Lafayette VA Loan Rates, Closing Costs & Stats

LAFAYETTE, LA

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    • 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.

    Lafayette's 66 lenders originated 463 VA loans during 2023. The total origination value was $114,245,000, with an average VA loan value of $246,749.

    Lafayette VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lafayette averaged 0.01% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Lafayette's average VA mortgage closing costs are $5,366.

    The average rate for the prior week (2024-11-08) was 6.22% and one month ago for the week of 2024-10-11, the average rate was 5.79%.

    The average rate one year ago was 7.18%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.09%.

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

    Lafayette 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 Lafayette level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 73 6.88% $4,630
    UNITED WHOLESALE MORTGAGE, LLC 55 6.61% $5,268
    DHI MORTGAGE COMPANY, LTD. 39 5.31% $5,976
    DSLD MORTGAGE, LLC 26 5.96% $3,390
    GMFS LLC 17 6.51% $4,570
    FREEDOM MORTGAGE CORPORATION 16 6.66% $10,289
    QUICKEN LOANS, LLC 15 6.10% $9,580
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.14% $8,048
    PENNYMAC LOAN SERVICES, LLC 13 5.91% $8,933
    Assurance Financial Group, L.L.C. 12 6.74% $4,842
    MID AMERICA MORTGAGE, INC. 10 6.73% $4,065
    NAVY FEDERAL CREDIT UNION 10 5.64% $5,075
    LOANDEPOT.COM, LLC 8 6.37% $11,103
    Equity Prime Mortgage LLC 7 6.95% $9,776
    EUSTIS AND AMERICAN MORTGAGE COMPANY 7 6.98% $5,181
    USAA Federal Savings Bank 7 6.73% $5,559
    AMERICAN FINANCIAL RESOURCES, INC. 6 7.52% $7,766
    NEW DAY FINANCIAL, LLC 6 7.54% $7,714
    STANDARD MORTGAGE CORPORATION 5 6.13% $5,850
    JPMorgan Chase Bank 5 6.23% $4,967
    VILLAGE CAPITAL MORTGAGE 4 6.81% $6,662
    CROSSCOUNTRY MORTGAGE, LLC 4 7.00% $9,915
    First Horizon Bank 4 6.47% $6,318
    Regions Bank 4 6.06% $11,663
    BROKER SOLUTIONS, INC. 4 6.84% $10,670
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.88% $2,646
    FIRST COMMUNITY MORTGAGE, INC. 3 7.13% $6,395
    The Federal Savings Bank 3 6.08% $17,685
    NEWREZ LLC 3 6.25% $7,138
    Mr. Cooper ( Nationstar Mortgage ) 3 6.21% $10,829
    Hancock Whitney Bank 3 5.88% $8,400
    INSPIRE HOME LOANS INC. 3 5.29% $7,802
    FIDELITY BANK 2 6.94% $4,584
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $11,338
    Barrington Bank & Trust Company, N.A. 2 6.25% $7,634
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $4,146
    Lakeview Community Capital, LLC 2 5.75% $12,021
    MORTGAGE FINANCIAL SERVICES, LLC 2 6.94% $2,538
    Plains Commerce Bank 2 6.37% $8,460
    PLANET HOME LENDING, LLC 2 6.63% $6,567
    PLAZA HOME MORTGAGE, INC. 2 6.50% $5,076
    Prosperity Home Mortgage, LLC 2 6.31% $10,899
    STOCKTON MORTGAGE CORPORATION 2 6.75% $3,081
    SUN WEST MORTGAGE COMPANY, INC. 2 5.75% $3,439
    UNION HOME MORTGAGE CORP. 2 6.19% $10,986
    PENTAGON FEDERAL CREDIT UNION 1 4.75% $8,525
    CARDINAL FINANCIAL 1 7.38% $15,032
    TIB The Independent Bankersbank 1 7.13% $10,697
    AmeriHome Mortgage Company, LLC 1 6.50% $10,249
    Presidential Bank, FSB 1 5.75% $8,715
    BAY EQUITY LLC 1 5.88% $3,582
    HOMESIDE FINANCIAL, LLC 1 6.75% $14,597
    First Option Mortgage, LLC 1 5.75% $3,975
    RELIANCE FIRST CAPITAL, LLC 1 7.50% $7,301
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.63% $5,682
    City Bank 1 7.25% $4,175
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $9,387
    Summit Mortgage Corporation 1 7.25% $8,038
    Victorian Finance, LLC 1 7.25% $4,055
    NBKC BANK 1 5.50% $11,934
    Neighborhood Loans, Inc. 1 7.13% $4,546
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $4,473
    Magnolia Bank 1 6.75% $7,566
    NTFN, INC. 1 6.75% $4,635
    Paramount Residential Mortgage Group, Inc. 1 5.50% $20,728
    KEESLER 1 5.50% $8,340

    The top Lafayette VA lender as defined by loan originations is Mortgage Research Center, LLC, with 73 VA loans originated. Their average total fees are $4,630, which is $639 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lafayette VA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($3,390), MID AMERICA MORTGAGE, INC. ($4,065), GMFS LLC ($4,570), Mortgage Research Center, LLC ($4,630) and Assurance Financial Group, L.L.C. ($4,842).

    The lowest rate Lafayette VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.31%), NAVY FEDERAL CREDIT UNION (5.64%), PENNYMAC LOAN SERVICES, LLC (5.91%), DSLD MORTGAGE, LLC (5.96%) and QUICKEN LOANS, LLC (6.10%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lafayette (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 $208,225 (-0.7%) $257,866 (-2.0%) 0.77 2,119
    2018-02-01 $209,900 (-0.1%) $262,204 (0.4%) 0.76 2,154
    2018-03-01 $210,000 (-2.3%) $263,652 (-1.5%) 0.74 2,260
    2018-04-01 $214,400 (-2.6%) $267,566 (-2.6%) 0.73 2,283
    2018-05-01 $213,650 (-2.9%) $267,797 (-3.7%) 0.71 2,350
    2018-06-01 $210,500 (-4.3%) $266,711 (-4.0%) 0.70 2,425
    2018-07-01 $210,000 (-4.0%) $266,548 (-3.6%) 0.70 2,492
    2018-08-01 $210,250 (-2.2%) $263,933 (-3.1%) 0.70 2,530
    2018-09-01 $211,957 (-0.5%) $264,707 (-1.7%) 0.71 2,493
    2018-10-01 $206,475 (-1.8%) $260,159 (-2.9%) 0.70 2,482
    2018-11-01 $208,086 (-0.8%) $262,477 (-0.9%) 0.71 2,431
    2018-12-01 $206,500 (-0.6%) $262,637 (0.7%) 0.71 2,385
    2019-01-01 $209,450 (0.6%) $266,925 (3.5%) 0.72 2,265
    2019-02-01 $210,550 (0.3%) $271,209 (3.4%) 0.71 2,302
    2019-03-01 $212,143 (1.0%) $274,673 (4.2%) 0.69 2,306
    2019-04-01 $215,000 (0.3%) $278,210 (4.0%) 0.68 2,310
    2019-05-01 $217,950 (2.0%) $282,612 (5.5%) 0.68 2,251
    2019-06-01 $219,500 (4.3%) $284,430 (6.6%) 0.69 2,268
    2019-07-01 $219,975 (4.8%) $288,977 (8.4%) 0.69 2,253
    2019-08-01 $219,691 (4.5%) $289,149 (9.6%) 0.70 2,204
    2019-09-01 $219,302 (3.5%) $289,647 (9.4%) 0.70 2,141
    2019-10-01 $219,000 (6.1%) $290,618 (11.7%) 0.71 2,084
    2019-11-01 $214,900 (3.3%) $286,648 (9.2%) 0.70 2,044
    2019-12-01 $211,000 (2.2%) $280,622 (6.9%) 0.70 1,947
    2020-01-01 $210,000 (0.3%) $282,065 (5.7%) 0.70 1,852
    2020-02-01 $210,000 (-0.3%) $286,456 (5.6%) 0.69 1,882
    2020-03-01 $213,750 (0.8%) $298,141 (8.5%) 0.67 1,885
    2020-04-01 $217,750 (1.3%) $300,192 (7.9%) 0.68 1,801
    2020-05-01 $220,000 (0.9%) $307,356 (8.8%) 0.67 1,738
    2020-06-01 $219,250 (-0.1%) $312,262 (9.8%) 0.65 1,618
    2020-07-01 $226,250 (2.9%) $316,447 (9.5%) 0.66 1,507
    2020-08-01 $234,000 (6.5%) $321,871 (11.3%) 0.67 1,449
    2020-09-01 $234,863 (7.1%) $326,834 (12.8%) 0.67 1,319
    2020-10-01 $229,835 (5.0%) $331,236 (14.0%) 0.66 1,245
    2020-11-01 $230,750 (7.4%) $335,088 (16.9%) 0.67 1,138
    2020-12-01 $227,000 (7.6%) $335,192 (19.5%) 0.68 1,094
    2021-01-01 $227,520 (8.3%) $338,888 (20.2%) 0.68 996
    2021-02-01 $235,000 (11.9%) $339,304 (18.5%) 0.68 930
    2021-03-01 $239,950 (12.3%) $353,111 (18.4%) 0.68 853
    2021-04-01 $248,905 (14.3%) $372,194 (24.0%) 0.67 778
    2021-05-01 $275,000 (25.0%) $392,155 (27.6%) 0.73 730
    2021-06-01 $276,250 (26.0%) $403,675 (29.3%) 0.73 726
    2021-07-01 $269,250 (19.0%) $408,165 (29.0%) 0.71 770
    2021-08-01 $269,500 (15.2%) $410,440 (27.5%) 0.72 789
    2021-09-01 $274,200 (16.8%) $412,851 (26.3%) 0.73 790
    2021-10-01 $274,900 (19.6%) $389,720 (17.7%) 0.73 791
    2021-11-01 $269,000 (16.6%) $384,471 (14.7%) 0.72 788
    2021-12-01 $269,000 (18.5%) $378,473 (12.9%) 0.73 755
    2022-01-01 $269,000 (18.2%) $381,448 (12.6%) 0.73 694
    2022-02-01 $272,290 (15.9%) $385,451 (13.6%) 0.71 654
    2022-03-01 $286,000 (19.2%) $396,601 (12.3%) 0.72 631
    2022-04-01 $299,950 (20.5%) $407,443 (9.5%) 0.72 618
    2022-05-01 $296,200 (7.7%) $408,340 (4.1%) 0.68 656
    2022-06-01 $296,800 (7.4%) $399,391 (-1.1%) 0.66 744
    2022-07-01 $292,500 (8.6%) $385,615 (-5.5%) 0.66 864
    2022-08-01 $287,000 (6.5%) $372,326 (-9.3%) 0.66 908
    2022-09-01 $287,975 (5.0%) $374,247 (-9.4%) 0.67 949
    2022-10-01 $280,000 (1.9%) $373,132 (-4.3%) 0.66 964
    2022-11-01 $275,000 (2.2%) $359,756 (-6.4%) 0.66 1,009
    2022-12-01 $276,250 (2.7%) $360,461 (-4.8%) 0.68 966
    2023-01-01 $287,450 (6.9%) $366,587 (-3.9%) 0.71 944
    2023-02-01 $276,700 (1.6%) $363,015 (-5.8%) 0.67 939
    2023-03-01 $283,756 (-0.8%) $368,143 (-7.2%) 0.67 963
    2023-04-01 $269,900 (-10.0%) $363,354 (-10.8%) 0.63 992
    2023-05-01 $269,950 (-8.9%) $364,358 (-10.8%) 0.61 1,022
    2023-06-01 $269,450 (-9.2%) $362,171 (-9.3%) 0.61 1,063
    2023-07-01 $265,000 (-9.4%) $350,270 (-9.2%) 0.60 1,157
    2023-08-01 $265,000 (-7.7%) $346,534 (-6.9%) 0.61 1,163
    2023-09-01 $264,900 (-8.0%) $344,934 (-7.8%) 0.62 1,180
    2023-10-01 $262,450 (-6.3%) $338,927 (-9.2%) 0.62 1,205
    2023-11-01 $264,200 (-3.9%) $338,659 (-5.9%) 0.63 1,248
    2023-12-01 $262,000 (-5.2%) $342,335 (-5.0%) 0.64 1,272
    2024-01-01 $260,000 (-9.6%) $344,379 (-6.1%) 0.63 1,209
    2024-02-01 $260,000 (-6.0%) $346,452 (-4.6%) 0.63 1,183
    2024-03-01 $259,250 (-8.6%) $349,307 (-5.1%) 0.61 1,219
    2024-04-01 $260,000 (-3.7%) $343,329 (-5.5%) 0.60 1,344
    2024-05-01 $260,875 (-3.4%) $344,381 (-5.5%) 0.59 1,362
    2024-06-01 $259,950 (-3.5%) $347,767 (-4.0%) 0.58 1,416
    2024-07-01 $263,000 (-0.8%) $351,138 (0.3%) 0.60 1,426
    2024-08-01 $260,000 (-1.9%) $348,056 (0.4%) 0.60 1,496
    2024-09-01 $260,000 (-1.9%) $342,959 (-0.6%) 0.61 1,513
    2024-10-01 $265,000 (1.0%) $348,109 (2.7%) 0.62 1,554
    Lafayette's median listing price for 2024-10-01 was $265,000, a difference of $2,550 (1.0%) versus the prior year and $5,000 versus the prior month.

    Lafayette's median listing price comes in at 62% of the national average.

    Lafayette's average listing price for 2024-10-01 was $348,109, a difference of $9,182 (2.7%) versus the prior year and $5,150 versus the prior month.

    For the 2024-10-01 period, Lafayette had 1,554 MLS listings, a difference of 41 listings (3%) versus the prior month and 349 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 100 days 1,858 sqft
    2018-02-01 97 days 1,863 sqft
    2018-03-01 74 days 1,863 sqft
    2018-04-01 73 days 1,885 sqft
    2018-05-01 70 days 1,886 sqft
    2018-06-01 73 days 1,890 sqft
    2018-07-01 79 days 1,884 sqft
    2018-08-01 86 days 1,885 sqft
    2018-09-01 88 days 1,891 sqft
    2018-10-01 93 days 1,878 sqft
    2018-11-01 95 days 1,880 sqft
    2018-12-01 100 days 1,875 sqft
    2019-01-01 108 days 1,888 sqft
    2019-02-01 109 days 1,901 sqft
    2019-03-01 98 days 1,906 sqft
    2019-04-01 86 days 1,913 sqft
    2019-05-01 83 days 1,927 sqft
    2019-06-01 82 days 1,930 sqft
    2019-07-01 86 days 1,945 sqft
    2019-08-01 87 days 1,937 sqft
    2019-09-01 86 days 1,924 sqft
    2019-10-01 87 days 1,915 sqft
    2019-11-01 87 days 1,906 sqft
    2019-12-01 92 days 1,900 sqft
    2020-01-01 94 days 1,900 sqft
    2020-02-01 88 days 1,896 sqft
    2020-03-01 73 days 1,919 sqft
    2020-04-01 81 days 1,925 sqft
    2020-05-01 88 days 1,925 sqft
    2020-06-01 96 days 1,925 sqft
    2020-07-01 82 days 1,968 sqft
    2020-08-01 73 days 2,000 sqft
    2020-09-01 73 days 1,985 sqft
    2020-10-01 78 days 1,959 sqft
    2020-11-01 78 days 2,000 sqft
    2020-12-01 80 days 2,002 sqft
    2021-01-01 79 days 2,000 sqft
    2021-02-01 71 days 1,993 sqft
    2021-03-01 59 days 1,998 sqft
    2021-04-01 54 days 2,012 sqft
    2021-05-01 51 days 2,121 sqft
    2021-06-01 46 days 2,113 sqft
    2021-07-01 47 days 2,060 sqft
    2021-08-01 55 days 2,044 sqft
    2021-09-01 60 days 2,051 sqft
    2021-10-01 60 days 1,990 sqft
    2021-11-01 60 days 1,967 sqft
    2021-12-01 63 days 1,984 sqft
    2022-01-01 71 days 1,956 sqft
    2022-02-01 65 days 1,958 sqft
    2022-03-01 59 days 2,073 sqft
    2022-04-01 53 days 2,129 sqft
    2022-05-01 52 days 2,097 sqft
    2022-06-01 48 days 2,000 sqft
    2022-07-01 47 days 2,000 sqft
    2022-08-01 55 days 1,992 sqft
    2022-09-01 61 days 2,000 sqft
    2022-10-01 70 days 1,964 sqft
    2022-11-01 75 days 1,955 sqft
    2022-12-01 85 days 1,938 sqft
    2023-01-01 91 days 1,955 sqft
    2023-02-01 87 days 1,934 sqft
    2023-03-01 66 days 1,948 sqft
    2023-04-01 59 days 1,900 sqft
    2023-05-01 61 days 1,905 sqft
    2023-06-01 65 days 1,900 sqft
    2023-07-01 67 days 1,883 sqft
    2023-08-01 71 days 1,878 sqft
    2023-09-01 71 days 1,877 sqft
    2023-10-01 72 days 1,879 sqft
    2023-11-01 69 days 1,860 sqft
    2023-12-01 75 days 1,861 sqft
    2024-01-01 86 days 1,855 sqft
    2024-02-01 90 days 1,858 sqft
    2024-03-01 69 days 1,851 sqft
    2024-04-01 57 days 1,837 sqft
    2024-05-01 60 days 1,855 sqft
    2024-06-01 71 days 1,867 sqft
    2024-07-01 74 days 1,857 sqft
    2024-08-01 71 days 1,841 sqft
    2024-09-01 75 days 1,852 sqft
    2024-10-01 77 days 1,865 sqft
    Lafayette's median listing age (time on market) for 2024-10-01 was 77 days. This is 7% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2024-10-01 period was 1,865 sqft. One year prior, the average listing was 1,879 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.