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 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
6.46%
for the week of 2023-01-27, compared to the national average (all VA variants) of
5.952% for the same period.
Knoxville's average VA mortgage closing costs are $5,256.
The average rate for the prior week (2023-01-20) was
5.99% and
one month ago for the week of 2022-12-23, the
average rate was 6.46%.
The average rate one year ago was 3.66%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.17%.
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.
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 MORTGAGE (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. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $250,230 (13.7%) | $347,954 (9.9%) | 0.93 | 3,368 |
| 2018-02-01 | $253,850 (10.4%) | $353,588 (9.4%) | 0.92 | 3,181 |
| 2018-03-01 | $265,000 (11.8%) | $374,905 (13.2%) | 0.93 | 3,144 |
| 2018-04-01 | $275,225 (10.1%) | $383,428 (10.6%) | 0.93 | 3,190 |
| 2018-05-01 | $279,900 (12.0%) | $391,174 (12.2%) | 0.93 | 3,257 |
| 2018-06-01 | $279,900 (12.0%) | $391,588 (13.0%) | 0.93 | 3,359 |
| 2018-07-01 | $274,900 (10.0%) | $386,438 (11.6%) | 0.92 | 3,567 |
| 2018-08-01 | $269,900 (8.0%) | $379,909 (5.1%) | 0.90 | 3,622 |
| 2018-09-01 | $268,000 (5.1%) | $377,356 (4.0%) | 0.90 | 3,658 |
| 2018-10-01 | $262,515 (5.0%) | $376,930 (7.0%) | 0.89 | 3,665 |
| 2018-11-01 | $264,900 (3.8%) | $382,992 (9.6%) | 0.90 | 3,504 |
| 2018-12-01 | $260,000 (4.0%) | $376,455 (8.5%) | 0.90 | 3,272 |
| 2019-01-01 | $267,000 (6.7%) | $377,893 (8.6%) | 0.92 | 2,978 |
| 2019-02-01 | $269,675 (6.2%) | $382,063 (8.1%) | 0.91 | 2,895 |
| 2019-03-01 | $278,529 (5.1%) | $385,988 (3.0%) | 0.91 | 2,878 |
| 2019-04-01 | $292,450 (6.3%) | $391,365 (2.1%) | 0.93 | 2,868 |
| 2019-05-01 | $299,338 (6.9%) | $396,533 (1.4%) | 0.94 | 2,899 |
| 2019-06-01 | $299,900 (7.2%) | $398,332 (1.7%) | 0.94 | 2,978 |
| 2019-07-01 | $299,900 (9.1%) | $404,868 (4.8%) | 0.94 | 2,967 |
| 2019-08-01 | $295,809 (9.6%) | $402,936 (6.1%) | 0.94 | 2,997 |
| 2019-09-01 | $289,673 (8.1%) | $395,995 (4.9%) | 0.93 | 3,027 |
| 2019-10-01 | $284,950 (8.6%) | $390,771 (3.7%) | 0.92 | 3,025 |
| 2019-11-01 | $284,900 (7.6%) | $398,802 (4.1%) | 0.93 | 2,914 |
| 2019-12-01 | $283,116 (8.9%) | $397,329 (5.5%) | 0.94 | 2,690 |
| 2020-01-01 | $280,700 (5.1%) | $405,508 (7.3%) | 0.94 | 2,439 |
| 2020-02-01 | $286,450 (6.2%) | $413,805 (8.3%) | 0.94 | 2,287 |
| 2020-03-01 | $302,425 (8.6%) | $424,055 (9.9%) | 0.95 | 2,151 |
| 2020-04-01 | $299,950 (2.6%) | $413,975 (5.8%) | 0.94 | 2,268 |
| 2020-05-01 | $310,418 (3.7%) | $429,472 (8.3%) | 0.94 | 2,152 |
| 2020-06-01 | $324,925 (8.3%) | $445,602 (11.9%) | 0.96 | 1,926 |
| 2020-07-01 | $329,900 (10.0%) | $453,451 (12.0%) | 0.96 | 1,717 |
| 2020-08-01 | $329,900 (11.5%) | $445,335 (10.5%) | 0.95 | 1,606 |
| 2020-09-01 | $322,450 (11.3%) | $441,224 (11.4%) | 0.92 | 1,473 |
| 2020-10-01 | $319,900 (12.3%) | $440,514 (12.7%) | 0.92 | 1,479 |
| 2020-11-01 | $310,000 (8.8%) | $441,622 (10.7%) | 0.91 | 1,501 |
| 2020-12-01 | $301,485 (6.5%) | $435,215 (9.5%) | 0.90 | 1,314 |
| 2021-01-01 | $310,000 (10.4%) | $447,128 (10.3%) | 0.93 | 1,114 |
| 2021-02-01 | $309,900 (8.2%) | $459,947 (11.2%) | 0.90 | 844 |
| 2021-03-01 | $303,745 (0.4%) | $468,195 (10.4%) | 0.86 | 727 |
| 2021-04-01 | $327,400 (9.2%) | $482,942 (16.7%) | 0.89 | 663 |
| 2021-05-01 | $334,700 (7.8%) | $478,127 (11.3%) | 0.89 | 751 |
| 2021-06-01 | $339,900 (4.6%) | $477,503 (7.2%) | 0.89 | 892 |
| 2021-07-01 | $325,000 (-1.5%) | $458,947 (1.2%) | 0.86 | 1,014 |
| 2021-08-01 | $329,950 (0.0%) | $478,808 (7.5%) | 0.88 | 1,127 |
| 2021-09-01 | $326,613 (1.3%) | $483,289 (9.5%) | 0.87 | 1,123 |
| 2021-10-01 | $324,450 (1.4%) | $487,442 (10.7%) | 0.87 | 1,136 |
| 2021-11-01 | $332,450 (7.2%) | $505,878 (14.6%) | 0.89 | 1,013 |
| 2021-12-01 | $338,650 (12.3%) | $514,714 (18.3%) | 0.92 | 845 |
| 2022-01-01 | $349,900 (12.9%) | $540,320 (20.8%) | 0.95 | 701 |
| 2022-02-01 | $374,950 (21.0%) | $550,807 (19.8%) | 0.98 | 599 |
| 2022-03-01 | $367,450 (21.0%) | $542,290 (15.8%) | 0.92 | 676 |
| 2022-04-01 | $386,000 (17.9%) | $545,840 (13.0%) | 0.92 | 762 |
| 2022-05-01 | $399,950 (19.5%) | $565,445 (18.3%) | 0.91 | 1,015 |
| 2022-06-01 | $399,950 (17.7%) | $547,647 (14.7%) | 0.89 | 1,296 |
| 2022-07-01 | $415,000 (27.7%) | $539,914 (17.6%) | 0.94 | 1,543 |
| 2022-08-01 | $412,500 (25.0%) | $545,829 (14.0%) | 0.95 | 1,611 |
| 2022-09-01 | $422,450 (29.3%) | $554,849 (14.8%) | 0.99 | 1,667 |
| 2022-10-01 | $425,000 (31.0%) | $547,056 (12.2%) | 1.00 | 1,759 |
| 2022-11-01 | $425,000 (27.8%) | $545,591 (7.9%) | 1.02 | 1,798 |
| 2022-12-01 | $429,000 (26.7%) | $549,531 (6.8%) | 1.07 | 1,559 |
Knoxville's median listing price comes in at 107% of the national average.
Knoxville's average listing price for 2022-12-01 was $549,531, a difference of $34,817 (6.8%) versus the prior year and $3,940 versus the prior month.
For the 2022-12-01 period, Knoxville had 1,559 MLS listings, a difference of -239 listings (-13%) versus the prior month and 714 listings (84%) 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 | 90 days | 2,203 sqft |
| 2018-02-01 | 87 days | 2,209 sqft |
| 2018-03-01 | 71 days | 2,276 sqft |
| 2018-04-01 | 59 days | 2,309 sqft |
| 2018-05-01 | 57 days | 2,332 sqft |
| 2018-06-01 | 59 days | 2,324 sqft |
| 2018-07-01 | 59 days | 2,324 sqft |
| 2018-08-01 | 61 days | 2,291 sqft |
| 2018-09-01 | 65 days | 2,271 sqft |
| 2018-10-01 | 71 days | 2,274 sqft |
| 2018-11-01 | 74 days | 2,282 sqft |
| 2018-12-01 | 82 days | 2,241 sqft |
| 2019-01-01 | 88 days | 2,232 sqft |
| 2019-02-01 | 82 days | 2,221 sqft |
| 2019-03-01 | 70 days | 2,267 sqft |
| 2019-04-01 | 60 days | 2,333 sqft |
| 2019-05-01 | 57 days | 2,363 sqft |
| 2019-06-01 | 59 days | 2,385 sqft |
| 2019-07-01 | 62 days | 2,400 sqft |
| 2019-08-01 | 63 days | 2,368 sqft |
| 2019-09-01 | 64 days | 2,319 sqft |
| 2019-10-01 | 64 days | 2,288 sqft |
| 2019-11-01 | 67 days | 2,250 sqft |
| 2019-12-01 | 76 days | 2,224 sqft |
| 2020-01-01 | 86 days | 2,203 sqft |
| 2020-02-01 | 82 days | 2,220 sqft |
| 2020-03-01 | 60 days | 2,270 sqft |
| 2020-04-01 | 58 days | 2,292 sqft |
| 2020-05-01 | 64 days | 2,300 sqft |
| 2020-06-01 | 61 days | 2,309 sqft |
| 2020-07-01 | 59 days | 2,329 sqft |
| 2020-08-01 | 55 days | 2,262 sqft |
| 2020-09-01 | 54 days | 2,225 sqft |
| 2020-10-01 | 49 days | 2,200 sqft |
| 2020-11-01 | 50 days | 2,135 sqft |
| 2020-12-01 | 58 days | 2,082 sqft |
| 2021-01-01 | 72 days | 2,086 sqft |
| 2021-02-01 | 85 days | 2,061 sqft |
| 2021-03-01 | 52 days | 2,002 sqft |
| 2021-04-01 | 47 days | 2,054 sqft |
| 2021-05-01 | 34 days | 2,055 sqft |
| 2021-06-01 | 34 days | 2,082 sqft |
| 2021-07-01 | 36 days | 2,007 sqft |
| 2021-08-01 | 36 days | 2,003 sqft |
| 2021-09-01 | 40 days | 1,994 sqft |
| 2021-10-01 | 39 days | 1,985 sqft |
| 2021-11-01 | 44 days | 1,984 sqft |
| 2021-12-01 | 48 days | 1,977 sqft |
| 2022-01-01 | 51 days | 2,000 sqft |
| 2022-02-01 | 38 days | 2,008 sqft |
| 2022-03-01 | 28 days | 1,982 sqft |
| 2022-04-01 | 27 days | 2,031 sqft |
| 2022-05-01 | 26 days | 2,070 sqft |
| 2022-06-01 | 29 days | 2,117 sqft |
| 2022-07-01 | 33 days | 2,147 sqft |
| 2022-08-01 | 37 days | 2,103 sqft |
| 2022-09-01 | 41 days | 2,127 sqft |
| 2022-10-01 | 44 days | 2,154 sqft |
| 2022-11-01 | 49 days | 2,176 sqft |
| 2022-12-01 | 60 days | 2,181 sqft |
Knoxville's median square footage for active listings during the 2022-12-01 period was 2,181 sqft. One year prior, the average listing was 1,977 sqft.