Mayfield VA Loan Rates, Closing Costs & Stats

Mayfield, KY

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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.

    Mayfield's 18 lenders originated 36 VA loans during 2023. The total origination value was $7,810,000, with an average VA loan value of $216,944.

    Mayfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mayfield averaged 6.78% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Mayfield's average VA mortgage closing costs are $4,782.

    The average rate for the prior week (2024-04-12) was 6.91% and one month ago for the week of 2024-03-15, the average rate was 6.77%.

    The average rate one year ago was 6.16%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

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

    Mayfield 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 Mayfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 10 6.75% $7,707
    RUOFF MORTGAGE COMPANY, INC. 3 6.88% $3,981
    U.S. Bank 3 6.17% $4,787
    UNITED WHOLESALE MORTGAGE, LLC 2 6.75% $3,336
    FLAT BRANCH MORTGAGE, INC. 2 6.50% $5,412
    NAVY FEDERAL CREDIT UNION 2 5.56% $3,091
    GUARANTEED RATE, INC. 2 6.00% $6,062
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $6,192
    STOCKTON MORTGAGE CORPORATION 1 7.25% $3,136
    USAA Federal Savings Bank 1 5.50% $9,807
    NEW DAY FINANCIAL, LLC 1 7.50% $4,827
    First Federal Bank 1 6.00% $6,751
    GERSHMAN INVESTMENT CORP. 1 7.25% $2,046
    LAKEVIEW LOAN SERVICING, LLC 1 6.13% $14,635
    Magnolia Bank 1 5.75% $8,013
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $8,797
    PLAZA HOME MORTGAGE, INC. 1 6.00% $4,281
    QUICKEN LOANS, LLC 1 6.49% $5,154

    The top Mayfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $7,707, which is $3,725 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Mayfield VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,707), .

    The lowest rate Mayfield VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.75%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mayfield (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 $126,250 (1.1%) $152,169 (6.1%) 0.00 125
    2018-02-01 $124,100 (-3.6%) $150,686 (-0.7%) 0.00 117
    2018-03-01 $134,450 (-1.8%) $162,991 (5.1%) 0.00 119
    2018-04-01 $137,188 (-1.7%) $157,806 (0.1%) 0.00 140
    2018-05-01 $135,000 (-3.5%) $159,738 (-1.1%) 0.00 144
    2018-06-01 $145,000 (2.2%) $164,083 (1.5%) 0.00 153
    2018-07-01 $146,125 (6.0%) $168,420 (7.3%) 0.00 156
    2018-08-01 $132,900 (2.3%) $168,994 (9.5%) 0.00 153
    2018-09-01 $124,900 (9.1%) $164,355 (8.2%) 0.00 147
    2018-10-01 $123,150 (3.4%) $164,524 (8.7%) 0.00 132
    2018-11-01 $119,200 (-5.0%) $158,550 (3.8%) 0.00 133
    2018-12-01 $121,400 (1.6%) $158,215 (6.4%) 0.00 125
    2019-01-01 $119,900 (-5.0%) $156,514 (2.9%) 0.00 106
    2019-02-01 $122,225 (-1.5%) $150,268 (-0.3%) 0.00 111
    2019-03-01 $133,929 (-0.4%) $162,740 (-0.2%) 0.00 102
    2019-04-01 $139,900 (2.0%) $173,741 (10.1%) 0.00 96
    2019-05-01 $136,175 (0.9%) $179,880 (12.6%) 0.00 113
    2019-06-01 $135,000 (-6.9%) $187,344 (14.2%) 0.00 120
    2019-07-01 $134,925 (-7.7%) $190,859 (13.3%) 0.00 110
    2019-08-01 $138,886 (4.5%) $187,120 (10.7%) 0.00 111
    2019-09-01 $144,716 (15.9%) $179,898 (9.5%) 0.00 113
    2019-10-01 $148,227 (20.4%) $172,465 (4.8%) 0.00 115
    2019-11-01 $140,200 (17.6%) $166,794 (5.2%) 0.00 112
    2019-12-01 $146,700 (20.8%) $171,667 (8.5%) 0.00 100
    2020-01-01 $148,625 (24.0%) $172,734 (10.4%) 0.00 90
    2020-02-01 $139,900 (14.5%) $177,708 (18.3%) 0.00 64
    2020-03-01 $139,000 (3.8%) $183,423 (12.7%) 0.00 63
    2020-04-01 $143,375 (2.5%) $186,396 (7.3%) 0.00 58
    2020-05-01 $159,200 (16.9%) $196,904 (9.5%) 0.00 50
    2020-06-01 $162,225 (20.2%) $209,318 (11.7%) 0.00 46
    2020-07-01 $136,150 (0.9%) $200,551 (5.1%) 0.00 42
    2020-08-01 $143,700 (3.5%) $195,120 (4.3%) 0.00 42
    2020-09-01 $162,400 (12.2%) $192,297 (6.9%) 0.00 41
    2020-10-01 $160,000 (7.9%) $204,158 (18.4%) 0.00 39
    2020-11-01 $145,925 (4.1%) $196,635 (17.9%) 0.00 34
    2020-12-01 $134,900 (-8.0%) $174,572 (1.7%) 0.00 32
    2021-01-01 $139,900 (-5.9%) $186,046 (7.7%) 0.00 31
    2021-02-01 $160,750 (14.9%) $194,018 (9.2%) 0.00 30
    2021-03-01 $175,725 (26.4%) $207,792 (13.3%) 0.00 20
    2021-04-01 $149,400 (4.2%) $181,868 (-2.4%) 0.00 27
    2021-05-01 $144,900 (-9.0%) $222,004 (12.8%) 0.00 26
    2021-06-01 $149,450 (-7.9%) $214,194 (2.3%) 0.00 33
    2021-07-01 $143,750 (5.6%) $200,670 (0.1%) 0.00 37
    2021-08-01 $149,900 (4.3%) $249,888 (28.1%) 0.00 43
    2021-09-01 $148,675 (-8.5%) $230,682 (20.0%) 0.00 48
    2021-10-01 $160,000 (0.0%) $237,649 (16.4%) 0.00 45
    2021-11-01 $185,925 (27.4%) $242,817 (23.5%) 0.00 46
    2021-12-01 $184,350 (36.7%) $246,425 (41.2%) 0.00 44
    2022-01-01 $174,900 (25.0%) $242,719 (30.5%) 0.00 33
    2022-02-01 $170,950 (6.4%) $236,884 (22.1%) 0.00 30
    2022-03-01 $219,900 (25.1%) $244,635 (17.7%) 0.00 22
    2022-04-01 $199,450 (33.5%) $241,966 (33.1%) 0.00 21
    2022-05-01 $214,725 (48.2%) $232,488 (4.7%) 0.00 25
    2022-06-01 $244,950 (63.9%) $245,278 (14.5%) 0.00 29
    2022-07-01 $229,000 (59.3%) $241,847 (20.5%) 0.00 34
    2022-08-01 $209,225 (39.6%) $233,912 (-6.4%) 0.00 43
    2022-09-01 $193,750 (30.3%) $225,117 (-2.4%) 0.00 51
    2022-10-01 $212,000 (32.5%) $229,540 (-3.4%) 0.00 50
    2022-11-01 $189,950 (2.2%) $210,418 (-13.3%) 0.00 55
    2022-12-01 $201,950 (9.6%) $231,947 (-5.9%) 0.00 45
    2023-01-01 $204,900 (17.2%) $237,482 (-2.2%) 0.00 41
    2023-02-01 $184,450 (7.9%) $238,424 (0.7%) 0.00 32
    2023-03-01 $210,000 (-4.5%) $266,429 (8.9%) 0.00 32
    2023-04-01 $204,900 (2.7%) $274,950 (13.6%) 0.00 37
    2023-05-01 $202,400 (-5.7%) $269,958 (16.1%) 0.00 35
    2023-06-01 $260,950 (6.5%) $293,565 (19.7%) 0.00 40
    2023-07-01 $269,900 (17.9%) $290,879 (20.3%) 0.00 44
    2023-08-01 $244,450 (16.8%) $269,655 (15.3%) 0.00 51
    2023-09-01 $254,750 (31.5%) $285,060 (26.6%) 0.00 51
    2023-10-01 $229,225 (8.1%) $265,360 (15.6%) 0.00 56
    2023-11-01 $215,725 (13.6%) $254,374 (20.9%) 0.00 57
    2023-12-01 $222,450 (10.2%) $258,665 (11.5%) 0.00 58
    2024-01-01 $219,750 (7.3%) $249,568 (5.1%) 0.00 57
    2024-02-01 $201,500 (9.2%) $252,324 (5.8%) 0.00 50
    2024-03-01 $227,500 (8.3%) $273,791 (2.8%) 0.00 54
    Mayfield's median listing price for 2024-03-01 was $227,500, a difference of $17,500 (8.3%) versus the prior year and $26,000 versus the prior month.

    Mayfield's median listing price comes in at 0% of the national average.

    Mayfield's average listing price for 2024-03-01 was $273,791, a difference of $7,362 (2.8%) versus the prior year and $21,467 versus the prior month.

    For the 2024-03-01 period, Mayfield had 54 MLS listings, a difference of 4 listings (8%) versus the prior month and 22 listings (69%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mayfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,773 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,875 sqft
    2018-04-01 0 days 1,764 sqft
    2018-05-01 0 days 1,764 sqft
    2018-06-01 0 days 1,786 sqft
    2018-07-01 0 days 1,853 sqft
    2018-08-01 0 days 1,766 sqft
    2018-09-01 0 days 1,698 sqft
    2018-10-01 0 days 1,710 sqft
    2018-11-01 0 days 1,703 sqft
    2018-12-01 0 days 1,700 sqft
    2019-01-01 0 days 1,705 sqft
    2019-02-01 0 days 1,688 sqft
    2019-03-01 0 days 1,743 sqft
    2019-04-01 0 days 1,772 sqft
    2019-05-01 0 days 1,752 sqft
    2019-06-01 0 days 1,817 sqft
    2019-07-01 0 days 1,820 sqft
    2019-08-01 0 days 1,777 sqft
    2019-09-01 0 days 1,799 sqft
    2019-10-01 0 days 1,806 sqft
    2019-11-01 0 days 1,751 sqft
    2019-12-01 0 days 1,901 sqft
    2020-01-01 0 days 1,942 sqft
    2020-02-01 0 days 1,913 sqft
    2020-03-01 0 days 1,882 sqft
    2020-04-01 0 days 1,887 sqft
    2020-05-01 0 days 1,907 sqft
    2020-06-01 0 days 1,900 sqft
    2020-07-01 0 days 1,804 sqft
    2020-08-01 0 days 1,800 sqft
    2020-09-01 0 days 1,858 sqft
    2020-10-01 0 days 1,800 sqft
    2020-11-01 0 days 1,730 sqft
    2020-12-01 0 days 1,613 sqft
    2021-01-01 0 days 1,691 sqft
    2021-02-01 0 days 1,755 sqft
    2021-03-01 0 days 2,000 sqft
    2021-04-01 0 days 1,697 sqft
    2021-05-01 0 days 1,872 sqft
    2021-06-01 0 days 1,801 sqft
    2021-07-01 0 days 1,620 sqft
    2021-08-01 0 days 1,803 sqft
    2021-09-01 0 days 1,791 sqft
    2021-10-01 0 days 1,754 sqft
    2021-11-01 0 days 1,772 sqft
    2021-12-01 0 days 1,847 sqft
    2022-01-01 0 days 1,765 sqft
    2022-02-01 0 days 1,773 sqft
    2022-03-01 0 days 1,663 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,677 sqft
    2022-06-01 0 days 1,746 sqft
    2022-07-01 0 days 1,893 sqft
    2022-08-01 0 days 1,774 sqft
    2022-09-01 0 days 1,774 sqft
    2022-10-01 0 days 1,680 sqft
    2022-11-01 0 days 1,609 sqft
    2022-12-01 0 days 1,735 sqft
    2023-01-01 0 days 1,755 sqft
    2023-02-01 0 days 1,643 sqft
    2023-03-01 0 days 1,639 sqft
    2023-04-01 0 days 1,653 sqft
    2023-05-01 0 days 1,788 sqft
    2023-06-01 0 days 1,944 sqft
    2023-07-01 0 days 1,874 sqft
    2023-08-01 0 days 1,708 sqft
    2023-09-01 0 days 1,792 sqft
    2023-10-01 0 days 1,829 sqft
    2023-11-01 0 days 1,741 sqft
    2023-12-01 0 days 1,776 sqft
    2024-01-01 0 days 1,830 sqft
    2024-02-01 0 days 1,704 sqft
    2024-03-01 0 days 1,738 sqft
    Mayfield's median listing age (time on market) for 2024-03-01 was 0 days.

    Mayfield's median square footage for active listings during the 2024-03-01 period was 1,738 sqft. One year prior, the average listing was 1,639 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.