Hot Springs VA Loan Rates, Closing Costs & Stats

HOT SPRINGS, AR

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 70 lenders originated 453 VA loans during 2021. The total origination value was $98,475,000, with an average VA loan value of $217,384.

Hot Springs VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Hot Springs averaged 6.88% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Hot Springs's average VA mortgage closing costs are $4,058.

The average rate for the prior week (2022-11-25) was 7.01% and one month ago for the week of 2022-10-28, the average rate was 7.1%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.17%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 64 2.84% $3,800
QUICKEN LOANS, LLC 56 2.40% $3,956
FREEDOM MORTGAGE CORPORATION 27 2.45% $2,691
NEW DAY FINANCIAL, LLC 26 2.81% $6,389
PENNYMAC LOAN SERVICES, LLC 21 2.46% $3,894
SWBC MORTGAGE CORPORATION 21 3.10% $3,644
LOANDEPOT.COM, LLC 16 2.51% $5,189
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 3.16% $4,375
Simmons Bank 13 2.63% $5,025
NAVY FEDERAL CREDIT UNION 8 2.50% $4,083
CALIBER HOME LOANS, INC. 8 2.66% $5,295
USAA Federal Savings Bank 7 2.98% $4,140
VILLAGE CAPITAL MORTGAGE 7 2.50% $1,832
Citizens Bank 6 2.75% $5,408
ARKANSAS Federal Credit Union 5 3.00% $2,524
The Federal Savings Bank 5 2.45% $5,548
Barrington Bank & Trust Company, N.A. 5 3.18% $5,005
Low VA Rates, LLC 4 2.66% $2,498
CLEARPATH LENDING 4 2.38% $4,449
Reliant Bank 4 2.47% $2,356
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.75% $3,572
First Security Bank 4 2.50% $3,990
FirstTrust Home Loans, Inc. 4 2.75% $9,714
SOVEREIGN LENDING GROUP INCORPORATED 3 2.46% $4,363
PENTAGON FEDERAL CREDIT UNION 3 2.42% $1,072
Bank of England 3 3.00% $3,330
Eagle Bank and Trust Company 3 2.46% $7,687
AMERISAVE MORTGAGE CORPORATION 3 2.54% $11,673
Regions Bank 3 2.96% $1,662
Arvest Bank 3 2.75% $2,951
CORNERSTONE HOME LENDING, INC. 2 3.25% $3,081
AMERICAN FINANCIAL NETWORK, INC. 2 2.75% $9,689
BROKER SOLUTIONS, INC. 2 2.62% $2,026
EVERETT FINANCIAL, INC. 2 3.50% $2,661
FLAT BRANCH MORTGAGE, INC. 2 3.38% $7,425
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 2.75% $3,354
HOME POINT FINANCIAL CORPORATION 2 2.56% $2,679
Mid-Continent Funding, Inc. 2 2.63% $4,951
MORTGAGE FINANCIAL SERVICES, LLC 2 3.25% $4,235
NBKC BANK 2 2.25% $1,179
PLANET HOME LENDING, LLC 2 2.63% $1,017
RELIANCE FIRST CAPITAL, LLC 2 2.88% $4,979
UNION HOME MORTGAGE CORP. 2 2.31% $2,364
U.S. Bank 2 2.94% $3,018
Wells Fargo Bank 2 2.69% $1,706
NEWREZ LLC 1 2.88% $1,685
GMFS LLC 1 2.75% $3,147
Gateway First Bank 1 2.63% $8,238
BNC National Bank 1 2.25% $2,561
POLARIS HOME FUNDING CORP. 1 2.99% $8,199
First Savings Bank 1 2.25% $1,628
FIRST COMMUNITY MORTGAGE, INC. 1 2.25% $3,407
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.75% $3,795
ZILLOW HOME LOANS, LLC 1 2.75% $5,375
ENCORE BANK 1 2.50% $2,857
ROYAL UNITED MORTGAGE LLC 1 3.13% $12,979
Sierra Pacific Mortgage Company, Inc. 1 2.50% $4,743
DAS Acquisition Company, LLC 1 3.75% $14,935
SOUTHWEST STAGE FUNDING, LLC 1 2.88% $4,008
ACCELERATE MORTGAGE, LLC 1 2.50% $12,115
COMMUNITY MORTGAGE CORPORATION 1 2.75% $2,049
Texana Bank 1 2.00% $6,074
Carrington Mortgage Services, LLC 1 5.13% $2,209
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $2,110
MORTGAGE INVESTORS GROUP, INC. 1 2.88% $16,474
LAKEVIEW LOAN SERVICING, LLC 1 2.38% $2,008
Nations Lending Corporation 1 2.25% $4,949
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $1,997
UNITED WHOLESALE MORTGAGE, LLC 1 3.50% $8,974
GUARANTEED RATE, INC. 1 2.75% $6,266

The top Hot Springs VA lender as defined by loan originations is Mortgage Research Center, LLC, with 64 VA loans originated. Their average total fees are $3,800, which is $156 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Hot Springs VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,691), SWBC MORTGAGE CORPORATION ($3,644), Mortgage Research Center, LLC ($3,800), PENNYMAC LOAN SERVICES, LLC ($3,894) and QUICKEN LOANS, LLC ($3,956).

The lowest rate Hot Springs VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.40%), FREEDOM MORTGAGE CORPORATION (2.45%), PENNYMAC LOAN SERVICES, LLC (2.46%), LOANDEPOT.COM, LLC (2.51%) and Simmons Bank (2.63%).


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 $209,000 (4.7%) $301,816 (6.5%) 0.00 903
2018-02-01 $209,600 (3.9%) $298,813 (4.5%) 0.00 922
2018-03-01 $219,900 (5.2%) $300,710 (4.4%) 0.00 957
2018-04-01 $224,900 (7.6%) $305,097 (5.3%) 0.00 1,018
2018-05-01 $224,900 (3.0%) $306,685 (4.3%) 0.00 1,058
2018-06-01 $224,900 (2.5%) $309,551 (4.3%) 0.00 1,061
2018-07-01 $219,225 (-0.4%) $296,361 (-3.9%) 0.00 1,081
2018-08-01 $213,725 (-2.4%) $291,029 (-4.4%) 0.00 1,068
2018-09-01 $215,000 (0.1%) $290,969 (-3.1%) 0.00 1,034
2018-10-01 $199,900 (-5.9%) $283,525 (-3.5%) 0.00 1,013
2018-11-01 $199,800 (-2.0%) $285,519 (-2.9%) 0.00 960
2018-12-01 $199,500 (-4.8%) $286,845 (-4.0%) 0.00 897
2019-01-01 $199,000 (-4.8%) $286,343 (-5.1%) 0.00 843
2019-02-01 $199,250 (-4.9%) $287,022 (-4.0%) 0.00 882
2019-03-01 $206,371 (-6.2%) $298,809 (-0.6%) 0.00 873
2019-04-01 $217,450 (-3.3%) $316,233 (3.7%) 0.00 855
2019-05-01 $222,450 (-1.1%) $322,749 (5.2%) 0.00 869
2019-06-01 $225,000 (0.0%) $323,323 (4.5%) 0.00 858
2019-07-01 $227,200 (3.6%) $323,202 (9.1%) 0.00 867
2019-08-01 $226,264 (5.9%) $323,724 (11.2%) 0.00 852
2019-09-01 $228,309 (6.2%) $325,088 (11.7%) 0.00 826
2019-10-01 $229,673 (14.9%) $325,997 (15.0%) 0.00 803
2019-11-01 $239,000 (19.6%) $324,672 (13.7%) 0.00 738
2019-12-01 $239,900 (20.3%) $327,142 (14.1%) 0.00 719
2020-01-01 $239,450 (20.3%) $321,858 (12.4%) 0.00 685
2020-02-01 $238,750 (19.8%) $319,739 (11.4%) 0.00 702
2020-03-01 $239,700 (16.2%) $324,716 (8.7%) 0.00 702
2020-04-01 $239,250 (10.0%) $319,824 (1.1%) 0.00 674
2020-05-01 $240,250 (8.0%) $330,731 (2.5%) 0.00 662
2020-06-01 $245,750 (9.2%) $339,788 (5.1%) 0.00 651
2020-07-01 $250,000 (10.0%) $358,042 (10.8%) 0.00 599
2020-08-01 $250,000 (10.5%) $358,138 (10.6%) 0.00 539
2020-09-01 $256,250 (12.2%) $365,347 (12.4%) 0.00 491
2020-10-01 $265,000 (15.4%) $368,776 (13.1%) 0.00 453
2020-11-01 $269,500 (12.8%) $366,117 (12.8%) 0.00 403
2020-12-01 $259,395 (8.1%) $359,851 (10.0%) 0.00 395
2021-01-01 $259,790 (8.5%) $363,384 (12.9%) 0.00 367
2021-02-01 $263,450 (10.4%) $381,033 (19.2%) 0.00 382
2021-03-01 $271,163 (13.1%) $387,133 (19.2%) 0.00 344
2021-04-01 $285,725 (19.4%) $414,104 (29.5%) 0.00 325
2021-05-01 $299,900 (24.8%) $424,268 (28.3%) 0.00 371
2021-06-01 $317,475 (29.2%) $455,866 (34.2%) 0.00 401
2021-07-01 $319,900 (28.0%) $451,135 (26.0%) 0.00 429
2021-08-01 $349,225 (39.7%) $474,236 (32.4%) 0.00 438
2021-09-01 $349,450 (36.4%) $476,191 (30.3%) 0.00 437
2021-10-01 $319,900 (20.7%) $462,340 (25.4%) 0.00 416
2021-11-01 $324,250 (20.3%) $458,551 (25.3%) 0.00 400
2021-12-01 $331,100 (27.6%) $461,934 (28.4%) 0.00 353
2022-01-01 $325,000 (25.1%) $448,353 (23.4%) 0.00 310
2022-02-01 $319,500 (21.3%) $465,036 (22.1%) 0.00 317
2022-03-01 $322,500 (18.9%) $501,364 (29.5%) 0.00 315
2022-04-01 $325,000 (13.8%) $496,954 (20.0%) 0.00 345
2022-05-01 $326,200 (8.8%) $512,937 (20.9%) 0.00 345
2022-06-01 $337,000 (6.2%) $486,387 (6.7%) 0.00 365
2022-07-01 $349,700 (9.3%) $474,835 (5.3%) 0.00 399
2022-08-01 $344,950 (-1.2%) $490,178 (3.4%) 0.00 432
2022-09-01 $350,125 (0.2%) $498,492 (4.7%) 0.00 439
2022-10-01 $349,700 (9.3%) $491,606 (6.3%) 0.00 468
2022-11-01 $349,475 (7.8%) $465,937 (1.6%) 0.00 483
Hot Springs's median listing price for 2022-11-01 was $349,475, a difference of $25,225 (7.8%) versus the prior year and $-225 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 2022-11-01 was $465,937, a difference of $7,386 (1.6%) versus the prior year and $-25,669 versus the prior month.

For the 2022-11-01 period, Hot Springs had 483 MLS listings, a difference of 15 listings (3%) versus the prior month and 83 listings (21%) 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 1,960 sqft
2018-02-01 0 days 1,949 sqft
2018-03-01 0 days 1,944 sqft
2018-04-01 0 days 1,953 sqft
2018-05-01 0 days 1,982 sqft
2018-06-01 0 days 2,016 sqft
2018-07-01 0 days 2,000 sqft
2018-08-01 0 days 2,001 sqft
2018-09-01 0 days 1,978 sqft
2018-10-01 0 days 1,928 sqft
2018-11-01 0 days 1,922 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,899 sqft
2019-02-01 0 days 1,903 sqft
2019-03-01 0 days 1,946 sqft
2019-04-01 0 days 1,997 sqft
2019-05-01 0 days 2,014 sqft
2019-06-01 0 days 2,050 sqft
2019-07-01 0 days 2,024 sqft
2019-08-01 0 days 2,039 sqft
2019-09-01 0 days 2,023 sqft
2019-10-01 0 days 2,014 sqft
2019-11-01 0 days 2,074 sqft
2019-12-01 0 days 2,032 sqft
2020-01-01 0 days 2,000 sqft
2020-02-01 0 days 1,983 sqft
2020-03-01 0 days 1,972 sqft
2020-04-01 0 days 1,981 sqft
2020-05-01 0 days 1,998 sqft
2020-06-01 0 days 2,085 sqft
2020-07-01 0 days 2,123 sqft
2020-08-01 0 days 2,200 sqft
2020-09-01 0 days 2,187 sqft
2020-10-01 0 days 2,174 sqft
2020-11-01 0 days 2,115 sqft
2020-12-01 0 days 2,013 sqft
2021-01-01 0 days 1,920 sqft
2021-02-01 0 days 1,924 sqft
2021-03-01 0 days 1,913 sqft
2021-04-01 0 days 1,941 sqft
2021-05-01 0 days 1,925 sqft
2021-06-01 0 days 2,100 sqft
2021-07-01 0 days 2,018 sqft
2021-08-01 0 days 2,112 sqft
2021-09-01 0 days 2,061 sqft
2021-10-01 0 days 2,155 sqft
2021-11-01 0 days 2,144 sqft
2021-12-01 0 days 2,091 sqft
2022-01-01 0 days 2,020 sqft
2022-02-01 0 days 2,021 sqft
2022-03-01 0 days 1,955 sqft
2022-04-01 0 days 1,892 sqft
2022-05-01 0 days 2,033 sqft
2022-06-01 0 days 2,127 sqft
2022-07-01 0 days 2,124 sqft
2022-08-01 0 days 2,053 sqft
2022-09-01 0 days 1,933 sqft
2022-10-01 0 days 1,926 sqft
2022-11-01 0 days 1,864 sqft
Hot Springs's median listing age (time on market) for 2022-11-01 was 0 days.

Hot Springs's median square footage for active listings during the 2022-11-01 period was 1,864 sqft. One year prior, the average listing was 2,144 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.