Hot Springs VA Loan Rates, Closing Costs & Stats

HOT SPRINGS, AR

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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.

    Hot Springs's 42 lenders originated 150 VA loans during 2023. The total origination value was $40,920,000, with an average VA loan value of $272,800.

    Hot Springs VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Hot Springs averaged 7.33% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Hot Springs's average VA mortgage closing costs are $4,705.

    The average rate for the prior week (2024-04-12) was 7.16% and one month ago for the week of 2024-03-15, the average rate was 6.92%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.39%.

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

    Hot Springs 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 Hot Springs level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 28 6.94% $3,771
    SWBC MORTGAGE CORPORATION 16 6.78% $3,664
    QUICKEN LOANS, LLC 12 6.03% $10,092
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 7.00% $11,700
    FirstTrust Home Loans, Inc. 6 6.19% $6,934
    USAA Federal Savings Bank 6 6.44% $6,456
    FREEDOM MORTGAGE CORPORATION 5 6.40% $16,102
    NAVY FEDERAL CREDIT UNION 5 6.03% $4,992
    VILLAGE CAPITAL MORTGAGE 4 5.69% $5,574
    UNITED WHOLESALE MORTGAGE, LLC 4 6.16% $10,212
    NEW DAY FINANCIAL, LLC 3 7.41% $14,501
    The Federal Savings Bank 3 6.13% $15,803
    FLAT BRANCH MORTGAGE, INC. 3 6.46% $4,752
    EVERETT FINANCIAL, INC. 3 7.38% $4,894
    PENNYMAC LOAN SERVICES, LLC 3 6.00% $5,506
    PENTAGON FEDERAL CREDIT UNION 2 6.19% $9,578
    Barrington Bank & Trust Company, N.A. 2 7.25% $4,730
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $4,932
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $2,407
    Eagle Bank and Trust Company 2 6.00% $6,696
    Renasant Bank 1 7.50% $9,978
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $11,699
    LOANDEPOT.COM, LLC 1 6.13% $3,710
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $11,734
    Arvest Bank 1 5.50% $5,362
    Bank of England 1 5.75% $6,137
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 5.50% $6,429
    BNC National Bank 1 5.63% $9,139
    BROKER SOLUTIONS, INC. 1 6.75% $9,195
    CMG MORTGAGE, INC. 1 5.50% $9,823
    Community First National Bank 1 7.50% $2,392
    CORNERSTONE HOME LENDING, INC. 1 7.25% $0
    First Federal Bank 1 5.63% $1,195
    First Horizon Bank 1 6.63% $1,897
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $4,854
    Mid-Continent Funding, Inc. 1 6.63% $4,186
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $17,074
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $12,337
    NBKC BANK 1 5.38% $742
    NEWREZ LLC 1 7.25% $6,245
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $1,090
    Regions Bank 1 5.75% $5,618

    The top Hot Springs VA lender as defined by loan originations is Mortgage Research Center, LLC, with 28 VA loans originated. Their average total fees are $3,771, which is $107 higher than the next largest lender, SWBC MORTGAGE CORPORATION.

    The lowest fee Hot Springs VA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($3,664), Mortgage Research Center, LLC ($3,771), QUICKEN LOANS, LLC ($10,092), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($11,700) and .

    The lowest rate Hot Springs VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.03%), SWBC MORTGAGE CORPORATION (6.78%), Mortgage Research Center, LLC (6.94%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (7.00%) and .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hot Springs (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 $209,125 (4.7%) $301,597 (6.5%) 0.00 904
    2018-02-01 $209,600 (3.9%) $298,509 (4.5%) 0.00 926
    2018-03-01 $219,900 (5.4%) $300,406 (4.5%) 0.00 961
    2018-04-01 $224,900 (7.6%) $304,733 (5.3%) 0.00 1,022
    2018-05-01 $224,900 (3.1%) $306,269 (4.3%) 0.00 1,064
    2018-06-01 $224,900 (2.5%) $310,079 (4.5%) 0.00 1,066
    2018-07-01 $219,225 (-0.4%) $297,016 (-3.6%) 0.00 1,085
    2018-08-01 $213,725 (-2.4%) $291,558 (-4.2%) 0.00 1,071
    2018-09-01 $215,500 (0.4%) $291,501 (-2.8%) 0.00 1,039
    2018-10-01 $199,450 (-6.1%) $282,413 (-3.8%) 0.00 1,030
    2018-11-01 $199,000 (-2.3%) $282,365 (-3.9%) 0.00 983
    2018-12-01 $198,500 (-5.1%) $282,690 (-5.3%) 0.00 920
    2019-01-01 $198,125 (-5.3%) $282,134 (-6.5%) 0.00 866
    2019-02-01 $197,350 (-5.8%) $282,812 (-5.3%) 0.00 905
    2019-03-01 $205,814 (-6.4%) $294,265 (-2.0%) 0.00 895
    2019-04-01 $214,950 (-4.4%) $311,212 (2.1%) 0.00 876
    2019-05-01 $219,450 (-2.4%) $317,600 (3.7%) 0.00 890
    2019-06-01 $224,000 (-0.4%) $318,335 (2.7%) 0.00 879
    2019-07-01 $224,900 (2.6%) $318,411 (7.2%) 0.00 887
    2019-08-01 $222,424 (4.1%) $318,750 (9.3%) 0.00 872
    2019-09-01 $224,185 (4.0%) $319,942 (9.8%) 0.00 847
    2019-10-01 $225,916 (13.3%) $320,737 (13.6%) 0.00 824
    2019-11-01 $238,500 (19.9%) $319,614 (13.2%) 0.00 736
    2019-12-01 $239,800 (20.8%) $326,326 (15.4%) 0.00 720
    2020-01-01 $239,200 (20.7%) $320,874 (13.7%) 0.00 687
    2020-02-01 $237,000 (20.1%) $318,878 (12.8%) 0.00 704
    2020-03-01 $239,450 (16.3%) $323,825 (10.1%) 0.00 703
    2020-04-01 $239,000 (11.2%) $318,942 (2.5%) 0.00 675
    2020-05-01 $239,900 (9.3%) $329,783 (3.8%) 0.00 663
    2020-06-01 $244,500 (9.2%) $338,787 (6.4%) 0.00 652
    2020-07-01 $250,000 (11.2%) $356,905 (12.1%) 0.00 600
    2020-08-01 $250,000 (12.4%) $356,979 (12.0%) 0.00 538
    2020-09-01 $256,000 (14.2%) $365,311 (14.2%) 0.00 490
    2020-10-01 $265,000 (17.3%) $369,033 (15.1%) 0.00 451
    2020-11-01 $269,500 (13.0%) $366,401 (14.6%) 0.00 401
    2020-12-01 $259,395 (8.2%) $360,101 (10.4%) 0.00 393
    2021-01-01 $260,845 (9.1%) $363,862 (13.4%) 0.00 366
    2021-02-01 $263,450 (11.2%) $381,416 (19.6%) 0.00 380
    2021-03-01 $271,163 (13.2%) $387,565 (19.7%) 0.00 342
    2021-04-01 $285,725 (19.6%) $414,705 (30.0%) 0.00 323
    2021-05-01 $299,900 (25.0%) $424,839 (28.8%) 0.00 369
    2021-06-01 $317,475 (29.9%) $456,594 (34.8%) 0.00 399
    2021-07-01 $319,900 (28.0%) $451,421 (26.5%) 0.00 428
    2021-08-01 $349,000 (39.6%) $474,643 (33.0%) 0.00 437
    2021-09-01 $349,450 (36.5%) $476,839 (30.5%) 0.00 436
    2021-10-01 $319,900 (20.7%) $463,210 (25.5%) 0.00 414
    2021-11-01 $324,250 (20.3%) $459,486 (25.4%) 0.00 398
    2021-12-01 $331,100 (27.6%) $462,959 (28.6%) 0.00 351
    2022-01-01 $325,000 (24.6%) $449,352 (23.5%) 0.00 308
    2022-02-01 $319,500 (21.3%) $466,246 (22.2%) 0.00 315
    2022-03-01 $322,500 (18.9%) $502,839 (29.7%) 0.00 313
    2022-04-01 $325,000 (13.8%) $498,290 (20.2%) 0.00 343
    2022-05-01 $326,200 (8.8%) $514,437 (21.1%) 0.00 343
    2022-06-01 $336,000 (5.8%) $487,453 (6.8%) 0.00 363
    2022-07-01 $349,700 (9.3%) $475,816 (5.4%) 0.00 397
    2022-08-01 $344,950 (-1.2%) $491,222 (3.5%) 0.00 430
    2022-09-01 $350,125 (0.2%) $499,487 (4.8%) 0.00 437
    2022-10-01 $349,900 (9.4%) $492,652 (6.4%) 0.00 467
    2022-11-01 $349,475 (7.8%) $466,623 (1.6%) 0.00 481
    2022-12-01 $325,200 (-1.8%) $452,194 (-2.3%) 0.00 443
    2023-01-01 $315,000 (-3.1%) $442,752 (-1.5%) 0.00 406
    2023-02-01 $310,725 (-2.8%) $453,432 (-2.8%) 0.00 416
    2023-03-01 $319,750 (-0.9%) $462,719 (-8.0%) 0.00 435
    2023-04-01 $325,000 (0.0%) $460,410 (-7.6%) 0.00 462
    2023-05-01 $322,500 (-1.1%) $466,928 (-9.2%) 0.00 462
    2023-06-01 $334,450 (-0.5%) $490,767 (0.7%) 0.00 487
    2023-07-01 $352,500 (0.8%) $526,488 (10.7%) 0.00 511
    2023-08-01 $354,450 (2.8%) $525,977 (7.1%) 0.00 516
    2023-09-01 $365,000 (4.3%) $515,085 (3.1%) 0.00 507
    2023-10-01 $349,950 (0.0%) $495,550 (0.6%) 0.00 525
    2023-11-01 $351,250 (0.5%) $501,676 (7.5%) 0.00 540
    2023-12-01 $345,450 (6.2%) $492,040 (8.8%) 0.00 527
    2024-01-01 $349,900 (11.1%) $484,800 (9.5%) 0.00 511
    2024-02-01 $349,800 (12.6%) $471,272 (3.9%) 0.00 529
    2024-03-01 $349,450 (9.3%) $468,050 (1.2%) 0.00 625
    Hot Springs's median listing price for 2024-03-01 was $349,450, a difference of $29,700 (9.3%) versus the prior year and $-350 versus the prior month.

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

    Hot Springs's average listing price for 2024-03-01 was $468,050, a difference of $5,331 (1.2%) versus the prior year and $-3,222 versus the prior month.

    For the 2024-03-01 period, Hot Springs had 625 MLS listings, a difference of 96 listings (18%) versus the prior month and 190 listings (44%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hot Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,957 sqft
    2018-02-01 0 days 1,950 sqft
    2018-03-01 0 days 1,945 sqft
    2018-04-01 0 days 1,957 sqft
    2018-05-01 0 days 1,982 sqft
    2018-06-01 0 days 2,016 sqft
    2018-07-01 0 days 1,999 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 1,978 sqft
    2018-10-01 0 days 1,915 sqft
    2018-11-01 0 days 1,895 sqft
    2018-12-01 0 days 1,895 sqft
    2019-01-01 0 days 1,877 sqft
    2019-02-01 0 days 1,881 sqft
    2019-03-01 0 days 1,901 sqft
    2019-04-01 0 days 1,931 sqft
    2019-05-01 0 days 2,000 sqft
    2019-06-01 0 days 2,010 sqft
    2019-07-01 0 days 2,000 sqft
    2019-08-01 0 days 2,000 sqft
    2019-09-01 0 days 1,983 sqft
    2019-10-01 0 days 1,973 sqft
    2019-11-01 0 days 2,064 sqft
    2019-12-01 0 days 2,024 sqft
    2020-01-01 0 days 1,997 sqft
    2020-02-01 0 days 1,968 sqft
    2020-03-01 0 days 1,969 sqft
    2020-04-01 0 days 1,967 sqft
    2020-05-01 0 days 1,994 sqft
    2020-06-01 0 days 2,079 sqft
    2020-07-01 0 days 2,113 sqft
    2020-08-01 0 days 2,196 sqft
    2020-09-01 0 days 2,174 sqft
    2020-10-01 0 days 2,160 sqft
    2020-11-01 0 days 2,112 sqft
    2020-12-01 0 days 2,007 sqft
    2021-01-01 0 days 1,920 sqft
    2021-02-01 0 days 1,922 sqft
    2021-03-01 0 days 1,902 sqft
    2021-04-01 0 days 1,928 sqft
    2021-05-01 0 days 1,920 sqft
    2021-06-01 0 days 2,100 sqft
    2021-07-01 0 days 2,009 sqft
    2021-08-01 0 days 2,100 sqft
    2021-09-01 0 days 2,052 sqft
    2021-10-01 0 days 2,141 sqft
    2021-11-01 0 days 2,133 sqft
    2021-12-01 0 days 2,069 sqft
    2022-01-01 0 days 2,013 sqft
    2022-02-01 0 days 2,016 sqft
    2022-03-01 0 days 1,944 sqft
    2022-04-01 0 days 1,885 sqft
    2022-05-01 0 days 2,021 sqft
    2022-06-01 0 days 2,126 sqft
    2022-07-01 0 days 2,116 sqft
    2022-08-01 0 days 2,038 sqft
    2022-09-01 0 days 1,928 sqft
    2022-10-01 0 days 1,920 sqft
    2022-11-01 0 days 1,861 sqft
    2022-12-01 0 days 1,772 sqft
    2023-01-01 0 days 1,725 sqft
    2023-02-01 0 days 1,717 sqft
    2023-03-01 0 days 1,719 sqft
    2023-04-01 0 days 1,755 sqft
    2023-05-01 0 days 1,782 sqft
    2023-06-01 0 days 1,859 sqft
    2023-07-01 0 days 1,856 sqft
    2023-08-01 0 days 1,838 sqft
    2023-09-01 0 days 1,752 sqft
    2023-10-01 0 days 1,771 sqft
    2023-11-01 0 days 1,808 sqft
    2023-12-01 0 days 1,809 sqft
    2024-01-01 0 days 1,817 sqft
    2024-02-01 0 days 1,800 sqft
    2024-03-01 0 days 1,776 sqft
    Hot Springs's median listing age (time on market) for 2024-03-01 was 0 days.

    Hot Springs's median square footage for active listings during the 2024-03-01 period was 1,776 sqft. One year prior, the average listing was 1,719 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.