Lubbock VA Loan Rates, Closing Costs & Stats
LUBBOCK, TX
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 90 lenders originated 804 VA loans during 2021. The total origination value was $203,890,000, with an average VA loan value of $253,595.
Lubbock VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Lubbock
averaged
6.64%
for the week of 2023-01-27, compared to the national average (all VA variants) of
5.952% for the same period.
Lubbock's average VA mortgage closing costs are $5,153.
The average rate for the prior week (2023-01-20) was
6.47% and
one month ago for the week of 2022-12-23, the
average rate was 6.74%.
The average rate one year ago was 3.94%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.16%.
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.
The top Lubbock VA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with
91 VA loans originated. Their average total fees are
$7,557, which is $2,410
higher than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Lubbock VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($2,313), LAKEVIEW LOAN SERVICING, LLC ($2,782), Wells Fargo Bank ($2,839), VILLAGE CAPITAL MORTGAGE ($3,173) and USAA Federal Savings Bank ($3,442).
The lowest rate Lubbock VA lenders (with over 10 loans originated) are
NEW DAY FINANCIAL, LLC (2.38%), QUICKEN LOANS, LLC (2.41%), FREEDOM MORTGAGE CORPORATION (2.45%), VILLAGE CAPITAL MORTGAGE (2.47%) and PENNYMAC LOAN SERVICES, LLC (2.48%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 (1.7%) | 0.83 | 1,030 |
2018-02-01 | $233,863 (5.6%) | $291,535 (1.8%) | 0.85 | 1,003 |
2018-03-01 | $235,000 (-4.0%) | $296,210 (-0.3%) | 0.82 | 1,009 |
2018-04-01 | $246,750 (-8.6%) | $305,278 (-2.4%) | 0.84 | 1,010 |
2018-05-01 | $244,600 (-9.6%) | $300,831 (-4.7%) | 0.82 | 1,054 |
2018-06-01 | $238,000 (-10.9%) | $298,884 (-3.5%) | 0.79 | 1,151 |
2018-07-01 | $234,950 (-8.7%) | $291,869 (-3.9%) | 0.78 | 1,212 |
2018-08-01 | $234,950 (-3.9%) | $292,634 (-0.6%) | 0.79 | 1,221 |
2018-09-01 | $225,850 (-3.9%) | $286,607 (-1.8%) | 0.76 | 1,224 |
2018-10-01 | $219,975 (-6.4%) | $280,065 (-3.6%) | 0.74 | 1,239 |
2018-11-01 | $215,600 (-7.3%) | $275,023 (-4.8%) | 0.73 | 1,207 |
2018-12-01 | $215,000 (-6.5%) | $273,348 (-4.9%) | 0.74 | 1,181 |
2019-01-01 | $217,373 (-3.1%) | $275,917 (-1.0%) | 0.75 | 1,111 |
2019-02-01 | $222,225 (-5.0%) | $279,178 (-4.2%) | 0.75 | 1,075 |
2019-03-01 | $231,114 (-1.7%) | $280,854 (-5.2%) | 0.76 | 1,023 |
2019-04-01 | $240,875 (-2.4%) | $286,150 (-6.3%) | 0.76 | 967 |
2019-05-01 | $244,925 (0.1%) | $292,957 (-2.6%) | 0.77 | 969 |
2019-06-01 | $249,900 (5.0%) | $295,457 (-1.2%) | 0.78 | 973 |
2019-07-01 | $242,500 (3.2%) | $292,044 (0.1%) | 0.76 | 961 |
2019-08-01 | $232,636 (-1.0%) | $283,126 (-3.3%) | 0.74 | 935 |
2019-09-01 | $221,591 (-1.9%) | $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 (4.4%) | $269,528 (-2.0%) | 0.74 | 900 |
2019-12-01 | $234,875 (9.2%) | $277,537 (1.5%) | 0.78 | 838 |
2020-01-01 | $235,375 (8.3%) | $343,111 (24.4%) | 0.79 | 806 |
2020-02-01 | $236,750 (6.5%) | $286,879 (2.8%) | 0.77 | 846 |
2020-03-01 | $239,900 (3.8%) | $293,038 (4.3%) | 0.75 | 847 |
2020-04-01 | $242,500 (0.7%) | $300,040 (4.9%) | 0.76 | 863 |
2020-05-01 | $249,500 (1.9%) | $307,051 (4.8%) | 0.76 | 766 |
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%) | $327,685 (15.7%) | 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 | $237,313 (1.0%) | $297,268 (7.1%) | 0.71 | 549 |
2021-01-01 | $259,450 (10.2%) | $297,935 (-13.2%) | 0.77 | 492 |
2021-02-01 | $271,900 (14.9%) | $315,573 (10.0%) | 0.79 | 402 |
2021-03-01 | $290,000 (20.9%) | $334,489 (14.2%) | 0.82 | 343 |
2021-04-01 | $309,975 (27.8%) | $358,033 (19.3%) | 0.84 | 347 |
2021-05-01 | $322,990 (29.5%) | $367,040 (19.5%) | 0.85 | 369 |
2021-06-01 | $307,450 (22.5%) | $359,194 (13.9%) | 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 (7.1%) | 0.79 | 544 |
2021-09-01 | $275,975 (5.1%) | $335,705 (3.3%) | 0.74 | 555 |
2021-10-01 | $283,250 (14.8%) | $336,209 (10.1%) | 0.76 | 539 |
2021-11-01 | $292,500 (26.1%) | $344,632 (17.6%) | 0.78 | 495 |
2021-12-01 | $293,000 (23.5%) | $346,467 (16.6%) | 0.79 | 434 |
2022-01-01 | $300,000 (15.6%) | $351,395 (17.9%) | 0.81 | 377 |
2022-02-01 | $359,175 (32.1%) | $396,514 (25.7%) | 0.93 | 312 |
2022-03-01 | $351,475 (21.2%) | $397,044 (18.7%) | 0.88 | 319 |
2022-04-01 | $350,999 (13.2%) | $403,570 (12.7%) | 0.84 | 343 |
2022-05-01 | $350,000 (8.4%) | $394,410 (7.5%) | 0.80 | 456 |
2022-06-01 | $340,000 (10.6%) | $385,144 (7.2%) | 0.76 | 554 |
2022-07-01 | $320,000 (10.6%) | $367,961 (2.8%) | 0.72 | 710 |
2022-08-01 | $319,305 (8.0%) | $358,270 (2.1%) | 0.74 | 795 |
2022-09-01 | $311,738 (13.0%) | $358,526 (6.8%) | 0.73 | 851 |
2022-10-01 | $318,000 (12.3%) | $365,082 (8.6%) | 0.75 | 902 |
2022-11-01 | $304,362 (4.1%) | $359,187 (4.2%) | 0.73 | 939 |
2022-12-01 | $299,000 (2.1%) | $358,233 (3.4%) | 0.75 | 951 |
Lubbock's median listing price comes in at 75% of the national average.
Lubbock's average listing price for 2022-12-01 was $358,233, a difference of $11,766 (3.4%) versus the prior year and $-954 versus the prior month.
For the 2022-12-01 period, Lubbock had 951 MLS listings, a difference of 12 listings (1%) versus the prior month and 517 listings (119%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 57 days | 2,261 sqft |
2018-02-01 | 40 days | 2,313 sqft |
2018-03-01 | 44 days | 2,326 sqft |
2018-04-01 | 44 days | 2,374 sqft |
2018-05-01 | 39 days | 2,362 sqft |
2018-06-01 | 40 days | 2,310 sqft |
2018-07-01 | 43 days | 2,265 sqft |
2018-08-01 | 45 days | 2,285 sqft |
2018-09-01 | 47 days | 2,238 sqft |
2018-10-01 | 46 days | 2,200 sqft |
2018-11-01 | 50 days | 2,190 sqft |
2018-12-01 | 59 days | 2,155 sqft |
2019-01-01 | 65 days | 2,153 sqft |
2019-02-01 | 50 days | 2,158 sqft |
2019-03-01 | 45 days | 2,183 sqft |
2019-04-01 | 45 days | 2,225 sqft |
2019-05-01 | 45 days | 2,244 sqft |
2019-06-01 | 43 days | 2,277 sqft |
2019-07-01 | 46 days | 2,277 sqft |
2019-08-01 | 47 days | 2,235 sqft |
2019-09-01 | 49 days | 2,168 sqft |
2019-10-01 | 50 days | 2,129 sqft |
2019-11-01 | 49 days | 2,138 sqft |
2019-12-01 | 58 days | 2,120 sqft |
2020-01-01 | 61 days | 2,106 sqft |
2020-02-01 | 43 days | 2,111 sqft |
2020-03-01 | 43 days | 2,111 sqft |
2020-04-01 | 48 days | 2,143 sqft |
2020-05-01 | 51 days | 2,172 sqft |
2020-06-01 | 42 days | 2,170 sqft |
2020-07-01 | 37 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 | 47 days | 2,037 sqft |
2020-12-01 | 49 days | 2,004 sqft |
2021-01-01 | 50 days | 2,047 sqft |
2021-02-01 | 41 days | 2,078 sqft |
2021-03-01 | 38 days | 2,144 sqft |
2021-04-01 | 26 days | 2,192 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 | 43 days | 2,110 sqft |
2021-11-01 | 44 days | 2,089 sqft |
2021-12-01 | 50 days | 2,081 sqft |
2022-01-01 | 44 days | 2,117 sqft |
2022-02-01 | 32 days | 2,211 sqft |
2022-03-01 | 25 days | 2,180 sqft |
2022-04-01 | 23 days | 2,143 sqft |
2022-05-01 | 22 days | 2,138 sqft |
2022-06-01 | 25 days | 2,090 sqft |
2022-07-01 | 28 days | 2,090 sqft |
2022-08-01 | 31 days | 2,091 sqft |
2022-09-01 | 36 days | 2,083 sqft |
2022-10-01 | 38 days | 2,100 sqft |
2022-11-01 | 44 days | 2,068 sqft |
2022-12-01 | 51 days | 2,031 sqft |
Lubbock's median square footage for active listings during the 2022-12-01 period was 2,031 sqft. One year prior, the average listing was 2,081 sqft.