Mobile VA Loan Rates, Closing Costs & Stats

MOBILE, AL

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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.

    Mobile's 102 lenders originated 886 VA loans during 2022. The total origination value was $216,030,000, with an average VA loan value of $243,826.

    Mobile VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mobile averaged 6.69% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

    Mobile's average VA mortgage closing costs are $4,817.

    The average rate for the prior week (2023-09-15) was 6.37% and one month ago for the week of 2023-08-18, the average rate was 6.85%.

    The average rate one year ago was 5.72%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.59%.

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

    Mobile 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 Mobile level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 154 5.09% $4,960
    QUICKEN LOANS, LLC 59 4.13% $7,900
    DHI MORTGAGE COMPANY, LTD. 53 3.98% $6,324
    NAVY FEDERAL CREDIT UNION 39 4.02% $6,074
    USAA Federal Savings Bank 31 4.45% $6,214
    UNITED WHOLESALE MORTGAGE, LLC 30 5.11% $7,030
    FREEDOM MORTGAGE CORPORATION 29 4.10% $7,883
    Trustmark National Bank 28 4.98% $5,169
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 4.96% $9,371
    EMBRACE HOME LOANS, INC. 21 5.09% $6,544
    NEW DAY FINANCIAL, LLC 20 4.95% $6,246
    PENNYMAC LOAN SERVICES, LLC 19 3.32% $6,924
    GMFS LLC 17 4.70% $4,045
    HOME POINT FINANCIAL CORPORATION 16 4.74% $7,394
    LOANDEPOT.COM, LLC 13 4.01% $4,399
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 5.95% $9,662
    CALIBER HOME LOANS, INC. 12 4.34% $9,203
    Mr. Cooper ( Nationstar Mortgage ) 11 4.65% $6,794
    Barrington Bank & Trust Company, N.A. 10 4.51% $5,091
    AMERISAVE MORTGAGE CORPORATION 10 4.14% $7,773
    West Town Bank & Trust 10 4.81% $8,070
    DIRECT MORTGAGE LOANS, LLC 10 5.36% $8,466
    HOMETRUST MORTGAGE COMPANY 10 3.75% $8,642
    CARDINAL FINANCIAL 9 4.85% $9,755
    Regions Bank 9 4.86% $7,549
    BROKER SOLUTIONS, INC. 8 5.19% $8,328
    BancorpSouth 8 4.56% $5,552
    Hometown Lenders, Inc. 7 4.87% $6,798
    Renasant Bank 7 4.41% $7,234
    CMG MORTGAGE, INC. 7 4.36% $5,801
    VILLAGE CAPITAL MORTGAGE 7 3.27% $4,358
    First Federal Bank, A FSB 7 4.59% $9,870
    Flagstar Bank, FSB 6 4.84% $5,652
    SWBC MORTGAGE CORPORATION 6 5.52% $8,397
    Mid-Continent Funding, Inc. 5 5.25% $9,089
    FIRST COMMUNITY MORTGAGE, INC. 4 4.09% $7,860
    LAKEVIEW LOAN SERVICING, LLC 4 3.56% $2,639
    The Federal Savings Bank 4 4.22% $15,975
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.94% $6,375
    NFM, INC. 3 5.29% $4,580
    Community Bank of Mississippi 3 5.63% $9,762
    GUARANTEED RATE, INC. 3 5.54% $7,373
    Nations Lending Corporation 3 5.33% $12,442
    Magnolia Bank 3 3.71% $10,500
    SUN WEST MORTGAGE COMPANY, INC. 3 4.88% $3,807
    MOVEMENT MORTGAGE, LLC 3 3.75% $1,944
    North American Savings Bank, F.S.B. 3 3.13% $9,818
    NEWREZ LLC 3 5.00% $8,089
    Truist 2 4.48% $9,328
    Armed Forces Bank 2 3.81% $5,447
    Wells Fargo Bank 2 3.19% $2,208
    AMERICAN FINANCING CORPORATION 2 4.13% $4,585
    NETWORK CAPITAL FUNDING CORPORATION 2 5.69% $12,141
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.00% $4,813
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 5.50% $4,027
    FirstBank 2 3.50% $5,708
    PENTAGON FEDERAL CREDIT UNION 2 4.94% $9,229
    First Federal Bank 2 3.31% $1,585
    KEESLER 2 3.94% $3,535
    Prosperity Home Mortgage, LLC 2 3.88% $2,039
    Carrington Mortgage Services, LLC 2 3.00% $5,756
    Bank of England 2 3.13% $8,634
    CLEARPATH LENDING 2 4.06% $17,251
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.50% $8,204
    SOUTHWEST FUNDING, LP 2 3.75% $8,723
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.75% $7,005
    Synovus Bank 2 5.94% $4,804
    AMERICAN HOME LENDING USA, LLC 1 6.13% $6,376
    Wyndham Capital Mortgage, Inc. 1 4.75% $8,500
    PLANET HOME LENDING, LLC 1 2.63% $1,035
    First Guaranty Mortgage Corporation 1 3.25% $2,601
    First Horizon Bank 1 5.13% $10,570
    First Savings Bank 1 6.13% $4,989
    FIDELITY BANK 1 4.25% $1,085
    EVERETT FINANCIAL, INC. 1 5.50% $660
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.38% $8,522
    Hancock Whitney Bank 1 2.75% $12,818
    Equity Prime Mortgage LLC 1 5.63% $11,567
    HOMESTAR FINANCIAL CORPORATION 1 5.75% $7,963
    Eagle Bank and Trust Company 1 3.63% $2,900
    DELMAR FINANCIAL COMPANY 1 3.75% $6,855
    JPMorgan Chase Bank 1 4.63% $9,601
    CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $7,982
    LOANPAL, LLC 1 4.75% $9,397
    Low VA Rates, LLC 1 4.50% $236
    Meridian Bank Corporation 1 5.75% $3,988
    MID AMERICA MORTGAGE, INC. 1 3.75% $2,304
    MIDLAND MORTGAGE CORPORATION 1 5.75% $7,592
    MILEND, INC. 1 7.13% $10,983
    CONTOUR MORTGAGE CORPORATION 1 3.25% $14,686
    Community First National Bank 1 4.75% $5,864
    Colten Mortgage, LLC 1 3.25% $2,735
    Citizens Bank 1 4.75% $5,869
    PNC Bank 1 2.88% $2,693
    BECKAM FUNDING CORP. 1 5.75% $21,407
    RELIANCE FIRST CAPITAL, LLC 1 2.75% $15,675
    ServisFirst Bank 1 3.25% $2,259
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $2,275
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 4.75% $13,547
    ZILLOW HOME LOANS, LLC 1 2.88% $2,633
    Bank of America 1 3.00% $1,738
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $39

    The top Mobile VA lender as defined by loan originations is Mortgage Research Center, LLC, with 154 VA loans originated. Their average total fees are $4,960, which is $2,940 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mobile VA lenders (with over 10 loans originated) are GMFS LLC ($4,045), LOANDEPOT.COM, LLC ($4,399), Mortgage Research Center, LLC ($4,960), Barrington Bank & Trust Company, N.A. ($5,091) and Trustmark National Bank ($5,169).

    The lowest rate Mobile VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.32%), HOMETRUST MORTGAGE COMPANY (3.75%), DHI MORTGAGE COMPANY, LTD. (3.98%), LOANDEPOT.COM, LLC (4.01%) and NAVY FEDERAL CREDIT UNION (4.02%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mobile (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 $159,775 (6.6%) $213,900 (6.8%) 0.59 1,647
    2018-02-01 $162,334 (8.2%) $215,065 (5.2%) 0.59 1,673
    2018-03-01 $169,000 (8.0%) $221,608 (6.6%) 0.59 1,699
    2018-04-01 $169,450 (4.3%) $227,491 (6.3%) 0.57 1,669
    2018-05-01 $170,046 (6.4%) $263,010 (22.5%) 0.57 1,645
    2018-06-01 $174,900 (6.0%) $238,242 (9.1%) 0.58 1,648
    2018-07-01 $169,950 (2.7%) $236,377 (9.6%) 0.57 1,671
    2018-08-01 $169,545 (-0.2%) $235,565 (8.1%) 0.57 1,652
    2018-09-01 $164,900 (-0.1%) $230,997 (6.5%) 0.55 1,652
    2018-10-01 $165,269 (3.2%) $230,284 (6.3%) 0.56 1,662
    2018-11-01 $165,000 (3.2%) $229,329 (6.4%) 0.56 1,610
    2018-12-01 $162,900 (1.9%) $226,865 (4.7%) 0.56 1,535
    2019-01-01 $159,900 (0.1%) $225,660 (5.5%) 0.55 1,474
    2019-02-01 $159,950 (-1.5%) $225,012 (4.6%) 0.54 1,449
    2019-03-01 $165,900 (-1.8%) $234,038 (5.6%) 0.54 1,475
    2019-04-01 $169,900 (0.3%) $241,254 (6.1%) 0.54 1,522
    2019-05-01 $169,950 (-0.1%) $238,739 (-9.2%) 0.53 1,553
    2019-06-01 $179,900 (2.9%) $244,849 (2.8%) 0.56 1,547
    2019-07-01 $179,900 (5.9%) $244,990 (3.6%) 0.56 1,538
    2019-08-01 $180,732 (6.6%) $242,232 (2.8%) 0.57 1,539
    2019-09-01 $181,980 (10.4%) $242,752 (5.1%) 0.58 1,528
    2019-10-01 $183,925 (11.3%) $243,099 (5.6%) 0.59 1,505
    2019-11-01 $179,900 (9.0%) $241,700 (5.4%) 0.59 1,429
    2019-12-01 $178,525 (9.6%) $233,658 (3.0%) 0.60 1,379
    2020-01-01 $176,344 (10.3%) $232,353 (3.0%) 0.59 1,287
    2020-02-01 $179,900 (12.5%) $236,600 (5.2%) 0.59 1,253
    2020-03-01 $188,375 (13.6%) $241,883 (3.4%) 0.59 1,225
    2020-04-01 $189,450 (11.5%) $244,537 (1.4%) 0.59 1,212
    2020-05-01 $199,000 (17.1%) $260,154 (9.0%) 0.60 1,077
    2020-06-01 $204,750 (13.8%) $270,936 (10.7%) 0.60 978
    2020-07-01 $207,000 (15.1%) $275,831 (12.6%) 0.60 843
    2020-08-01 $208,500 (15.4%) $274,533 (13.3%) 0.60 794
    2020-09-01 $210,201 (15.5%) $283,145 (16.6%) 0.60 778
    2020-10-01 $212,000 (15.3%) $287,042 (18.1%) 0.61 741
    2020-11-01 $209,450 (16.4%) $285,389 (18.1%) 0.61 719
    2020-12-01 $209,000 (17.1%) $278,918 (19.4%) 0.62 722
    2021-01-01 $209,000 (18.5%) $276,173 (18.9%) 0.62 647
    2021-02-01 $204,450 (13.7%) $287,686 (21.6%) 0.60 522
    2021-03-01 $206,450 (9.6%) $285,006 (17.8%) 0.59 515
    2021-04-01 $204,475 (7.9%) $277,709 (13.6%) 0.55 527
    2021-05-01 $199,219 (0.1%) $289,365 (11.2%) 0.53 529
    2021-06-01 $209,000 (2.1%) $287,536 (6.1%) 0.55 568
    2021-07-01 $210,000 (1.5%) $283,036 (2.6%) 0.55 645
    2021-08-01 $202,308 (-3.0%) $276,276 (0.6%) 0.54 791
    2021-09-01 $199,900 (-4.9%) $279,383 (-1.3%) 0.53 761
    2021-10-01 $199,225 (-6.0%) $287,762 (0.3%) 0.53 736
    2021-11-01 $195,950 (-6.5%) $274,191 (-3.9%) 0.52 694
    2021-12-01 $199,950 (-4.3%) $272,161 (-2.4%) 0.54 694
    2022-01-01 $199,950 (-4.3%) $280,708 (1.6%) 0.54 609
    2022-02-01 $204,600 (0.1%) $278,176 (-3.3%) 0.53 529
    2022-03-01 $224,900 (8.9%) $292,819 (2.7%) 0.56 500
    2022-04-01 $240,000 (17.4%) $311,951 (12.3%) 0.57 513
    2022-05-01 $257,358 (29.2%) $312,711 (8.1%) 0.59 632
    2022-06-01 $239,950 (14.8%) $299,903 (4.3%) 0.53 715
    2022-07-01 $240,000 (14.3%) $297,143 (5.0%) 0.54 762
    2022-08-01 $248,567 (22.9%) $305,198 (10.5%) 0.57 776
    2022-09-01 $249,900 (25.0%) $311,698 (11.6%) 0.58 753
    2022-10-01 $249,264 (25.1%) $317,051 (10.2%) 0.59 789
    2022-11-01 $247,143 (26.1%) $317,135 (15.7%) 0.59 829
    2022-12-01 $240,000 (20.0%) $313,203 (15.1%) 0.59 805
    2023-01-01 $239,563 (19.8%) $317,474 (13.1%) 0.59 735
    2023-02-01 $239,950 (17.3%) $319,587 (14.9%) 0.58 674
    2023-03-01 $238,567 (6.1%) $317,158 (8.3%) 0.56 680
    2023-04-01 $250,000 (4.2%) $328,349 (5.3%) 0.58 690
    2023-05-01 $257,000 (-0.1%) $332,602 (6.4%) 0.58 697
    2023-06-01 $263,250 (9.7%) $338,656 (12.9%) 0.59 696
    2023-07-01 $259,950 (8.3%) $338,985 (14.1%) 0.59 758
    2023-08-01 $254,950 (2.6%) $328,900 (7.8%) 0.59 811
    Mobile's median listing price for 2023-08-01 was $254,950, a difference of $6,383 (2.6%) versus the prior year and $-5,000 versus the prior month.

    Mobile's median listing price comes in at 59% of the national average.

    Mobile's average listing price for 2023-08-01 was $328,900, a difference of $23,702 (7.8%) versus the prior year and $-10,085 versus the prior month.

    For the 2023-08-01 period, Mobile had 811 MLS listings, a difference of 53 listings (7%) versus the prior month and 35 listings (5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mobile (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,810 sqft
    2018-02-01 89 days 1,824 sqft
    2018-03-01 60 days 1,853 sqft
    2018-04-01 60 days 1,866 sqft
    2018-05-01 64 days 1,906 sqft
    2018-06-01 67 days 1,929 sqft
    2018-07-01 71 days 1,909 sqft
    2018-08-01 68 days 1,892 sqft
    2018-09-01 73 days 1,866 sqft
    2018-10-01 75 days 1,856 sqft
    2018-11-01 79 days 1,827 sqft
    2018-12-01 85 days 1,807 sqft
    2019-01-01 85 days 1,777 sqft
    2019-02-01 81 days 1,786 sqft
    2019-03-01 71 days 1,812 sqft
    2019-04-01 59 days 1,828 sqft
    2019-05-01 57 days 1,845 sqft
    2019-06-01 61 days 1,913 sqft
    2019-07-01 65 days 1,900 sqft
    2019-08-01 66 days 1,898 sqft
    2019-09-01 67 days 1,896 sqft
    2019-10-01 68 days 1,897 sqft
    2019-11-01 72 days 1,888 sqft
    2019-12-01 78 days 1,868 sqft
    2020-01-01 80 days 1,854 sqft
    2020-02-01 68 days 1,900 sqft
    2020-03-01 55 days 1,912 sqft
    2020-04-01 58 days 1,896 sqft
    2020-05-01 63 days 1,930 sqft
    2020-06-01 58 days 1,951 sqft
    2020-07-01 53 days 1,974 sqft
    2020-08-01 47 days 2,000 sqft
    2020-09-01 43 days 1,989 sqft
    2020-10-01 53 days 2,025 sqft
    2020-11-01 50 days 2,000 sqft
    2020-12-01 54 days 1,961 sqft
    2021-01-01 58 days 1,934 sqft
    2021-02-01 47 days 1,927 sqft
    2021-03-01 31 days 1,876 sqft
    2021-04-01 28 days 1,807 sqft
    2021-05-01 24 days 1,800 sqft
    2021-06-01 26 days 1,820 sqft
    2021-07-01 26 days 1,787 sqft
    2021-08-01 29 days 1,735 sqft
    2021-09-01 39 days 1,734 sqft
    2021-10-01 43 days 1,722 sqft
    2021-11-01 41 days 1,713 sqft
    2021-12-01 43 days 1,733 sqft
    2022-01-01 45 days 1,757 sqft
    2022-02-01 36 days 1,755 sqft
    2022-03-01 26 days 1,805 sqft
    2022-04-01 28 days 1,798 sqft
    2022-05-01 26 days 1,835 sqft
    2022-06-01 30 days 1,785 sqft
    2022-07-01 39 days 1,826 sqft
    2022-08-01 42 days 1,862 sqft
    2022-09-01 47 days 1,891 sqft
    2022-10-01 46 days 1,894 sqft
    2022-11-01 53 days 1,879 sqft
    2022-12-01 60 days 1,830 sqft
    2023-01-01 68 days 1,802 sqft
    2023-02-01 59 days 1,810 sqft
    2023-03-01 45 days 1,750 sqft
    2023-04-01 41 days 1,840 sqft
    2023-05-01 41 days 1,827 sqft
    2023-06-01 45 days 1,862 sqft
    2023-07-01 42 days 1,848 sqft
    2023-08-01 40 days 1,820 sqft
    Mobile's median listing age (time on market) for 2023-08-01 was 40 days. This is -4% shorter than the same period one year ago.

    Mobile's median square footage for active listings during the 2023-08-01 period was 1,820 sqft. One year prior, the average listing was 1,862 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.