New Orleans VA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, LA

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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.

    New Orleans's 95 lenders originated 1,095 VA loans during 2023. The total origination value was $335,775,000, with an average VA loan value of $306,644.

    New Orleans VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Orleans averaged 6.46% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    New Orleans's average VA mortgage closing costs are $6,380.

    The average rate for the prior week (2025-02-07) was 6.49% and one month ago for the week of 2025-01-10, the average rate was 6.73%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.6%.

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

    New Orleans 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 New Orleans level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 196 6.65% $6,974
    NAVY FEDERAL CREDIT UNION 102 5.91% $7,519
    DHI MORTGAGE COMPANY, LTD. 62 5.28% $6,698
    QUICKEN LOANS, LLC 59 6.29% $10,404
    UNITED WHOLESALE MORTGAGE, LLC 51 6.35% $9,316
    GMFS LLC 46 6.31% $6,744
    MOVEMENT MORTGAGE, LLC 35 6.40% $8,056
    EUSTIS AND AMERICAN MORTGAGE COMPANY 30 6.39% $9,138
    FREEDOM MORTGAGE CORPORATION 27 6.46% $10,529
    USAA Federal Savings Bank 25 6.39% $10,423
    Gulf Coast Bank and Trust Company 25 6.65% $8,681
    PENNYMAC LOAN SERVICES, LLC 24 5.79% $8,973
    FIDELITY BANK 22 6.30% $9,004
    LOANDEPOT.COM, LLC 18 6.32% $10,393
    CROSSCOUNTRY MORTGAGE, LLC 18 6.66% $6,725
    DSLD MORTGAGE, LLC 17 6.47% $9,079
    NEWREZ LLC 13 6.43% $9,923
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 7.01% $5,822
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.58% $2,540
    The Federal Savings Bank 12 6.76% $12,978
    GUARANTEED RATE, INC. 12 6.11% $7,668
    NEW DAY FINANCIAL, LLC 12 7.35% $12,094
    MUTUAL OF OMAHA MORTGAGE, INC. 10 6.45% $10,452
    DRAPER AND KRAMER MORTGAGE CORP. 9 7.03% $11,473
    Mr. Cooper ( Nationstar Mortgage ) 9 6.10% $10,029
    AmRes Corporation 9 6.65% $7,939
    UNION HOME MORTGAGE CORP. 8 6.22% $12,334
    THE MORTGAGE FIRM, INC. 7 6.32% $10,163
    PLANET HOME LENDING, LLC 7 6.29% $8,521
    STANDARD MORTGAGE CORPORATION 7 6.20% $10,321
    Magnolia Bank 7 5.86% $19,347
    V.I.P. MORTGAGE, INC. 6 6.60% $5,513
    AMERICAN FINANCIAL NETWORK, INC. 6 6.63% $7,894
    CARDINAL FINANCIAL 6 6.37% $11,893
    Presidential Bank, FSB 6 6.06% $10,314
    CMG MORTGAGE, INC. 6 6.02% $12,055
    BROKER SOLUTIONS, INC. 5 6.55% $12,044
    T2 FINANCIAL LLC 5 6.65% $3,886
    First Horizon Bank 5 5.90% $10,064
    VILLAGE CAPITAL MORTGAGE 5 6.15% $7,638
    SUMMIT FUNDING, INC. 5 6.50% $7,438
    Equity Prime Mortgage LLC 5 6.55% $11,515
    America's Mortgage Resource, Inc. 5 6.42% $7,037
    Towne Bank 5 6.95% $9,314
    Barrington Bank & Trust Company, N.A. 4 6.47% $8,206
    Plains Commerce Bank 4 6.09% $13,484
    PENTAGON FEDERAL CREDIT UNION 3 5.50% $10,292
    Paramount Residential Mortgage Group, Inc. 3 6.71% $14,859
    Regions Bank 3 6.08% $10,993
    Hancock Whitney Bank 3 6.29% $8,759
    KEESLER 3 5.92% $5,716
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.56% $13,812
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.19% $6,976
    JPMorgan Chase Bank 2 5.87% $5,214
    AmeriHome Mortgage Company, LLC 2 5.75% $7,779
    RELIANCE FIRST CAPITAL, LLC 2 6.00% $6,455
    First Federal Bank 2 6.38% $8,076
    NTFN, INC. 2 6.00% $7,740
    Armed Forces Bank 2 5.69% $18,720
    NATIONS RELIABLE LENDING, LLC 1 5.63% $10,297
    American Mortgage & Equity Consultants, Inc. 1 5.75% $5,698
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $11,105
    Assurance Financial Group, L.L.C. 1 7.13% $4,726
    Bank of America 1 5.00% $10,821
    Bank of England 1 6.25% $17,353
    BankPlus 1 6.25% $8,878
    BAY EQUITY LLC 1 6.49% $10,164
    BECKAM FUNDING CORP. 1 6.63% $3,896
    BNC National Bank 1 5.25% $7,922
    Century Mortgage Company DBA Century Lending Company 1 7.25% $1,430
    Citizens Bank 1 6.75% $6,045
    Cornerstone First Mortgage, Inc 1 6.75% $24,908
    DELMAR FINANCIAL COMPANY 1 7.50% $9,543
    DIRECT MORTGAGE LOANS, LLC 1 5.63% $11,287
    EMM LOANS LLC 1 6.63% $15,677
    Flagstar Bank, FSB 1 7.00% $6,045
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $7,240
    GUILD MORTGAGE COMPANY 1 6.63% $23,576
    HOMESIDE FINANCIAL, LLC 1 5.50% $12,366
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $6,979
    MLD MORTGAGE INC. 1 6.25% $5,738
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $3,996
    Nations Lending Corporation 1 6.13% $28,168
    ACADEMY MORTGAGE CORPORATION 1 7.13% $15,455
    NBKC BANK 1 5.63% $5,544
    NFM, INC. 1 6.13% $7,357
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.00% $7,010
    PLAZA HOME MORTGAGE, INC. 1 7.75% $5,195
    PREMIA MORTGAGE, LLC 1 6.13% $2,800
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $1,956
    Red River Bank 1 5.63% $0
    ROYAL UNITED MORTGAGE LLC 1 5.88% $8,370
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $3,552
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $8,364
    The Central Trust Bank 1 6.75% $12,575

    The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with 196 VA loans originated. Their average total fees are $6,974, which is $545 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee New Orleans VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,540), PRIMELENDING, A PLAINSCAPITAL COMPANY ($5,822), DHI MORTGAGE COMPANY, LTD. ($6,698), CROSSCOUNTRY MORTGAGE, LLC ($6,725) and GMFS LLC ($6,744).

    The lowest rate New Orleans VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.28%), PENNYMAC LOAN SERVICES, LLC (5.79%), NAVY FEDERAL CREDIT UNION (5.91%), GUARANTEED RATE, INC. (6.11%) and QUICKEN LOANS, LLC (6.29%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Orleans (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 $267,025 (8.8%) $377,737 (7.3%) 1.00 3,200
    2018-02-01 $262,500 (7.4%) $383,267 (8.5%) 0.97 3,222
    2018-03-01 $274,600 (8.8%) $389,794 (8.1%) 0.96 3,348
    2018-04-01 $287,000 (10.2%) $400,265 (9.3%) 0.96 3,382
    2018-05-01 $289,000 (9.1%) $406,844 (8.1%) 0.97 3,401
    2018-06-01 $289,000 (7.4%) $400,945 (4.8%) 0.95 3,454
    2018-07-01 $280,000 (5.7%) $399,543 (6.1%) 0.93 3,332
    2018-08-01 $285,000 (5.9%) $401,231 (7.4%) 0.94 3,300
    2018-09-01 $279,900 (4.4%) $397,519 (7.9%) 0.94 3,253
    2018-10-01 $282,499 (5.8%) $397,734 (6.5%) 0.95 3,314
    2018-11-01 $282,000 (5.4%) $394,652 (3.6%) 0.95 3,290
    2018-12-01 $279,000 (5.3%) $389,903 (2.7%) 0.95 3,208
    2019-01-01 $274,500 (2.8%) $382,936 (1.4%) 0.93 3,038
    2019-02-01 $279,000 (6.3%) $392,533 (2.4%) 0.93 3,064
    2019-03-01 $287,286 (4.6%) $404,955 (3.9%) 0.93 2,951
    2019-04-01 $298,000 (3.8%) $418,790 (4.6%) 0.92 2,882
    2019-05-01 $299,000 (3.5%) $428,931 (5.4%) 0.91 2,895
    2019-06-01 $297,590 (3.0%) $422,991 (5.5%) 0.91 2,929
    2019-07-01 $296,625 (5.9%) $421,745 (5.6%) 0.91 2,943
    2019-08-01 $291,682 (2.3%) $411,669 (2.6%) 0.90 2,996
    2019-09-01 $290,455 (3.8%) $409,625 (3.1%) 0.91 3,044
    2019-10-01 $287,250 (1.7%) $407,301 (2.4%) 0.92 3,050
    2019-11-01 $285,000 (1.1%) $407,246 (3.2%) 0.93 3,023
    2019-12-01 $281,800 (1.0%) $405,142 (3.9%) 0.93 2,866
    2020-01-01 $279,900 (2.0%) $404,728 (5.7%) 0.93 2,699
    2020-02-01 $289,000 (3.6%) $407,368 (3.8%) 0.92 2,647
    2020-03-01 $297,000 (3.4%) $410,483 (1.4%) 0.91 2,696
    2020-04-01 $299,000 (0.3%) $412,387 (-1.5%) 0.91 2,683
    2020-05-01 $299,900 (0.3%) $427,994 (-0.2%) 0.91 2,559
    2020-06-01 $317,000 (6.5%) $437,492 (3.4%) 0.88 2,413
    2020-07-01 $324,900 (9.5%) $451,312 (7.0%) 0.91 2,246
    2020-08-01 $325,000 (11.4%) $459,360 (11.6%) 0.93 2,147
    2020-09-01 $329,950 (13.6%) $467,366 (14.1%) 0.93 2,124
    2020-10-01 $335,000 (16.6%) $479,052 (17.6%) 0.94 2,114
    2020-11-01 $326,500 (14.6%) $463,340 (13.8%) 0.96 2,123
    2020-12-01 $323,875 (14.9%) $456,279 (12.6%) 0.97 2,053
    2021-01-01 $309,000 (10.4%) $441,279 (9.0%) 0.94 1,964
    2021-02-01 $314,450 (8.8%) $453,226 (11.3%) 0.92 1,842
    2021-03-01 $323,450 (8.9%) $463,788 (13.0%) 0.93 1,758
    2021-04-01 $335,000 (12.0%) $482,363 (17.0%) 0.92 1,639
    2021-05-01 $339,000 (13.0%) $486,481 (13.7%) 0.90 1,589
    2021-06-01 $339,350 (7.1%) $476,970 (9.0%) 0.90 1,666
    2021-07-01 $339,000 (4.3%) $475,507 (5.4%) 0.89 1,777
    2021-08-01 $330,000 (1.5%) $465,358 (1.3%) 0.90 1,891
    2021-09-01 $337,000 (2.1%) $466,930 (-0.1%) 0.90 1,774
    2021-10-01 $335,000 (0.0%) $468,759 (-2.2%) 0.90 1,607
    2021-11-01 $340,000 (4.1%) $481,128 (3.8%) 0.93 1,511
    2021-12-01 $339,000 (4.7%) $475,484 (4.2%) 0.92 1,394
    2022-01-01 $339,000 (9.7%) $477,073 (8.1%) 0.93 1,274
    2022-02-01 $340,250 (8.2%) $478,831 (5.7%) 0.91 1,203
    2022-03-01 $347,000 (7.3%) $472,854 (2.0%) 0.87 1,264
    2022-04-01 $344,450 (2.8%) $469,236 (-2.7%) 0.83 1,409
    2022-05-01 $342,500 (1.0%) $474,749 (-2.4%) 0.80 1,629
    2022-06-01 $347,000 (2.3%) $473,616 (-0.7%) 0.78 1,884
    2022-07-01 $339,000 (0.0%) $460,295 (-3.2%) 0.77 2,239
    2022-08-01 $327,450 (-0.8%) $445,691 (-4.2%) 0.77 2,510
    2022-09-01 $325,000 (-3.6%) $443,155 (-5.1%) 0.77 2,632
    2022-10-01 $325,000 (-3.0%) $444,594 (-5.2%) 0.77 2,824
    2022-11-01 $322,500 (-5.2%) $447,613 (-7.0%) 0.79 2,909
    2022-12-01 $319,000 (-5.9%) $440,755 (-7.3%) 0.80 2,793
    2023-01-01 $318,450 (-6.1%) $443,421 (-7.1%) 0.80 2,669
    2023-02-01 $321,950 (-5.4%) $455,123 (-5.0%) 0.78 2,633
    2023-03-01 $326,000 (-6.1%) $458,035 (-3.1%) 0.78 2,754
    2023-04-01 $334,900 (-2.8%) $473,835 (1.0%) 0.79 2,849
    2023-05-01 $339,450 (-0.9%) $482,235 (1.6%) 0.78 3,034
    2023-06-01 $339,450 (-2.2%) $474,106 (0.1%) 0.78 3,133
    2023-07-01 $331,250 (-2.3%) $464,554 (0.9%) 0.77 3,296
    2023-08-01 $334,938 (2.3%) $461,324 (3.5%) 0.78 3,305
    2023-09-01 $334,999 (3.1%) $459,897 (3.8%) 0.78 3,410
    2023-10-01 $331,950 (2.1%) $462,956 (4.1%) 0.79 3,572
    2023-11-01 $325,000 (0.8%) $454,427 (1.5%) 0.79 3,639
    2023-12-01 $325,000 (1.9%) $450,611 (2.2%) 0.79 3,506
    2024-01-01 $324,531 (1.9%) $448,322 (1.1%) 0.79 3,330
    2024-02-01 $324,975 (0.9%) $451,480 (-0.8%) 0.78 3,322
    2024-03-01 $325,000 (-0.3%) $460,702 (0.6%) 0.77 3,428
    2024-04-01 $330,000 (-1.5%) $464,577 (-2.0%) 0.78 3,597
    2024-05-01 $332,450 (-2.1%) $467,679 (-3.0%) 0.77 3,690
    2024-06-01 $329,000 (-3.1%) $459,124 (-3.2%) 0.75 3,782
    2024-07-01 $324,500 (-2.0%) $448,390 (-3.5%) 0.75 3,983
    2024-08-01 $317,000 (-5.4%) $438,757 (-4.9%) 0.76 4,216
    2024-09-01 $319,000 (-4.8%) $440,125 (-4.3%) 0.76 3,844
    2024-10-01 $323,250 (-2.6%) $443,066 (-4.3%) 0.77 3,918
    2024-11-01 $320,500 (-1.4%) $445,140 (-2.0%) 0.78 3,912
    2024-12-01 $319,000 (-1.9%) $442,794 (-1.7%) 0.81 3,761
    2025-01-01 $317,000 (-2.3%) $437,577 (-2.4%) 0.00 3,644
    New Orleans's median listing price for 2025-01-01 was $317,000, a difference of $-7,531 (-2.3%) versus the prior year and $-2,000 versus the prior month.

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

    New Orleans's average listing price for 2025-01-01 was $437,577, a difference of $-10,745 (-2.4%) versus the prior year and $-5,217 versus the prior month.

    For the 2025-01-01 period, New Orleans had 3,644 MLS listings, a difference of -117 listings (-3%) versus the prior month and 314 listings (9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 1,706 sqft
    2018-02-01 80 days 1,702 sqft
    2018-03-01 62 days 1,722 sqft
    2018-04-01 58 days 1,747 sqft
    2018-05-01 59 days 1,761 sqft
    2018-06-01 59 days 1,753 sqft
    2018-07-01 65 days 1,749 sqft
    2018-08-01 68 days 1,747 sqft
    2018-09-01 68 days 1,747 sqft
    2018-10-01 72 days 1,743 sqft
    2018-11-01 72 days 1,744 sqft
    2018-12-01 75 days 1,728 sqft
    2019-01-01 84 days 1,721 sqft
    2019-02-01 78 days 1,737 sqft
    2019-03-01 69 days 1,757 sqft
    2019-04-01 61 days 1,780 sqft
    2019-05-01 58 days 1,801 sqft
    2019-06-01 61 days 1,803 sqft
    2019-07-01 67 days 1,804 sqft
    2019-08-01 68 days 1,794 sqft
    2019-09-01 72 days 1,786 sqft
    2019-10-01 72 days 1,779 sqft
    2019-11-01 71 days 1,759 sqft
    2019-12-01 81 days 1,748 sqft
    2020-01-01 88 days 1,733 sqft
    2020-02-01 81 days 1,727 sqft
    2020-03-01 62 days 1,741 sqft
    2020-04-01 69 days 1,753 sqft
    2020-05-01 75 days 1,750 sqft
    2020-06-01 82 days 1,762 sqft
    2020-07-01 66 days 1,761 sqft
    2020-08-01 64 days 1,766 sqft
    2020-09-01 67 days 1,771 sqft
    2020-10-01 67 days 1,775 sqft
    2020-11-01 68 days 1,761 sqft
    2020-12-01 73 days 1,745 sqft
    2021-01-01 75 days 1,710 sqft
    2021-02-01 69 days 1,712 sqft
    2021-03-01 60 days 1,728 sqft
    2021-04-01 58 days 1,704 sqft
    2021-05-01 57 days 1,723 sqft
    2021-06-01 54 days 1,750 sqft
    2021-07-01 51 days 1,745 sqft
    2021-08-01 52 days 1,713 sqft
    2021-09-01 63 days 1,700 sqft
    2021-10-01 78 days 1,696 sqft
    2021-11-01 85 days 1,719 sqft
    2021-12-01 74 days 1,700 sqft
    2022-01-01 73 days 1,720 sqft
    2022-02-01 64 days 1,720 sqft
    2022-03-01 43 days 1,734 sqft
    2022-04-01 37 days 1,726 sqft
    2022-05-01 38 days 1,752 sqft
    2022-06-01 39 days 1,764 sqft
    2022-07-01 42 days 1,762 sqft
    2022-08-01 49 days 1,748 sqft
    2022-09-01 55 days 1,747 sqft
    2022-10-01 58 days 1,750 sqft
    2022-11-01 63 days 1,749 sqft
    2022-12-01 74 days 1,737 sqft
    2023-01-01 80 days 1,733 sqft
    2023-02-01 69 days 1,750 sqft
    2023-03-01 58 days 1,756 sqft
    2023-04-01 56 days 1,776 sqft
    2023-05-01 57 days 1,784 sqft
    2023-06-01 58 days 1,769 sqft
    2023-07-01 60 days 1,763 sqft
    2023-08-01 64 days 1,764 sqft
    2023-09-01 66 days 1,768 sqft
    2023-10-01 67 days 1,768 sqft
    2023-11-01 67 days 1,759 sqft
    2023-12-01 77 days 1,750 sqft
    2024-01-01 84 days 1,736 sqft
    2024-02-01 83 days 1,737 sqft
    2024-03-01 67 days 1,753 sqft
    2024-04-01 60 days 1,769 sqft
    2024-05-01 58 days 1,758 sqft
    2024-06-01 61 days 1,750 sqft
    2024-07-01 67 days 1,739 sqft
    2024-08-01 69 days 1,730 sqft
    2024-09-01 79 days 1,726 sqft
    2024-10-01 79 days 1,733 sqft
    2024-11-01 80 days 1,723 sqft
    2024-12-01 83 days 1,718 sqft
    2025-01-01 0 days 1,704 sqft
    New Orleans's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    New Orleans's median square footage for active listings during the 2025-01-01 period was 1,704 sqft. One year prior, the average listing was 1,736 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.