Morristown VA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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.

Morristown's 75 lenders originated 386 VA loans during 2022. The total origination value was $109,670,000, with an average VA loan value of $284,119.

Morristown VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Morristown averaged -0.04% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

Morristown's average VA mortgage closing costs are $5,543.

The average rate for the prior week (2023-11-17) was 6.7% and one month ago for the week of 2023-10-20, the average rate was 7.03%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.1%.

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

Morristown 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 Morristown level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 66 5.21% $6,848
DHI MORTGAGE COMPANY, LTD. 27 4.24% $6,093
QUICKEN LOANS, LLC 21 4.53% $9,476
PENNYMAC LOAN SERVICES, LLC 17 3.76% $7,791
FREEDOM MORTGAGE CORPORATION 16 4.30% $10,482
USAA Federal Savings Bank 14 4.63% $5,919
MORTGAGE INVESTORS GROUP, INC. 14 4.34% $5,451
CMG MORTGAGE, INC. 13 5.40% $7,903
NAVY FEDERAL CREDIT UNION 13 3.97% $8,340
INTERLINC MORTGAGE SERVICES, LLC 8 4.84% $8,555
CROSSCOUNTRY MORTGAGE, LLC 8 5.08% $9,634
The Federal Savings Bank 8 5.00% $10,896
UNITED WHOLESALE MORTGAGE, LLC 8 3.77% $8,332
CARDINAL FINANCIAL 7 5.16% $14,417
FIRST COMMUNITY MORTGAGE, INC. 7 4.48% $6,204
MOVEMENT MORTGAGE, LLC 6 4.52% $7,176
VAN DYK MORTGAGE CORPORATION 6 5.50% $8,461
NEW DAY FINANCIAL, LLC 6 5.22% $10,617
BROKER SOLUTIONS, INC. 6 4.46% $10,611
LOANDEPOT.COM, LLC 6 4.25% $8,348
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 5.13% $14,396
STOCKTON MORTGAGE CORPORATION 4 4.75% $11,610
HOME POINT FINANCIAL CORPORATION 4 4.03% $10,645
VILLAGE CAPITAL MORTGAGE 4 3.63% $3,728
CALIBER HOME LOANS, INC. 4 4.94% $10,744
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 4.41% $7,453
UNION HOME MORTGAGE CORP. 3 4.46% $5,478
CLEARPATH LENDING 3 4.75% $17,058
Mr. Cooper ( Nationstar Mortgage ) 3 4.33% $4,242
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.08% $8,536
PLANET HOME LENDING, LLC 2 6.06% $12,005
GUARANTEED RATE, INC. 2 4.00% $6,319
EVERETT FINANCIAL, INC. 2 3.63% $6,856
SOUTHWEST STAGE FUNDING, LLC 2 3.63% $2,215
SOVEREIGN LENDING GROUP INCORPORATED 2 3.75% $7,420
Texana Bank 2 4.94% $11,904
U.S. Bank 2 4.50% $4,069
ACADEMY MORTGAGE CORPORATION 2 5.44% $11,664
Countybank 2 5.19% $3,337
ZILLOW HOME LOANS, LLC 1 5.13% $3,980
AMERICAN FINANCIAL RESOURCES, INC. 1 5.13% $2,676
AMERICAN MORTGAGE SERVICE COMPANY 1 4.75% $14,666
Barrington Bank & Trust Company, N.A. 1 6.75% $6,285
BNC National Bank 1 2.25% $14,947
CONTOUR MORTGAGE CORPORATION 1 5.25% $7,335
EMBRACE HOME LOANS, INC. 1 5.49% $7,485
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.25% $4,988
FINANCE OF AMERICA MORTGAGE LLC 1 4.88% $4,457
First Guaranty Mortgage Corporation 1 4.13% $3,798
First Home Bank 1 4.13% $3,798
First Option Mortgage, LLC 1 3.88% $8,274
Flagstar Bank, FSB 1 5.75% $11,979
Gateway First Bank 1 4.75% $9,555
GUARANTEED RATE AFFINITY, LLC 1 2.75% $4,019
GUILD MORTGAGE COMPANY 1 5.25% $14,151
HANCOCK MORTGAGE PARTNERS, LLC 1 4.25% $13,484
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $2,217
Low VA Rates, LLC 1 3.25% $8,121
Magnolia Bank 1 2.50% $8,264
MORTGAGE FINANCIAL GROUP, INC. 1 3.00% $5,378
MYCUMORTGAGE, LLC 1 4.50% $3,309
NATIONS DIRECT MORTGAGE, LLC 1 4.88% $3,514
NETWORK CAPITAL FUNDING CORPORATION 1 3.25% $16,056
NEWREZ LLC 1 3.25% $3,673
PENTAGON FEDERAL CREDIT UNION 1 2.88% $13,913
Regions Bank 1 3.25% $3,049
RELIANCE FIRST CAPITAL, LLC 1 3.88% $11,399
SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $5,506
Sierra Pacific Mortgage Company, Inc. 1 5.50% $7,705
Simmons Bank 1 4.75% $11,022
SIRVA MORTGAGE, INC. 1 5.13% $2,903
Southern First Bank 1 2.75% $2,000
Sunflower Bank 1 4.63% $10,424
TOP FLITE FINANCIAL, INC. 1 4.75% $20,531
Wells Fargo Bank 1 3.75% $15,900

The top Morristown VA lender as defined by loan originations is Mortgage Research Center, LLC, with 66 VA loans originated. Their average total fees are $6,848, which is $755 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Morristown VA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($5,451), USAA Federal Savings Bank ($5,919), DHI MORTGAGE COMPANY, LTD. ($6,093), Mortgage Research Center, LLC ($6,848) and PENNYMAC LOAN SERVICES, LLC ($7,791).

The lowest rate Morristown VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.76%), NAVY FEDERAL CREDIT UNION (3.97%), DHI MORTGAGE COMPANY, LTD. (4.24%), FREEDOM MORTGAGE CORPORATION (4.30%) and MORTGAGE INVESTORS GROUP, INC. (4.34%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Morristown (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 $224,900 (28.6%) $309,552 (25.2%) 0.00 588
2018-02-01 $226,675 (28.9%) $314,450 (27.6%) 0.00 558
2018-03-01 $229,900 (27.8%) $317,604 (27.0%) 0.00 563
2018-04-01 $237,450 (21.8%) $322,576 (23.7%) 0.00 560
2018-05-01 $237,325 (18.0%) $315,803 (15.4%) 0.00 587
2018-06-01 $239,900 (16.9%) $312,359 (11.6%) 0.00 588
2018-07-01 $229,900 (15.0%) $303,257 (5.9%) 0.00 612
2018-08-01 $229,925 (13.6%) $298,688 (0.8%) 0.00 606
2018-09-01 $229,900 (7.1%) $299,622 (-0.3%) 0.00 632
2018-10-01 $217,400 (0.3%) $290,914 (-2.9%) 0.00 633
2018-11-01 $212,400 (-0.7%) $283,667 (-7.5%) 0.00 595
2018-12-01 $214,900 (0.0%) $278,039 (-9.2%) 0.00 548
2019-01-01 $215,000 (-4.4%) $278,279 (-10.1%) 0.00 497
2019-02-01 $219,675 (-3.1%) $283,942 (-9.7%) 0.00 475
2019-03-01 $231,357 (0.6%) $304,772 (-4.0%) 0.00 450
2019-04-01 $239,900 (1.0%) $322,426 (-0.1%) 0.00 449
2019-05-01 $248,425 (4.7%) $334,571 (5.9%) 0.00 474
2019-06-01 $249,900 (4.2%) $342,057 (9.5%) 0.00 497
2019-07-01 $237,150 (3.2%) $334,399 (10.3%) 0.00 515
2019-08-01 $233,173 (1.4%) $330,163 (10.5%) 0.00 510
2019-09-01 $231,332 (0.6%) $324,730 (8.4%) 0.00 505
2019-10-01 $235,105 (8.1%) $323,256 (11.1%) 0.00 500
2019-11-01 $235,000 (10.6%) $325,764 (14.8%) 0.00 483
2019-12-01 $237,200 (10.4%) $325,462 (17.1%) 0.00 438
2020-01-01 $225,000 (4.7%) $309,086 (11.1%) 0.00 414
2020-02-01 $232,210 (5.7%) $312,914 (10.2%) 0.00 393
2020-03-01 $229,900 (-0.6%) $310,395 (1.8%) 0.00 380
2020-04-01 $237,165 (-1.1%) $311,566 (-3.4%) 0.00 352
2020-05-01 $249,900 (0.6%) $324,581 (-3.0%) 0.00 332
2020-06-01 $270,725 (8.3%) $355,835 (4.0%) 0.00 286
2020-07-01 $278,700 (17.5%) $365,837 (9.4%) 0.00 268
2020-08-01 $279,900 (20.0%) $372,456 (12.8%) 0.00 248
2020-09-01 $293,450 (26.9%) $376,459 (15.9%) 0.00 213
2020-10-01 $255,450 (8.7%) $385,075 (19.1%) 0.00 216
2020-11-01 $254,900 (8.5%) $373,221 (14.6%) 0.00 238
2020-12-01 $251,175 (5.9%) $388,901 (19.5%) 0.00 223
2021-01-01 $249,900 (11.1%) $376,602 (21.8%) 0.00 203
2021-02-01 $287,425 (23.8%) $384,323 (22.8%) 0.00 165
2021-03-01 $333,675 (45.1%) $444,542 (43.2%) 0.00 148
2021-04-01 $335,000 (41.3%) $464,411 (49.1%) 0.00 148
2021-05-01 $339,950 (36.0%) $502,665 (54.9%) 0.00 148
2021-06-01 $322,200 (19.0%) $455,550 (28.0%) 0.00 166
2021-07-01 $334,450 (20.0%) $474,415 (29.7%) 0.00 193
2021-08-01 $324,900 (16.1%) $476,468 (27.9%) 0.00 209
2021-09-01 $312,450 (6.5%) $467,009 (24.1%) 0.00 231
2021-10-01 $307,900 (20.5%) $465,881 (21.0%) 0.00 247
2021-11-01 $325,000 (27.5%) $462,598 (24.0%) 0.00 238
2021-12-01 $334,450 (33.2%) $487,005 (25.2%) 0.00 196
2022-01-01 $329,450 (31.8%) $465,937 (23.7%) 0.00 159
2022-02-01 $355,925 (23.8%) $508,113 (32.2%) 0.00 137
2022-03-01 $346,466 (3.8%) $489,865 (10.2%) 0.00 162
2022-04-01 $359,000 (7.2%) $506,597 (9.1%) 0.00 183
2022-05-01 $379,950 (11.8%) $504,149 (0.3%) 0.00 219
2022-06-01 $384,900 (19.5%) $515,146 (13.1%) 0.00 248
2022-07-01 $375,000 (12.1%) $504,270 (6.3%) 0.00 307
2022-08-01 $360,725 (11.0%) $494,406 (3.8%) 0.00 298
2022-09-01 $370,925 (18.7%) $493,419 (5.7%) 0.00 282
2022-10-01 $349,900 (13.6%) $487,149 (4.6%) 0.00 304
2022-11-01 $344,000 (5.9%) $488,448 (5.6%) 0.00 334
2022-12-01 $350,000 (4.7%) $501,532 (3.0%) 0.00 297
2023-01-01 $346,118 (5.1%) $470,740 (1.0%) 0.00 270
2023-02-01 $349,700 (-1.8%) $475,485 (-6.4%) 0.00 280
2023-03-01 $384,950 (11.1%) $509,310 (4.0%) 0.00 285
2023-04-01 $399,900 (11.4%) $520,300 (2.7%) 0.00 257
2023-05-01 $449,975 (18.4%) $567,682 (12.6%) 0.00 255
2023-06-01 $457,450 (18.9%) $565,499 (9.8%) 0.00 275
2023-07-01 $462,500 (23.3%) $679,906 (34.8%) 0.00 286
2023-08-01 $454,675 (26.0%) $682,377 (38.0%) 0.00 298
2023-09-01 $454,500 (22.5%) $611,972 (24.0%) 0.00 303
2023-10-01 $449,900 (28.6%) $599,079 (23.0%) 0.00 328
Morristown's median listing price for 2023-10-01 was $449,900, a difference of $100,000 (28.6%) versus the prior year and $-4,600 versus the prior month.

Morristown's median listing price comes in at 0% of the national average.

Morristown's average listing price for 2023-10-01 was $599,079, a difference of $111,930 (23.0%) versus the prior year and $-12,893 versus the prior month.

For the 2023-10-01 period, Morristown had 328 MLS listings, a difference of 25 listings (8%) versus the prior month and 24 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Morristown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,883 sqft
2018-02-01 0 days 1,904 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,969 sqft
2018-05-01 0 days 1,971 sqft
2018-06-01 0 days 1,980 sqft
2018-07-01 0 days 1,942 sqft
2018-08-01 0 days 1,947 sqft
2018-09-01 0 days 1,962 sqft
2018-10-01 0 days 1,958 sqft
2018-11-01 0 days 1,944 sqft
2018-12-01 0 days 1,931 sqft
2019-01-01 0 days 1,939 sqft
2019-02-01 0 days 1,942 sqft
2019-03-01 0 days 2,011 sqft
2019-04-01 0 days 2,038 sqft
2019-05-01 0 days 2,009 sqft
2019-06-01 0 days 2,052 sqft
2019-07-01 0 days 2,004 sqft
2019-08-01 0 days 2,003 sqft
2019-09-01 0 days 2,021 sqft
2019-10-01 0 days 2,046 sqft
2019-11-01 0 days 2,000 sqft
2019-12-01 0 days 1,973 sqft
2020-01-01 0 days 1,883 sqft
2020-02-01 0 days 1,914 sqft
2020-03-01 0 days 1,881 sqft
2020-04-01 0 days 1,904 sqft
2020-05-01 0 days 1,944 sqft
2020-06-01 0 days 1,993 sqft
2020-07-01 0 days 1,965 sqft
2020-08-01 0 days 2,016 sqft
2020-09-01 0 days 2,037 sqft
2020-10-01 0 days 1,900 sqft
2020-11-01 0 days 1,859 sqft
2020-12-01 0 days 1,876 sqft
2021-01-01 0 days 1,820 sqft
2021-02-01 0 days 1,832 sqft
2021-03-01 0 days 1,958 sqft
2021-04-01 0 days 2,014 sqft
2021-05-01 0 days 2,000 sqft
2021-06-01 0 days 1,966 sqft
2021-07-01 0 days 2,018 sqft
2021-08-01 0 days 1,948 sqft
2021-09-01 0 days 2,031 sqft
2021-10-01 0 days 2,070 sqft
2021-11-01 0 days 2,011 sqft
2021-12-01 0 days 2,017 sqft
2022-01-01 0 days 1,920 sqft
2022-02-01 0 days 1,889 sqft
2022-03-01 0 days 1,935 sqft
2022-04-01 0 days 1,863 sqft
2022-05-01 0 days 1,940 sqft
2022-06-01 0 days 1,987 sqft
2022-07-01 0 days 1,991 sqft
2022-08-01 0 days 1,985 sqft
2022-09-01 0 days 2,019 sqft
2022-10-01 0 days 1,981 sqft
2022-11-01 0 days 1,910 sqft
2022-12-01 0 days 1,943 sqft
2023-01-01 0 days 1,871 sqft
2023-02-01 0 days 1,937 sqft
2023-03-01 0 days 1,997 sqft
2023-04-01 0 days 2,048 sqft
2023-05-01 0 days 2,221 sqft
2023-06-01 0 days 2,117 sqft
2023-07-01 0 days 2,200 sqft
2023-08-01 0 days 2,146 sqft
2023-09-01 0 days 2,094 sqft
2023-10-01 0 days 2,078 sqft
Morristown's median listing age (time on market) for 2023-10-01 was 0 days.

Morristown's median square footage for active listings during the 2023-10-01 period was 2,078 sqft. One year prior, the average listing was 1,981 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.