Knoxville VA Loan Rates, Closing Costs & Stats

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 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.

Knoxville's 130 lenders originated 1,340 VA loans during 2023. The total origination value was $479,870,000, with an average VA loan value of $358,112.

Knoxville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Knoxville averaged 6.63% for the week of 2024-06-14, compared to the national average (all VA variants) of 6.423% for the same period.

Knoxville's average VA mortgage closing costs are $6,210.

The average rate for the prior week (2024-06-07) was 6.4% and one month ago for the week of 2024-05-10, the average rate was 6.91%.

The average rate one year ago was 6.55%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.34%.

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

Knoxville 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 Knoxville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 206 6.68% $6,638
MORTGAGE INVESTORS GROUP, INC. 107 6.31% $8,334
UNITED WHOLESALE MORTGAGE, LLC 95 6.33% $11,001
QUICKEN LOANS, LLC 92 6.30% $12,142
NAVY FEDERAL CREDIT UNION 54 5.73% $6,878
MOVEMENT MORTGAGE, LLC 49 6.39% $8,713
FREEDOM MORTGAGE CORPORATION 38 6.33% $15,184
FIRST COMMUNITY MORTGAGE, INC. 35 5.89% $7,883
USAA Federal Savings Bank 31 6.34% $8,665
NEW DAY FINANCIAL, LLC 30 7.50% $14,300
CMG MORTGAGE, INC. 28 6.40% $11,025
CARDINAL FINANCIAL 28 6.47% $19,515
DHI MORTGAGE COMPANY, LTD. 27 6.72% $7,079
PENNYMAC LOAN SERVICES, LLC 27 5.50% $13,132
LOANDEPOT.COM, LLC 26 6.12% $12,572
The Federal Savings Bank 21 6.27% $13,114
UNION HOME MORTGAGE CORP. 16 6.33% $9,590
CROSSCOUNTRY MORTGAGE, LLC 13 6.74% $11,521
NEWREZ LLC 13 6.22% $10,973
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.25% $6,135
STOCKTON MORTGAGE CORPORATION 12 6.27% $10,471
MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.21% $4,810
Gateway First Bank 12 6.72% $7,884
AMERISAVE MORTGAGE CORPORATION 11 5.78% $15,650
Mr. Cooper ( Nationstar Mortgage ) 9 5.86% $16,563
PENTAGON FEDERAL CREDIT UNION 8 6.00% $10,909
THRIVE MORTGAGE, LLC 8 5.92% $15,575
VANDERBILT MORTGAGE AND FINANCE, INC. 7 5.77% $8,171
TOWNE MORTGAGE COMPANY 7 7.07% $8,726
ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.34% $9,824
EVERETT FINANCIAL, INC. 7 6.89% $8,339
FirstBank 6 6.17% $7,907
LAKEVIEW LOAN SERVICING, LLC 6 6.04% $9,996
BROKER SOLUTIONS, INC. 6 6.35% $8,758
Equity Prime Mortgage LLC 6 7.21% $14,901
NBKC BANK 5 6.15% $5,349
Pinnacle Bank 5 5.93% $11,181
GUARANTEED RATE, INC. 5 6.19% $4,208
Regions Bank 5 5.83% $5,949
AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.45% $14,406
VERITAS FUNDING, LLC 5 6.15% $20,680
Magnolia Bank 4 6.28% $21,510
AMCAP MORTGAGE, LTD. 4 6.31% $9,523
AMERICAN FINANCIAL NETWORK, INC. 4 6.73% $23,465
Citizens Bank 4 6.38% $8,636
Countybank 4 6.75% $8,438
GUILD MORTGAGE COMPANY 4 6.06% $19,690
ABSOLUTE HOME MORTGAGE CORPORATION 4 7.31% $15,695
NFM, INC. 4 6.03% $14,707
RELIANCE FIRST CAPITAL, LLC 4 6.75% $13,192
Renasant Bank 4 6.06% $7,591
Sierra Pacific Mortgage Company, Inc. 4 6.53% $5,477
SUN WEST MORTGAGE COMPANY, INC. 4 6.42% $12,096
VILLAGE CAPITAL MORTGAGE 4 5.85% $17,686
Wells Fargo Bank 3 6.04% $3,821
Simmons Bank 3 6.17% $18,818
CHURCHILL MORTGAGE CORPORATION 3 6.92% $11,566
CONTOUR MORTGAGE CORPORATION 3 6.42% $11,293
NexBank 3 5.83% $5,779
First Federal Bank 3 6.21% $14,308
Paramount Residential Mortgage Group, Inc. 3 6.38% $8,348
Mid-Continent Funding, Inc. 3 6.25% $6,042
Nations Lending Corporation 3 6.92% $13,868
Waterstone Mortgage Corporation 3 5.79% $9,318
Barrington Bank & Trust Company, N.A. 3 6.58% $11,970
VAN DYK MORTGAGE CORPORATION 3 6.29% $12,710
Truist 3 6.20% $6,716
U.S. Bank 2 6.50% $5,992
JPMorgan Chase Bank 2 6.56% $1,114
Princeton Mortgage Corporation 2 6.69% $6,834
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.94% $14,983
LOANPAL, LLC 2 5.44% $13,711
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.44% $26,711
MORTGAGEONE, INC. 2 7.69% $874
Century Mortgage Company DBA Century Lending Company 2 6.31% $9,619
Atlantic Coast Mortgage, LLC 2 5.75% $7,858
SUMMIT FUNDING, INC. 2 6.69% $5,588
T2 FINANCIAL LLC 2 6.56% $16,837
Northpointe Bank 2 6.50% $4,554
The Loan Store, Inc. 2 6.49% $4,569
CALIBER HOME LOANS, INC. 2 5.69% $16,483
ALAMEDA MORTGAGE CORPORATION 2 6.63% $7,413
ISERVE RESIDENTIAL LENDING, LLC 2 6.63% $15,074
United Community Bank 2 6.06% $17,231
AMERICAN FINANCING CORPORATION 2 6.00% $15,020
Sunflower Bank 1 6.13% $7,410
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $7,539
Armed Forces Bank 1 5.50% $10,444
TOP FLITE FINANCIAL, INC. 1 6.38% $4,242
Ameris Bank 1 6.50% $7,088
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.99% $11,351
ALLIED MORTGAGE GROUP, INC. 1 7.63% $3,785
Franklin Loan Corporation 1 6.13% $14,580
FirstTrust Home Loans, Inc. 1 7.75% $14,962
GMFS LLC 1 5.63% $15,009
GUARANTEED RATE AFFINITY, LLC 1 6.25% $10,250
First Internet Bank of Indiana 1 5.75% $2,745
US MORTGAGE CORPORATION 1 6.25% $23,483
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.00% $19,479
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $2,823
HomePromise Corporation 1 7.50% $15,586
HOMESIDE FINANCIAL, LLC 1 6.25% $14,808
Hometown Equity Mortgage, LLC 1 6.38% $5,364
INTERCOASTAL MORTGAGE COMPANY 1 7.38% $7,686
LADERA LENDING, INC. 1 6.00% $3,429
EASTMAN 1 7.00% $5,332
MANN FINANCIAL INC. 1 6.75% $20,344
Meridian Bank Corporation 1 6.50% $3,900
MID AMERICA MORTGAGE, INC. 1 5.63% $4,110
DIRECT LENDERS, LLC 1 6.50% $9,359
DAS Acquisition Company, LLC 1 7.00% $6,439
CU COMMUNITY, LLC 1 6.38% $4,690
COMMUNITY MORTGAGE CORPORATION 1 6.13% $19,244
M&T Bank 1 6.75% $7,833
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $6,637
Community First National Bank 1 6.75% $4,875
CITYWIDE HOME LOANS, LLC 1 5.75% $6,331
CALCON MUTUAL MORTGAGE LLC 1 7.00% $23,556
Bell Bank 1 5.75% $7,221
PINNACLE LENDING GROUP, INC. 1 6.75% $12,649
PLANET HOME LENDING, LLC 1 5.88% $8,353
PLAZA HOME MORTGAGE, INC. 1 6.75% $14,603
PREMIA MORTGAGE, LLC 1 5.50% $0
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $1,145
BancorpSouth 1 6.00% $3,560
ACADEMY MORTGAGE CORPORATION 1 6.13% $7,972
Wolfe Financial, Inc 1 7.25% $7,955
ROSS MORTGAGE CORPORATION 1 5.75% $10,095
ROYAL UNITED MORTGAGE LLC 1 7.63% $9,702
SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $40,487

The top Knoxville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 206 VA loans originated. Their average total fees are $6,638, which is $1,696 lower than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Knoxville VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,810), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,135), Mortgage Research Center, LLC ($6,638), NAVY FEDERAL CREDIT UNION ($6,878) and DHI MORTGAGE COMPANY, LTD. ($7,079).

The lowest rate Knoxville VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.50%), NAVY FEDERAL CREDIT UNION (5.73%), AMERISAVE MORTGAGE CORPORATION (5.78%), FIRST COMMUNITY MORTGAGE, INC. (5.89%) and LOANDEPOT.COM, LLC (6.12%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Knoxville (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 $250,710 (14.0%) $347,981 (10.1%) 0.93 3,368
2018-02-01 $254,130 (11.0%) $353,616 (9.6%) 0.92 3,181
2018-03-01 $265,000 (12.4%) $374,873 (13.4%) 0.93 3,145
2018-04-01 $275,450 (10.2%) $383,394 (10.7%) 0.93 3,191
2018-05-01 $279,900 (12.0%) $391,135 (12.2%) 0.93 3,258
2018-06-01 $279,900 (12.0%) $391,548 (13.0%) 0.93 3,361
2018-07-01 $274,900 (10.0%) $386,225 (11.6%) 0.92 3,569
2018-08-01 $269,900 (8.0%) $379,696 (5.1%) 0.90 3,622
2018-09-01 $267,700 (5.0%) $377,145 (4.0%) 0.90 3,658
2018-10-01 $262,450 (5.0%) $376,717 (7.0%) 0.89 3,666
2018-11-01 $264,675 (3.7%) $382,763 (9.6%) 0.90 3,505
2018-12-01 $260,000 (4.0%) $376,296 (8.5%) 0.90 3,273
2019-01-01 $267,000 (6.5%) $377,704 (8.5%) 0.92 2,978
2019-02-01 $269,675 (6.1%) $381,865 (8.0%) 0.91 2,895
2019-03-01 $278,500 (5.1%) $385,815 (2.9%) 0.91 2,877
2019-04-01 $292,450 (6.2%) $391,332 (2.1%) 0.93 2,863
2019-05-01 $299,338 (6.9%) $396,624 (1.4%) 0.94 2,890
2019-06-01 $299,900 (7.2%) $398,428 (1.8%) 0.94 2,970
2019-07-01 $299,900 (9.1%) $405,134 (4.9%) 0.94 2,962
2019-08-01 $295,809 (9.6%) $403,170 (6.2%) 0.94 2,992
2019-09-01 $289,673 (8.2%) $396,205 (5.1%) 0.93 3,019
2019-10-01 $285,000 (8.6%) $391,063 (3.8%) 0.92 3,016
2019-11-01 $285,000 (7.7%) $398,829 (4.2%) 0.93 2,903
2019-12-01 $283,325 (9.0%) $397,309 (5.6%) 0.94 2,679
2020-01-01 $280,774 (5.2%) $405,506 (7.4%) 0.94 2,428
2020-02-01 $287,000 (6.4%) $413,781 (8.4%) 0.94 2,275
2020-03-01 $302,450 (8.6%) $424,088 (9.9%) 0.95 2,139
2020-04-01 $299,950 (2.6%) $413,846 (5.8%) 0.94 2,257
2020-05-01 $311,750 (4.2%) $429,515 (8.3%) 0.95 2,142
2020-06-01 $324,975 (8.4%) $445,896 (11.9%) 0.96 1,915
2020-07-01 $329,900 (10.0%) $453,820 (12.0%) 0.96 1,706
2020-08-01 $329,950 (11.5%) $445,692 (10.6%) 0.95 1,595
2020-09-01 $322,450 (11.3%) $441,555 (11.5%) 0.92 1,462
2020-10-01 $319,900 (12.3%) $441,092 (12.8%) 0.92 1,469
2020-11-01 $310,000 (8.8%) $442,136 (10.9%) 0.91 1,494
2020-12-01 $301,974 (6.6%) $435,600 (9.6%) 0.90 1,308
2021-01-01 $312,423 (11.3%) $447,938 (10.5%) 0.93 1,107
2021-02-01 $310,000 (8.0%) $460,937 (11.4%) 0.90 836
2021-03-01 $307,495 (1.7%) $469,664 (10.8%) 0.87 719
2021-04-01 $327,450 (9.2%) $484,829 (17.2%) 0.89 655
2021-05-01 $335,000 (7.5%) $479,752 (11.7%) 0.89 743
2021-06-01 $340,675 (4.8%) $479,017 (7.4%) 0.90 884
2021-07-01 $325,000 (-1.5%) $460,289 (1.4%) 0.86 1,009
2021-08-01 $329,950 (0.0%) $479,951 (7.7%) 0.88 1,121
2021-09-01 $328,725 (2.0%) $484,328 (9.7%) 0.88 1,114
2021-10-01 $325,000 (1.6%) $488,442 (10.7%) 0.87 1,127
2021-11-01 $332,450 (7.2%) $507,093 (14.7%) 0.89 1,004
2021-12-01 $339,675 (12.5%) $516,086 (18.5%) 0.92 836
2022-01-01 $350,000 (12.0%) $542,330 (21.1%) 0.95 692
2022-02-01 $375,000 (21.0%) $553,780 (20.1%) 0.98 590
2022-03-01 $367,725 (19.6%) $544,670 (16.0%) 0.92 666
2022-04-01 $389,000 (18.8%) $548,033 (13.0%) 0.93 753
2022-05-01 $399,950 (19.4%) $567,467 (18.3%) 0.91 1,006
2022-06-01 $400,000 (17.4%) $549,180 (14.7%) 0.89 1,287
2022-07-01 $415,000 (27.7%) $541,012 (17.5%) 0.93 1,537
2022-08-01 $413,725 (25.4%) $546,739 (13.9%) 0.96 1,604
2022-09-01 $423,675 (28.9%) $555,996 (14.8%) 0.99 1,657
2022-10-01 $425,000 (30.8%) $548,086 (12.2%) 1.00 1,749
2022-11-01 $425,000 (27.8%) $546,698 (7.8%) 1.02 1,789
2022-12-01 $429,900 (26.6%) $553,001 (7.2%) 1.06 1,534
2023-01-01 $440,088 (25.7%) $556,593 (2.6%) 1.09 1,368
2023-02-01 $457,116 (21.9%) $571,793 (3.3%) 1.10 1,184
2023-03-01 $469,625 (27.7%) $583,758 (7.2%) 1.11 1,132
2023-04-01 $480,000 (23.4%) $613,870 (12.0%) 1.12 1,074
2023-05-01 $484,925 (21.3%) $641,597 (13.1%) 1.10 1,115
2023-06-01 $475,000 (18.8%) $657,687 (19.8%) 1.07 1,236
2023-07-01 $475,000 (14.5%) $660,471 (22.1%) 1.08 1,384
2023-08-01 $481,225 (16.3%) $672,121 (22.9%) 1.11 1,486
2023-09-01 $475,000 (12.1%) $672,754 (21.0%) 1.11 1,608
2023-10-01 $474,002 (11.5%) $644,660 (17.6%) 1.12 1,854
2023-11-01 $462,338 (8.8%) $637,975 (16.7%) 1.10 1,957
2023-12-01 $459,900 (7.0%) $623,601 (12.8%) 1.12 1,947
2024-01-01 $457,725 (4.0%) $630,485 (13.3%) 1.12 1,797
2024-02-01 $457,450 (0.1%) $642,767 (12.4%) 1.10 1,636
2024-03-01 $450,000 (-4.2%) $641,744 (9.9%) 1.06 1,652
2024-04-01 $462,975 (-3.6%) $659,604 (7.5%) 1.08 1,728
2024-05-01 $492,500 (1.6%) $686,688 (7.0%) 1.11 1,889
Knoxville's median listing price for 2024-05-01 was $492,500, a difference of $7,575 (1.6%) versus the prior year and $29,525 versus the prior month.

Knoxville's median listing price comes in at 111% of the national average.

Knoxville's average listing price for 2024-05-01 was $686,688, a difference of $45,091 (7.0%) versus the prior year and $27,084 versus the prior month.

For the 2024-05-01 period, Knoxville had 1,889 MLS listings, a difference of 161 listings (9%) versus the prior month and 774 listings (69%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 2,202 sqft
2018-02-01 82 days 2,207 sqft
2018-03-01 66 days 2,272 sqft
2018-04-01 56 days 2,307 sqft
2018-05-01 53 days 2,330 sqft
2018-06-01 55 days 2,321 sqft
2018-07-01 57 days 2,320 sqft
2018-08-01 59 days 2,289 sqft
2018-09-01 63 days 2,269 sqft
2018-10-01 67 days 2,272 sqft
2018-11-01 71 days 2,282 sqft
2018-12-01 78 days 2,241 sqft
2019-01-01 85 days 2,231 sqft
2019-02-01 78 days 2,220 sqft
2019-03-01 66 days 2,264 sqft
2019-04-01 57 days 2,332 sqft
2019-05-01 54 days 2,367 sqft
2019-06-01 57 days 2,388 sqft
2019-07-01 59 days 2,400 sqft
2019-08-01 59 days 2,368 sqft
2019-09-01 60 days 2,320 sqft
2019-10-01 61 days 2,289 sqft
2019-11-01 64 days 2,250 sqft
2019-12-01 74 days 2,223 sqft
2020-01-01 84 days 2,201 sqft
2020-02-01 75 days 2,220 sqft
2020-03-01 58 days 2,269 sqft
2020-04-01 56 days 2,291 sqft
2020-05-01 60 days 2,300 sqft
2020-06-01 58 days 2,309 sqft
2020-07-01 54 days 2,329 sqft
2020-08-01 50 days 2,261 sqft
2020-09-01 50 days 2,225 sqft
2020-10-01 46 days 2,200 sqft
2020-11-01 47 days 2,134 sqft
2020-12-01 55 days 2,081 sqft
2021-01-01 68 days 2,086 sqft
2021-02-01 75 days 2,061 sqft
2021-03-01 46 days 2,003 sqft
2021-04-01 42 days 2,056 sqft
2021-05-01 32 days 2,056 sqft
2021-06-01 32 days 2,083 sqft
2021-07-01 35 days 2,007 sqft
2021-08-01 35 days 2,004 sqft
2021-09-01 39 days 1,994 sqft
2021-10-01 39 days 1,985 sqft
2021-11-01 42 days 1,984 sqft
2021-12-01 46 days 1,978 sqft
2022-01-01 49 days 2,000 sqft
2022-02-01 36 days 2,011 sqft
2022-03-01 27 days 1,983 sqft
2022-04-01 25 days 2,031 sqft
2022-05-01 25 days 2,070 sqft
2022-06-01 28 days 2,117 sqft
2022-07-01 32 days 2,148 sqft
2022-08-01 37 days 2,105 sqft
2022-09-01 41 days 2,127 sqft
2022-10-01 43 days 2,157 sqft
2022-11-01 48 days 2,178 sqft
2022-12-01 59 days 2,182 sqft
2023-01-01 67 days 2,208 sqft
2023-02-01 53 days 2,243 sqft
2023-03-01 45 days 2,230 sqft
2023-04-01 39 days 2,221 sqft
2023-05-01 36 days 2,250 sqft
2023-06-01 36 days 2,237 sqft
2023-07-01 35 days 2,228 sqft
2023-08-01 40 days 2,232 sqft
2023-09-01 42 days 2,200 sqft
2023-10-01 40 days 2,216 sqft
2023-11-01 44 days 2,202 sqft
2023-12-01 54 days 2,169 sqft
2024-01-01 67 days 2,149 sqft
2024-02-01 64 days 2,118 sqft
2024-03-01 47 days 2,083 sqft
2024-04-01 43 days 2,108 sqft
2024-05-01 38 days 2,173 sqft
Knoxville's median listing age (time on market) for 2024-05-01 was 38 days. This is 6% longer than the same period one year ago.

Knoxville's median square footage for active listings during the 2024-05-01 period was 2,173 sqft. One year prior, the average listing was 2,250 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.