Lubbock VA Loan Rates, Closing Costs & Stats

LUBBOCK, TX

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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.

    Lubbock's 61 lenders originated 380 VA loans during 2023. The total origination value was $106,900,000, with an average VA loan value of $281,316.

    Lubbock VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lubbock averaged 6.63% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Lubbock's average VA mortgage closing costs are $5,867.

    The average rate for the prior week (2024-04-05) was 6.68% and one month ago for the week of 2024-03-08, the average rate was 6.31%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-12, the average rate was 7.21%.

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

    Lubbock 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 Lubbock level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 70 6.67% $6,129
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 51 6.49% $7,403
    TEXAS TECH 23 6.21% $6,388
    NAVY FEDERAL CREDIT UNION 20 5.79% $5,195
    T2 FINANCIAL LLC 15 6.53% $5,357
    CARDINAL FINANCIAL 14 6.52% $7,402
    FREEDOM MORTGAGE CORPORATION 12 6.43% $9,857
    QUICKEN LOANS, LLC 12 6.29% $9,868
    UNITED WHOLESALE MORTGAGE, LLC 9 6.03% $11,975
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.50% $6,347
    Alliance Credit Union 8 5.92% $9,218
    DHI MORTGAGE COMPANY, LTD. 8 5.39% $4,346
    USAA Federal Savings Bank 7 6.23% $10,438
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.59% $4,520
    Southwest Bank 7 6.82% $8,228
    FLAT BRANCH MORTGAGE, INC. 7 6.30% $5,466
    GUILD MORTGAGE COMPANY 7 6.29% $7,124
    City Bank 6 6.93% $6,602
    THRIVE MORTGAGE, LLC 5 6.80% $11,363
    PENTAGON FEDERAL CREDIT UNION 5 5.40% $8,495
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.62% $13,120
    Gateway First Bank 4 6.22% $9,590
    First United Bank 4 6.88% $7,109
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.00% $1,897
    Equity Prime Mortgage LLC 3 6.38% $9,297
    CMG MORTGAGE, INC. 2 5.19% $22,056
    EVERETT FINANCIAL, INC. 2 6.88% $10,907
    Barrington Bank & Trust Company, N.A. 2 6.75% $7,672
    GUARANTEED RATE, INC. 2 6.94% $1,696
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $12,410
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $11,142
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.81% $7,370
    PENNYMAC LOAN SERVICES, LLC 2 5.50% $10,086
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $2,354
    HomePromise Corporation 1 8.13% $1,045
    Network Funding, L.P. 1 7.00% $4,317
    NEW DAY FINANCIAL, LLC 1 7.75% $4,396
    NEWREZ LLC 1 6.75% $7,555
    Paramount Residential Mortgage Group, Inc. 1 6.75% $2,769
    PILGRIM MORTGAGE LLC 1 6.75% $10,951
    Plains Commerce Bank 1 5.75% $4,678
    First National Bank and Trust Company 1 5.13% $9,862
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $7,708
    SFMC, LP 1 6.38% $10,633
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.00% $8,748
    Strong Home Mortgage, LLC 1 5.25% $2,981
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $9,211
    Centennial Bank 1 5.63% $14,878
    American Bank of Commerce 1 6.25% $4,522
    ALLIED MORTGAGE GROUP, INC. 1 7.63% $5,943
    VILLAGE CAPITAL MORTGAGE 1 6.25% $1,213
    Waterstone Mortgage Corporation 1 6.88% $8,531
    JPMorgan Chase Bank 1 5.99% $18,701
    Wells Fargo Bank 1 5.63% $0
    LEGEND LENDING CORPORATION 1 6.63% $20,136
    LOANDEPOT.COM, LLC 1 6.25% $15,488
    MID AMERICA MORTGAGE, INC. 1 6.63% $22,203
    Mid-Continent Funding, Inc. 1 6.38% $10,140
    MLB RESIDENTIAL LENDING, LLC 1 5.25% $10,371
    MORTGAGE EQUITY PARTNERS LLC 1 6.99% $11,240
    MORTGAGEONE, INC. 1 6.25% $2,360

    The top Lubbock VA lender as defined by loan originations is Mortgage Research Center, LLC, with 70 VA loans originated. Their average total fees are $6,129, which is $1,274 lower than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee Lubbock VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,195), T2 FINANCIAL LLC ($5,357), Mortgage Research Center, LLC ($6,129), TEXAS TECH ($6,388) and CARDINAL FINANCIAL ($7,402).

    The lowest rate Lubbock VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.79%), TEXAS TECH (6.21%), QUICKEN LOANS, LLC (6.29%), FREEDOM MORTGAGE CORPORATION (6.43%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.49%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lubbock (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 $224,400 (6.9%) $278,567 (1.6%) 0.83 1,030
    2018-02-01 $233,863 (5.4%) $291,535 (1.7%) 0.85 1,003
    2018-03-01 $235,000 (-4.0%) $296,210 (-0.4%) 0.82 1,009
    2018-04-01 $246,125 (-9.1%) $305,280 (-2.5%) 0.83 1,009
    2018-05-01 $244,500 (-10.1%) $300,833 (-4.8%) 0.82 1,053
    2018-06-01 $238,500 (-10.7%) $299,073 (-3.5%) 0.80 1,150
    2018-07-01 $234,950 (-8.7%) $291,951 (-3.8%) 0.78 1,211
    2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
    2018-09-01 $226,000 (-3.8%) $286,770 (-1.7%) 0.76 1,223
    2018-10-01 $219,975 (-6.4%) $280,302 (-3.6%) 0.75 1,239
    2018-11-01 $216,245 (-7.0%) $275,191 (-4.7%) 0.73 1,207
    2018-12-01 $215,000 (-6.5%) $273,416 (-4.9%) 0.74 1,181
    2019-01-01 $217,500 (-3.1%) $276,153 (-0.9%) 0.75 1,110
    2019-02-01 $222,225 (-5.0%) $279,300 (-4.2%) 0.75 1,074
    2019-03-01 $231,114 (-1.7%) $280,819 (-5.2%) 0.76 1,022
    2019-04-01 $240,875 (-2.1%) $286,107 (-6.3%) 0.76 966
    2019-05-01 $244,950 (0.2%) $293,053 (-2.6%) 0.77 969
    2019-06-01 $249,900 (4.8%) $295,461 (-1.2%) 0.78 973
    2019-07-01 $242,500 (3.2%) $292,044 (0.0%) 0.76 961
    2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
    2019-09-01 $221,591 (-2.0%) $272,957 (-4.8%) 0.71 925
    2019-10-01 $216,975 (-1.4%) $266,727 (-4.8%) 0.70 916
    2019-11-01 $225,000 (4.1%) $269,528 (-2.1%) 0.74 900
    2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
    2020-01-01 $235,375 (8.2%) $343,111 (24.3%) 0.79 806
    2020-02-01 $236,499 (6.4%) $287,113 (2.8%) 0.77 845
    2020-03-01 $239,900 (3.8%) $293,342 (4.5%) 0.75 844
    2020-04-01 $242,475 (0.7%) $300,356 (5.0%) 0.76 861
    2020-05-01 $249,500 (1.9%) $307,444 (4.9%) 0.76 765
    2020-06-01 $250,950 (0.4%) $315,404 (6.8%) 0.74 698
    2020-07-01 $249,950 (3.1%) $321,164 (10.0%) 0.72 684
    2020-08-01 $263,175 (13.1%) $327,824 (15.8%) 0.75 641
    2020-09-01 $262,500 (18.5%) $325,139 (19.1%) 0.75 639
    2020-10-01 $246,725 (13.7%) $305,454 (14.5%) 0.71 641
    2020-11-01 $232,000 (3.1%) $293,084 (8.7%) 0.68 611
    2020-12-01 $237,375 (1.1%) $297,335 (7.1%) 0.71 549
    2021-01-01 $259,450 (10.2%) $297,935 (-13.2%) 0.77 492
    2021-02-01 $271,900 (15.0%) $315,573 (9.9%) 0.79 402
    2021-03-01 $290,000 (20.9%) $334,073 (13.9%) 0.82 342
    2021-04-01 $309,950 (27.8%) $357,286 (19.0%) 0.84 346
    2021-05-01 $322,990 (29.5%) $366,352 (19.2%) 0.86 368
    2021-06-01 $306,710 (22.2%) $358,594 (13.7%) 0.81 443
    2021-07-01 $289,400 (15.8%) $357,915 (11.4%) 0.76 514
    2021-08-01 $295,625 (12.3%) $350,907 (7.0%) 0.79 544
    2021-09-01 $275,975 (5.1%) $335,705 (3.3%) 0.74 555
    2021-10-01 $281,500 (14.1%) $336,209 (10.1%) 0.75 538
    2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
    2021-12-01 $292,750 (23.3%) $346,467 (16.5%) 0.79 434
    2022-01-01 $300,000 (15.6%) $350,748 (17.7%) 0.81 376
    2022-02-01 $358,900 (32.0%) $396,562 (25.7%) 0.93 311
    2022-03-01 $350,362 (20.8%) $397,068 (18.9%) 0.88 318
    2022-04-01 $350,000 (12.9%) $403,074 (12.8%) 0.83 342
    2022-05-01 $348,675 (8.0%) $394,404 (7.7%) 0.80 455
    2022-06-01 $340,000 (10.9%) $385,325 (7.5%) 0.76 549
    2022-07-01 $320,000 (10.6%) $367,989 (2.8%) 0.72 707
    2022-08-01 $318,263 (7.7%) $357,670 (1.9%) 0.74 788
    2022-09-01 $312,475 (13.2%) $358,494 (6.8%) 0.73 841
    2022-10-01 $317,600 (12.8%) $364,551 (8.4%) 0.75 888
    2022-11-01 $303,700 (3.8%) $358,865 (4.1%) 0.73 927
    2022-12-01 $296,000 (1.1%) $357,570 (3.2%) 0.73 939
    2023-01-01 $297,750 (-0.8%) $351,973 (0.4%) 0.74 915
    2023-02-01 $300,000 (-16.4%) $355,159 (-10.4%) 0.72 916
    2023-03-01 $300,000 (-14.4%) $354,454 (-10.7%) 0.71 906
    2023-04-01 $315,000 (-10.0%) $370,456 (-8.1%) 0.73 882
    2023-05-01 $302,248 (-13.3%) $364,671 (-7.5%) 0.69 973
    2023-06-01 $308,262 (-9.3%) $361,954 (-6.1%) 0.69 1,023
    2023-07-01 $303,850 (-5.1%) $364,806 (-0.9%) 0.69 1,089
    2023-08-01 $295,000 (-7.3%) $361,435 (1.1%) 0.68 1,140
    2023-09-01 $287,750 (-7.9%) $352,142 (-1.8%) 0.67 1,246
    2023-10-01 $273,500 (-13.9%) $342,348 (-6.1%) 0.64 1,267
    2023-11-01 $262,125 (-13.7%) $328,269 (-8.5%) 0.62 1,310
    2023-12-01 $260,000 (-12.2%) $328,287 (-8.2%) 0.63 1,241
    2024-01-01 $260,000 (-12.7%) $327,887 (-6.8%) 0.63 1,200
    2024-02-01 $261,000 (-13.0%) $326,514 (-8.1%) 0.63 1,214
    2024-03-01 $268,500 (-10.5%) $333,157 (-6.0%) 0.63 1,258
    Lubbock's median listing price for 2024-03-01 was $268,500, a difference of $-31,500 (-10.5%) versus the prior year and $7,500 versus the prior month.

    Lubbock's median listing price comes in at 63% of the national average.

    Lubbock's average listing price for 2024-03-01 was $333,157, a difference of $-21,297 (-6.0%) versus the prior year and $6,643 versus the prior month.

    For the 2024-03-01 period, Lubbock had 1,258 MLS listings, a difference of 44 listings (4%) versus the prior month and 352 listings (39%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 56 days 2,261 sqft
    2018-02-01 40 days 2,313 sqft
    2018-03-01 43 days 2,326 sqft
    2018-04-01 43 days 2,373 sqft
    2018-05-01 38 days 2,362 sqft
    2018-06-01 40 days 2,310 sqft
    2018-07-01 42 days 2,265 sqft
    2018-08-01 44 days 2,286 sqft
    2018-09-01 46 days 2,238 sqft
    2018-10-01 46 days 2,200 sqft
    2018-11-01 49 days 2,191 sqft
    2018-12-01 58 days 2,155 sqft
    2019-01-01 64 days 2,153 sqft
    2019-02-01 49 days 2,158 sqft
    2019-03-01 45 days 2,184 sqft
    2019-04-01 45 days 2,227 sqft
    2019-05-01 44 days 2,249 sqft
    2019-06-01 40 days 2,281 sqft
    2019-07-01 46 days 2,277 sqft
    2019-08-01 47 days 2,235 sqft
    2019-09-01 47 days 2,168 sqft
    2019-10-01 49 days 2,129 sqft
    2019-11-01 47 days 2,138 sqft
    2019-12-01 57 days 2,120 sqft
    2020-01-01 60 days 2,106 sqft
    2020-02-01 43 days 2,112 sqft
    2020-03-01 42 days 2,111 sqft
    2020-04-01 47 days 2,144 sqft
    2020-05-01 51 days 2,172 sqft
    2020-06-01 42 days 2,170 sqft
    2020-07-01 36 days 2,169 sqft
    2020-08-01 44 days 2,227 sqft
    2020-09-01 44 days 2,219 sqft
    2020-10-01 43 days 2,113 sqft
    2020-11-01 46 days 2,037 sqft
    2020-12-01 47 days 2,005 sqft
    2021-01-01 47 days 2,047 sqft
    2021-02-01 39 days 2,078 sqft
    2021-03-01 37 days 2,142 sqft
    2021-04-01 25 days 2,189 sqft
    2021-05-01 24 days 2,230 sqft
    2021-06-01 24 days 2,206 sqft
    2021-07-01 29 days 2,200 sqft
    2021-08-01 32 days 2,146 sqft
    2021-09-01 36 days 2,097 sqft
    2021-10-01 42 days 2,106 sqft
    2021-11-01 44 days 2,089 sqft
    2021-12-01 49 days 2,080 sqft
    2022-01-01 44 days 2,116 sqft
    2022-02-01 31 days 2,212 sqft
    2022-03-01 25 days 2,174 sqft
    2022-04-01 22 days 2,136 sqft
    2022-05-01 21 days 2,120 sqft
    2022-06-01 25 days 2,092 sqft
    2022-07-01 28 days 2,090 sqft
    2022-08-01 31 days 2,087 sqft
    2022-09-01 36 days 2,085 sqft
    2022-10-01 38 days 2,100 sqft
    2022-11-01 44 days 2,068 sqft
    2022-12-01 50 days 2,031 sqft
    2023-01-01 52 days 2,018 sqft
    2023-02-01 41 days 2,039 sqft
    2023-03-01 44 days 2,047 sqft
    2023-04-01 40 days 2,102 sqft
    2023-05-01 33 days 2,063 sqft
    2023-06-01 37 days 2,083 sqft
    2023-07-01 37 days 2,056 sqft
    2023-08-01 44 days 2,040 sqft
    2023-09-01 45 days 2,000 sqft
    2023-10-01 40 days 1,899 sqft
    2023-11-01 47 days 1,866 sqft
    2023-12-01 59 days 1,860 sqft
    2024-01-01 63 days 1,855 sqft
    2024-02-01 48 days 1,847 sqft
    2024-03-01 40 days 1,903 sqft
    Lubbock's median listing age (time on market) for 2024-03-01 was 40 days. This is -9% shorter than the same period one year ago.

    Lubbock's median square footage for active listings during the 2024-03-01 period was 1,903 sqft. One year prior, the average listing was 2,047 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.