New Orleans VA Loans
NEW ORLEANS-METAIRIE, LA
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 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 149 lenders originated 3,513 VA loans during 2021. The total origination value was $962,815,000, with an average VA loan value of $274,072.
New Orleans VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New Orleans
averaged
5.39%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.32% and
one month ago for the week of 2022-04-08, the
average rate was 5.24%.
The average rate one year ago was 3.06%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.29%.
New Orleans VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Orleans level.
The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with
339 VA loans originated. Their average total fees are
$6,073, which is $766
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New Orleans VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,247), PENTAGON FEDERAL CREDIT UNION ($2,423), PLANET HOME LENDING, LLC ($2,465), Low VA Rates, LLC ($3,069) and FREEDOM MORTGAGE CORPORATION ($4,020).
The lowest rate New Orleans VA lenders (with over 10 loans originated) are
ACCELERATE MORTGAGE, LLC (2.17%), VILLAGE CAPITAL & INVESTMENT LLC (2.31%), CLEARPATH LENDING (2.33%), NP, Inc. (2.34%) and North American Savings Bank, F.S.B. (2.35%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $269,500 (5.7%) | $377,807 (5.7%) | 0.99 | 4,586 |
2018-02-01 | $269,000 (5.5%) | $381,243 (6.2%) | 0.97 | 4,601 |
2018-03-01 | $274,900 (4.7%) | $387,260 (5.9%) | 0.95 | 4,846 |
2018-04-01 | $282,450 (4.8%) | $395,971 (7.0%) | 0.95 | 4,933 |
2018-05-01 | $289,000 (5.1%) | $401,466 (5.6%) | 0.96 | 5,006 |
2018-06-01 | $285,000 (2.9%) | $395,212 (2.8%) | 0.95 | 5,077 |
2018-07-01 | $279,450 (1.6%) | $394,547 (4.1%) | 0.93 | 4,996 |
2018-08-01 | $281,750 (2.5%) | $394,460 (4.2%) | 0.94 | 4,996 |
2018-09-01 | $279,213 (2.8%) | $392,365 (5.1%) | 0.93 | 4,896 |
2018-10-01 | $279,900 (2.4%) | $392,592 (3.7%) | 0.94 | 4,937 |
2018-11-01 | $279,250 (2.5%) | $387,394 (1.4%) | 0.94 | 4,913 |
2018-12-01 | $275,000 (2.0%) | $382,318 (0.7%) | 0.94 | 4,834 |
2019-01-01 | $272,000 (0.9%) | $379,175 (0.4%) | 0.94 | 4,591 |
2019-02-01 | $276,750 (2.9%) | $385,775 (1.2%) | 0.93 | 4,624 |
2019-03-01 | $283,671 (3.2%) | $395,548 (2.1%) | 0.92 | 4,542 |
2019-04-01 | $291,250 (3.1%) | $405,949 (2.5%) | 0.92 | 4,526 |
2019-05-01 | $292,000 (1.0%) | $410,068 (2.1%) | 0.90 | 4,570 |
2019-06-01 | $290,000 (1.8%) | $406,530 (2.9%) | 0.89 | 4,620 |
2019-07-01 | $289,900 (3.7%) | $402,862 (2.1%) | 0.90 | 4,673 |
2019-08-01 | $289,757 (2.8%) | $398,037 (0.9%) | 0.91 | 4,680 |
2019-09-01 | $288,307 (3.3%) | $392,662 (0.1%) | 0.92 | 4,623 |
2019-10-01 | $287,000 (2.5%) | $394,928 (0.6%) | 0.92 | 4,619 |
2019-11-01 | $283,680 (1.6%) | $395,708 (2.2%) | 0.92 | 4,517 |
2019-12-01 | $279,750 (1.7%) | $396,932 (3.8%) | 0.93 | 4,307 |
2020-01-01 | $279,450 (2.7%) | $395,489 (4.3%) | 0.93 | 4,051 |
2020-02-01 | $285,000 (3.0%) | $397,348 (3.0%) | 0.92 | 3,980 |
2020-03-01 | $290,250 (2.3%) | $401,351 (1.5%) | 0.91 | 4,127 |
2020-04-01 | $292,000 (0.3%) | $401,106 (-1.2%) | 0.91 | 4,176 |
2020-05-01 | $299,000 (2.4%) | $417,194 (1.7%) | 0.91 | 3,963 |
2020-06-01 | $309,000 (6.6%) | $430,418 (5.9%) | 0.90 | 3,657 |
2020-07-01 | $315,000 (8.7%) | $440,468 (9.3%) | 0.90 | 3,352 |
2020-08-01 | $325,000 (12.2%) | $458,599 (15.2%) | 0.93 | 3,051 |
2020-09-01 | $335,000 (16.2%) | $474,935 (21.0%) | 0.96 | 2,936 |
2020-10-01 | $345,000 (20.2%) | $487,341 (23.4%) | 0.99 | 2,817 |
2020-11-01 | $339,950 (19.8%) | $477,328 (20.6%) | 0.97 | 2,773 |
2020-12-01 | $334,500 (19.6%) | $478,956 (20.7%) | 0.98 | 2,636 |
2021-01-01 | $325,000 (16.3%) | $463,097 (17.1%) | 0.96 | 2,515 |
2021-02-01 | $327,250 (14.8%) | $475,425 (19.7%) | 0.94 | 2,301 |
2021-03-01 | $339,450 (17.0%) | $490,559 (22.2%) | 0.95 | 2,206 |
2021-04-01 | $342,500 (17.3%) | $497,855 (24.1%) | 0.92 | 2,061 |
2021-05-01 | $339,500 (13.6%) | $491,691 (17.9%) | 0.89 | 2,024 |
2021-06-01 | $344,950 (11.6%) | $489,708 (13.8%) | 0.90 | 2,206 |
2021-07-01 | $343,000 (8.9%) | $482,483 (9.5%) | 0.89 | 2,517 |
2021-08-01 | $340,450 (4.8%) | $476,702 (4.0%) | 0.89 | 2,765 |
2021-09-01 | $339,500 (1.3%) | $477,015 (0.4%) | 0.89 | 2,598 |
2021-10-01 | $340,000 (-1.5%) | $483,514 (-0.8%) | 0.89 | 2,272 |
2021-11-01 | $348,500 (2.5%) | $494,567 (3.6%) | 0.92 | 2,089 |
2021-12-01 | $344,500 (3.0%) | $488,127 (1.9%) | 0.92 | 1,937 |
2022-01-01 | $347,000 (6.8%) | $494,926 (6.9%) | 0.93 | 1,710 |
2022-02-01 | $347,000 (6.0%) | $492,208 (3.5%) | 0.88 | 1,621 |
2022-03-01 | $349,500 (3.0%) | $489,000 (-0.3%) | 0.86 | 1,723 |
2022-04-01 | $349,000 (1.9%) | $477,853 (-4.0%) | 0.82 | 1,915 |
New Orleans's median listing price comes in at 82% of the national average.
New Orleans's average listing price for 2022-04-01 was $477,853, a difference of $-20,002 (-4.0%) versus the prior year and $-11,147 versus the prior month.
For the 2022-04-01 period, New Orleans had 1,915 MLS listings, a difference of 192 listings (11%) versus the prior month and -146 listings (-7%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 86 days | 1,842 sqft |
2018-02-01 | 84 days | 1,848 sqft |
2018-03-01 | 66 days | 1,859 sqft |
2018-04-01 | 61 days | 1,885 sqft |
2018-05-01 | 63 days | 1,912 sqft |
2018-06-01 | 63 days | 1,899 sqft |
2018-07-01 | 68 days | 1,896 sqft |
2018-08-01 | 71 days | 1,887 sqft |
2018-09-01 | 72 days | 1,875 sqft |
2018-10-01 | 75 days | 1,876 sqft |
2018-11-01 | 75 days | 1,870 sqft |
2018-12-01 | 81 days | 1,858 sqft |
2019-01-01 | 88 days | 1,850 sqft |
2019-02-01 | 83 days | 1,865 sqft |
2019-03-01 | 69 days | 1,891 sqft |
2019-04-01 | 64 days | 1,919 sqft |
2019-05-01 | 60 days | 1,946 sqft |
2019-06-01 | 65 days | 1,950 sqft |
2019-07-01 | 69 days | 1,950 sqft |
2019-08-01 | 72 days | 1,934 sqft |
2019-09-01 | 73 days | 1,912 sqft |
2019-10-01 | 72 days | 1,896 sqft |
2019-11-01 | 73 days | 1,892 sqft |
2019-12-01 | 80 days | 1,883 sqft |
2020-01-01 | 87 days | 1,873 sqft |
2020-02-01 | 80 days | 1,886 sqft |
2020-03-01 | 60 days | 1,906 sqft |
2020-04-01 | 67 days | 1,913 sqft |
2020-05-01 | 73 days | 1,942 sqft |
2020-06-01 | 79 days | 1,947 sqft |
2020-07-01 | 72 days | 1,945 sqft |
2020-08-01 | 66 days | 1,931 sqft |
2020-09-01 | 64 days | 1,910 sqft |
2020-10-01 | 64 days | 1,903 sqft |
2020-11-01 | 65 days | 1,883 sqft |
2020-12-01 | 69 days | 1,876 sqft |
2021-01-01 | 72 days | 1,830 sqft |
2021-02-01 | 65 days | 1,833 sqft |
2021-03-01 | 54 days | 1,837 sqft |
2021-04-01 | 52 days | 1,813 sqft |
2021-05-01 | 50 days | 1,822 sqft |
2021-06-01 | 46 days | 1,860 sqft |
2021-07-01 | 44 days | 1,878 sqft |
2021-08-01 | 45 days | 1,855 sqft |
2021-09-01 | 59 days | 1,854 sqft |
2021-10-01 | 73 days | 1,836 sqft |
2021-11-01 | 71 days | 1,850 sqft |
2021-12-01 | 63 days | 1,820 sqft |
2022-01-01 | 64 days | 1,846 sqft |
2022-02-01 | 54 days | 1,848 sqft |
2022-03-01 | 46 days | 1,854 sqft |
2022-04-01 | 40 days | 1,840 sqft |
New Orleans's median square footage for active listings during the 2022-04-01 period was 1,840 sqft. One year prior, the average listing was 1,813 sqft.