT.COM, LLC (5.82%), QUICKEN LOANS, LLC (5.89%) and NEWREZ LLC (6.07%).

    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 $322,438 (7.8%) $387,342 (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%) 1.09 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%) 1.06 3,048
    2018-11-01 $309,900 (7.2%) $371,841 (6.1%) 1.05 2,873
    2018-12-01 $304,000 (5.2%) $368,778 (6.3%) 1.05 2,402
    2019-01-01 $304,988 (7.0%) $370,805 (7.4%) 1.05 2,045
    2019-02-01 $321,200 (10.8%) $377,180 (7.1%) 1.09 1,899
    2019-03-01 $335,614 (11.9%) $390,601 (6.3%) 1.10 1,939
    2019-04-01 $351,550 (10.4%) $405,694 (5.8%) 1.12 2,040
    2019-05-01 $359,900 (11.6%) $413,484 (6.8%) 1.12 2,299
    2019-06-01 $359,900 (10.8%) $422,344 (9.0%) 1.12 2,532
    2019-07-01 $354,900 (9.2%) $417,377 (7.4%) 1.11 2,552
    2019-08-01 $350,809 (9.7%) $413,552 (7.8%) 1.11 2,563
    2019-09-01 $344,673 (7.8%) $406,959 (6.5%) 1.10 2,598
    2019-10-01 $343,357 (10.1%) $402,327 (6.4%) 1.11 2,603
    2019-11-01 $344,900 (11.3%) $399,114 (7.3%) 1.13 2,360
    2019-12-01 $344,700 (13.4%) $396,896 (7.6%) 1.15 1,908
    2020-01-01 $344,675 (13.0%) $400,188 (7.9%) 1.15 1,627
    2020-02-01 $349,900 (8.9%) $414,469 (9.9%) 1.15 1,459
    2020-03-01 $364,950 (8.7%) $432,462 (10.7%) 1.14 1,532
    2020-04-01 $370,950 (5.5%) $429,618 (5.9%) 1.16 1,548
    2020-05-01 $379,900 (5.6%) $438,213 (6.0%) 1.15 1,595
    2020-06-01 $395,400 (9.9%) $461,864 (9.4%) 1.16 1,444
    2020-07-01 $397,425 (12.0%) $463,616 (11.1%) 1.15 1,300
    2020-08-01 $389,900 (11.1%) $467,523 (13.1%) 1.12 1,184
    2020-09-01 $389,675 (13.1%) $472,711 (16.2%) 1.12 1,187
    2020-10-01 $385,000 (12.1%) $477,667 (18.7%) 1.10 1,206
    2020-11-01 $381,150 (10.5%) $472,067 (18.3%) 1.11 1,077
    2020-12-01 $389,600 (13.0%) $472,512 (19.1%) 1.16 920
    2021-01-01 $399,900 (16.0%) $489,820 (22.4%) 1.19 698
    2021-02-01 $399,900 (14.3%) $488,560 (17.9%) 1.16 583
    2021-03-01 $394,950 (8.2%) $483,649 (11.8%) 1.12 639
    2021-04-01 $396,000 (6.8%) $476,153 (10.8%) 1.07 706
    2021-05-01 $399,000 (5.0%) $482,777 (10.2%) 1.06 766
    2021-06-01 $420,000 (6.2%) $490,866 (6.3%) 1.11 894
    2021-07-01 $415,000 (4.4%) $485,508 (4.7%) 1.10 1,026
    2021-08-01 $405,000 (3.9%) $479,811 (2.6%) 1.08 1,086
    2021-09-01 $404,900 (3.9%) $481,572 (1.9%) 1.08 1,094
    2021-10-01 $395,000 (2.6%) $469,813 (-1.6%) 1.05 1,099
    2021-11-01 $394,084 (3.4%) $497,717 (5.4%) 1.05 924
    2021-12-01 $387,475 (-0.6%) $505,277 (6.9%) 1.05 719
    2022-01-01 $399,000 (-0.2%) $528,389 (7.9%) 1.08 544
    2022-02-01 $423,250 (5.8%) $622,995 (27.5%) 1.10 489
    2022-03-01 $438,675 (11.1%) $627,123 (29.7%) 1.10 508
    2022-04-01 $449,000 (13.4%) $619,822 (30.2%) 1.07 615
    2022-05-01 $469,450 (17.7%) $612,460 (26.9%) 1.07 789
    2022-06-01 $449,950 (7.1%) $591,110 (20.4%) 1.00 963
    2022-07-01 $449,900 (8.4%) $573,407 (18.1%) 1.01 1,164
    2022-08-01 $449,900 (11.1%) $577,450 (20.4%) 1.04 1,129
    2022-09-01 $439,925 (8.7%) $524,257 (8.9%) 1.03 1,066
    2022-10-01 $449,900 (13.9%) $561,800 (19.6%) 1.06 1,093
    2022-11-01 $449,450 (14.1%) $573,388 (15.2%) 1.08 1,055
    2022-12-01 $445,000 (14.9%) $590,266 (16.8%) 1.10 819
    2023-01-01 $464,905 (16.5%) $605,979 (14.7%) 1.15 728
    2023-02-01 $494,450 (16.8%) $638,376 (2.5%) 1.19 609
    2023-03-01 $493,000 (12.4%) $635,158 (1.3%) 1.16 582
    2023-04-01 $504,900 (12.5%) $634,396 (2.4%) 1.17 674
    2023-05-01 $516,175 (10.0%) $638,486 (4.3%) 1.17 714
    2023-06-01 $509,950 (13.3%) $606,152 (2.5%) 1.15 774
    2023-07-01 $519,400 (15.5%) $603,164 (5.2%) 1.18 730
    2023-08-01 $499,450 (11.0%) $615,996 (6.7%) 1.15 811
    2023-09-01 $490,000 (11.4%) $615,970 (17.5%) 1.14 893
    2023-10-01 $487,400 (8.3%) $580,248 (3.3%) 1.15 927
    2023-11-01 $475,000 (5.7%) $589,158 (2.8%) 1.13 942
    2023-12-01 $479,450 (7.7%) $600,335 (1.7%) 1.17 766
    2024-01-01 $498,000 (7.1%) $610,971 (0.8%) 1.22 621
    2024-02-01 $499,350 (1.0%) $633,419 (-0.8%) 1.20 598
    2024-03-01 $499,999 (1.4%) $643,339 (1.3%) 1.18 640
    Worcester's median listing price for 2024-03-01 was $499,999, a difference of $6,999 (1.4%) versus the prior year and $649 versus the prior month.

    Worcester's median listing price comes in at 118% of the national average.

    Worcester's average listing price for 2024-03-01 was $643,339, a difference of $8,181 (1.3%) versus the prior year and $9,920 versus the prior month.

    For the 2024-03-01 period, Worcester had 640 MLS listings, a difference of 42 listings (7%) versus the prior month and 58 listings (10%) 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 80 days 1,792 sqft
    2018-02-01 75 days 1,800 sqft
    2018-03-01 47 days 1,804 sqft
    2018-04-01 39 days 1,840 sqft
    2018-05-01 33 days 1,836 sqft
    2018-06-01 37 days 1,858 sqft
    2018-07-01 44 days 1,876 sqft
    2018-08-01 51 days 1,880 sqft
    2018-09-01 51 days 1,876 sqft
    2018-10-01 54 days 1,869 sqft
    2018-11-01 60 days 1,851 sqft
    2018-12-01 70 days 1,820 sqft
    2019-01-01 79 days 1,802 sqft
    2019-02-01 78 days 1,828 sqft
    2019-03-01 60 days 1,879 sqft
    2019-04-01 39 days 1,971 sqft
    2019-05-01 38 days 2,019 sqft
    2019-06-01 39 days 2,030 sqft
    2019-07-01 48 days 2,000 sqft
    2019-08-01 52 days 1,981 sqft
    2019-09-01 53 days 1,952 sqft
    2019-10-01 53 days 1,943 sqft
    2019-11-01 58 days 1,920 sqft
    2019-12-01 75 days 1,892 sqft
    2020-01-01 79 days 1,877 sqft
    2020-02-01 58 days 1,904 sqft
    2020-03-01 35 days 1,988 sqft
    2020-04-01 44 days 2,000 sqft
    2020-05-01 52 days 2,000 sqft
    2020-06-01 41 days 2,000 sqft
    2020-07-01 37 days 2,000 sqft
    2020-08-01 36 days 2,002 sqft
    2020-09-01 26 days 1,960 sqft
    2020-10-01 26 days 1,952 sqft
    2020-11-01 42 days 1,920 sqft
    2020-12-01 54 days 1,873 sqft
    2021-01-01 54 days 1,900 sqft
    2021-02-01 47 days 1,810 sqft
    2021-03-01 16 days 1,801 sqft
    2021-04-01 15 days 1,793 sqft
    2021-05-01 14 days 1,815 sqft
    2021-06-01 16 days 1,843 sqft
    2021-07-01 22 days 1,830 sqft
    2021-08-01 24 days 1,808 sqft
    2021-09-01 27 days 1,808 sqft
    2021-10-01 26 days 1,778 sqft
    2021-11-01 35 days 1,768 sqft
    2021-12-01 39 days 1,718 sqft
    2022-01-01 47 days 1,706 sqft
    2022-02-01 28 days 1,768 sqft
    2022-03-01 16 days 1,798 sqft
    2022-04-01 10 days 1,846 sqft
    2022-05-01 14 days 1,895 sqft
    2022-06-01 16 days 1,874 sqft
    2022-07-01 23 days 1,875 sqft
    2022-08-01 30 days 1,885 sqft
    2022-09-01 32 days 1,869 sqft
    2022-10-01 33 days 1,879 sqft
    2022-11-01 37 days 1,878 sqft
    2022-12-01 52 days 1,850 sqft
    2023-01-01 52 days 1,872 sqft
    2023-02-01 42 days 1,889 sqft
    2023-03-01 31 days 1,875 sqft
    2023-04-01 19 days 1,921 sqft
    2023-05-01 19 days 1,973 sqft
    2023-06-01 18 days 1,956 sqft
    2023-07-01 25 days 1,939 sqft
    2023-08-01 23 days 1,877 sqft
    2023-09-01 27 days 1,879 sqft
    2023-10-01 27 days 1,871 sqft
    2023-11-01 32 days 1,855 sqft
    2023-12-01 44 days 1,824 sqft
    2024-01-01 45 days 1,830 sqft
    2024-02-01 30 days 1,814 sqft
    2024-03-01 23 days 1,813 sqft
    Worcester's median listing age (time on market) for 2024-03-01 was 23 days. This is -25% shorter than the same period one year ago.

    Worcester's median square footage for active listings during the 2024-03-01 period was 1,813 sqft. One year prior, the average listing was 1,875 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.