Morristown VA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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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.

    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.