Memphis VA Loan Rates, Closing Costs & Stats
MEMPHIS, TN-MS-AR
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.
Memphis's 130 lenders originated 1,786 VA loans during 2023. The total origination value was $595,690,000, with an average VA loan value of $333,533.
Memphis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Memphis
averaged
5.92%
for the week of 2024-10-04, compared to the national average (all VA variants) of
5.596% for the same period.
Memphis's average VA mortgage closing costs are $6,497.
The average rate for the prior week (2024-09-27) was
5.55% and
one month ago for the week of 2024-08-30, the
average rate was 5.87%.
The average rate one year ago was 7.31%.
For refis of the same type during the week of 2024-10-04, the average rate
was 5.62%.
Memphis 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 Memphis level.
The top Memphis VA lender as defined by loan originations is Mortgage Research Center, LLC, with
311 VA loans originated. Their average total fees are
$6,476, which is $5,812
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Memphis VA lenders (with over 10 loans originated) are
Nations Lending Corporation ($4,224), Evolve Bank & Trust ($5,869), GUARANTEED RATE, INC. ($6,171), FirstTrust Home Loans, Inc. ($6,206) and CROSSCOUNTRY MORTGAGE, LLC ($6,388).
The lowest rate Memphis VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.30%), PENNYMAC LOAN SERVICES, LLC (5.43%), NAVY FEDERAL CREDIT UNION (5.75%), Mr. Cooper ( Nationstar Mortgage ) (5.87%) and Patriot Bank (6.01%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Memphis (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 | $186,375 (9.7%) | $245,918 (5.7%) | 0.69 | 3,814 |
2018-02-01 | $184,350 (8.5%) | $242,774 (5.0%) | 0.67 | 3,798 |
2018-03-01 | $185,000 (6.5%) | $248,291 (5.6%) | 0.65 | 3,799 |
2018-04-01 | $193,450 (7.5%) | $255,176 (3.6%) | 0.66 | 3,202 |
2018-05-01 | $199,950 (8.1%) | $265,105 (5.2%) | 0.67 | 3,161 |
2018-06-01 | $210,875 (8.5%) | $267,469 (5.0%) | 0.70 | 3,415 |
2018-07-01 | $212,700 (8.1%) | $266,363 (4.4%) | 0.71 | 3,759 |
2018-08-01 | $212,900 (9.2%) | $265,195 (4.9%) | 0.71 | 3,759 |
2018-09-01 | $212,000 (7.1%) | $264,535 (4.2%) | 0.71 | 3,761 |
2018-10-01 | $215,000 (11.2%) | $267,139 (7.0%) | 0.73 | 3,768 |
2018-11-01 | $210,000 (10.6%) | $262,223 (5.1%) | 0.71 | 3,732 |
2018-12-01 | $209,900 (12.9%) | $256,634 (3.4%) | 0.72 | 3,470 |
2019-01-01 | $204,925 (10.0%) | $254,140 (3.3%) | 0.71 | 3,141 |
2019-02-01 | $208,244 (13.0%) | $257,728 (6.2%) | 0.70 | 3,034 |
2019-03-01 | $214,186 (15.8%) | $269,000 (8.3%) | 0.70 | 2,968 |
2019-04-01 | $222,325 (14.9%) | $280,584 (10.0%) | 0.71 | 2,987 |
2019-05-01 | $230,000 (15.0%) | $285,812 (7.8%) | 0.72 | 3,001 |
2019-06-01 | $230,000 (9.1%) | $288,883 (8.0%) | 0.72 | 3,102 |
2019-07-01 | $231,075 (8.6%) | $289,796 (8.8%) | 0.72 | 3,245 |
2019-08-01 | $232,845 (9.4%) | $289,702 (9.2%) | 0.74 | 3,227 |
2019-09-01 | $231,189 (9.1%) | $290,408 (9.8%) | 0.74 | 3,194 |
2019-10-01 | $230,134 (7.0%) | $291,712 (9.2%) | 0.74 | 3,162 |
2019-11-01 | $232,700 (10.8%) | $294,661 (12.4%) | 0.76 | 3,093 |
2019-12-01 | $232,450 (10.7%) | $292,234 (13.9%) | 0.78 | 2,936 |
2020-01-01 | $228,200 (11.4%) | $289,871 (14.1%) | 0.76 | 2,744 |
2020-02-01 | $230,000 (10.5%) | $295,406 (14.6%) | 0.75 | 2,508 |
2020-03-01 | $242,735 (13.3%) | $306,363 (13.9%) | 0.76 | 2,390 |
2020-04-01 | $249,073 (12.0%) | $312,663 (11.4%) | 0.78 | 2,396 |
2020-05-01 | $249,900 (8.7%) | $319,737 (11.9%) | 0.76 | 2,225 |
2020-06-01 | $258,138 (12.2%) | $330,546 (14.4%) | 0.76 | 1,991 |
2020-07-01 | $261,900 (13.3%) | $342,121 (18.1%) | 0.76 | 1,811 |
2020-08-01 | $264,950 (13.8%) | $339,364 (17.1%) | 0.76 | 1,722 |
2020-09-01 | $259,906 (12.4%) | $337,050 (16.1%) | 0.74 | 1,614 |
2020-10-01 | $259,900 (12.9%) | $339,376 (16.3%) | 0.74 | 1,615 |
2020-11-01 | $257,500 (10.7%) | $331,667 (12.6%) | 0.75 | 1,552 |
2020-12-01 | $249,950 (7.5%) | $320,577 (9.7%) | 0.74 | 1,434 |
2021-01-01 | $240,000 (5.2%) | $317,478 (9.5%) | 0.72 | 1,261 |
2021-02-01 | $234,800 (2.1%) | $320,566 (8.5%) | 0.68 | 1,107 |
2021-03-01 | $238,900 (-1.6%) | $328,999 (7.4%) | 0.68 | 1,037 |
2021-04-01 | $239,950 (-3.7%) | $331,027 (5.9%) | 0.65 | 1,024 |
2021-05-01 | $239,900 (-4.0%) | $325,602 (1.8%) | 0.64 | 1,071 |
2021-06-01 | $242,875 (-5.9%) | $322,398 (-2.5%) | 0.64 | 1,189 |
2021-07-01 | $245,000 (-6.5%) | $320,679 (-6.3%) | 0.65 | 1,333 |
2021-08-01 | $249,900 (-5.7%) | $325,344 (-4.1%) | 0.67 | 1,441 |
2021-09-01 | $248,975 (-4.2%) | $322,490 (-4.3%) | 0.66 | 1,412 |
2021-10-01 | $265,000 (2.0%) | $338,544 (-0.2%) | 0.71 | 1,335 |
2021-11-01 | $257,500 (0.0%) | $337,716 (1.8%) | 0.69 | 1,283 |
2021-12-01 | $243,375 (-2.6%) | $326,952 (2.0%) | 0.66 | 1,235 |
2022-01-01 | $219,900 (-8.4%) | $323,754 (2.0%) | 0.59 | 1,089 |
2022-02-01 | $226,450 (-3.6%) | $331,601 (3.4%) | 0.59 | 960 |
2022-03-01 | $227,450 (-4.8%) | $326,620 (-0.7%) | 0.57 | 1,055 |
2022-04-01 | $246,700 (2.8%) | $340,862 (3.0%) | 0.59 | 1,152 |
2022-05-01 | $292,500 (21.9%) | $366,848 (12.7%) | 0.67 | 1,308 |
2022-06-01 | $305,000 (25.6%) | $376,587 (16.8%) | 0.68 | 1,586 |
2022-07-01 | $319,900 (30.6%) | $376,112 (17.3%) | 0.72 | 2,048 |
2022-08-01 | $313,000 (25.3%) | $369,982 (13.7%) | 0.72 | 2,207 |
2022-09-01 | $316,748 (27.2%) | $370,822 (15.0%) | 0.74 | 2,330 |
2022-10-01 | $319,950 (20.7%) | $367,511 (8.6%) | 0.75 | 2,586 |
2022-11-01 | $324,950 (26.2%) | $369,171 (9.3%) | 0.78 | 2,770 |
2022-12-01 | $325,000 (33.5%) | $370,937 (13.5%) | 0.80 | 2,658 |
2023-01-01 | $324,950 (47.8%) | $364,778 (12.7%) | 0.80 | 2,408 |
2023-02-01 | $323,190 (42.7%) | $362,229 (9.2%) | 0.78 | 2,267 |
2023-03-01 | $319,000 (40.3%) | $355,899 (9.0%) | 0.75 | 2,293 |
2023-04-01 | $324,900 (31.7%) | $365,244 (7.2%) | 0.76 | 2,334 |
2023-05-01 | $325,000 (11.1%) | $369,570 (0.7%) | 0.74 | 2,405 |
2023-06-01 | $327,138 (7.3%) | $375,526 (-0.3%) | 0.74 | 2,529 |
2023-07-01 | $325,000 (1.6%) | $369,793 (-1.7%) | 0.74 | 2,727 |
2023-08-01 | $320,950 (2.5%) | $368,137 (-0.5%) | 0.74 | 2,886 |
2023-09-01 | $310,000 (-2.1%) | $360,107 (-2.9%) | 0.72 | 3,159 |
2023-10-01 | $318,500 (-0.5%) | $365,974 (-0.4%) | 0.75 | 3,370 |
2023-11-01 | $319,925 (-1.6%) | $368,490 (-0.2%) | 0.76 | 3,464 |
2023-12-01 | $318,900 (-1.9%) | $366,710 (-1.1%) | 0.78 | 3,412 |
2024-01-01 | $320,450 (-1.4%) | $369,275 (1.2%) | 0.78 | 3,101 |
2024-02-01 | $324,500 (0.4%) | $373,827 (3.2%) | 0.78 | 3,070 |
2024-03-01 | $326,900 (2.5%) | $377,008 (5.9%) | 0.77 | 3,169 |
2024-04-01 | $339,450 (4.5%) | $390,749 (7.0%) | 0.79 | 3,248 |
2024-05-01 | $349,900 (7.7%) | $407,429 (10.2%) | 0.79 | 3,503 |
2024-06-01 | $347,935 (6.4%) | $399,876 (6.5%) | 0.78 | 3,876 |
2024-07-01 | $341,498 (5.1%) | $395,880 (7.1%) | 0.78 | 4,063 |
2024-08-01 | $339,000 (5.6%) | $393,935 (7.0%) | 0.79 | 4,176 |
2024-09-01 | $336,225 (8.5%) | $390,577 (8.5%) | 0.00 | 4,314 |
Memphis's median listing price comes in at 0% of the national average.
Memphis's average listing price for 2024-09-01 was $390,577, a difference of $30,470 (8.5%) versus the prior year and $-3,358 versus the prior month.
For the 2024-09-01 period, Memphis had 4,314 MLS listings, a difference of 138 listings (3%) versus the prior month and 1,155 listings (37%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 76 days | 2,115 sqft |
2018-02-01 | 69 days | 2,096 sqft |
2018-03-01 | 50 days | 2,084 sqft |
2018-04-01 | 51 days | 2,102 sqft |
2018-05-01 | 50 days | 2,116 sqft |
2018-06-01 | 47 days | 2,157 sqft |
2018-07-01 | 48 days | 2,147 sqft |
2018-08-01 | 54 days | 2,186 sqft |
2018-09-01 | 57 days | 2,200 sqft |
2018-10-01 | 59 days | 2,223 sqft |
2018-11-01 | 61 days | 2,247 sqft |
2018-12-01 | 67 days | 2,228 sqft |
2019-01-01 | 75 days | 2,200 sqft |
2019-02-01 | 70 days | 2,201 sqft |
2019-03-01 | 60 days | 2,230 sqft |
2019-04-01 | 51 days | 2,265 sqft |
2019-05-01 | 47 days | 2,279 sqft |
2019-06-01 | 51 days | 2,244 sqft |
2019-07-01 | 51 days | 2,193 sqft |
2019-08-01 | 53 days | 2,205 sqft |
2019-09-01 | 54 days | 2,212 sqft |
2019-10-01 | 55 days | 2,234 sqft |
2019-11-01 | 59 days | 2,258 sqft |
2019-12-01 | 67 days | 2,257 sqft |
2020-01-01 | 74 days | 2,240 sqft |
2020-02-01 | 72 days | 2,250 sqft |
2020-03-01 | 55 days | 2,328 sqft |
2020-04-01 | 52 days | 2,303 sqft |
2020-05-01 | 56 days | 2,300 sqft |
2020-06-01 | 52 days | 2,317 sqft |
2020-07-01 | 47 days | 2,278 sqft |
2020-08-01 | 45 days | 2,409 sqft |
2020-09-01 | 44 days | 2,399 sqft |
2020-10-01 | 43 days | 2,403 sqft |
2020-11-01 | 46 days | 2,415 sqft |
2020-12-01 | 52 days | 2,367 sqft |
2021-01-01 | 59 days | 2,400 sqft |
2021-02-01 | 57 days | 2,226 sqft |
2021-03-01 | 50 days | 2,256 sqft |
2021-04-01 | 39 days | 2,196 sqft |
2021-05-01 | 35 days | 2,269 sqft |
2021-06-01 | 34 days | 2,146 sqft |
2021-07-01 | 35 days | 2,170 sqft |
2021-08-01 | 38 days | 2,200 sqft |
2021-09-01 | 40 days | 2,225 sqft |
2021-10-01 | 33 days | 2,186 sqft |
2021-11-01 | 38 days | 2,192 sqft |
2021-12-01 | 44 days | 2,313 sqft |
2022-01-01 | 47 days | 2,249 sqft |
2022-02-01 | 39 days | 2,129 sqft |
2022-03-01 | 36 days | 2,090 sqft |
2022-04-01 | 32 days | 2,200 sqft |
2022-05-01 | 31 days | 2,428 sqft |
2022-06-01 | 30 days | 2,500 sqft |
2022-07-01 | 31 days | 2,451 sqft |
2022-08-01 | 38 days | 2,418 sqft |
2022-09-01 | 42 days | 2,312 sqft |
2022-10-01 | 45 days | 2,285 sqft |
2022-11-01 | 50 days | 2,245 sqft |
2022-12-01 | 61 days | 2,274 sqft |
2023-01-01 | 71 days | 2,277 sqft |
2023-02-01 | 67 days | 2,248 sqft |
2023-03-01 | 53 days | 2,248 sqft |
2023-04-01 | 47 days | 2,250 sqft |
2023-05-01 | 43 days | 2,243 sqft |
2023-06-01 | 44 days | 2,262 sqft |
2023-07-01 | 44 days | 2,225 sqft |
2023-08-01 | 46 days | 2,209 sqft |
2023-09-01 | 46 days | 2,169 sqft |
2023-10-01 | 50 days | 2,200 sqft |
2023-11-01 | 56 days | 2,210 sqft |
2023-12-01 | 63 days | 2,250 sqft |
2024-01-01 | 73 days | 2,262 sqft |
2024-02-01 | 68 days | 2,225 sqft |
2024-03-01 | 51 days | 2,236 sqft |
2024-04-01 | 48 days | 2,258 sqft |
2024-05-01 | 47 days | 2,331 sqft |
2024-06-01 | 49 days | 2,376 sqft |
2024-07-01 | 52 days | 2,249 sqft |
2024-08-01 | 59 days | 2,284 sqft |
2024-09-01 | 0 days | 2,217 sqft |
Memphis's median square footage for active listings during the 2024-09-01 period was 2,217 sqft. One year prior, the average listing was 2,169 sqft.