Mobile VA Loan Rates, Closing Costs & Stats

MOBILE, AL

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 6.77% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.52% and one month ago for the week of 2024-03-08, the average rate was 6.55%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.7%.

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
Mobile's median listing price for 2024-03-01 was $259,000, a difference of $20,433 (8.6%) versus the prior year and $9,050 versus the prior month.

Mobile's median listing price comes in at 61% of the national average.

Mobile's average listing price for 2024-03-01 was $352,667, a difference of $35,509 (11.2%) versus the prior year and $19,307 versus the prior month.

For the 2024-03-01 period, Mobile had 1,011 MLS listings, a difference of -14 listings (-1%) versus the prior month and 331 listings (49%) 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 1,789 sqft
2024-02-01 64 days 1,791 sqft
2024-03-01 47 days 1,791 sqft
Mobile's median listing age (time on market) for 2024-03-01 was 47 days. This is 6% longer than the same period one year ago.

Mobile's median square footage for active listings during the 2024-03-01 period was 1,791 sqft. One year prior, the average listing was 1,750 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.