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 187 lenders originated 4,874 VA loans during 2021. The total origination value was $1,329,370,000, with an average VA loan value of $272,747.
Memphis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Memphis
averaged
0.17%
for the week of 2023-01-20, compared to the national average (all VA variants) of
0% for the same period.
Memphis's average VA mortgage closing costs are $5,555.
The average rate for the prior week (2023-01-13) was
6.25% and
one month ago for the week of 2022-12-16, the
average rate was 6.42%.
The average rate one year ago was 3.83%.
For refis of the same type during the week of 2023-01-20, the average rate
was 0.02%.
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 QUICKEN LOANS, LLC, with
449 VA loans originated. Their average total fees are
$5,165, which is $1,379
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Memphis VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,265), FREEDOM MORTGAGE CORPORATION ($3,148), VILLAGE CAPITAL MORTGAGE ($3,208), PLANET HOME LENDING, LLC ($3,257) and First Guaranty Mortgage Corporation ($3,484).
The lowest rate Memphis VA lenders (with over 10 loans originated) are
Low VA Rates, LLC (2.28%), CLEARPATH LENDING (2.31%), InterContinental Capital Group, Inc (2.31%), PENTAGON FEDERAL CREDIT UNION (2.35%) and Patriot Bank (2.36%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Memphis (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 | $186,750 (9.9%) | $245,947 (5.7%) | 0.69 | 3,815 |
| 2018-02-01 | $184,425 (8.5%) | $242,803 (5.0%) | 0.67 | 3,799 |
| 2018-03-01 | $185,000 (6.5%) | $248,319 (5.6%) | 0.65 | 3,800 |
| 2018-04-01 | $193,450 (7.5%) | $255,206 (3.6%) | 0.66 | 3,203 |
| 2018-05-01 | $199,950 (8.1%) | $265,133 (5.2%) | 0.67 | 3,162 |
| 2018-06-01 | $210,875 (8.6%) | $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 (12.7%) | $256,634 (3.4%) | 0.72 | 3,470 |
| 2019-01-01 | $204,925 (9.7%) | $254,140 (3.3%) | 0.71 | 3,141 |
| 2019-02-01 | $208,238 (12.9%) | $257,700 (6.1%) | 0.70 | 3,034 |
| 2019-03-01 | $214,186 (15.8%) | $268,948 (8.3%) | 0.70 | 2,970 |
| 2019-04-01 | $222,400 (15.0%) | $280,513 (9.9%) | 0.71 | 2,990 |
| 2019-05-01 | $229,875 (15.0%) | $285,601 (7.7%) | 0.72 | 3,009 |
| 2019-06-01 | $230,000 (9.1%) | $288,620 (7.9%) | 0.72 | 3,111 |
| 2019-07-01 | $230,900 (8.6%) | $289,554 (8.7%) | 0.72 | 3,253 |
| 2019-08-01 | $232,435 (9.2%) | $289,448 (9.2%) | 0.74 | 3,236 |
| 2019-09-01 | $231,009 (9.0%) | $290,128 (9.7%) | 0.74 | 3,202 |
| 2019-10-01 | $230,108 (7.0%) | $291,406 (9.1%) | 0.74 | 3,171 |
| 2019-11-01 | $231,565 (10.3%) | $294,333 (12.3%) | 0.76 | 3,101 |
| 2019-12-01 | $232,000 (10.5%) | $291,897 (13.7%) | 0.77 | 2,944 |
| 2020-01-01 | $227,950 (11.2%) | $289,516 (13.9%) | 0.76 | 2,752 |
| 2020-02-01 | $229,900 (10.4%) | $295,009 (14.5%) | 0.75 | 2,517 |
| 2020-03-01 | $241,000 (12.5%) | $305,917 (13.8%) | 0.75 | 2,399 |
| 2020-04-01 | $247,775 (11.4%) | $312,168 (11.3%) | 0.78 | 2,405 |
| 2020-05-01 | $249,900 (8.7%) | $319,181 (11.8%) | 0.76 | 2,234 |
| 2020-06-01 | $256,600 (11.6%) | $329,887 (14.3%) | 0.76 | 2,000 |
| 2020-07-01 | $259,923 (12.6%) | $341,375 (17.9%) | 0.75 | 1,820 |
| 2020-08-01 | $264,900 (14.0%) | $338,626 (17.0%) | 0.76 | 1,731 |
| 2020-09-01 | $259,900 (12.5%) | $336,256 (15.9%) | 0.74 | 1,623 |
| 2020-10-01 | $259,900 (13.0%) | $338,618 (16.2%) | 0.74 | 1,624 |
| 2020-11-01 | $257,475 (11.2%) | $330,873 (12.4%) | 0.75 | 1,561 |
| 2020-12-01 | $249,950 (7.7%) | $319,774 (9.6%) | 0.74 | 1,443 |
| 2021-01-01 | $240,000 (5.3%) | $316,554 (9.3%) | 0.72 | 1,270 |
| 2021-02-01 | $234,450 (2.0%) | $319,672 (8.4%) | 0.68 | 1,115 |
| 2021-03-01 | $237,450 (-1.5%) | $327,994 (7.2%) | 0.67 | 1,045 |
| 2021-04-01 | $239,750 (-3.2%) | $329,941 (5.7%) | 0.65 | 1,032 |
| 2021-05-01 | $239,900 (-4.0%) | $324,512 (1.7%) | 0.63 | 1,080 |
| 2021-06-01 | $240,000 (-6.5%) | $321,571 (-2.5%) | 0.63 | 1,197 |
| 2021-07-01 | $245,000 (-5.7%) | $320,049 (-6.3%) | 0.64 | 1,340 |
| 2021-08-01 | $249,900 (-5.7%) | $324,771 (-4.1%) | 0.67 | 1,448 |
| 2021-09-01 | $248,325 (-4.5%) | $321,750 (-4.3%) | 0.66 | 1,420 |
| 2021-10-01 | $265,000 (2.0%) | $337,638 (-0.3%) | 0.71 | 1,345 |
| 2021-11-01 | $256,075 (-0.5%) | $336,789 (1.8%) | 0.68 | 1,292 |
| 2021-12-01 | $242,500 (-3.0%) | $326,124 (2.0%) | 0.66 | 1,246 |
| 2022-01-01 | $219,900 (-8.4%) | $322,974 (2.0%) | 0.59 | 1,098 |
| 2022-02-01 | $225,000 (-4.0%) | $330,335 (3.3%) | 0.59 | 970 |
| 2022-03-01 | $225,500 (-5.0%) | $325,461 (-0.8%) | 0.56 | 1,065 |
| 2022-04-01 | $244,900 (2.2%) | $339,725 (3.0%) | 0.58 | 1,162 |
| 2022-05-01 | $292,475 (21.9%) | $365,659 (12.7%) | 0.67 | 1,318 |
| 2022-06-01 | $305,000 (27.1%) | $375,556 (16.8%) | 0.68 | 1,596 |
| 2022-07-01 | $318,400 (30.0%) | $375,195 (17.2%) | 0.72 | 2,057 |
| 2022-08-01 | $310,500 (24.3%) | $369,402 (13.7%) | 0.72 | 2,216 |
| 2022-09-01 | $316,050 (27.3%) | $370,288 (15.1%) | 0.74 | 2,338 |
| 2022-10-01 | $319,900 (20.7%) | $367,035 (8.7%) | 0.75 | 2,594 |
| 2022-11-01 | $324,950 (26.9%) | $368,701 (9.5%) | 0.78 | 2,778 |
| 2022-12-01 | $325,000 (34.0%) | $368,768 (13.1%) | 0.81 | 2,686 |
Memphis's median listing price comes in at 81% of the national average.
Memphis's average listing price for 2022-12-01 was $368,768, a difference of $42,644 (13.1%) versus the prior year and $67 versus the prior month.
For the 2022-12-01 period, Memphis had 2,686 MLS listings, a difference of -92 listings (-3%) versus the prior month and 1,440 listings (116%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 83 days | 2,098 sqft |
| 2018-02-01 | 76 days | 2,093 sqft |
| 2018-03-01 | 56 days | 2,092 sqft |
| 2018-04-01 | 57 days | 2,119 sqft |
| 2018-05-01 | 56 days | 2,142 sqft |
| 2018-06-01 | 52 days | 2,160 sqft |
| 2018-07-01 | 52 days | 2,177 sqft |
| 2018-08-01 | 59 days | 2,227 sqft |
| 2018-09-01 | 64 days | 2,242 sqft |
| 2018-10-01 | 64 days | 2,249 sqft |
| 2018-11-01 | 67 days | 2,259 sqft |
| 2018-12-01 | 73 days | 2,217 sqft |
| 2019-01-01 | 81 days | 2,200 sqft |
| 2019-02-01 | 76 days | 2,200 sqft |
| 2019-03-01 | 68 days | 2,247 sqft |
| 2019-04-01 | 57 days | 2,283 sqft |
| 2019-05-01 | 53 days | 2,287 sqft |
| 2019-06-01 | 54 days | 2,259 sqft |
| 2019-07-01 | 55 days | 2,196 sqft |
| 2019-08-01 | 55 days | 2,233 sqft |
| 2019-09-01 | 57 days | 2,246 sqft |
| 2019-10-01 | 59 days | 2,258 sqft |
| 2019-11-01 | 63 days | 2,272 sqft |
| 2019-12-01 | 71 days | 2,278 sqft |
| 2020-01-01 | 78 days | 2,254 sqft |
| 2020-02-01 | 79 days | 2,277 sqft |
| 2020-03-01 | 60 days | 2,378 sqft |
| 2020-04-01 | 57 days | 2,333 sqft |
| 2020-05-01 | 60 days | 2,300 sqft |
| 2020-06-01 | 57 days | 2,304 sqft |
| 2020-07-01 | 51 days | 2,268 sqft |
| 2020-08-01 | 48 days | 2,343 sqft |
| 2020-09-01 | 47 days | 2,336 sqft |
| 2020-10-01 | 47 days | 2,414 sqft |
| 2020-11-01 | 49 days | 2,329 sqft |
| 2020-12-01 | 56 days | 2,343 sqft |
| 2021-01-01 | 62 days | 2,259 sqft |
| 2021-02-01 | 62 days | 2,157 sqft |
| 2021-03-01 | 53 days | 2,147 sqft |
| 2021-04-01 | 40 days | 2,138 sqft |
| 2021-05-01 | 37 days | 2,118 sqft |
| 2021-06-01 | 35 days | 2,154 sqft |
| 2021-07-01 | 36 days | 2,106 sqft |
| 2021-08-01 | 40 days | 2,105 sqft |
| 2021-09-01 | 42 days | 2,028 sqft |
| 2021-10-01 | 34 days | 2,079 sqft |
| 2021-11-01 | 39 days | 2,129 sqft |
| 2021-12-01 | 45 days | 2,164 sqft |
| 2022-01-01 | 48 days | 2,052 sqft |
| 2022-02-01 | 41 days | 2,008 sqft |
| 2022-03-01 | 38 days | 1,956 sqft |
| 2022-04-01 | 33 days | 2,200 sqft |
| 2022-05-01 | 32 days | 2,400 sqft |
| 2022-06-01 | 31 days | 2,430 sqft |
| 2022-07-01 | 31 days | 2,403 sqft |
| 2022-08-01 | 39 days | 2,364 sqft |
| 2022-09-01 | 43 days | 2,304 sqft |
| 2022-10-01 | 46 days | 2,300 sqft |
| 2022-11-01 | 50 days | 2,290 sqft |
| 2022-12-01 | 61 days | 2,277 sqft |
Memphis's median square footage for active listings during the 2022-12-01 period was 2,277 sqft. One year prior, the average listing was 2,164 sqft.