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 150 lenders originated 2,006 VA loans during 2022. The total origination value was $644,980,000, with an average VA loan value of $321,525.

Knoxville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Knoxville averaged 6.12% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

Knoxville's average VA mortgage closing costs are $5,836.

The average rate for the prior week (2023-05-19) was 6.14% and one month ago for the week of 2023-04-21, the average rate was 6.06%.

The average rate one year ago was 5.14%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.45%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 240 5.06% $7,351
MORTGAGE INVESTORS GROUP, INC. 169 4.63% $6,769
QUICKEN LOANS, LLC 164 4.16% $11,292
UNITED WHOLESALE MORTGAGE, LLC 99 4.28% $8,935
FREEDOM MORTGAGE CORPORATION 97 4.22% $11,718
NAVY FEDERAL CREDIT UNION 76 3.92% $7,601
PENNYMAC LOAN SERVICES, LLC 69 3.52% $10,915
FIRST COMMUNITY MORTGAGE, INC. 63 4.07% $8,196
MOVEMENT MORTGAGE, LLC 62 4.44% $7,269
NEW DAY FINANCIAL, LLC 50 4.95% $11,947
USAA Federal Savings Bank 50 4.29% $7,622
CARDINAL FINANCIAL 48 5.31% $13,705
CMG MORTGAGE, INC. 46 4.88% $9,386
LOANDEPOT.COM, LLC 46 4.24% $11,501
DHI MORTGAGE COMPANY, LTD. 41 4.24% $7,132
HOME POINT FINANCIAL CORPORATION 22 4.68% $8,332
UNION HOME MORTGAGE CORP. 21 4.83% $11,303
LAKEVIEW LOAN SERVICING, LLC 19 3.28% $6,521
CALIBER HOME LOANS, INC. 17 4.68% $13,124
CROSSCOUNTRY MORTGAGE, LLC 16 5.68% $10,505
MORTGAGE SOLUTIONS OF COLORADO, LLC 15 5.34% $6,640
Countybank 15 4.33% $7,584
The Federal Savings Bank 14 5.13% $14,509
AMERISAVE MORTGAGE CORPORATION 13 4.21% $11,045
Mr. Cooper ( Nationstar Mortgage ) 13 4.65% $10,124
VILLAGE CAPITAL MORTGAGE 12 3.73% $8,562
STOCKTON MORTGAGE CORPORATION 12 4.89% $11,925
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 5.27% $4,761
Barrington Bank & Trust Company, N.A. 11 4.25% $8,473
NEWREZ LLC 11 4.70% $10,146
EVERETT FINANCIAL, INC. 11 5.94% $9,720
PLANET HOME LENDING, LLC 10 3.89% $8,536
CLEARPATH LENDING 10 3.56% $9,985
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 5.06% $8,825
Regions Bank 9 4.60% $16,108
Sierra Pacific Mortgage Company, Inc. 9 4.35% $12,257
VANDERBILT MORTGAGE AND FINANCE, INC. 9 4.75% $10,625
Northpointe Bank 8 3.83% $13,439
AMERICAN MORTGAGE SERVICE COMPANY 8 4.63% $6,449
BROKER SOLUTIONS, INC. 8 4.56% $12,728
Citizens Bank 8 4.45% $4,286
Gateway First Bank 7 4.79% $10,275
Pinnacle Bank 7 4.48% $8,612
PENTAGON FEDERAL CREDIT UNION 7 3.82% $4,605
North American Savings Bank, F.S.B. 7 4.54% $6,010
First Guaranty Mortgage Corporation 7 4.25% $8,821
GUILD MORTGAGE COMPANY 7 3.77% $8,815
Truist 6 3.56% $8,037
FirstBank 6 4.54% $9,952
Renasant Bank 6 3.96% $25,598
T2 FINANCIAL LLC 6 5.42% $10,492
MUTUAL OF OMAHA MORTGAGE, INC. 6 3.96% $7,999
Mid-Continent Funding, Inc. 6 4.83% $12,057
First Option Mortgage, LLC 6 4.38% $10,149
U.S. Bank 5 4.52% $8,969
GUARANTEED RATE, INC. 5 5.15% $6,189
POLARIS HOME FUNDING CORP. 5 4.17% $9,311
First Horizon Bank 5 5.80% $5,453
RELIANCE FIRST CAPITAL, LLC 5 4.95% $5,421
Wells Fargo Bank 5 4.75% $5,405
Wolfe Financial, Inc 5 5.40% $7,052
NFM, INC. 5 5.65% $12,481
Hometown Lenders, Inc. 4 5.28% $8,291
Flagstar Bank, FSB 4 4.66% $10,763
TJC Mortgage, Inc. 4 4.94% $5,044
Texana Bank 4 4.47% $13,506
AMERICAN FINANCIAL RESOURCES, INC. 4 5.03% $7,054
HOMESIDE FINANCIAL, LLC 4 4.66% $11,909
CRESCENT MORTGAGE COMPANY 4 4.31% $1,754
CHURCHILL MORTGAGE CORPORATION 4 5.13% $16,984
Nations Lending Corporation 4 5.13% $16,107
Magnolia Bank 3 4.17% $15,182
SOVEREIGN LENDING GROUP INCORPORATED 3 5.42% $9,175
VAN DYK MORTGAGE CORPORATION 3 6.42% $10,710
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 4.75% $10,500
SUN WEST MORTGAGE COMPANY, INC. 3 5.71% $8,262
VERITAS FUNDING, LLC 3 5.54% $17,066
The Central Trust Bank 3 3.71% $5,945
NETWORK CAPITAL FUNDING CORPORATION 3 3.21% $6,298
NATIONS DIRECT MORTGAGE, LLC 3 3.58% $5,799
The Home Loan Expert LLC 3 5.38% $7,548
Carrington Mortgage Services, LLC 3 3.50% $11,744
ZILLOW HOME LOANS, LLC 2 5.63% $13,519
1ST SIGNATURE LENDING, LLC 2 5.75% $16,936
AMCAP MORTGAGE, LTD. 2 5.00% $14,531
AmeriHome Mortgage Company, LLC 2 5.81% $20,652
Bank of Tennessee 2 4.19% $10,936
BAY EQUITY LLC 2 6.00% $7,030
BNC National Bank 2 4.13% $12,800
COMMUNITY MORTGAGE CORPORATION 2 4.94% $13,962
CONTOUR MORTGAGE CORPORATION 2 4.94% $12,384
Equity Prime Mortgage LLC 2 6.44% $9,830
First Federal Bank 2 3.94% $8,362
GSF Mortgage Corporation 2 4.63% $6,253
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.38% $4,183
Home Federal Bank of Tennessee 2 4.19% $12,241
Low VA Rates, LLC 2 4.13% $9,527
PLAZA HOME MORTGAGE, INC. 2 4.19% $4,549
Prime Choice Funding Inc. 2 2.94% $2,911
SOUTHWEST FUNDING, LP 2 5.44% $12,200
SOUTHWEST STAGE FUNDING, LLC 2 4.56% $2,217
Strong Home Mortgage, LLC 2 3.81% $15,519
THRIVE MORTGAGE, LLC 2 5.63% $9,456
Waterstone Mortgage Corporation 2 6.06% $6,144
Wyndham Capital Mortgage, Inc. 2 2.50% $13,790
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $12,145
Princeton Mortgage Corporation 1 7.25% $9,392
MILEND, INC. 1 6.63% $25,557
MID AMERICA MORTGAGE, INC. 1 5.63% $4,980
Meridian Bank Corporation 1 4.75% $22,112
MEMBER FIRST MORTGAGE, LLC 1 3.13% $5,929
RESIDENTIAL BANCORP. 1 5.50% $8,138
ROYAL UNITED MORTGAGE LLC 1 5.75% $14,014
RUOFF MORTGAGE COMPANY, INC. 1 5.75% $14,277
SeaTrust Mortgage Company 1 4.75% $3,684
LAND HOME FINANCIAL SERVICES, INC. 1 5.13% $6,921
Simmons Bank 1 3.88% $3,821
SIRVA MORTGAGE, INC. 1 3.88% $0
SmartBank 1 5.75% $3,870
South State Bank 1 4.75% $11,308
V.I.P. MORTGAGE, INC. 1 5.50% $3,725
1st National Bank 1 5.75% $3,073
LADERA LENDING, INC. 1 3.63% $7,290
JPMorgan Chase Bank 1 4.75% $1,944
AMERICAN FINANCING CORPORATION 1 5.50% $4,550
GVC MORTGAGE, INC. 1 6.75% $10,998
GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $3,697
George Mason Mortgage, LLC 1 5.75% $5,360
GENEVA FINANCIAL, LLC 1 5.25% $44,101
FINANCE OF AMERICA MORTGAGE LLC 1 4.99% $5,342
Fifth Third Bank 1 3.75% $3,486
ALAMEDA MORTGAGE CORPORATION 1 7.13% $9,432
TIDEWATER MORTGAGE SERVICES, INC. 1 3.25% $6,586
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.75% $3,292
EMBRACE HOME LOANS, INC. 1 3.38% $6,660
DAS Acquisition Company, LLC 1 5.75% $15,172
United Community Bank 1 4.50% $9,969
COMPASS MORTGAGE, INC. 1 5.25% $4,754
Century Mortgage Company DBA Century Lending Company 1 5.75% $1,866
CALCON MUTUAL MORTGAGE LLC 1 3.75% $3,760
BELEM SERVICING LLC 1 3.25% $9,425
Atlantic Union Bank 1 5.63% $23,765
NBKC BANK 1 4.25% $9,598
PHH Mortgage Corporation 1 5.38% $9,690
PILGRIM MORTGAGE LLC 1 3.50% $5,561
NBH Bank 1 4.50% $8,371
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.25% $10,216
Armed Forces Bank 1 4.50% $16,475
MMS MORTGAGE SERVICES, LTD. 1 2.25% $3,299
AMERIFIRST FINANCIAL CORPORATION 1 6.25% $150

The top Knoxville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 240 VA loans originated. Their average total fees are $7,351, which is $582 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Knoxville VA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,761), LAKEVIEW LOAN SERVICING, LLC ($6,521), MORTGAGE SOLUTIONS OF COLORADO, LLC ($6,640), MORTGAGE INVESTORS GROUP, INC. ($6,769) and DHI MORTGAGE COMPANY, LTD. ($7,132).

The lowest rate Knoxville VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.28%), PENNYMAC LOAN SERVICES, LLC (3.52%), CLEARPATH LENDING (3.56%), VILLAGE CAPITAL MORTGAGE (3.73%) and PLANET HOME LENDING, LLC (3.89%).


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 $280,000 (5.7%) $386,499 (3.1%) 0.93 2,861
2019-04-01 $292,450 (6.3%) $391,456 (2.1%) 0.93 2,857
2019-05-01 $299,450 (7.0%) $396,782 (1.4%) 0.94 2,893
2019-06-01 $299,900 (7.2%) $398,579 (1.8%) 0.94 2,972
2019-07-01 $299,925 (9.1%) $405,246 (4.9%) 0.94 2,960
2019-08-01 $314,000 (16.3%) $422,736 (11.3%) 0.98 2,933
2019-09-01 $301,863 (12.6%) $417,196 (10.6%) 0.95 2,789
2019-10-01 $284,950 (8.6%) $390,859 (3.7%) 0.92 3,008
2019-11-01 $285,000 (7.6%) $399,026 (4.2%) 0.93 2,906
2019-12-01 $283,450 (9.0%) $397,558 (5.6%) 0.95 2,682
2020-01-01 $280,950 (5.2%) $405,789 (7.4%) 0.94 2,431
2020-02-01 $287,145 (6.5%) $414,136 (8.4%) 0.94 2,279
2020-03-01 $302,450 (8.0%) $424,423 (9.8%) 0.95 2,143
2020-04-01 $299,950 (2.6%) $414,299 (5.8%) 0.94 2,260
2020-05-01 $314,810 (5.1%) $429,861 (8.3%) 0.96 2,144
2020-06-01 $325,000 (8.4%) $446,083 (11.9%) 0.96 1,918
2020-07-01 $329,900 (10.0%) $454,015 (12.0%) 0.96 1,709
2020-08-01 $329,999 (5.1%) $445,920 (5.5%) 0.95 1,598
2020-09-01 $322,700 (6.9%) $441,789 (5.9%) 0.92 1,465
2020-10-01 $319,900 (12.3%) $441,092 (12.9%) 0.92 1,471
2020-11-01 $310,000 (8.8%) $442,224 (10.8%) 0.91 1,493
2020-12-01 $302,356 (6.7%) $435,795 (9.6%) 0.90 1,306
2021-01-01 $312,423 (11.2%) $447,938 (10.4%) 0.93 1,106
2021-02-01 $310,000 (8.0%) $461,015 (11.3%) 0.90 836
2021-03-01 $307,495 (1.7%) $469,664 (10.7%) 0.87 719
2021-04-01 $327,450 (9.2%) $484,829 (17.0%) 0.89 654
2021-05-01 $335,000 (6.4%) $479,752 (11.6%) 0.89 743
2021-06-01 $339,950 (4.6%) $478,874 (7.4%) 0.89 883
2021-07-01 $325,000 (-1.5%) $460,138 (1.4%) 0.86 1,008
2021-08-01 $329,950 (0.0%) $479,951 (7.6%) 0.88 1,120
2021-09-01 $328,725 (1.9%) $484,328 (9.6%) 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%) $507,065 (14.7%) 0.89 1,004
2021-12-01 $339,675 (12.3%) $516,086 (18.4%) 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%) 0.92 667
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 (17.7%) $548,952 (14.6%) 0.89 1,286
2022-07-01 $415,000 (27.7%) $540,900 (17.6%) 0.94 1,534
2022-08-01 $413,500 (25.3%) $546,849 (13.9%) 0.96 1,602
2022-09-01 $422,450 (28.5%) $555,997 (14.8%) 0.99 1,656
2022-10-01 $425,000 (30.8%) $548,079 (12.2%) 1.00 1,748
2022-11-01 $425,000 (27.8%) $546,587 (7.8%) 1.02 1,788
2022-12-01 $429,900 (26.6%) $553,001 (7.2%) 1.06 1,534
2023-01-01 $440,225 (25.8%) $556,673 (2.6%) 1.09 1,367
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
Knoxville's median listing price for 2023-04-01 was $480,000, a difference of $91,000 (23.4%) versus the prior year and $10,375 versus the prior month.

Knoxville's median listing price comes in at 112% of the national average.

Knoxville's average listing price for 2023-04-01 was $613,870, a difference of $65,837 (12.0%) versus the prior year and $30,112 versus the prior month.

For the 2023-04-01 period, Knoxville had 1,074 MLS listings, a difference of -58 listings (-5%) versus the prior month and 321 listings (43%) 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 64 days 2,250 sqft
2019-04-01 60 days 2,333 sqft
2019-05-01 57 days 2,367 sqft
2019-06-01 58 days 2,388 sqft
2019-07-01 62 days 2,400 sqft
2019-08-01 68 days 2,442 sqft
2019-09-01 74 days 2,400 sqft
2019-10-01 65 days 2,284 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 81 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 2,304 sqft
2020-06-01 61 days 2,310 sqft
2020-07-01 59 days 2,329 sqft
2020-08-01 55 days 2,262 sqft
2020-09-01 53 days 2,225 sqft
2020-10-01 48 days 2,200 sqft
2020-11-01 50 days 2,135 sqft
2020-12-01 58 days 2,082 sqft
2021-01-01 71 days 2,086 sqft
2021-02-01 84 days 2,061 sqft
2021-03-01 52 days 2,003 sqft
2021-04-01 46 days 2,056 sqft
2021-05-01 34 days 2,056 sqft
2021-06-01 33 days 2,084 sqft
2021-07-01 36 days 2,007 sqft
2021-08-01 36 days 2,004 sqft
2021-09-01 40 days 1,994 sqft
2021-10-01 39 days 1,987 sqft
2021-11-01 43 days 1,984 sqft
2021-12-01 47 days 1,978 sqft
2022-01-01 51 days 2,000 sqft
2022-02-01 37 days 2,011 sqft
2022-03-01 28 days 1,983 sqft
2022-04-01 26 days 2,031 sqft
2022-05-01 26 days 2,070 sqft
2022-06-01 29 days 2,117 sqft
2022-07-01 32 days 2,149 sqft
2022-08-01 37 days 2,105 sqft
2022-09-01 41 days 2,130 sqft
2022-10-01 43 days 2,157 sqft
2022-11-01 48 days 2,179 sqft
2022-12-01 59 days 2,182 sqft
2023-01-01 67 days 2,208 sqft
2023-02-01 54 days 2,243 sqft
2023-03-01 46 days 2,230 sqft
2023-04-01 40 days 2,221 sqft
Knoxville's median listing age (time on market) for 2023-04-01 was 40 days. This is 54% longer than the same period one year ago.

Knoxville's median square footage for active listings during the 2023-04-01 period was 2,221 sqft. One year prior, the average listing was 2,031 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.