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 49 lenders originated 229 VA loans during 2023. The total origination value was $70,895,000, with an average VA loan value of $309,585.

Morristown VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Morristown averaged -0.06% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Morristown's average VA mortgage closing costs are $5,851.

The average rate for the prior week (2024-11-22) was 6.31% and one month ago for the week of 2024-10-25, the average rate was 6.2%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.03%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 38 6.81% $6,773
DHI MORTGAGE COMPANY, LTD. 33 6.06% $6,405
UNITED WHOLESALE MORTGAGE, LLC 18 6.16% $12,621
CMG MORTGAGE, INC. 14 6.53% $10,938
MORTGAGE INVESTORS GROUP, INC. 14 6.28% $4,999
QUICKEN LOANS, LLC 7 6.17% $8,755
The Federal Savings Bank 7 6.05% $14,641
CARDINAL FINANCIAL 7 6.38% $14,752
NAVY FEDERAL CREDIT UNION 6 6.08% $3,727
FIRST COMMUNITY MORTGAGE, INC. 6 6.50% $13,163
PENNYMAC LOAN SERVICES, LLC 5 5.42% $11,587
FREEDOM MORTGAGE CORPORATION 5 6.25% $18,719
MOVEMENT MORTGAGE, LLC 5 6.58% $11,535
UNION HOME MORTGAGE CORP. 4 6.16% $9,078
USAA Federal Savings Bank 3 5.71% $7,114
NEW DAY FINANCIAL, LLC 3 6.83% $6,731
AMERISAVE MORTGAGE CORPORATION 2 5.63% $8,477
VILLAGE CAPITAL MORTGAGE 2 6.75% $5,431
Northpointe Bank 2 7.13% $4,736
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $1,601
NEWREZ LLC 2 6.50% $6,072
PLANET HOME LENDING, LLC 2 6.13% $4,924
STOCKTON MORTGAGE CORPORATION 2 6.25% $7,153
Equity Prime Mortgage LLC 2 7.38% $3,460
GUARANTEED RATE, INC. 2 5.86% $7,432
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $6,092
LOANDEPOT.COM, LLC 2 7.56% $10,991
Wells Fargo Bank 1 5.75% $96
Ameris Bank 1 6.75% $9,343
BROKER SOLUTIONS, INC. 1 7.13% $4,532
CHURCHILL MORTGAGE CORPORATION 1 6.88% $2,625
COMPASS MORTGAGE, INC. 1 5.75% $10,246
CRESCENT MORTGAGE COMPANY 1 6.50% $3,483
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $27,875
DAS Acquisition Company, LLC 1 6.38% $8,627
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,742
Flanagan State Bank 1 6.75% $1,124
LAKEVIEW LOAN SERVICING, LLC 1 5.50% $7,101
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $19,333
NP, Inc. 1 7.75% $18,133
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.88% $3,955
RANLIFE, INC. 1 6.38% $14,767
RELIANCE FIRST CAPITAL, LLC 1 6.50% $7,442
SeaTrust Mortgage Company 1 6.50% $7,978
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $16,612
TIDEWATER MORTGAGE SERVICES, INC. 1 7.00% $7,031
TOWNE MORTGAGE COMPANY 1 7.25% $6,152
Truist 1 6.25% $4,565
AmeriHome Mortgage Company, LLC 1 6.63% $15,350

The top Morristown VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $6,773, which is $367 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. ($4,999), DHI MORTGAGE COMPANY, LTD. ($6,405), Mortgage Research Center, LLC ($6,773), CMG MORTGAGE, INC. ($10,938) and UNITED WHOLESALE MORTGAGE, LLC ($12,621).

The lowest rate Morristown VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), MORTGAGE INVESTORS GROUP, INC. (6.28%), CMG MORTGAGE, INC. (6.53%) and Mortgage Research Center, LLC (6.81%).


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%) $310,620 (25.4%) 0.00 589
2018-02-01 $228,450 (29.8%) $315,569 (27.9%) 0.00 559
2018-03-01 $229,900 (27.8%) $318,865 (27.4%) 0.00 563
2018-04-01 $235,000 (18.8%) $322,461 (23.4%) 0.00 559
2018-05-01 $237,200 (17.2%) $315,681 (15.2%) 0.00 586
2018-06-01 $237,813 (15.6%) $312,233 (11.4%) 0.00 587
2018-07-01 $229,900 (15.0%) $303,625 (5.9%) 0.00 611
2018-08-01 $229,975 (11.6%) $299,570 (1.0%) 0.00 607
2018-09-01 $229,900 (7.0%) $300,457 (-0.5%) 0.00 633
2018-10-01 $217,400 (-0.2%) $291,761 (-3.0%) 0.00 634
2018-11-01 $212,425 (-1.4%) $286,210 (-6.9%) 0.00 596
2018-12-01 $214,900 (0.0%) $279,023 (-9.2%) 0.00 549
2019-01-01 $215,000 (-4.4%) $279,381 (-10.1%) 0.00 498
2019-02-01 $219,900 (-3.7%) $284,995 (-9.7%) 0.00 476
2019-03-01 $231,386 (0.7%) $305,404 (-4.2%) 0.00 451
2019-04-01 $239,900 (2.1%) $322,426 (0.0%) 0.00 449
2019-05-01 $249,450 (5.2%) $334,485 (6.0%) 0.00 475
2019-06-01 $249,900 (5.1%) $341,872 (9.5%) 0.00 498
2019-07-01 $237,400 (3.3%) $334,237 (10.1%) 0.00 516
2019-08-01 $233,536 (1.6%) $330,007 (10.2%) 0.00 511
2019-09-01 $231,491 (0.7%) $324,584 (8.0%) 0.00 506
2019-10-01 $235,127 (8.2%) $323,112 (10.8%) 0.00 501
2019-11-01 $235,000 (10.6%) $325,764 (13.8%) 0.00 484
2019-12-01 $237,200 (10.4%) $325,462 (16.6%) 0.00 438
2020-01-01 $225,000 (4.7%) $309,086 (10.6%) 0.00 414
2020-02-01 $232,210 (5.6%) $312,914 (9.8%) 0.00 393
2020-03-01 $229,900 (-0.6%) $310,395 (1.6%) 0.00 380
2020-04-01 $237,165 (-1.1%) $311,566 (-3.4%) 0.00 352
2020-05-01 $249,900 (0.2%) $324,581 (-3.0%) 0.00 332
2020-06-01 $270,725 (8.3%) $355,835 (4.1%) 0.00 286
2020-07-01 $278,700 (17.4%) $365,537 (9.4%) 0.00 270
2020-08-01 $279,900 (19.9%) $372,456 (12.9%) 0.00 250
2020-09-01 $294,675 (27.3%) $376,851 (16.1%) 0.00 214
2020-10-01 $255,450 (8.6%) $385,075 (19.2%) 0.00 215
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 $287,450 (23.8%) $384,904 (23.0%) 0.00 163
2021-03-01 $332,450 (44.6%) $444,308 (43.1%) 0.00 147
2021-04-01 $336,450 (41.9%) $467,511 (50.1%) 0.00 149
2021-05-01 $344,900 (38.0%) $506,156 (55.9%) 0.00 150
2021-06-01 $322,200 (19.0%) $457,727 (28.6%) 0.00 167
2021-07-01 $339,900 (22.0%) $476,263 (30.3%) 0.00 196
2021-08-01 $334,800 (19.6%) $485,406 (30.3%) 0.00 217
2021-09-01 $312,450 (6.0%) $467,009 (23.9%) 0.00 237
2021-10-01 $314,900 (23.3%) $469,791 (22.0%) 0.00 253
2021-11-01 $329,000 (29.1%) $466,999 (25.1%) 0.00 244
2021-12-01 $334,711 (33.3%) $488,153 (25.5%) 0.00 205
2022-01-01 $329,900 (32.0%) $467,361 (24.1%) 0.00 173
2022-02-01 $359,675 (25.1%) $517,271 (34.4%) 0.00 149
2022-03-01 $369,900 (11.3%) $524,227 (18.0%) 0.00 177
2022-04-01 $359,000 (6.7%) $505,669 (8.2%) 0.00 201
2022-05-01 $379,900 (10.2%) $501,771 (-0.9%) 0.00 237
2022-06-01 $381,925 (18.5%) $512,633 (12.0%) 0.00 265
2022-07-01 $375,000 (10.3%) $505,341 (6.1%) 0.00 307
2022-08-01 $364,450 (8.9%) $500,143 (3.0%) 0.00 299
2022-09-01 $370,925 (18.7%) $495,957 (6.2%) 0.00 285
2022-10-01 $359,000 (14.0%) $491,454 (4.6%) 0.00 307
2022-11-01 $349,536 (6.2%) $492,586 (5.5%) 0.00 337
2022-12-01 $350,000 (4.6%) $505,753 (3.6%) 0.00 298
2023-01-01 $347,559 (5.4%) $471,006 (0.8%) 0.00 268
2023-02-01 $352,675 (-2.0%) $476,851 (-7.8%) 0.00 278
2023-03-01 $386,175 (4.4%) $509,692 (-2.8%) 0.00 284
2023-04-01 $399,900 (11.4%) $520,300 (2.9%) 0.00 257
2023-05-01 $449,925 (18.4%) $565,455 (12.7%) 0.00 255
2023-06-01 $451,225 (18.1%) $563,321 (9.9%) 0.00 277
2023-07-01 $462,500 (23.3%) $680,561 (34.7%) 0.00 286
2023-08-01 $454,675 (24.8%) $682,377 (36.4%) 0.00 298
2023-09-01 $454,500 (22.5%) $611,972 (23.4%) 0.00 303
2023-10-01 $449,900 (25.3%) $599,079 (21.9%) 0.00 328
2023-11-01 $449,900 (28.7%) $610,857 (24.0%) 0.00 338
2023-12-01 $449,900 (28.5%) $609,376 (20.5%) 0.00 333
2024-01-01 $452,450 (30.2%) $612,081 (30.0%) 0.00 318
2024-02-01 $465,950 (32.1%) $607,392 (27.4%) 0.00 313
2024-03-01 $449,789 (16.5%) $597,323 (17.2%) 0.00 316
2024-04-01 $449,900 (12.5%) $605,207 (16.3%) 0.00 321
2024-05-01 $473,750 (5.3%) $613,952 (8.6%) 0.00 351
2024-06-01 $483,450 (7.1%) $627,947 (11.5%) 0.00 356
2024-07-01 $469,375 (1.5%) $636,278 (-6.5%) 0.00 424
2024-08-01 $450,000 (-1.0%) $627,951 (-8.0%) 0.00 446
2024-09-01 $430,663 (-5.2%) $609,026 (-0.5%) 0.00 501
2024-10-01 $433,600 (-3.6%) $594,296 (-0.8%) 0.00 508
Morristown's median listing price for 2024-10-01 was $433,600, a difference of $-16,300 (-3.6%) versus the prior year and $2,937 versus the prior month.

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

Morristown's average listing price for 2024-10-01 was $594,296, a difference of $-4,783 (-0.8%) versus the prior year and $-14,730 versus the prior month.

For the 2024-10-01 period, Morristown had 508 MLS listings, a difference of 7 listings (1%) versus the prior month and 180 listings (55%) 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 1,892 sqft
2018-02-01 0 days 1,907 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,969 sqft
2018-05-01 0 days 1,972 sqft
2018-06-01 0 days 1,980 sqft
2018-07-01 0 days 1,942 sqft
2018-08-01 0 days 1,950 sqft
2018-09-01 0 days 1,968 sqft
2018-10-01 0 days 1,961 sqft
2018-11-01 0 days 1,947 sqft
2018-12-01 0 days 1,936 sqft
2019-01-01 0 days 1,940 sqft
2019-02-01 0 days 1,943 sqft
2019-03-01 0 days 2,015 sqft
2019-04-01 0 days 2,039 sqft
2019-05-01 0 days 2,009 sqft
2019-06-01 0 days 2,048 sqft
2019-07-01 0 days 2,000 sqft
2019-08-01 0 days 1,997 sqft
2019-09-01 0 days 2,017 sqft
2019-10-01 0 days 2,045 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 1,992 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 1,842 sqft
2021-03-01 0 days 1,963 sqft
2021-04-01 0 days 2,047 sqft
2021-05-01 0 days 2,007 sqft
2021-06-01 0 days 1,967 sqft
2021-07-01 0 days 2,022 sqft
2021-08-01 0 days 1,983 sqft
2021-09-01 0 days 2,031 sqft
2021-10-01 0 days 2,112 sqft
2021-11-01 0 days 2,024 sqft
2021-12-01 0 days 2,046 sqft
2022-01-01 0 days 1,920 sqft
2022-02-01 0 days 1,903 sqft
2022-03-01 0 days 1,967 sqft
2022-04-01 0 days 1,821 sqft
2022-05-01 0 days 1,928 sqft
2022-06-01 0 days 1,971 sqft
2022-07-01 0 days 1,980 sqft
2022-08-01 0 days 1,984 sqft
2022-09-01 0 days 2,008 sqft
2022-10-01 0 days 1,971 sqft
2022-11-01 0 days 1,907 sqft
2022-12-01 0 days 1,948 sqft
2023-01-01 0 days 1,861 sqft
2023-02-01 0 days 1,966 sqft
2023-03-01 0 days 2,001 sqft
2023-04-01 0 days 2,048 sqft
2023-05-01 0 days 2,171 sqft
2023-06-01 0 days 2,082 sqft
2023-07-01 0 days 2,200 sqft
2023-08-01 0 days 2,146 sqft
2023-09-01 0 days 2,088 sqft
2023-10-01 0 days 2,078 sqft
2023-11-01 0 days 2,091 sqft
2023-12-01 0 days 2,099 sqft
2024-01-01 0 days 2,088 sqft
2024-02-01 0 days 2,086 sqft
2024-03-01 0 days 2,014 sqft
2024-04-01 0 days 2,048 sqft
2024-05-01 0 days 2,047 sqft
2024-06-01 0 days 2,065 sqft
2024-07-01 0 days 2,000 sqft
2024-08-01 0 days 2,000 sqft
2024-09-01 0 days 2,000 sqft
2024-10-01 0 days 2,032 sqft
Morristown's median listing age (time on market) for 2024-10-01 was 0 days.

Morristown's median square footage for active listings during the 2024-10-01 period was 2,032 sqft. One year prior, the average listing was 2,078 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.