Worcester VA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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 6.81% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.76% and one month ago for the week of 2024-03-08, the average rate was 6.69%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.75%.

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.