Lafayette VA Loan Rates, Closing Costs & Stats

LAFAYETTE, LA

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 6.78% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.53% and one month ago for the week of 2024-03-08, the average rate was 6.46%.

The average rate one year ago was 5.86%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.58%.

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
Lafayette's median listing price for 2024-03-01 was $259,250, a difference of $-24,506 (-8.6%) versus the prior year and $-750 versus the prior month.

Lafayette's median listing price comes in at 61% of the national average.

Lafayette's average listing price for 2024-03-01 was $349,307, a difference of $-18,836 (-5.1%) versus the prior year and $2,855 versus the prior month.

For the 2024-03-01 period, Lafayette had 1,219 MLS listings, a difference of 36 listings (3%) versus the prior month and 256 listings (27%) 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
Lafayette's median listing age (time on market) for 2024-03-01 was 69 days. This is 5% longer than the same period one year ago.

Lafayette's median square footage for active listings during the 2024-03-01 period was 1,851 sqft. One year prior, the average listing was 1,948 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.