Lynchburg VA Loan Rates, Closing Costs & Stats
LYNCHBURG, VA
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.
Lynchburg's 67 lenders originated 360 VA loans during 2023. The total origination value was $106,410,000, with an average VA loan value of $295,583.
Lynchburg VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Lynchburg
averaged
6.53%
for the week of 2024-12-13, compared to the national average (all VA variants) of
6.077% for the same period.
Lynchburg's average VA mortgage closing costs are $5,847.
The average rate for the prior week (2024-12-06) was
6.47% and
one month ago for the week of 2024-11-08, the
average rate was 6.66%.
The average rate one year ago was 6.81%.
For refis of the same type during the week of 2024-12-13, the average rate
was 6.98%.
Lynchburg 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 Lynchburg level.
The top Lynchburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with
57 VA loans originated. Their average total fees are
$5,958, which is $5,499
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Lynchburg VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($5,958), UNITED WHOLESALE MORTGAGE, LLC ($7,230), Alcova Mortgage LLC ($7,496), NAVY FEDERAL CREDIT UNION ($7,679) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($7,973).
The lowest rate Lynchburg VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION (6.00%), UNITED WHOLESALE MORTGAGE, LLC (6.05%), QUICKEN LOANS, LLC (6.14%), Renasant Bank (6.20%) and USAA Federal Savings Bank (6.26%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lynchburg (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 | $219,900 (15.8%) | $285,047 (10.3%) | 0.82 | 996 |
2018-02-01 | $221,950 (14.0%) | $283,114 (7.2%) | 0.81 | 990 |
2018-03-01 | $229,900 (15.0%) | $289,916 (6.3%) | 0.81 | 1,065 |
2018-04-01 | $232,700 (16.4%) | $293,423 (8.3%) | 0.79 | 1,119 |
2018-05-01 | $138,800 (-33.9%) | $214,187 (-22.6%) | 0.46 | 2,080 |
2018-06-01 | $139,900 (-33.2%) | $216,018 (-21.4%) | 0.47 | 2,164 |
2018-07-01 | $139,450 (-32.0%) | $214,095 (-22.6%) | 0.47 | 2,199 |
2018-08-01 | $136,250 (-35.1%) | $211,025 (-24.6%) | 0.46 | 2,190 |
2018-09-01 | $134,925 (-40.0%) | $208,440 (-27.9%) | 0.45 | 2,241 |
2018-10-01 | $132,125 (-39.9%) | $205,276 (-28.7%) | 0.45 | 2,219 |
2018-11-01 | $127,500 (-42.0%) | $200,669 (-29.4%) | 0.43 | 2,182 |
2018-12-01 | $119,950 (-45.5%) | $194,361 (-31.1%) | 0.41 | 2,078 |
2019-01-01 | $119,900 (-45.5%) | $192,948 (-32.3%) | 0.41 | 1,898 |
2019-02-01 | $115,225 (-48.1%) | $191,941 (-32.2%) | 0.39 | 1,859 |
2019-03-01 | $168,386 (-26.8%) | $236,713 (-18.4%) | 0.55 | 1,470 |
2019-04-01 | $239,913 (3.1%) | $296,802 (1.2%) | 0.76 | 980 |
2019-05-01 | $241,475 (74.0%) | $302,782 (41.4%) | 0.75 | 991 |
2019-06-01 | $239,900 (71.5%) | $306,485 (41.9%) | 0.75 | 989 |
2019-07-01 | $241,200 (73.0%) | $310,959 (45.2%) | 0.76 | 996 |
2019-08-01 | $241,973 (77.6%) | $319,339 (51.3%) | 0.77 | 1,006 |
2019-09-01 | $246,432 (82.6%) | $333,173 (59.8%) | 0.79 | 1,017 |
2019-10-01 | $244,405 (85.0%) | $337,067 (64.2%) | 0.79 | 1,025 |
2019-11-01 | $235,000 (84.3%) | $333,901 (66.4%) | 0.77 | 989 |
2019-12-01 | $230,750 (92.4%) | $302,138 (55.5%) | 0.77 | 903 |
2020-01-01 | $238,800 (99.2%) | $304,595 (57.9%) | 0.80 | 818 |
2020-02-01 | $249,500 (116.5%) | $312,072 (62.6%) | 0.82 | 770 |
2020-03-01 | $252,450 (49.9%) | $321,029 (35.6%) | 0.79 | 763 |
2020-04-01 | $253,400 (5.6%) | $325,967 (9.8%) | 0.79 | 781 |
2020-05-01 | $255,000 (5.6%) | $336,538 (11.2%) | 0.78 | 683 |
2020-06-01 | $266,150 (10.9%) | $350,179 (14.3%) | 0.78 | 620 |
2020-07-01 | $261,950 (8.6%) | $404,081 (30.0%) | 0.76 | 578 |
2020-08-01 | $259,900 (7.4%) | $407,743 (27.7%) | 0.74 | 553 |
2020-09-01 | $259,000 (5.1%) | $400,737 (20.3%) | 0.74 | 550 |
2020-10-01 | $249,000 (1.9%) | $406,716 (20.7%) | 0.71 | 556 |
2020-11-01 | $249,900 (6.3%) | $409,487 (22.6%) | 0.73 | 544 |
2020-12-01 | $244,913 (6.1%) | $421,895 (39.6%) | 0.73 | 495 |
2021-01-01 | $249,900 (4.7%) | $438,160 (43.9%) | 0.75 | 413 |
2021-02-01 | $256,150 (2.7%) | $474,912 (52.2%) | 0.75 | 338 |
2021-03-01 | $257,400 (2.0%) | $473,087 (47.4%) | 0.73 | 352 |
2021-04-01 | $277,325 (9.4%) | $507,128 (55.6%) | 0.75 | 332 |
2021-05-01 | $274,975 (7.8%) | $464,859 (38.1%) | 0.73 | 343 |
2021-06-01 | $288,650 (8.5%) | $469,332 (34.0%) | 0.76 | 367 |
2021-07-01 | $279,900 (6.9%) | $448,163 (10.9%) | 0.74 | 434 |
2021-08-01 | $277,675 (6.8%) | $439,546 (7.8%) | 0.74 | 448 |
2021-09-01 | $290,550 (12.2%) | $450,514 (12.4%) | 0.77 | 457 |
2021-10-01 | $289,900 (16.4%) | $447,457 (10.0%) | 0.77 | 445 |
2021-11-01 | $295,350 (18.2%) | $454,990 (11.1%) | 0.79 | 392 |
2021-12-01 | $289,900 (18.4%) | $402,412 (-4.6%) | 0.79 | 338 |
2022-01-01 | $284,900 (14.0%) | $355,839 (-18.8%) | 0.77 | 279 |
2022-02-01 | $297,000 (16.0%) | $363,157 (-23.5%) | 0.77 | 266 |
2022-03-01 | $322,450 (25.3%) | $387,313 (-18.1%) | 0.81 | 264 |
2022-04-01 | $324,988 (17.2%) | $387,493 (-23.6%) | 0.77 | 266 |
2022-05-01 | $329,675 (19.9%) | $395,404 (-14.9%) | 0.75 | 330 |
2022-06-01 | $334,575 (15.9%) | $396,615 (-15.5%) | 0.75 | 395 |
2022-07-01 | $330,000 (17.9%) | $411,383 (-8.2%) | 0.74 | 460 |
2022-08-01 | $334,450 (20.5%) | $412,731 (-6.1%) | 0.77 | 457 |
2022-09-01 | $317,450 (9.3%) | $401,510 (-10.9%) | 0.74 | 435 |
2022-10-01 | $329,900 (13.8%) | $409,964 (-8.4%) | 0.78 | 428 |
2022-11-01 | $336,975 (14.1%) | $418,160 (-8.1%) | 0.81 | 437 |
2022-12-01 | $329,000 (13.5%) | $401,317 (-0.3%) | 0.81 | 396 |
2023-01-01 | $323,500 (13.6%) | $399,877 (12.4%) | 0.80 | 369 |
2023-02-01 | $329,913 (11.1%) | $406,774 (12.0%) | 0.80 | 334 |
2023-03-01 | $339,450 (5.3%) | $418,526 (8.1%) | 0.80 | 348 |
2023-04-01 | $334,900 (3.1%) | $420,821 (8.6%) | 0.78 | 379 |
2023-05-01 | $329,500 (-0.1%) | $431,384 (9.1%) | 0.75 | 401 |
2023-06-01 | $348,650 (4.2%) | $457,478 (15.4%) | 0.78 | 419 |
2023-07-01 | $349,250 (5.8%) | $456,974 (11.1%) | 0.79 | 449 |
2023-08-01 | $349,350 (4.5%) | $462,692 (12.1%) | 0.80 | 514 |
2023-09-01 | $332,450 (4.7%) | $443,546 (10.5%) | 0.77 | 506 |
2023-10-01 | $339,450 (2.9%) | $436,305 (6.4%) | 0.80 | 552 |
2023-11-01 | $347,000 (3.0%) | $443,251 (6.0%) | 0.83 | 570 |
2023-12-01 | $339,900 (3.3%) | $441,167 (9.9%) | 0.83 | 538 |
2024-01-01 | $339,950 (5.1%) | $443,663 (11.0%) | 0.83 | 513 |
2024-02-01 | $334,475 (1.4%) | $430,428 (5.8%) | 0.81 | 512 |
2024-03-01 | $337,380 (-0.6%) | $439,389 (5.0%) | 0.79 | 518 |
2024-04-01 | $344,900 (3.0%) | $436,910 (3.8%) | 0.80 | 537 |
2024-05-01 | $354,900 (7.7%) | $449,539 (4.2%) | 0.80 | 622 |
2024-06-01 | $349,900 (0.4%) | $443,631 (-3.0%) | 0.79 | 686 |
2024-07-01 | $349,900 (0.2%) | $434,576 (-4.9%) | 0.80 | 708 |
2024-08-01 | $349,900 (0.2%) | $430,575 (-6.9%) | 0.81 | 693 |
2024-09-01 | $349,900 (5.3%) | $428,329 (-3.4%) | 0.82 | 715 |
2024-10-01 | $346,200 (2.0%) | $435,831 (-0.1%) | 0.81 | 690 |
2024-11-01 | $334,950 (-3.5%) | $426,768 (-3.7%) | 0.80 | 706 |
Lynchburg's median listing price comes in at 80% of the national average.
Lynchburg's average listing price for 2024-11-01 was $426,768, a difference of $-16,483 (-3.7%) versus the prior year and $-9,063 versus the prior month.
For the 2024-11-01 period, Lynchburg had 706 MLS listings, a difference of 16 listings (2%) versus the prior month and 136 listings (24%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 1,973 sqft |
2018-02-01 | 86 days | 1,976 sqft |
2018-03-01 | 64 days | 1,990 sqft |
2018-04-01 | 56 days | 2,023 sqft |
2018-05-01 | 78 days | 2,049 sqft |
2018-06-01 | 82 days | 2,084 sqft |
2018-07-01 | 86 days | 2,051 sqft |
2018-08-01 | 86 days | 2,016 sqft |
2018-09-01 | 88 days | 2,005 sqft |
2018-10-01 | 89 days | 1,988 sqft |
2018-11-01 | 94 days | 1,947 sqft |
2018-12-01 | 110 days | 1,920 sqft |
2019-01-01 | 115 days | 1,953 sqft |
2019-02-01 | 116 days | 1,952 sqft |
2019-03-01 | 90 days | 1,992 sqft |
2019-04-01 | 55 days | 2,015 sqft |
2019-05-01 | 55 days | 2,001 sqft |
2019-06-01 | 57 days | 2,070 sqft |
2019-07-01 | 62 days | 2,109 sqft |
2019-08-01 | 64 days | 2,081 sqft |
2019-09-01 | 66 days | 2,052 sqft |
2019-10-01 | 67 days | 2,021 sqft |
2019-11-01 | 74 days | 1,984 sqft |
2019-12-01 | 82 days | 1,955 sqft |
2020-01-01 | 88 days | 1,959 sqft |
2020-02-01 | 75 days | 1,968 sqft |
2020-03-01 | 57 days | 1,984 sqft |
2020-04-01 | 59 days | 1,992 sqft |
2020-05-01 | 66 days | 2,001 sqft |
2020-06-01 | 64 days | 2,097 sqft |
2020-07-01 | 58 days | 2,095 sqft |
2020-08-01 | 52 days | 2,095 sqft |
2020-09-01 | 53 days | 2,042 sqft |
2020-10-01 | 51 days | 1,891 sqft |
2020-11-01 | 60 days | 1,909 sqft |
2020-12-01 | 65 days | 1,867 sqft |
2021-01-01 | 72 days | 1,850 sqft |
2021-02-01 | 69 days | 1,850 sqft |
2021-03-01 | 47 days | 1,841 sqft |
2021-04-01 | 43 days | 1,885 sqft |
2021-05-01 | 43 days | 1,872 sqft |
2021-06-01 | 41 days | 1,887 sqft |
2021-07-01 | 38 days | 1,880 sqft |
2021-08-01 | 42 days | 1,932 sqft |
2021-09-01 | 42 days | 1,896 sqft |
2021-10-01 | 46 days | 1,875 sqft |
2021-11-01 | 51 days | 1,873 sqft |
2021-12-01 | 58 days | 1,793 sqft |
2022-01-01 | 61 days | 1,730 sqft |
2022-02-01 | 46 days | 1,746 sqft |
2022-03-01 | 36 days | 1,870 sqft |
2022-04-01 | 37 days | 1,884 sqft |
2022-05-01 | 33 days | 1,913 sqft |
2022-06-01 | 33 days | 1,967 sqft |
2022-07-01 | 39 days | 1,962 sqft |
2022-08-01 | 49 days | 1,941 sqft |
2022-09-01 | 51 days | 1,852 sqft |
2022-10-01 | 51 days | 1,817 sqft |
2022-11-01 | 51 days | 1,871 sqft |
2022-12-01 | 61 days | 1,800 sqft |
2023-01-01 | 61 days | 1,792 sqft |
2023-02-01 | 44 days | 1,733 sqft |
2023-03-01 | 44 days | 1,817 sqft |
2023-04-01 | 38 days | 1,800 sqft |
2023-05-01 | 40 days | 1,763 sqft |
2023-06-01 | 47 days | 1,898 sqft |
2023-07-01 | 42 days | 1,857 sqft |
2023-08-01 | 41 days | 1,877 sqft |
2023-09-01 | 50 days | 1,895 sqft |
2023-10-01 | 46 days | 1,878 sqft |
2023-11-01 | 52 days | 1,865 sqft |
2023-12-01 | 60 days | 1,871 sqft |
2024-01-01 | 59 days | 1,832 sqft |
2024-02-01 | 50 days | 1,775 sqft |
2024-03-01 | 51 days | 1,784 sqft |
2024-04-01 | 47 days | 1,788 sqft |
2024-05-01 | 37 days | 1,853 sqft |
2024-06-01 | 40 days | 1,833 sqft |
2024-07-01 | 50 days | 1,840 sqft |
2024-08-01 | 52 days | 1,820 sqft |
2024-09-01 | 52 days | 1,800 sqft |
2024-10-01 | 54 days | 1,788 sqft |
2024-11-01 | 55 days | 1,725 sqft |
Lynchburg's median square footage for active listings during the 2024-11-01 period was 1,725 sqft. One year prior, the average listing was 1,865 sqft.