Fort Smith VA Loan Rates, Closing Costs & Stats

FORT SMITH, AR-OK

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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.

    Fort Smith's 67 lenders originated 366 VA loans during 2023. The total origination value was $84,890,000, with an average VA loan value of $231,940.

    Fort Smith VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fort Smith averaged 6.23% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Fort Smith's average VA mortgage closing costs are $4,780.

    The average rate for the prior week (2024-12-06) was 6.17% and one month ago for the week of 2024-11-08, the average rate was 6.66%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.9%.

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

    Fort Smith 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 Fort Smith level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 73 6.92% $4,428
    Firstar Bank 32 6.21% $6,848
    Arvest Bank 21 6.68% $4,136
    SWBC MORTGAGE CORPORATION 20 6.53% $7,229
    QUICKEN LOANS, LLC 15 6.29% $8,128
    USAA Federal Savings Bank 14 6.37% $7,685
    NAVY FEDERAL CREDIT UNION 12 5.70% $3,843
    First Financial Bank 9 6.35% $8,686
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.49% $3,072
    FREEDOM MORTGAGE CORPORATION 9 6.88% $10,458
    PENNYMAC LOAN SERVICES, LLC 7 5.46% $4,791
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.41% $5,351
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.71% $8,070
    LEADERONE FINANCIAL CORPORATION 6 6.77% $4,051
    Bank of England 6 5.90% $6,630
    NEW DAY FINANCIAL, LLC 5 7.62% $8,945
    LOANDEPOT.COM, LLC 5 6.45% $9,007
    BancorpSouth 5 6.23% $5,262
    Mr. Cooper ( Nationstar Mortgage ) 5 6.23% $9,310
    FLAT BRANCH MORTGAGE, INC. 5 7.08% $7,196
    AMERISAVE MORTGAGE CORPORATION 4 5.78% $17,052
    Barrington Bank & Trust Company, N.A. 4 6.50% $6,152
    U.S. Bank 4 6.34% $7,071
    UNITED WHOLESALE MORTGAGE, LLC 4 6.53% $12,848
    FIRST WESTERN MORTGAGE, INC. 3 6.75% $1,918
    ON Q FINANCIAL, INC. 3 7.08% $5,661
    Priority Bank 3 6.71% $5,670
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $5,749
    BROKER SOLUTIONS, INC. 2 6.06% $12,704
    EVERETT FINANCIAL, INC. 2 6.75% $6,371
    Flagstar Bank, FSB 2 6.25% $14,045
    Gateway First Bank 2 6.25% $4,870
    LOANPAL, LLC 2 6.00% $12,377
    NEWREZ LLC 2 5.94% $7,783
    Sierra Pacific Mortgage Company, Inc. 2 6.94% $1,484
    UNITED 2 6.75% $5,245
    BancFirst 1 6.38% $12,471
    Mid-Continent Funding, Inc. 1 6.25% $10,254
    MORTGAGE ACCESS CORP. 1 6.13% $13,804
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.50% $2,511
    First Security Bank 1 6.00% $4,950
    First Savings Bank 1 7.25% $5,419
    First Horizon Bank 1 5.88% $3,391
    First Federal Bank 1 6.75% $8,092
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $5,419
    AXIA FINANCIAL, LLC 1 7.13% $0
    NP, Inc. 1 6.88% $9,381
    ENCORE BANK 1 5.99% $1,984
    Patriot Bank 1 5.25% $3,274
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $14,698
    POLARIS HOME FUNDING CORP. 1 5.75% $9,963
    CORNERSTONE HOME LENDING, INC. 1 6.25% $7,218
    Centennial Bank 1 6.75% $3,852
    ROYAL UNITED MORTGAGE LLC 1 6.63% $13,912
    ARKANSAS Federal Credit Union 1 5.25% $3,321
    Simmons Bank 1 6.63% $10,641
    STOCKTON MORTGAGE CORPORATION 1 5.75% $16,310
    Carrington Mortgage Services, LLC 1 6.63% $6,856
    The Central Trust Bank 1 5.75% $6,824
    The Federal Savings Bank 1 6.25% $17,447
    TOP FLITE FINANCIAL, INC. 1 7.25% $15,052
    UNION HOME MORTGAGE CORP. 1 6.00% $2,882
    VILLAGE CAPITAL MORTGAGE 1 5.75% $6,397
    GUILD MORTGAGE COMPANY 1 7.63% $6,919
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $65
    GUARANTEED RATE, INC. 1 7.25% $0
    Great Southern Bank 1 5.75% $2,369

    The top Fort Smith VA lender as defined by loan originations is Mortgage Research Center, LLC, with 73 VA loans originated. Their average total fees are $4,428, which is $2,420 lower than the next largest lender, Firstar Bank.

    The lowest fee Fort Smith VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,843), Arvest Bank ($4,136), Mortgage Research Center, LLC ($4,428), Firstar Bank ($6,848) and SWBC MORTGAGE CORPORATION ($7,229).

    The lowest rate Fort Smith VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.70%), Firstar Bank (6.21%), QUICKEN LOANS, LLC (6.29%), USAA Federal Savings Bank (6.37%) and SWBC MORTGAGE CORPORATION (6.53%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Smith (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 $150,425 (1.0%) $217,388 (2.7%) 0.56 1,143
    2018-02-01 $152,350 (3.1%) $219,335 (5.0%) 0.55 1,116
    2018-03-01 $157,700 (5.5%) $225,823 (7.3%) 0.55 1,113
    2018-04-01 $157,400 (3.6%) $226,620 (2.2%) 0.53 1,131
    2018-05-01 $159,900 (4.2%) $226,723 (-0.2%) 0.53 1,154
    2018-06-01 $159,900 (2.3%) $227,961 (-1.8%) 0.53 1,173
    2018-07-01 $159,250 (5.5%) $225,059 (0.2%) 0.53 1,195
    2018-08-01 $159,900 (7.0%) $225,575 (3.8%) 0.54 1,203
    2018-09-01 $157,000 (5.4%) $224,128 (3.4%) 0.53 1,226
    2018-10-01 $156,750 (4.9%) $222,524 (2.8%) 0.53 1,235
    2018-11-01 $154,950 (3.8%) $218,582 (0.1%) 0.53 1,254
    2018-12-01 $154,900 (4.7%) $217,516 (1.1%) 0.53 1,205
    2019-01-01 $154,950 (3.0%) $223,542 (2.8%) 0.54 1,161
    2019-02-01 $158,350 (3.9%) $226,845 (3.4%) 0.54 1,143
    2019-03-01 $161,571 (2.5%) $232,913 (3.1%) 0.53 1,121
    2019-04-01 $164,750 (4.7%) $238,760 (5.4%) 0.52 1,122
    2019-05-01 $169,250 (5.9%) $240,567 (6.1%) 0.53 1,097
    2019-06-01 $169,900 (6.3%) $245,647 (7.8%) 0.53 1,078
    2019-07-01 $167,375 (5.1%) $245,926 (9.3%) 0.52 1,073
    2019-08-01 $165,000 (3.2%) $240,113 (6.4%) 0.52 1,087
    2019-09-01 $165,000 (5.1%) $235,459 (5.1%) 0.53 1,096
    2019-10-01 $164,998 (5.3%) $231,644 (4.1%) 0.53 1,094
    2019-11-01 $164,500 (6.2%) $230,176 (5.3%) 0.54 1,055
    2019-12-01 $159,900 (3.2%) $229,068 (5.3%) 0.53 1,008
    2020-01-01 $159,950 (3.2%) $227,106 (1.6%) 0.53 969
    2020-02-01 $164,799 (4.1%) $234,730 (3.5%) 0.54 962
    2020-03-01 $169,450 (4.9%) $241,672 (3.8%) 0.53 901
    2020-04-01 $174,900 (6.2%) $246,914 (3.4%) 0.55 883
    2020-05-01 $179,000 (5.8%) $254,365 (5.7%) 0.54 815
    2020-06-01 $189,000 (11.2%) $265,871 (8.2%) 0.56 758
    2020-07-01 $195,000 (16.5%) $275,217 (11.9%) 0.57 709
    2020-08-01 $194,500 (17.9%) $278,480 (16.0%) 0.56 664
    2020-09-01 $189,525 (14.9%) $290,339 (23.3%) 0.54 586
    2020-10-01 $195,000 (18.2%) $288,676 (24.6%) 0.56 563
    2020-11-01 $190,425 (15.8%) $298,084 (29.5%) 0.56 514
    2020-12-01 $184,375 (15.3%) $290,370 (26.8%) 0.55 491
    2021-01-01 $183,750 (14.9%) $298,298 (31.4%) 0.55 455
    2021-02-01 $195,000 (18.3%) $310,368 (32.2%) 0.57 390
    2021-03-01 $184,950 (9.2%) $306,264 (26.7%) 0.52 373
    2021-04-01 $189,000 (8.1%) $314,604 (27.4%) 0.51 370
    2021-05-01 $209,700 (17.2%) $332,533 (30.7%) 0.56 342
    2021-06-01 $219,450 (16.1%) $321,698 (21.0%) 0.58 382
    2021-07-01 $209,900 (7.6%) $311,384 (13.1%) 0.55 480
    2021-08-01 $197,450 (1.5%) $307,917 (10.6%) 0.53 487
    2021-09-01 $199,225 (5.1%) $308,275 (6.2%) 0.53 496
    2021-10-01 $210,000 (7.7%) $317,994 (10.2%) 0.56 462
    2021-11-01 $210,950 (10.8%) $318,761 (6.9%) 0.56 400
    2021-12-01 $213,575 (15.8%) $325,850 (12.2%) 0.58 382
    2022-01-01 $199,950 (8.8%) $326,158 (9.3%) 0.54 349
    2022-02-01 $219,950 (12.8%) $334,140 (7.7%) 0.57 328
    2022-03-01 $215,375 (16.5%) $333,122 (8.8%) 0.54 360
    2022-04-01 $216,850 (14.7%) $334,459 (6.3%) 0.52 369
    2022-05-01 $231,225 (10.3%) $333,206 (0.2%) 0.53 393
    2022-06-01 $227,225 (3.5%) $323,271 (0.5%) 0.51 440
    2022-07-01 $237,195 (13.0%) $334,554 (7.4%) 0.53 490
    2022-08-01 $234,950 (19.0%) $333,862 (8.4%) 0.54 518
    2022-09-01 $230,000 (15.5%) $306,217 (-0.7%) 0.54 545
    2022-10-01 $239,900 (14.2%) $307,900 (-3.2%) 0.56 583
    2022-11-01 $232,000 (10.0%) $318,210 (-0.2%) 0.56 590
    2022-12-01 $227,250 (6.4%) $314,422 (-3.5%) 0.56 554
    2023-01-01 $228,188 (14.1%) $316,515 (-3.0%) 0.57 540
    2023-02-01 $236,975 (7.7%) $319,591 (-4.4%) 0.57 498
    2023-03-01 $238,875 (10.9%) $329,091 (-1.2%) 0.56 473
    2023-04-01 $240,000 (10.7%) $337,159 (0.8%) 0.56 460
    2023-05-01 $249,450 (7.9%) $334,182 (0.3%) 0.57 469
    2023-06-01 $255,000 (12.2%) $341,613 (5.7%) 0.57 494
    2023-07-01 $259,948 (9.6%) $344,538 (3.0%) 0.59 535
    2023-08-01 $265,457 (13.0%) $355,998 (6.6%) 0.61 566
    2023-09-01 $270,000 (17.4%) $355,106 (16.0%) 0.63 604
    2023-10-01 $269,400 (12.3%) $354,555 (15.2%) 0.63 677
    2023-11-01 $269,450 (16.1%) $351,539 (10.5%) 0.64 680
    2023-12-01 $259,900 (14.4%) $343,503 (9.3%) 0.63 696
    2024-01-01 $265,000 (16.1%) $344,419 (8.8%) 0.65 662
    2024-02-01 $250,950 (5.9%) $339,632 (6.3%) 0.60 678
    2024-03-01 $254,900 (6.7%) $335,715 (2.0%) 0.60 668
    2024-04-01 $267,350 (11.4%) $350,591 (4.0%) 0.62 656
    2024-05-01 $275,000 (10.2%) $357,966 (7.1%) 0.62 698
    2024-06-01 $279,000 (9.4%) $364,033 (6.6%) 0.63 720
    2024-07-01 $275,000 (5.8%) $360,314 (4.6%) 0.63 734
    2024-08-01 $279,900 (5.4%) $364,446 (2.4%) 0.65 780
    2024-09-01 $275,000 (1.9%) $357,868 (0.8%) 0.65 787
    2024-10-01 $270,000 (0.2%) $353,668 (-0.3%) 0.64 863
    2024-11-01 $269,900 (0.2%) $344,605 (-2.0%) 0.65 944
    Fort Smith's median listing price for 2024-11-01 was $269,900, a difference of $450 (0.2%) versus the prior year and $-100 versus the prior month.

    Fort Smith's median listing price comes in at 65% of the national average.

    Fort Smith's average listing price for 2024-11-01 was $344,605, a difference of $-6,934 (-2.0%) versus the prior year and $-9,063 versus the prior month.

    For the 2024-11-01 period, Fort Smith had 944 MLS listings, a difference of 81 listings (9%) versus the prior month and 264 listings (39%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Smith (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 94 days 1,820 sqft
    2018-02-01 92 days 1,832 sqft
    2018-03-01 79 days 1,886 sqft
    2018-04-01 71 days 1,896 sqft
    2018-05-01 67 days 1,910 sqft
    2018-06-01 64 days 1,912 sqft
    2018-07-01 68 days 1,911 sqft
    2018-08-01 74 days 1,928 sqft
    2018-09-01 78 days 1,889 sqft
    2018-10-01 79 days 1,885 sqft
    2018-11-01 80 days 1,843 sqft
    2018-12-01 86 days 1,833 sqft
    2019-01-01 93 days 1,815 sqft
    2019-02-01 89 days 1,818 sqft
    2019-03-01 82 days 1,855 sqft
    2019-04-01 72 days 1,894 sqft
    2019-05-01 67 days 1,916 sqft
    2019-06-01 75 days 1,924 sqft
    2019-07-01 75 days 1,919 sqft
    2019-08-01 74 days 1,901 sqft
    2019-09-01 73 days 1,878 sqft
    2019-10-01 73 days 1,869 sqft
    2019-11-01 75 days 1,857 sqft
    2019-12-01 86 days 1,854 sqft
    2020-01-01 89 days 1,857 sqft
    2020-02-01 82 days 1,848 sqft
    2020-03-01 74 days 1,890 sqft
    2020-04-01 74 days 1,923 sqft
    2020-05-01 75 days 1,980 sqft
    2020-06-01 68 days 1,984 sqft
    2020-07-01 67 days 2,002 sqft
    2020-08-01 64 days 2,000 sqft
    2020-09-01 59 days 2,000 sqft
    2020-10-01 51 days 2,018 sqft
    2020-11-01 54 days 2,007 sqft
    2020-12-01 65 days 1,921 sqft
    2021-01-01 72 days 1,921 sqft
    2021-02-01 58 days 1,935 sqft
    2021-03-01 42 days 1,814 sqft
    2021-04-01 33 days 1,826 sqft
    2021-05-01 36 days 1,887 sqft
    2021-06-01 30 days 1,886 sqft
    2021-07-01 29 days 1,880 sqft
    2021-08-01 34 days 1,853 sqft
    2021-09-01 37 days 1,829 sqft
    2021-10-01 45 days 1,879 sqft
    2021-11-01 49 days 1,820 sqft
    2021-12-01 51 days 1,839 sqft
    2022-01-01 53 days 1,844 sqft
    2022-02-01 38 days 1,827 sqft
    2022-03-01 33 days 1,810 sqft
    2022-04-01 32 days 1,800 sqft
    2022-05-01 33 days 1,783 sqft
    2022-06-01 33 days 1,791 sqft
    2022-07-01 37 days 1,816 sqft
    2022-08-01 41 days 1,826 sqft
    2022-09-01 48 days 1,806 sqft
    2022-10-01 51 days 1,813 sqft
    2022-11-01 57 days 1,826 sqft
    2022-12-01 64 days 1,780 sqft
    2023-01-01 71 days 1,801 sqft
    2023-02-01 70 days 1,827 sqft
    2023-03-01 63 days 1,823 sqft
    2023-04-01 53 days 1,848 sqft
    2023-05-01 43 days 1,836 sqft
    2023-06-01 46 days 1,860 sqft
    2023-07-01 49 days 1,855 sqft
    2023-08-01 51 days 1,859 sqft
    2023-09-01 52 days 1,838 sqft
    2023-10-01 51 days 1,844 sqft
    2023-11-01 58 days 1,859 sqft
    2023-12-01 68 days 1,828 sqft
    2024-01-01 85 days 1,835 sqft
    2024-02-01 78 days 1,797 sqft
    2024-03-01 58 days 1,773 sqft
    2024-04-01 52 days 1,807 sqft
    2024-05-01 50 days 1,844 sqft
    2024-06-01 57 days 1,878 sqft
    2024-07-01 60 days 1,835 sqft
    2024-08-01 60 days 1,851 sqft
    2024-09-01 58 days 1,837 sqft
    2024-10-01 61 days 1,834 sqft
    2024-11-01 65 days 1,804 sqft
    Fort Smith's median listing age (time on market) for 2024-11-01 was 65 days. This is 12% longer than the same period one year ago.

    Fort Smith's median square footage for active listings during the 2024-11-01 period was 1,804 sqft. One year prior, the average listing was 1,859 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.