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 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 7% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.73% and one month ago for the week of 2024-03-15, the average rate was 6.39%.

    The average rate one year ago was 5.98%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.03%.

    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
    Morristown's median listing price for 2024-03-01 was $449,789, a difference of $63,614 (16.5%) versus the prior year and $-16,161 versus the prior month.

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

    Morristown's average listing price for 2024-03-01 was $597,323, a difference of $87,631 (17.2%) versus the prior year and $-10,069 versus the prior month.

    For the 2024-03-01 period, Morristown had 316 MLS listings, a difference of 3 listings (1%) versus the prior month and 32 listings (11%) 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 2,087 sqft
    2024-03-01 0 days 2,014 sqft
    Morristown's median listing age (time on market) for 2024-03-01 was 0 days.

    Morristown's median square footage for active listings during the 2024-03-01 period was 2,014 sqft. One year prior, the average listing was 2,001 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.