Newport VA Loan Rates, Closing Costs & Stats

Newport, 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.

    Newport's 19 lenders originated 43 VA loans during 2023. The total origination value was $11,915,000, with an average VA loan value of $277,093.

    Newport VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Newport averaged 6.97% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Newport's average VA mortgage closing costs are $5,270.

    The average rate for the prior week (2024-04-12) was 6.7% and one month ago for the week of 2024-03-15, the average rate was 6.87%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

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

    Newport 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 Newport level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 6 6.56% $5,206
    QUICKEN LOANS, LLC 5 6.02% $12,752
    MORTGAGE INVESTORS GROUP, INC. 4 6.41% $8,499
    CARDINAL FINANCIAL 3 7.50% $4,872
    CMG MORTGAGE, INC. 3 6.08% $5,848
    PENNYMAC LOAN SERVICES, LLC 2 5.00% $5,160
    Barrington Bank & Trust Company, N.A. 2 6.50% $6,601
    UNITED WHOLESALE MORTGAGE, LLC 2 6.56% $8,109
    LOANDEPOT.COM, LLC 2 5.56% $25,247
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,907
    USAA Federal Savings Bank 1 7.38% $6,189
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $13,485
    DAS Acquisition Company, LLC 1 7.63% $258
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $550
    FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $3,150
    HomePromise Corporation 1 7.13% $14,344
    NAVY FEDERAL CREDIT UNION 1 6.63% $0
    Truist 1 7.25% $1,859
    UNION HOME MORTGAGE CORP. 1 6.00% $5,015

    The top Newport VA lender as defined by loan originations is Mortgage Research Center, LLC, with 6 VA loans originated. Their average total fees are $5,206, which is $7,546 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Newport VA lenders (with over 10 loans originated) are .

    The lowest rate Newport VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Newport (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 $160,450 (-5.1%) $204,513 (0.3%) 0.00 139
    2018-02-01 $160,950 (-4.8%) $201,796 (-0.6%) 0.00 138
    2018-03-01 $174,900 (7.0%) $222,106 (13.2%) 0.00 138
    2018-04-01 $183,267 (13.1%) $242,544 (23.4%) 0.00 136
    2018-05-01 $186,200 (14.5%) $236,609 (17.8%) 0.00 145
    2018-06-01 $190,000 (14.1%) $239,779 (20.0%) 0.00 147
    2018-07-01 $189,475 (11.8%) $236,145 (15.0%) 0.00 154
    2018-08-01 $179,900 (5.9%) $232,410 (12.2%) 0.00 161
    2018-09-01 $179,450 (3.2%) $231,965 (9.2%) 0.00 150
    2018-10-01 $179,225 (4.8%) $234,582 (9.6%) 0.00 150
    2018-11-01 $178,725 (5.6%) $237,820 (11.9%) 0.00 149
    2018-12-01 $179,450 (7.5%) $240,201 (13.7%) 0.00 153
    2019-01-01 $179,950 (12.2%) $252,738 (23.6%) 0.00 139
    2019-02-01 $181,150 (12.6%) $251,717 (24.7%) 0.00 144
    2019-03-01 $179,900 (2.9%) $250,068 (12.6%) 0.00 138
    2019-04-01 $179,900 (-1.8%) $247,085 (1.9%) 0.00 136
    2019-05-01 $179,925 (-3.4%) $247,640 (4.7%) 0.00 137
    2019-06-01 $185,000 (-2.6%) $247,419 (3.2%) 0.00 143
    2019-07-01 $199,000 (5.0%) $263,741 (11.7%) 0.00 142
    2019-08-01 $210,155 (16.8%) $264,752 (13.9%) 0.00 142
    2019-09-01 $226,886 (26.4%) $272,708 (17.6%) 0.00 143
    2019-10-01 $241,950 (35.0%) $280,280 (19.5%) 0.00 141
    2019-11-01 $247,450 (38.5%) $286,437 (20.4%) 0.00 141
    2019-12-01 $244,475 (36.2%) $283,607 (18.1%) 0.00 130
    2020-01-01 $227,400 (26.4%) $279,196 (10.5%) 0.00 121
    2020-02-01 $229,900 (26.9%) $284,547 (13.0%) 0.00 113
    2020-03-01 $228,450 (27.0%) $296,155 (18.4%) 0.00 104
    2020-04-01 $239,225 (33.0%) $297,490 (20.4%) 0.00 100
    2020-05-01 $265,000 (47.3%) $318,398 (28.6%) 0.00 92
    2020-06-01 $260,950 (41.1%) $326,463 (32.0%) 0.00 92
    2020-07-01 $263,450 (32.4%) $334,424 (26.8%) 0.00 82
    2020-08-01 $269,900 (28.4%) $339,447 (28.2%) 0.00 77
    2020-09-01 $259,850 (14.5%) $314,958 (15.5%) 0.00 84
    2020-10-01 $248,750 (2.8%) $301,909 (7.7%) 0.00 81
    2020-11-01 $279,225 (12.8%) $338,754 (18.3%) 0.00 69
    2020-12-01 $299,500 (22.5%) $370,549 (30.7%) 0.00 59
    2021-01-01 $265,500 (16.8%) $347,068 (24.3%) 0.00 58
    2021-02-01 $252,475 (9.8%) $346,869 (21.9%) 0.00 52
    2021-03-01 $264,475 (15.8%) $386,307 (30.4%) 0.00 40
    2021-04-01 $247,175 (3.3%) $384,430 (29.2%) 0.00 46
    2021-05-01 $249,900 (-5.7%) $352,584 (10.7%) 0.00 49
    2021-06-01 $277,500 (6.3%) $364,904 (11.8%) 0.00 50
    2021-07-01 $275,000 (4.4%) $378,116 (13.1%) 0.00 65
    2021-08-01 $291,125 (7.9%) $400,167 (17.9%) 0.00 57
    2021-09-01 $332,319 (27.9%) $388,767 (23.4%) 0.00 59
    2021-10-01 $332,338 (33.6%) $366,348 (21.3%) 0.00 63
    2021-11-01 $335,250 (20.1%) $415,059 (22.5%) 0.00 54
    2021-12-01 $332,450 (11.0%) $447,077 (20.7%) 0.00 51
    2022-01-01 $319,000 (20.2%) $438,253 (26.3%) 0.00 43
    2022-02-01 $299,675 (18.7%) $418,278 (20.6%) 0.00 44
    2022-03-01 $299,900 (13.4%) $424,333 (9.8%) 0.00 52
    2022-04-01 $379,900 (53.7%) $485,357 (26.3%) 0.00 61
    2022-05-01 $352,650 (41.1%) $522,320 (48.1%) 0.00 80
    2022-06-01 $387,400 (39.6%) $554,980 (52.1%) 0.00 78
    2022-07-01 $379,300 (37.9%) $543,459 (43.7%) 0.00 81
    2022-08-01 $351,750 (20.8%) $533,698 (33.4%) 0.00 92
    2022-09-01 $349,225 (5.1%) $502,491 (29.3%) 0.00 101
    2022-10-01 $350,000 (5.3%) $512,185 (39.8%) 0.00 101
    2022-11-01 $330,000 (-1.6%) $475,865 (14.7%) 0.00 99
    2022-12-01 $334,950 (0.8%) $461,647 (3.3%) 0.00 92
    2023-01-01 $362,500 (13.6%) $496,047 (13.2%) 0.00 80
    2023-02-01 $350,000 (16.8%) $479,557 (14.7%) 0.00 65
    2023-03-01 $339,900 (13.3%) $450,459 (6.2%) 0.00 57
    2023-04-01 $382,000 (0.6%) $464,581 (-4.3%) 0.00 68
    2023-05-01 $399,450 (13.3%) $495,229 (-5.2%) 0.00 61
    2023-06-01 $372,000 (-4.0%) $458,071 (-17.5%) 0.00 70
    2023-07-01 $368,500 (-2.9%) $475,426 (-12.5%) 0.00 72
    2023-08-01 $371,725 (5.7%) $487,546 (-8.7%) 0.00 76
    2023-09-01 $354,500 (1.5%) $486,099 (-3.3%) 0.00 80
    2023-10-01 $349,475 (-0.2%) $514,600 (0.5%) 0.00 81
    2023-11-01 $382,225 (15.8%) $557,315 (17.1%) 0.00 96
    2023-12-01 $429,000 (28.1%) $589,164 (27.6%) 0.00 94
    2024-01-01 $418,650 (15.5%) $588,046 (18.6%) 0.00 87
    2024-02-01 $375,725 (7.4%) $539,884 (12.6%) 0.00 78
    2024-03-01 $349,500 (2.8%) $493,598 (9.6%) 0.00 94
    Newport's median listing price for 2024-03-01 was $349,500, a difference of $9,600 (2.8%) versus the prior year and $-26,225 versus the prior month.

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

    Newport's average listing price for 2024-03-01 was $493,598, a difference of $43,139 (9.6%) versus the prior year and $-46,286 versus the prior month.

    For the 2024-03-01 period, Newport had 94 MLS listings, a difference of 16 listings (21%) versus the prior month and 37 listings (65%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Newport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,592 sqft
    2018-02-01 0 days 1,590 sqft
    2018-03-01 0 days 1,620 sqft
    2018-04-01 0 days 1,631 sqft
    2018-05-01 0 days 1,592 sqft
    2018-06-01 0 days 1,584 sqft
    2018-07-01 0 days 1,578 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,572 sqft
    2018-10-01 0 days 1,536 sqft
    2018-11-01 0 days 1,536 sqft
    2018-12-01 0 days 1,536 sqft
    2019-01-01 0 days 1,518 sqft
    2019-02-01 0 days 1,587 sqft
    2019-03-01 0 days 1,604 sqft
    2019-04-01 0 days 1,621 sqft
    2019-05-01 0 days 1,631 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,658 sqft
    2019-09-01 0 days 1,703 sqft
    2019-10-01 0 days 1,737 sqft
    2019-11-01 0 days 1,740 sqft
    2019-12-01 0 days 1,785 sqft
    2020-01-01 0 days 1,731 sqft
    2020-02-01 0 days 1,841 sqft
    2020-03-01 0 days 1,792 sqft
    2020-04-01 0 days 1,777 sqft
    2020-05-01 0 days 1,843 sqft
    2020-06-01 0 days 1,874 sqft
    2020-07-01 0 days 1,848 sqft
    2020-08-01 0 days 1,984 sqft
    2020-09-01 0 days 1,811 sqft
    2020-10-01 0 days 1,771 sqft
    2020-11-01 0 days 1,799 sqft
    2020-12-01 0 days 1,801 sqft
    2021-01-01 0 days 1,622 sqft
    2021-02-01 0 days 1,680 sqft
    2021-03-01 0 days 1,452 sqft
    2021-04-01 0 days 1,440 sqft
    2021-05-01 0 days 1,423 sqft
    2021-06-01 0 days 1,479 sqft
    2021-07-01 0 days 1,591 sqft
    2021-08-01 0 days 1,689 sqft
    2021-09-01 0 days 1,783 sqft
    2021-10-01 0 days 1,799 sqft
    2021-11-01 0 days 1,776 sqft
    2021-12-01 0 days 2,039 sqft
    2022-01-01 0 days 1,892 sqft
    2022-02-01 0 days 1,715 sqft
    2022-03-01 0 days 1,620 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,762 sqft
    2022-06-01 0 days 1,896 sqft
    2022-07-01 0 days 1,849 sqft
    2022-08-01 0 days 1,827 sqft
    2022-09-01 0 days 1,744 sqft
    2022-10-01 0 days 1,686 sqft
    2022-11-01 0 days 1,550 sqft
    2022-12-01 0 days 1,521 sqft
    2023-01-01 0 days 1,555 sqft
    2023-02-01 0 days 1,555 sqft
    2023-03-01 0 days 1,611 sqft
    2023-04-01 0 days 1,516 sqft
    2023-05-01 0 days 1,512 sqft
    2023-06-01 0 days 1,739 sqft
    2023-07-01 0 days 1,738 sqft
    2023-08-01 0 days 1,569 sqft
    2023-09-01 0 days 1,716 sqft
    2023-10-01 0 days 1,641 sqft
    2023-11-01 0 days 1,700 sqft
    2023-12-01 0 days 1,722 sqft
    2024-01-01 0 days 1,720 sqft
    2024-02-01 0 days 1,588 sqft
    2024-03-01 0 days 1,576 sqft
    Newport's median listing age (time on market) for 2024-03-01 was 0 days.

    Newport's median square footage for active listings during the 2024-03-01 period was 1,576 sqft. One year prior, the average listing was 1,611 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.