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 88 lenders originated 699 VA loans during 2023. The total origination value was $181,755,000, with an average VA loan value of $260,021.

    Mobile VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mobile averaged 0.19% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Mobile's average VA mortgage closing costs are $5,015.

    The average rate for the prior week (2024-11-08) was 6.5% and one month ago for the week of 2024-10-11, the average rate was 5.77%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.13%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 124 6.73% $4,154
    DHI MORTGAGE COMPANY, LTD. 79 5.22% $5,007
    QUICKEN LOANS, LLC 43 6.25% $9,864
    UNITED WHOLESALE MORTGAGE, LLC 31 6.26% $6,455
    NAVY FEDERAL CREDIT UNION 31 5.88% $5,230
    Trustmark National Bank 22 6.28% $4,876
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.63% $6,081
    USAA Federal Savings Bank 18 6.06% $8,268
    NEW DAY FINANCIAL, LLC 15 7.45% $10,000
    EMBRACE HOME LOANS, INC. 14 6.32% $7,312
    The Federal Savings Bank 11 6.30% $13,837
    Presidential Bank, FSB 11 5.93% $6,686
    FREEDOM MORTGAGE CORPORATION 11 6.86% $11,958
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.55% $2,176
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.57% $5,986
    Renasant Bank 9 6.35% $5,423
    Plains Commerce Bank 9 6.28% $8,923
    UNION HOME MORTGAGE CORP. 9 6.31% $9,824
    LOANDEPOT.COM, LLC 9 6.44% $8,470
    PENNYMAC LOAN SERVICES, LLC 9 5.79% $5,105
    SWBC MORTGAGE CORPORATION 8 7.00% $3,306
    GMFS LLC 7 6.14% $4,556
    Prosperity Home Mortgage, LLC 7 6.14% $6,940
    FirstBank 6 6.29% $3,822
    Regions Bank 6 6.38% $6,446
    First Federal Bank, A FSB 6 6.52% $9,113
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.10% $5,834
    Equity Prime Mortgage LLC 6 7.38% $5,373
    Mr. Cooper ( Nationstar Mortgage ) 5 6.18% $11,118
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.80% $9,131
    Barrington Bank & Trust Company, N.A. 5 5.95% $6,616
    CMG MORTGAGE, INC. 4 5.78% $14,068
    CROSSCOUNTRY MORTGAGE, LLC 4 6.91% $8,947
    HOMETRUST MORTGAGE COMPANY 4 6.56% $11,268
    Paramount Residential Mortgage Group, Inc. 4 6.09% $3,485
    PACIFIC RESIDENTIAL MORTGAGE, LLC 4 6.94% $5,538
    LOANPAL, LLC 4 6.28% $13,230
    DIRECT MORTGAGE LOANS, LLC 4 6.97% $7,928
    PENTAGON FEDERAL CREDIT UNION 4 5.56% $5,118
    MOVEMENT MORTGAGE, LLC 4 6.56% $10,017
    Flagstar Bank, FSB 4 7.00% $5,095
    VILLAGE CAPITAL MORTGAGE 3 5.92% $8,196
    CARDINAL FINANCIAL 3 7.42% $9,001
    PNC Bank 3 6.88% $1,639
    Hancock Whitney Bank 3 6.54% $6,825
    BancorpSouth 3 5.75% $9,810
    STOCKTON MORTGAGE CORPORATION 3 4.88% $15,233
    Bank of England 3 6.88% $9,676
    Tyndall Federal Credit Union 2 6.44% $3,929
    FBC MORTGAGE, LLC 2 5.49% $7,540
    RELIANCE FIRST CAPITAL, LLC 2 6.50% $11,103
    NEWREZ LLC 2 6.12% $10,511
    Synovus Bank 2 6.44% $4,794
    AMERICAN FINANCIAL NETWORK, INC. 2 6.31% $3,348
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $20,309
    KEESLER 2 5.06% $2,816
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.19% $5,775
    Nations Lending Corporation 2 6.75% $5,426
    Wells Fargo Bank 1 5.63% $0
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $10,434
    BankPlus 1 6.75% $4,290
    BNC National Bank 1 5.25% $8,354
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $550
    Consumer First Mortgage, Inc. 1 6.75% $6,690
    Evolve Bank & Trust 1 6.63% $8,227
    FCB Banks 1 6.50% $15,307
    FIDELITY BANK 1 7.13% $13,426
    First Federal Bank 1 6.63% $3,055
    First Horizon Bank 1 5.75% $4,942
    GUARANTEED RATE AFFINITY, LLC 1 6.23% $8,937
    GUARANTEED RATE, INC. 1 7.63% $750
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,544
    HomePromise Corporation 1 8.13% $5,962
    Magnolia Bank 1 6.75% $9,457
    Mid-Continent Funding, Inc. 1 5.75% $6,365
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $5,150
    OCEANSIDE MORTGAGE COMPANY 1 6.50% $1,848
    ON Q FINANCIAL, INC. 1 7.75% $7,384
    PLANET HOME LENDING, LLC 1 5.75% $4,606
    ServisFirst Bank 1 5.50% $15,979
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $5,168
    SUMMIT FUNDING, INC. 1 7.25% $2,953
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $2,507
    T2 FINANCIAL LLC 1 7.13% $8,377
    The Central Trust Bank 1 5.25% $10,663
    THE MORTGAGE FIRM, INC. 1 6.13% $6,999
    Truist 1 5.75% $776
    United Fidelity Funding Corp. 1 5.50% $10,766

    The top Mobile VA lender as defined by loan originations is Mortgage Research Center, LLC, with 124 VA loans originated. Their average total fees are $4,154, which is $853 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Mobile VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,176), Mortgage Research Center, LLC ($4,154), Trustmark National Bank ($4,876), DHI MORTGAGE COMPANY, LTD. ($5,007) and NAVY FEDERAL CREDIT UNION ($5,230).

    The lowest rate Mobile VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.22%), NAVY FEDERAL CREDIT UNION (5.88%), Presidential Bank, FSB (5.93%), USAA Federal Savings Bank (6.06%) and QUICKEN LOANS, LLC (6.25%).

    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 (5.3%) 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 (22.6%) 0.57 1,645
    2018-06-01 $174,900 (6.0%) $238,242 (9.2%) 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 (6.4%) 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%) $241,242 (6.0%) 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 $180,936 (6.7%) $242,231 (2.8%) 0.57 1,540
    2019-09-01 $182,491 (10.7%) $242,750 (5.1%) 0.58 1,530
    2019-10-01 $184,300 (11.5%) $243,096 (5.6%) 0.59 1,508
    2019-11-01 $179,900 (9.0%) $241,701 (5.4%) 0.59 1,431
    2019-12-01 $178,800 (9.8%) $233,671 (3.0%) 0.60 1,381
    2020-01-01 $176,623 (10.5%) $232,366 (3.0%) 0.59 1,289
    2020-02-01 $179,900 (12.5%) $236,600 (5.2%) 0.59 1,255
    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 $205,000 (14.0%) $270,915 (10.7%) 0.60 979
    2020-07-01 $207,050 (15.1%) $275,788 (12.6%) 0.60 845
    2020-08-01 $208,500 (15.2%) $274,504 (13.3%) 0.60 795
    2020-09-01 $210,201 (15.2%) $283,145 (16.6%) 0.60 778
    2020-10-01 $212,000 (15.0%) $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 (16.9%) $278,918 (19.4%) 0.62 722
    2021-01-01 $209,000 (18.3%) $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 (2.0%) $287,536 (6.1%) 0.55 568
    2021-07-01 $210,000 (1.4%) $283,036 (2.6%) 0.55 645
    2021-08-01 $202,308 (-3.0%) $276,276 (0.7%) 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%) $328,470 (5.3%) 0.58 689
    2023-05-01 $257,072 (-0.1%) $332,663 (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
    2023-09-01 $255,000 (2.0%) $326,499 (4.8%) 0.59 867
    2023-10-01 $250,000 (0.3%) $346,832 (9.4%) 0.59 951
    2023-11-01 $249,825 (1.1%) $341,136 (7.6%) 0.59 1,026
    2023-12-01 $249,900 (4.1%) $338,365 (8.0%) 0.61 1,039
    2024-01-01 $249,450 (4.1%) $330,308 (4.0%) 0.61 1,003
    2024-02-01 $249,950 (4.2%) $333,360 (4.3%) 0.60 1,025
    2024-03-01 $259,000 (8.6%) $352,667 (11.2%) 0.61 1,011
    2024-04-01 $259,925 (4.0%) $355,127 (8.1%) 0.60 1,040
    2024-05-01 $269,950 (5.0%) $376,501 (13.2%) 0.61 1,081
    2024-06-01 $270,000 (2.6%) $375,969 (11.0%) 0.61 1,161
    2024-07-01 $256,900 (-1.2%) $360,404 (6.3%) 0.59 1,234
    2024-08-01 $260,000 (2.0%) $359,901 (9.4%) 0.60 1,282
    2024-09-01 $267,000 (4.7%) $366,281 (12.2%) 0.63 1,339
    2024-10-01 $270,000 (8.0%) $371,958 (7.2%) 0.64 1,360
    Mobile's median listing price for 2024-10-01 was $270,000, a difference of $20,000 (8.0%) versus the prior year and $3,000 versus the prior month.

    Mobile's median listing price comes in at 64% of the national average.

    Mobile's average listing price for 2024-10-01 was $371,958, a difference of $25,126 (7.2%) versus the prior year and $5,677 versus the prior month.

    For the 2024-10-01 period, Mobile had 1,360 MLS listings, a difference of 21 listings (2%) versus the prior month and 409 listings (43%) 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 1,811 sqft
    2018-02-01 89 days 1,825 sqft
    2018-03-01 60 days 1,860 sqft
    2018-04-01 60 days 1,866 sqft
    2018-05-01 64 days 1,906 sqft
    2018-06-01 67 days 1,930 sqft
    2018-07-01 71 days 1,910 sqft
    2018-08-01 68 days 1,894 sqft
    2018-09-01 73 days 1,867 sqft
    2018-10-01 75 days 1,858 sqft
    2018-11-01 79 days 1,828 sqft
    2018-12-01 85 days 1,809 sqft
    2019-01-01 85 days 1,777 sqft
    2019-02-01 81 days 1,787 sqft
    2019-03-01 71 days 1,812 sqft
    2019-04-01 59 days 1,827 sqft
    2019-05-01 57 days 1,848 sqft
    2019-06-01 61 days 1,914 sqft
    2019-07-01 65 days 1,901 sqft
    2019-08-01 66 days 1,900 sqft
    2019-09-01 67 days 1,899 sqft
    2019-10-01 68 days 1,899 sqft
    2019-11-01 72 days 1,890 sqft
    2019-12-01 78 days 1,873 sqft
    2020-01-01 80 days 1,862 sqft
    2020-02-01 68 days 1,900 sqft
    2020-03-01 55 days 1,916 sqft
    2020-04-01 58 days 1,897 sqft
    2020-05-01 63 days 1,931 sqft
    2020-06-01 58 days 1,952 sqft
    2020-07-01 53 days 1,978 sqft
    2020-08-01 47 days 2,001 sqft
    2020-09-01 43 days 1,995 sqft
    2020-10-01 53 days 2,025 sqft
    2020-11-01 50 days 2,000 sqft
    2020-12-01 54 days 1,964 sqft
    2021-01-01 58 days 1,934 sqft
    2021-02-01 47 days 1,930 sqft
    2021-03-01 31 days 1,877 sqft
    2021-04-01 28 days 1,806 sqft
    2021-05-01 24 days 1,800 sqft
    2021-06-01 26 days 1,819 sqft
    2021-07-01 26 days 1,791 sqft
    2021-08-01 29 days 1,735 sqft
    2021-09-01 39 days 1,734 sqft
    2021-10-01 43 days 1,726 sqft
    2021-11-01 41 days 1,715 sqft
    2021-12-01 43 days 1,733 sqft
    2022-01-01 45 days 1,760 sqft
    2022-02-01 36 days 1,763 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 1,861 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 1,828 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
    2023-09-01 45 days 1,844 sqft
    2023-10-01 46 days 1,829 sqft
    2023-11-01 50 days 1,820 sqft
    2023-12-01 59 days 1,814 sqft
    2024-01-01 67 days 1,788 sqft
    2024-02-01 64 days 1,791 sqft
    2024-03-01 47 days 1,791 sqft
    2024-04-01 46 days 1,796 sqft
    2024-05-01 48 days 1,826 sqft
    2024-06-01 50 days 1,822 sqft
    2024-07-01 52 days 1,791 sqft
    2024-08-01 59 days 1,791 sqft
    2024-09-01 59 days 1,807 sqft
    2024-10-01 64 days 1,835 sqft
    Mobile's median listing age (time on market) for 2024-10-01 was 64 days. This is 41% longer than the same period one year ago.

    Mobile's median square footage for active listings during the 2024-10-01 period was 1,835 sqft. One year prior, the average listing was 1,829 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.