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 83 lenders originated 648 VA loans during 2022. The total origination value was $164,740,000, with an average VA loan value of $254,228.

    Lafayette VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lafayette averaged -0.39% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Lafayette's average VA mortgage closing costs are $5,240.

    The average rate for the prior week (2023-11-17) was 6.56% and one month ago for the week of 2023-10-20, the average rate was 7.19%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2023-11-24, the average rate was -0.98%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 88 4.93% $6,103
    UNITED WHOLESALE MORTGAGE, LLC 76 4.92% $6,386
    HOME POINT FINANCIAL CORPORATION 44 4.33% $9,191
    DHI MORTGAGE COMPANY, LTD. 36 4.29% $5,971
    QUICKEN LOANS, LLC 28 4.21% $8,368
    FREEDOM MORTGAGE CORPORATION 24 4.28% $6,979
    GMFS LLC 22 4.31% $5,161
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 4.64% $7,966
    NAVY FEDERAL CREDIT UNION 19 3.87% $6,833
    DSLD MORTGAGE, LLC 19 4.68% $5,402
    FIDELITY BANK 18 4.84% $6,159
    EUSTIS AND AMERICAN MORTGAGE COMPANY 14 5.50% $7,476
    Assurance Financial Group, L.L.C. 12 5.26% $8,507
    USAA Federal Savings Bank 12 4.48% $7,191
    NEW DAY FINANCIAL, LLC 11 4.93% $10,625
    PENNYMAC LOAN SERVICES, LLC 9 3.49% $7,570
    LOANDEPOT.COM, LLC 8 3.78% $5,079
    CALIBER HOME LOANS, INC. 8 4.66% $6,975
    First Horizon Bank 8 4.22% $9,440
    GUARANTEED RATE, INC. 7 5.07% $3,841
    MORTGAGE FINANCIAL SERVICES, LLC 6 4.96% $13,247
    Flagstar Bank, FSB 6 4.19% $5,453
    SOUTHWEST FUNDING, LP 5 5.38% $10,732
    MOVEMENT MORTGAGE, LLC 5 4.33% $5,357
    Equity Prime Mortgage LLC 5 5.48% $7,981
    Bank of England 5 4.45% $5,811
    MID AMERICA MORTGAGE, INC. 5 4.72% $4,477
    STANDARD MORTGAGE CORPORATION 5 3.45% $9,170
    Carrington Mortgage Services, LLC 4 4.84% $4,375
    NEWREZ LLC 4 3.43% $5,671
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 5.88% $2,679
    PENTAGON FEDERAL CREDIT UNION 4 4.28% $6,512
    AMERISAVE MORTGAGE CORPORATION 4 5.06% $12,787
    Mr. Cooper ( Nationstar Mortgage ) 3 3.63% $9,731
    Citizens Bank 3 3.88% $8,374
    PLAZA HOME MORTGAGE, INC. 3 4.96% $6,469
    CMG MORTGAGE, INC. 2 4.44% $7,578
    NBKC BANK 2 4.25% $4,076
    BancorpSouth 2 3.50% $10,139
    Armed Forces Bank 2 4.31% $4,063
    LAKEVIEW LOAN SERVICING, LLC 2 2.75% $2,206
    CRESCENT MORTGAGE COMPANY 2 5.44% $5,779
    The Federal Savings Bank 2 3.63% $14,071
    CARDINAL FINANCIAL 2 5.38% $7,943
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.38% $6,970
    TJC Mortgage, Inc. 2 5.50% $4,886
    TOWNE MORTGAGE COMPANY 2 4.00% $10,928
    Lakeview Community Capital, LLC 2 3.19% $4,123
    Wolfe Financial, Inc 2 4.63% $3,928
    PREMIA MORTGAGE, LLC 2 4.00% $5,479
    VILLAGE CAPITAL MORTGAGE 2 4.13% $1,735
    Mid-Continent Funding, Inc. 2 5.94% $14,829
    Nations Lending Corporation 2 2.75% $1,297
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $10,601
    Barrington Bank & Trust Company, N.A. 1 2.63% $3,771
    Regions Bank 1 5.25% $5,539
    Republic State Mortgage Co. 1 4.25% $8,165
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $4,586
    The Central Trust Bank 1 4.75% $10,077
    THE MORTGAGE FIRM, INC. 1 7.13% $8,283
    The Union Bank Company 1 2.88% $15,161
    UNION HOME MORTGAGE CORP. 1 7.13% $2,148
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.13% $4,944
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.38% $4,753
    Wells Fargo Bank 1 5.13% $1,798
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $4,124
    Hancock Whitney Bank 1 4.63% $4,669
    GUILD MORTGAGE COMPANY 1 5.63% $6,941
    HOMESIDE FINANCIAL, LLC 1 6.13% $8,995
    JPMorgan Chase Bank 1 4.13% $9,113
    Great Southern Bank 1 3.25% $3,163
    Low VA Rates, LLC 1 5.13% $7,866
    First Guaranty Mortgage Corporation 1 5.63% $6,225
    MIDLAND MORTGAGE CORPORATION 1 4.75% $2,977
    FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $6,911
    EVERETT FINANCIAL, INC. 1 4.88% $2,192
    CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $1,608
    M&T Bank 1 4.50% $8,263
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $6,335
    CLEARPATH LENDING 1 2.88% $1,565
    CHURCHILL MORTGAGE CORPORATION 1 5.00% $4,605
    BROKER SOLUTIONS, INC. 1 4.13% $8,141
    PLANET HOME LENDING, LLC 1 3.25% $4,038

    The top Lafayette VA lender as defined by loan originations is Mortgage Research Center, LLC, with 88 VA loans originated. Their average total fees are $6,103, which is $283 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lafayette VA lenders (with over 10 loans originated) are GMFS LLC ($5,161), DSLD MORTGAGE, LLC ($5,402), DHI MORTGAGE COMPANY, LTD. ($5,971), Mortgage Research Center, LLC ($6,103) and FIDELITY BANK ($6,159).

    The lowest rate Lafayette VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.87%), QUICKEN LOANS, LLC (4.21%), FREEDOM MORTGAGE CORPORATION (4.28%), DHI MORTGAGE COMPANY, LTD. (4.29%) and GMFS LLC (4.31%).

    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 (-0.8%) $259,634 (-1.8%) 0.77 2,118
    2018-02-01 $209,800 (-0.2%) $262,086 (-0.6%) 0.76 2,154
    2018-03-01 $210,000 (-2.3%) $263,623 (-2.4%) 0.74 2,259
    2018-04-01 $214,350 (-2.6%) $267,539 (-3.4%) 0.73 2,282
    2018-05-01 $213,450 (-3.0%) $267,771 (-4.4%) 0.71 2,349
    2018-06-01 $210,500 (-4.3%) $266,711 (-4.7%) 0.70 2,425
    2018-07-01 $210,000 (-4.0%) $266,532 (-4.3%) 0.70 2,492
    2018-08-01 $210,400 (-2.1%) $263,982 (-3.8%) 0.70 2,528
    2018-09-01 $212,000 (-0.6%) $264,788 (-2.3%) 0.71 2,491
    2018-10-01 $206,750 (-1.7%) $260,240 (-3.5%) 0.70 2,480
    2018-11-01 $208,425 (-0.7%) $262,540 (-1.6%) 0.71 2,429
    2018-12-01 $206,500 (-0.6%) $262,679 (0.0%) 0.71 2,385
    2019-01-01 $209,450 (0.6%) $266,925 (2.8%) 0.72 2,265
    2019-02-01 $210,550 (0.4%) $271,209 (3.5%) 0.71 2,302
    2019-03-01 $212,143 (1.0%) $274,699 (4.2%) 0.69 2,306
    2019-04-01 $215,000 (0.3%) $278,274 (4.0%) 0.68 2,309
    2019-05-01 $218,100 (2.2%) $282,678 (5.6%) 0.68 2,250
    2019-06-01 $219,500 (4.3%) $284,430 (6.6%) 0.69 2,267
    2019-07-01 $219,950 (4.7%) $288,385 (8.2%) 0.69 2,252
    2019-08-01 $219,655 (4.4%) $288,558 (9.3%) 0.70 2,203
    2019-09-01 $219,286 (3.4%) $289,062 (9.2%) 0.70 2,139
    2019-10-01 $219,000 (5.9%) $290,036 (11.5%) 0.71 2,082
    2019-11-01 $214,900 (3.1%) $286,053 (9.0%) 0.70 2,042
    2019-12-01 $210,750 (2.1%) $279,928 (6.6%) 0.70 1,945
    2020-01-01 $210,000 (0.3%) $281,338 (5.4%) 0.70 1,851
    2020-02-01 $210,000 (-0.3%) $285,738 (5.4%) 0.69 1,881
    2020-03-01 $213,622 (0.7%) $297,614 (8.3%) 0.67 1,884
    2020-04-01 $217,750 (1.3%) $299,825 (7.7%) 0.68 1,799
    2020-05-01 $219,950 (0.9%) $306,848 (8.6%) 0.67 1,737
    2020-06-01 $219,125 (-0.2%) $311,721 (9.6%) 0.65 1,617
    2020-07-01 $226,225 (2.9%) $315,867 (9.5%) 0.66 1,506
    2020-08-01 $234,000 (6.5%) $321,256 (11.3%) 0.67 1,448
    2020-09-01 $234,750 (7.1%) $326,167 (12.8%) 0.67 1,318
    2020-10-01 $229,717 (4.9%) $330,547 (14.0%) 0.66 1,244
    2020-11-01 $230,475 (7.3%) $334,328 (16.9%) 0.67 1,137
    2020-12-01 $227,000 (7.7%) $334,397 (19.5%) 0.68 1,093
    2021-01-01 $227,230 (8.2%) $338,027 (20.2%) 0.68 995
    2021-02-01 $235,000 (11.9%) $338,396 (18.4%) 0.68 929
    2021-03-01 $239,950 (12.3%) $352,135 (18.3%) 0.68 852
    2021-04-01 $248,905 (14.3%) $371,275 (23.8%) 0.67 776
    2021-05-01 $275,000 (25.0%) $391,060 (27.4%) 0.73 729
    2021-06-01 $276,125 (26.0%) $403,133 (29.3%) 0.73 726
    2021-07-01 $269,250 (19.0%) $408,165 (29.2%) 0.71 770
    2021-08-01 $269,500 (15.2%) $410,440 (27.8%) 0.72 789
    2021-09-01 $274,200 (16.8%) $412,851 (26.6%) 0.73 790
    2021-10-01 $274,900 (19.7%) $389,720 (17.9%) 0.73 791
    2021-11-01 $269,000 (16.7%) $384,471 (15.0%) 0.72 788
    2021-12-01 $269,000 (18.5%) $378,473 (13.2%) 0.73 755
    2022-01-01 $269,000 (18.4%) $381,448 (12.9%) 0.73 694
    2022-02-01 $272,290 (15.9%) $385,451 (13.9%) 0.71 654
    2022-03-01 $286,000 (19.2%) $396,601 (12.6%) 0.72 631
    2022-04-01 $299,950 (20.5%) $407,443 (9.7%) 0.72 618
    2022-05-01 $296,200 (7.7%) $408,340 (4.4%) 0.68 656
    2022-06-01 $296,800 (7.5%) $399,391 (-0.9%) 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%) $363,088 (-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 $269,972 (-8.9%) $364,567 (-10.7%) 0.61 1,021
    2023-06-01 $269,450 (-9.2%) $362,375 (-9.3%) 0.61 1,062
    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
    Lafayette's median listing price for 2023-10-01 was $262,450, a difference of $-17,550 (-6.3%) versus the prior year and $-2,450 versus the prior month.

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

    Lafayette's average listing price for 2023-10-01 was $338,927, a difference of $-34,205 (-9.2%) versus the prior year and $-6,007 versus the prior month.

    For the 2023-10-01 period, Lafayette had 1,205 MLS listings, a difference of 25 listings (2%) versus the prior month and 241 listings (25%) 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 1,862 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 1,883 sqft
    2018-08-01 86 days 1,884 sqft
    2018-09-01 88 days 1,891 sqft
    2018-10-01 93 days 1,878 sqft
    2018-11-01 95 days 1,879 sqft
    2018-12-01 100 days 1,875 sqft
    2019-01-01 108 days 1,888 sqft
    2019-02-01 109 days 1,902 sqft
    2019-03-01 98 days 1,906 sqft
    2019-04-01 86 days 1,914 sqft
    2019-05-01 83 days 1,928 sqft
    2019-06-01 82 days 1,930 sqft
    2019-07-01 86 days 1,944 sqft
    2019-08-01 87 days 1,935 sqft
    2019-09-01 86 days 1,920 sqft
    2019-10-01 87 days 1,911 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 1,984 sqft
    2020-10-01 78 days 1,957 sqft
    2020-11-01 78 days 1,999 sqft
    2020-12-01 80 days 2,001 sqft
    2021-01-01 79 days 2,000 sqft
    2021-02-01 71 days 1,991 sqft
    2021-03-01 59 days 2,000 sqft
    2021-04-01 54 days 2,013 sqft
    2021-05-01 51 days 2,121 sqft
    2021-06-01 46 days 2,113 sqft
    2021-07-01 47 days 2,061 sqft
    2021-08-01 55 days 2,045 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 1,881 sqft
    2023-08-01 71 days 1,877 sqft
    2023-09-01 71 days 1,877 sqft
    2023-10-01 72 days 1,879 sqft
    Lafayette's median listing age (time on market) for 2023-10-01 was 72 days. This is 4% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2023-10-01 period was 1,879 sqft. One year prior, the average listing was 1,964 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.