Knoxville VA Loans
KNOXVILLE, TN
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 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.
Knoxville's 179 lenders originated 4,057 VA loans during 2021. The total origination value was $1,105,925,000, with an average VA loan value of $272,597.
Knoxville VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Knoxville
averaged
5.67%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.5% and
one month ago for the week of 2022-04-08, the
average rate was 4.82%.
The average rate one year ago was 3.24%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.07%.
Knoxville VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Knoxville level.
The top Knoxville VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
357 VA loans originated. Their average total fees are
$5,441, which is $750
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Knoxville VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION ($1,474), PLANET HOME LENDING, LLC ($1,889), LAKEVIEW LOAN SERVICING, LLC ($2,107), FREEDOM MORTGAGE CORPORATION ($2,989) and Northpointe Bank ($3,272).
The lowest rate Knoxville VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.22%), CLEARPATH LENDING (2.32%), PENTAGON FEDERAL CREDIT UNION (2.32%), Low VA Rates, LLC (2.37%) and A Mortgage Boutique, LLC (2.39%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $249,450 (13.7%) | $346,465 (10.7%) | 0.92 | 3,562 |
2018-02-01 | $249,900 (11.1%) | $351,078 (9.9%) | 0.90 | 3,390 |
2018-03-01 | $259,900 (13.0%) | $372,105 (13.9%) | 0.90 | 3,346 |
2018-04-01 | $269,950 (10.2%) | $379,716 (11.0%) | 0.91 | 3,404 |
2018-05-01 | $276,450 (10.7%) | $387,131 (12.3%) | 0.92 | 3,479 |
2018-06-01 | $274,900 (10.2%) | $386,318 (12.2%) | 0.92 | 3,593 |
2018-07-01 | $269,950 (8.0%) | $384,506 (11.4%) | 0.90 | 3,808 |
2018-08-01 | $269,250 (7.7%) | $379,928 (2.3%) | 0.90 | 3,886 |
2018-09-01 | $264,900 (6.0%) | $377,445 (0.8%) | 0.89 | 3,914 |
2018-10-01 | $259,950 (4.0%) | $375,973 (7.4%) | 0.87 | 3,924 |
2018-11-01 | $259,900 (4.0%) | $382,885 (10.3%) | 0.87 | 3,731 |
2018-12-01 | $260,000 (4.0%) | $380,392 (10.0%) | 0.89 | 3,492 |
2019-01-01 | $262,950 (5.4%) | $378,233 (9.2%) | 0.91 | 3,170 |
2019-02-01 | $268,750 (7.5%) | $382,366 (8.9%) | 0.90 | 3,091 |
2019-03-01 | $278,300 (7.1%) | $385,908 (3.7%) | 0.91 | 3,056 |
2019-04-01 | $289,700 (7.3%) | $388,688 (2.4%) | 0.91 | 3,038 |
2019-05-01 | $291,400 (5.4%) | $390,987 (1.0%) | 0.90 | 3,077 |
2019-06-01 | $295,000 (7.3%) | $394,959 (2.2%) | 0.91 | 3,164 |
2019-07-01 | $299,900 (11.1%) | $403,866 (5.0%) | 0.93 | 3,147 |
2019-08-01 | $296,692 (10.2%) | $404,773 (6.5%) | 0.93 | 3,200 |
2019-09-01 | $287,588 (8.6%) | $393,847 (4.4%) | 0.91 | 3,234 |
2019-10-01 | $284,950 (9.6%) | $388,616 (3.4%) | 0.91 | 3,258 |
2019-11-01 | $284,900 (9.6%) | $403,713 (5.4%) | 0.92 | 3,136 |
2019-12-01 | $284,900 (9.6%) | $404,791 (6.4%) | 0.95 | 2,852 |
2020-01-01 | $282,495 (7.4%) | $416,208 (10.0%) | 0.94 | 2,569 |
2020-02-01 | $290,000 (7.9%) | $425,731 (11.3%) | 0.94 | 2,375 |
2020-03-01 | $303,400 (9.0%) | $431,903 (11.9%) | 0.95 | 2,252 |
2020-04-01 | $302,775 (4.5%) | $417,735 (7.5%) | 0.94 | 2,367 |
2020-05-01 | $314,900 (8.1%) | $436,214 (11.6%) | 0.95 | 2,222 |
2020-06-01 | $324,900 (10.1%) | $448,457 (13.6%) | 0.95 | 2,009 |
2020-07-01 | $329,900 (10.0%) | $454,842 (12.6%) | 0.95 | 1,785 |
2020-08-01 | $329,900 (11.2%) | $449,943 (11.2%) | 0.94 | 1,642 |
2020-09-01 | $324,950 (13.0%) | $447,728 (13.7%) | 0.93 | 1,509 |
2020-10-01 | $324,900 (14.0%) | $448,178 (15.3%) | 0.93 | 1,530 |
2020-11-01 | $315,450 (10.7%) | $450,839 (11.7%) | 0.90 | 1,554 |
2020-12-01 | $310,000 (8.8%) | $446,477 (10.3%) | 0.91 | 1,372 |
2021-01-01 | $320,000 (13.3%) | $469,725 (12.9%) | 0.94 | 1,142 |
2021-02-01 | $329,900 (13.8%) | $495,872 (16.5%) | 0.95 | 861 |
2021-03-01 | $314,950 (3.8%) | $480,993 (11.4%) | 0.88 | 745 |
2021-04-01 | $349,900 (15.6%) | $504,469 (20.8%) | 0.94 | 673 |
2021-05-01 | $344,586 (9.4%) | $492,189 (12.8%) | 0.91 | 765 |
2021-06-01 | $349,900 (7.7%) | $491,077 (9.5%) | 0.91 | 924 |
2021-07-01 | $327,450 (-0.7%) | $469,511 (3.2%) | 0.85 | 1,053 |
2021-08-01 | $329,900 (0.0%) | $474,909 (5.6%) | 0.87 | 1,161 |
2021-09-01 | $326,178 (0.4%) | $475,868 (6.3%) | 0.86 | 1,172 |
2021-10-01 | $325,000 (0.0%) | $477,496 (6.5%) | 0.86 | 1,188 |
2021-11-01 | $332,450 (5.4%) | $500,668 (11.1%) | 0.88 | 1,074 |
2021-12-01 | $337,450 (8.9%) | $510,773 (14.4%) | 0.90 | 874 |
2022-01-01 | $349,900 (9.3%) | $540,987 (15.2%) | 0.93 | 727 |
2022-02-01 | $375,000 (13.7%) | $558,719 (12.7%) | 0.96 | 618 |
2022-03-01 | $372,400 (18.2%) | $548,147 (14.0%) | 0.92 | 690 |
2022-04-01 | $395,000 (12.9%) | $552,914 (9.6%) | 0.93 | 783 |
Knoxville's median listing price comes in at 93% of the national average.
Knoxville's average listing price for 2022-04-01 was $552,914, a difference of $48,445 (9.6%) versus the prior year and $4,767 versus the prior month.
For the 2022-04-01 period, Knoxville had 783 MLS listings, a difference of 93 listings (13%) versus the prior month and 110 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 91 days | 2,159 sqft |
2018-02-01 | 89 days | 2,174 sqft |
2018-03-01 | 72 days | 2,232 sqft |
2018-04-01 | 60 days | 2,269 sqft |
2018-05-01 | 57 days | 2,301 sqft |
2018-06-01 | 59 days | 2,291 sqft |
2018-07-01 | 60 days | 2,299 sqft |
2018-08-01 | 62 days | 2,262 sqft |
2018-09-01 | 65 days | 2,244 sqft |
2018-10-01 | 71 days | 2,247 sqft |
2018-11-01 | 74 days | 2,259 sqft |
2018-12-01 | 82 days | 2,231 sqft |
2019-01-01 | 88 days | 2,218 sqft |
2019-02-01 | 83 days | 2,206 sqft |
2019-03-01 | 65 days | 2,246 sqft |
2019-04-01 | 60 days | 2,310 sqft |
2019-05-01 | 56 days | 2,322 sqft |
2019-06-01 | 58 days | 2,369 sqft |
2019-07-01 | 63 days | 2,383 sqft |
2019-08-01 | 63 days | 2,338 sqft |
2019-09-01 | 61 days | 2,262 sqft |
2019-10-01 | 64 days | 2,243 sqft |
2019-11-01 | 69 days | 2,229 sqft |
2019-12-01 | 75 days | 2,211 sqft |
2020-01-01 | 85 days | 2,203 sqft |
2020-02-01 | 84 days | 2,215 sqft |
2020-03-01 | 60 days | 2,251 sqft |
2020-04-01 | 59 days | 2,272 sqft |
2020-05-01 | 64 days | 2,296 sqft |
2020-06-01 | 64 days | 2,302 sqft |
2020-07-01 | 59 days | 2,329 sqft |
2020-08-01 | 56 days | 2,262 sqft |
2020-09-01 | 52 days | 2,237 sqft |
2020-10-01 | 48 days | 2,200 sqft |
2020-11-01 | 48 days | 2,143 sqft |
2020-12-01 | 55 days | 2,093 sqft |
2021-01-01 | 66 days | 2,086 sqft |
2021-02-01 | 66 days | 2,094 sqft |
2021-03-01 | 49 days | 1,996 sqft |
2021-04-01 | 43 days | 2,098 sqft |
2021-05-01 | 36 days | 2,058 sqft |
2021-06-01 | 35 days | 2,100 sqft |
2021-07-01 | 37 days | 2,018 sqft |
2021-08-01 | 37 days | 1,996 sqft |
2021-09-01 | 42 days | 1,977 sqft |
2021-10-01 | 42 days | 1,983 sqft |
2021-11-01 | 44 days | 1,986 sqft |
2021-12-01 | 48 days | 1,973 sqft |
2022-01-01 | 52 days | 2,000 sqft |
2022-02-01 | 42 days | 2,015 sqft |
2022-03-01 | 34 days | 1,990 sqft |
2022-04-01 | 30 days | 2,033 sqft |
Knoxville's median square footage for active listings during the 2022-04-01 period was 2,033 sqft. One year prior, the average listing was 2,098 sqft.