Lafayette VA Loan Rates, Closing Costs & Stats

LAFAYETTE-WEST LAFAYETTE, IN

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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 52 lenders originated 185 VA loans during 2023. The total origination value was $51,395,000, with an average VA loan value of $277,811.

    Lafayette VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lafayette averaged 6.67% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Lafayette's average VA mortgage closing costs are $5,194.

    The average rate for the prior week (2024-11-01) was 6.83% and one month ago for the week of 2024-10-04, the average rate was 6.16%.

    The average rate one year ago was 7.91%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.93%.

    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 38 6.75% $6,157
    UNITED WHOLESALE MORTGAGE, LLC 15 6.69% $7,258
    RUOFF MORTGAGE COMPANY, INC. 14 6.72% $5,289
    QUICKEN LOANS, LLC 11 6.52% $9,945
    NAVY FEDERAL CREDIT UNION 10 5.85% $4,657
    USAA Federal Savings Bank 8 6.66% $5,186
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.25% $8,240
    FREEDOM MORTGAGE CORPORATION 6 6.58% $13,509
    CALIBER HOME LOANS, INC. 5 6.15% $7,046
    LOANDEPOT.COM, LLC 4 6.02% $11,032
    NEW DAY FINANCIAL, LLC 4 7.53% $11,567
    Wolfe Financial, Inc 4 7.13% $9,957
    Mr. Cooper ( Nationstar Mortgage ) 3 5.58% $12,052
    THRIVE MORTGAGE, LLC 3 6.58% $9,641
    Fifth Third Bank 2 6.31% $5,214
    The Huntington National Bank 2 7.00% $8,684
    Centier Bank 2 6.63% $3,565
    PENNYMAC LOAN SERVICES, LLC 2 5.50% $5,947
    HALLMARK HOME MORTGAGE, LLC 2 6.81% $10,939
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $11,937
    VILLAGE CAPITAL MORTGAGE 2 6.57% $12,895
    NBKC BANK 2 6.25% $9,404
    GVC MORTGAGE, INC. 2 7.31% $6,187
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $11,179
    Regions Bank 2 5.75% $4,187
    LOANPAL, LLC 2 5.44% $8,922
    ZILLOW HOME LOANS, LLC 1 6.38% $2,683
    Ameris Bank 1 6.25% $7,586
    Armed Forces Bank 1 5.75% $13,947
    First Merchants Bank 1 6.50% $2,313
    First Option Mortgage, LLC 1 6.75% $18,841
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.75% $2,386
    FLAT BRANCH MORTGAGE, INC. 1 7.25% $2,223
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $2,404
    JPMorgan Chase Bank 1 6.49% $1,324
    LEADERONE FINANCIAL CORPORATION 1 6.99% $3,358
    Magnolia Bank 1 7.38% $9,855
    MJW Financial LLC 1 7.25% $12,996
    MORTGAGE ACCESS CORP. 1 6.13% $15,478
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.00% $4,366
    Nations Lending Corporation 1 7.75% $8,574
    OPEN MORTGAGE, LLC 1 6.88% $6,969
    Paramount Bank 1 6.00% $19,767
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $2,693
    PLAZA HOME MORTGAGE, INC. 1 7.75% $2,801
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.50% $13,139
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $9,818
    The Federal Savings Bank 1 6.00% $26,236
    UNION HOME MORTGAGE CORP. 1 6.38% $21,160
    VERITAS FUNDING, LLC 1 6.99% $12,412
    Waterstone Mortgage Corporation 1 6.88% $12,073
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $2,408

    The top Lafayette VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $6,157, which is $1,101 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lafayette VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,657), RUOFF MORTGAGE COMPANY, INC. ($5,289), Mortgage Research Center, LLC ($6,157), UNITED WHOLESALE MORTGAGE, LLC ($7,258) and QUICKEN LOANS, LLC ($9,945).

    The lowest rate Lafayette VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.85%), QUICKEN LOANS, LLC (6.52%), UNITED WHOLESALE MORTGAGE, LLC (6.69%), RUOFF MORTGAGE COMPANY, INC. (6.72%) and Mortgage Research Center, LLC (6.75%).

    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 $169,900 (10.4%) $204,585 (4.7%) 0.63 473
    2018-02-01 $173,050 (8.7%) $211,022 (6.1%) 0.63 467
    2018-03-01 $185,000 (-3.9%) $217,632 (-0.5%) 0.65 446
    2018-04-01 $202,400 (1.3%) $234,073 (2.5%) 0.69 456
    2018-05-01 $199,450 (-2.7%) $237,518 (3.2%) 0.67 492
    2018-06-01 $205,450 (6.0%) $244,034 (5.9%) 0.69 519
    2018-07-01 $194,950 (2.9%) $233,918 (5.3%) 0.65 532
    2018-08-01 $191,250 (6.3%) $228,300 (3.1%) 0.64 557
    2018-09-01 $189,900 (2.7%) $222,460 (-0.6%) 0.64 559
    2018-10-01 $179,900 (-1.4%) $216,223 (-3.6%) 0.61 567
    2018-11-01 $184,000 (2.3%) $215,354 (-4.2%) 0.62 528
    2018-12-01 $189,900 (11.8%) $217,992 (4.1%) 0.66 459
    2019-01-01 $196,050 (15.4%) $221,537 (8.3%) 0.68 397
    2019-02-01 $197,325 (14.0%) $221,711 (5.1%) 0.67 380
    2019-03-01 $216,229 (16.9%) $237,661 (9.2%) 0.71 341
    2019-04-01 $238,500 (17.8%) $256,715 (9.7%) 0.76 295
    2019-05-01 $257,600 (29.2%) $278,628 (17.3%) 0.81 322
    2019-06-01 $251,950 (22.6%) $279,283 (14.4%) 0.79 331
    2019-07-01 $248,550 (27.5%) $274,100 (17.2%) 0.78 344
    2019-08-01 $236,755 (23.8%) $267,178 (17.0%) 0.75 362
    2019-09-01 $224,461 (18.2%) $258,565 (16.2%) 0.72 386
    2019-10-01 $216,416 (20.3%) $252,892 (17.0%) 0.70 399
    2019-11-01 $205,000 (11.4%) $240,357 (11.6%) 0.67 355
    2019-12-01 $201,725 (6.2%) $240,603 (10.4%) 0.67 276
    2020-01-01 $203,250 (3.7%) $234,845 (6.0%) 0.68 230
    2020-02-01 $237,900 (20.6%) $259,328 (17.0%) 0.78 243
    2020-03-01 $264,575 (22.4%) $277,860 (16.9%) 0.83 249
    2020-04-01 $239,900 (0.6%) $269,130 (4.8%) 0.75 273
    2020-05-01 $245,000 (-4.9%) $279,171 (0.2%) 0.74 261
    2020-06-01 $264,950 (5.2%) $295,390 (5.8%) 0.78 223
    2020-07-01 $252,450 (1.6%) $293,058 (6.9%) 0.73 227
    2020-08-01 $259,900 (9.8%) $306,620 (14.8%) 0.74 230
    2020-09-01 $249,200 (11.0%) $295,138 (14.1%) 0.71 235
    2020-10-01 $249,900 (15.5%) $297,011 (17.5%) 0.72 217
    2020-11-01 $245,725 (19.9%) $289,388 (20.4%) 0.72 185
    2020-12-01 $223,650 (10.9%) $280,043 (16.4%) 0.67 155
    2021-01-01 $199,450 (-1.9%) $270,500 (15.2%) 0.60 117
    2021-02-01 $238,200 (0.1%) $311,609 (20.2%) 0.69 84
    2021-03-01 $249,225 (-5.8%) $305,453 (9.9%) 0.71 91
    2021-04-01 $261,100 (8.8%) $312,687 (16.2%) 0.71 98
    2021-05-01 $242,450 (-1.0%) $310,652 (11.3%) 0.64 114
    2021-06-01 $223,725 (-15.6%) $299,157 (1.3%) 0.59 137
    2021-07-01 $217,450 (-13.9%) $287,057 (-2.1%) 0.57 167
    2021-08-01 $205,725 (-20.8%) $269,250 (-12.2%) 0.55 178
    2021-09-01 $217,450 (-12.7%) $270,625 (-8.3%) 0.58 194
    2021-10-01 $219,000 (-12.4%) $276,791 (-6.8%) 0.58 196
    2021-11-01 $227,000 (-7.6%) $294,344 (1.7%) 0.61 170
    2021-12-01 $224,950 (0.6%) $298,387 (6.6%) 0.61 137
    2022-01-01 $225,000 (12.8%) $316,250 (16.9%) 0.61 113
    2022-02-01 $260,950 (9.6%) $342,153 (9.8%) 0.68 96
    2022-03-01 $299,750 (20.3%) $366,672 (20.0%) 0.75 101
    2022-04-01 $325,000 (24.5%) $386,505 (23.6%) 0.77 108
    2022-05-01 $289,925 (19.6%) $348,772 (12.3%) 0.66 154
    2022-06-01 $282,400 (26.2%) $340,625 (13.9%) 0.63 183
    2022-07-01 $279,900 (28.7%) $335,627 (16.9%) 0.63 224
    2022-08-01 $290,000 (41.0%) $343,695 (27.7%) 0.67 195
    2022-09-01 $292,000 (34.3%) $348,471 (28.8%) 0.68 198
    2022-10-01 $300,000 (37.0%) $356,339 (28.7%) 0.71 215
    2022-11-01 $302,950 (33.5%) $343,429 (16.7%) 0.73 211
    2022-12-01 $314,900 (40.0%) $353,687 (18.5%) 0.78 204
    2023-01-01 $298,450 (32.6%) $344,316 (8.9%) 0.74 169
    2023-02-01 $304,900 (16.8%) $340,912 (-0.4%) 0.74 142
    2023-03-01 $288,925 (-3.6%) $343,139 (-6.4%) 0.68 112
    2023-04-01 $329,500 (1.4%) $383,537 (-0.8%) 0.77 106
    2023-05-01 $333,950 (15.2%) $391,902 (12.4%) 0.76 126
    2023-06-01 $354,950 (25.7%) $399,596 (17.3%) 0.80 144
    2023-07-01 $351,950 (25.7%) $389,067 (15.9%) 0.80 177
    2023-08-01 $331,250 (14.2%) $351,371 (2.2%) 0.76 180
    2023-09-01 $293,200 (0.4%) $333,973 (-4.2%) 0.68 191
    2023-10-01 $316,225 (5.4%) $343,503 (-3.6%) 0.74 218
    2023-11-01 $280,000 (-7.6%) $332,273 (-3.3%) 0.67 223
    2023-12-01 $310,000 (-1.6%) $343,754 (-2.8%) 0.76 179
    2024-01-01 $313,975 (5.2%) $344,703 (0.1%) 0.77 156
    2024-02-01 $321,725 (5.5%) $364,109 (6.8%) 0.77 134
    2024-03-01 $329,950 (14.2%) $379,073 (10.5%) 0.78 145
    2024-04-01 $326,750 (-0.8%) $379,048 (-1.2%) 0.76 156
    2024-05-01 $399,000 (19.5%) $425,092 (8.5%) 0.90 166
    2024-06-01 $372,450 (4.9%) $414,706 (3.8%) 0.84 208
    2024-07-01 $374,975 (6.5%) $409,100 (5.2%) 0.86 233
    2024-08-01 $359,950 (8.7%) $396,629 (12.9%) 0.84 236
    2024-09-01 $354,700 (21.0%) $383,017 (14.7%) 0.83 266
    2024-10-01 $350,175 (10.7%) $378,516 (10.2%) 0.82 259
    Lafayette's median listing price for 2024-10-01 was $350,175, a difference of $33,950 (10.7%) versus the prior year and $-4,525 versus the prior month.

    Lafayette's median listing price comes in at 82% of the national average.

    Lafayette's average listing price for 2024-10-01 was $378,516, a difference of $35,013 (10.2%) versus the prior year and $-4,501 versus the prior month.

    For the 2024-10-01 period, Lafayette had 259 MLS listings, a difference of -7 listings (-3%) versus the prior month and 41 listings (19%) 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 71 days 1,823 sqft
    2018-02-01 67 days 1,885 sqft
    2018-03-01 46 days 1,939 sqft
    2018-04-01 34 days 2,021 sqft
    2018-05-01 33 days 2,019 sqft
    2018-06-01 37 days 2,123 sqft
    2018-07-01 39 days 2,031 sqft
    2018-08-01 41 days 2,025 sqft
    2018-09-01 47 days 2,027 sqft
    2018-10-01 50 days 1,977 sqft
    2018-11-01 53 days 1,950 sqft
    2018-12-01 64 days 1,974 sqft
    2019-01-01 71 days 1,963 sqft
    2019-02-01 68 days 1,908 sqft
    2019-03-01 48 days 2,045 sqft
    2019-04-01 37 days 2,227 sqft
    2019-05-01 31 days 2,281 sqft
    2019-06-01 37 days 2,218 sqft
    2019-07-01 41 days 2,219 sqft
    2019-08-01 42 days 2,193 sqft
    2019-09-01 44 days 2,157 sqft
    2019-10-01 46 days 2,131 sqft
    2019-11-01 54 days 2,000 sqft
    2019-12-01 65 days 1,913 sqft
    2020-01-01 65 days 1,902 sqft
    2020-02-01 38 days 2,034 sqft
    2020-03-01 38 days 2,122 sqft
    2020-04-01 40 days 2,031 sqft
    2020-05-01 52 days 2,127 sqft
    2020-06-01 47 days 2,218 sqft
    2020-07-01 44 days 2,251 sqft
    2020-08-01 39 days 2,246 sqft
    2020-09-01 34 days 2,042 sqft
    2020-10-01 31 days 2,034 sqft
    2020-11-01 42 days 2,027 sqft
    2020-12-01 45 days 2,000 sqft
    2021-01-01 47 days 1,886 sqft
    2021-02-01 43 days 2,067 sqft
    2021-03-01 21 days 2,056 sqft
    2021-04-01 17 days 2,120 sqft
    2021-05-01 16 days 2,008 sqft
    2021-06-01 17 days 1,960 sqft
    2021-07-01 23 days 1,881 sqft
    2021-08-01 26 days 1,841 sqft
    2021-09-01 22 days 1,804 sqft
    2021-10-01 29 days 1,784 sqft
    2021-11-01 32 days 1,846 sqft
    2021-12-01 41 days 1,852 sqft
    2022-01-01 47 days 1,801 sqft
    2022-02-01 42 days 1,827 sqft
    2022-03-01 29 days 2,030 sqft
    2022-04-01 22 days 2,182 sqft
    2022-05-01 14 days 2,121 sqft
    2022-06-01 21 days 2,025 sqft
    2022-07-01 23 days 2,048 sqft
    2022-08-01 32 days 2,082 sqft
    2022-09-01 31 days 2,064 sqft
    2022-10-01 36 days 2,055 sqft
    2022-11-01 43 days 2,073 sqft
    2022-12-01 52 days 2,108 sqft
    2023-01-01 58 days 2,040 sqft
    2023-02-01 49 days 2,033 sqft
    2023-03-01 38 days 2,017 sqft
    2023-04-01 25 days 2,037 sqft
    2023-05-01 22 days 2,137 sqft
    2023-06-01 22 days 2,127 sqft
    2023-07-01 24 days 2,210 sqft
    2023-08-01 33 days 2,034 sqft
    2023-09-01 36 days 2,016 sqft
    2023-10-01 36 days 2,054 sqft
    2023-11-01 37 days 1,900 sqft
    2023-12-01 45 days 1,972 sqft
    2024-01-01 58 days 1,980 sqft
    2024-02-01 55 days 1,991 sqft
    2024-03-01 29 days 2,035 sqft
    2024-04-01 33 days 2,008 sqft
    2024-05-01 24 days 2,201 sqft
    2024-06-01 25 days 2,080 sqft
    2024-07-01 35 days 2,170 sqft
    2024-08-01 39 days 2,202 sqft
    2024-09-01 40 days 2,189 sqft
    2024-10-01 37 days 2,138 sqft
    Lafayette's median listing age (time on market) for 2024-10-01 was 37 days. This is 3% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2024-10-01 period was 2,138 sqft. One year prior, the average listing was 2,054 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.