Newport VA Loan Rates, Closing Costs & Stats

Newport, 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.

Newport's 23 lenders originated 50 VA loans during 2022. The total origination value was $13,660,000, with an average VA loan value of $273,200.

Newport VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Newport averaged 0.05% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Newport's average VA mortgage closing costs are $4,960.

The average rate for the prior week (2024-02-16) was 6.33% and one month ago for the week of 2024-01-19, the average rate was 5.98%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-02-23, the average rate was 0.1%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 15 4.93% $5,434
NEW DAY FINANCIAL, LLC 4 5.22% $10,548
HOME POINT FINANCIAL CORPORATION 3 3.79% $7,647
MORTGAGE INVESTORS GROUP, INC. 3 3.75% $6,175
NAVY FEDERAL CREDIT UNION 3 4.96% $4,372
FIRST COMMUNITY MORTGAGE, INC. 2 4.81% $1,291
FREEDOM MORTGAGE CORPORATION 2 3.00% $7,019
UNITED WHOLESALE MORTGAGE, LLC 2 4.80% $11,656
Mid-Continent Funding, Inc. 1 4.50% $5,046
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,885
Paramount Residential Mortgage Group, Inc. 1 4.50% $3,289
PENNYMAC LOAN SERVICES, LLC 1 2.75% $2,990
QUICKEN LOANS, LLC 1 4.49% $23,252
Regions Bank 1 4.50% $3,834
CALIBER HOME LOANS, INC. 1 4.00% $11,203
USAA Federal Savings Bank 1 4.75% $2,643
CARDINAL FINANCIAL 1 4.75% $9,744
Carrington Mortgage Services, LLC 1 4.63% $30,225
CMG MORTGAGE, INC. 1 5.75% $13,509
FirstTrust Home Loans, Inc. 1 5.50% $11,850
Gateway First Bank 1 4.75% $6,807
GUILD MORTGAGE COMPANY 1 6.13% $8,509
LOANDEPOT.COM, LLC 1 5.63% $6,996

The top Newport VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $5,434, which is $5,114 lower than the next largest lender, NEW DAY FINANCIAL, LLC.

The lowest fee Newport VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,434), .

The lowest rate Newport VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (4.93%), .


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
Newport's median listing price for 2023-12-01 was $429,000, a difference of $94,050 (28.1%) versus the prior year and $46,775 versus the prior month.

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

Newport's average listing price for 2023-12-01 was $589,164, a difference of $127,517 (27.6%) versus the prior year and $31,849 versus the prior month.

For the 2023-12-01 period, Newport had 94 MLS listings, a difference of -2 listings (-2%) versus the prior month and 2 listings (2%) 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 1,651 sqft
2019-09-01 0 days 1,685 sqft
2019-10-01 0 days 1,707 sqft
2019-11-01 0 days 1,736 sqft
2019-12-01 0 days 1,766 sqft
2020-01-01 0 days 1,690 sqft
2020-02-01 0 days 1,838 sqft
2020-03-01 0 days 1,761 sqft
2020-04-01 0 days 1,731 sqft
2020-05-01 0 days 1,828 sqft
2020-06-01 0 days 1,854 sqft
2020-07-01 0 days 1,798 sqft
2020-08-01 0 days 1,950 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 1,568 sqft
2023-09-01 0 days 1,717 sqft
2023-10-01 0 days 1,680 sqft
2023-11-01 0 days 1,714 sqft
2023-12-01 0 days 1,725 sqft
Newport's median listing age (time on market) for 2023-12-01 was 0 days.

Newport's median square footage for active listings during the 2023-12-01 period was 1,725 sqft. One year prior, the average listing was 1,521 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.