Norwich VA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

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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.

    Norwich's 55 lenders originated 422 VA loans during 2023. The total origination value was $143,360,000, with an average VA loan value of $339,716.

    Norwich VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Norwich averaged 6.81% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Norwich's average VA mortgage closing costs are $7,340.

    The average rate for the prior week (2025-02-07) was 6.55% and one month ago for the week of 2025-01-10, the average rate was 6.88%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.48%.

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

    Norwich 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 Norwich level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 93 6.64% $9,695
    NAVY FEDERAL CREDIT UNION 67 5.92% $9,181
    UNITED WHOLESALE MORTGAGE, LLC 50 6.47% $9,800
    QUICKEN LOANS, LLC 25 6.13% $11,481
    TOTAL MORTGAGE SERVICES, LLC 19 6.40% $12,950
    MOVEMENT MORTGAGE, LLC 13 6.54% $8,258
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.75% $12,691
    USAA Federal Savings Bank 10 6.63% $11,424
    GUARANTEED RATE, INC. 8 6.49% $9,698
    PENNYMAC LOAN SERVICES, LLC 7 5.70% $10,038
    Prosperity Home Mortgage, LLC 7 6.02% $15,936
    HOMESTEAD FUNDING CORP. 6 6.19% $6,622
    T2 FINANCIAL LLC 6 6.17% $12,936
    Mr. Cooper ( Nationstar Mortgage ) 5 6.03% $18,316
    FREEDOM MORTGAGE CORPORATION 5 6.75% $18,793
    NORWICH COMMERCIAL GROUP, INC. 5 6.53% $11,483
    LOANDEPOT.COM, LLC 4 6.19% $13,053
    EVERETT FINANCIAL, INC. 4 7.13% $8,572
    PLAZA HOME MORTGAGE, INC. 4 6.37% $11,956
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.84% $14,551
    CROSSCOUNTRY MORTGAGE, LLC 4 6.84% $9,909
    NEW DAY FINANCIAL, LLC 3 7.66% $17,547
    GUARANTEED RATE AFFINITY, LLC 3 6.73% $6,673
    CMG MORTGAGE, INC. 3 6.17% $11,661
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.29% $14,337
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.29% $21,176
    Waterstone Mortgage Corporation 3 6.63% $16,321
    The Federal Savings Bank 3 6.54% $18,254
    AMERISAVE MORTGAGE CORPORATION 2 6.63% $31,712
    CONTOUR MORTGAGE CORPORATION 2 6.00% $11,083
    Magnolia Bank 2 6.50% $15,512
    NBKC BANK 2 6.38% $7,759
    Wells Fargo Bank 1 6.13% $7,361
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $17,562
    NEWREZ LLC 1 7.50% $6,892
    MORTGAGE EQUITY PARTNERS LLC 1 5.63% $14,612
    OCMBC, INC. 1 7.13% $39,241
    Paramount Residential Mortgage Group, Inc. 1 6.25% $20,750
    Leader Bank 1 5.63% $11,953
    PHH Mortgage Corporation 1 6.88% $13,094
    LAKEVIEW LOAN SERVICING, LLC 1 6.00% $12,443
    POLARIS HOME FUNDING CORP. 1 7.63% $11,766
    Presidential Bank, FSB 1 6.13% $24,327
    Lakeview Community Capital, LLC 1 6.63% $15,681
    FIRST WORLD MORTGAGE CORPORATION 1 7.00% $4,312
    EMM LOANS LLC 1 7.00% $13,442
    Eastern Bank 1 6.38% $18,945
    East Coast Capital Corp. 1 5.75% $10,423
    Community First National Bank 1 7.13% $10,539
    TJC Mortgage, Inc. 1 5.75% $11,096
    Citizens Bank 1 6.63% $13,521
    BROKER SOLUTIONS, INC. 1 7.00% $12,691
    Barrington Bank & Trust Company, N.A. 1 6.25% $13,616
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $6,279
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $12,643

    The top Norwich VA lender as defined by loan originations is Mortgage Research Center, LLC, with 93 VA loans originated. Their average total fees are $9,695, which is $513 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Norwich VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($8,258), NAVY FEDERAL CREDIT UNION ($9,181), Mortgage Research Center, LLC ($9,695), UNITED WHOLESALE MORTGAGE, LLC ($9,800) and USAA Federal Savings Bank ($11,424).

    The lowest rate Norwich VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.92%), QUICKEN LOANS, LLC (6.13%), TOTAL MORTGAGE SERVICES, LLC (6.40%), UNITED WHOLESALE MORTGAGE, LLC (6.47%) and MOVEMENT MORTGAGE, LLC (6.54%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norwich (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 $247,450 (-0.9%) $351,887 (-1.1%) 1.00 1,288
    2018-02-01 $247,925 (-0.8%) $350,627 (-1.4%) 0.99 1,230
    2018-03-01 $254,900 (-0.8%) $360,663 (-0.6%) 1.02 1,231
    2018-04-01 $262,475 (-4.5%) $370,491 (-2.2%) 1.01 1,337
    2018-05-01 $268,588 (-4.0%) $372,298 (-4.7%) 1.00 1,424
    2018-06-01 $279,900 (-1.4%) $380,422 (-2.6%) 1.03 1,465
    2018-07-01 $274,950 (-4.9%) $381,686 (-4.4%) 1.00 1,585
    2018-08-01 $269,925 (-1.8%) $373,730 (-3.2%) 1.00 1,569
    2018-09-01 $265,000 (-1.8%) $366,101 (-5.4%) 0.97 1,604
    2018-10-01 $268,000 (1.2%) $368,547 (-2.9%) 0.98 1,581
    2018-11-01 $265,300 (2.1%) $374,642 (1.4%) 0.97 1,503
    2018-12-01 $251,950 (0.8%) $359,615 (-0.5%) 0.95 1,393
    2019-01-01 $252,900 (2.2%) $359,613 (2.2%) 0.94 1,212
    2019-02-01 $259,675 (4.7%) $363,384 (3.6%) 0.94 1,192
    2019-03-01 $266,329 (4.5%) $371,675 (3.1%) 0.94 1,199
    2019-04-01 $274,950 (4.8%) $382,928 (3.4%) 0.95 1,217
    2019-05-01 $286,745 (6.8%) $391,668 (5.2%) 0.98 1,296
    2019-06-01 $289,900 (3.6%) $393,886 (3.5%) 1.00 1,366
    2019-07-01 $289,900 (5.4%) $390,870 (2.4%) 0.97 1,391
    2019-08-01 $288,564 (6.9%) $387,391 (3.7%) 0.97 1,370
    2019-09-01 $286,559 (8.1%) $384,473 (5.0%) 0.97 1,352
    2019-10-01 $285,223 (6.4%) $382,529 (3.8%) 0.97 1,331
    2019-11-01 $285,000 (7.4%) $384,989 (2.8%) 0.98 1,232
    2019-12-01 $289,450 (14.9%) $379,865 (5.6%) 1.00 1,082
    2020-01-01 $279,900 (10.7%) $369,337 (2.7%) 1.00 936
    2020-02-01 $279,000 (7.4%) $369,773 (1.8%) 0.98 908
    2020-03-01 $280,925 (5.5%) $376,642 (1.3%) 0.94 915
    2020-04-01 $294,500 (7.1%) $396,985 (3.7%) 0.99 868
    2020-05-01 $299,000 (4.3%) $417,946 (6.7%) 1.00 796
    2020-06-01 $299,900 (3.5%) $423,453 (7.5%) 0.97 744
    2020-07-01 $312,725 (7.9%) $438,955 (12.3%) 0.99 638
    2020-08-01 $326,500 (13.2%) $461,482 (19.1%) 1.00 587
    2020-09-01 $324,950 (13.4%) $459,326 (19.5%) 1.01 591
    2020-10-01 $319,000 (11.8%) $457,338 (19.6%) 1.00 613
    2020-11-01 $319,475 (12.1%) $467,728 (21.5%) 1.02 559
    2020-12-01 $327,450 (13.1%) $475,329 (25.1%) 1.04 487
    2021-01-01 $300,000 (7.2%) $474,848 (28.6%) 1.01 397
    2021-02-01 $333,450 (19.5%) $505,476 (36.7%) 1.04 310
    2021-03-01 $324,950 (15.7%) $506,048 (34.4%) 1.04 303
    2021-04-01 $321,000 (9.0%) $522,329 (31.6%) 1.02 334
    2021-05-01 $345,000 (15.4%) $509,261 (21.9%) 1.06 369
    2021-06-01 $332,450 (10.9%) $479,391 (13.2%) 0.96 445
    2021-07-01 $325,000 (3.9%) $472,303 (7.6%) 0.92 507
    2021-08-01 $319,900 (-2.0%) $458,492 (-0.7%) 0.92 536
    2021-09-01 $319,475 (-1.7%) $441,088 (-4.0%) 0.93 538
    2021-10-01 $325,000 (1.9%) $457,913 (0.1%) 0.93 506
    2021-11-01 $314,700 (-1.5%) $449,266 (-4.0%) 0.93 442
    2021-12-01 $302,400 (-7.7%) $451,897 (-4.9%) 0.91 361
    2022-01-01 $299,000 (-0.3%) $456,649 (-3.8%) 0.93 266
    2022-02-01 $328,750 (-1.4%) $474,736 (-6.1%) 0.96 259
    2022-03-01 $328,225 (1.0%) $472,716 (-6.6%) 0.93 272
    2022-04-01 $349,900 (9.0%) $486,112 (-6.9%) 0.88 285
    2022-05-01 $372,400 (7.9%) $525,327 (3.2%) 0.91 341
    2022-06-01 $366,200 (10.2%) $553,386 (15.4%) 0.89 383
    2022-07-01 $357,450 (10.0%) $550,289 (16.5%) 0.91 435
    2022-08-01 $379,950 (18.8%) $597,176 (30.3%) 0.95 437
    2022-09-01 $378,375 (18.4%) $584,547 (32.5%) 0.93 428
    2022-10-01 $374,950 (15.4%) $627,175 (37.0%) 0.94 423
    2022-11-01 $397,200 (26.2%) $647,505 (44.1%) 1.04 391
    2022-12-01 $399,000 (31.9%) $633,894 (40.3%) 1.07 323
    2023-01-01 $393,195 (31.5%) $589,571 (29.1%) 1.09 273
    2023-02-01 $451,950 (37.5%) $661,021 (39.2%) 1.16 242
    2023-03-01 $468,000 (42.6%) $726,577 (53.7%) 1.20 225
    2023-04-01 $449,900 (28.6%) $677,395 (39.4%) 1.16 256
    2023-05-01 $462,425 (24.2%) $694,120 (32.1%) 1.13 290
    2023-06-01 $494,225 (35.0%) $720,125 (30.1%) 1.21 305
    2023-07-01 $474,950 (32.9%) $694,431 (26.2%) 1.14 298
    2023-08-01 $399,900 (5.3%) $593,908 (-0.6%) 0.99 307
    2023-09-01 $400,000 (5.7%) $615,166 (5.2%) 1.05 292
    2023-10-01 $424,900 (13.3%) $643,118 (2.5%) 1.13 315
    2023-11-01 $424,550 (6.9%) $646,878 (-0.1%) 1.09 331
    2023-12-01 $403,750 (1.2%) $630,198 (-0.6%) 1.10 293
    2024-01-01 $422,450 (7.4%) $626,127 (6.2%) 1.11 278
    2024-02-01 $439,681 (-2.7%) $660,501 (-0.1%) 1.15 261
    2024-03-01 $425,000 (-9.2%) $652,625 (-10.2%) 1.08 262
    2024-04-01 $467,225 (3.9%) $716,203 (5.7%) 1.16 274
    2024-05-01 $488,250 (5.6%) $741,541 (6.8%) 1.22 323
    2024-06-01 $459,950 (-6.9%) $756,210 (5.0%) 1.22 350
    2024-07-01 $457,450 (-3.7%) $749,109 (7.9%) 1.17 351
    2024-08-01 $459,000 (14.8%) $727,195 (22.4%) 1.14 365
    2024-09-01 $437,500 (9.4%) $706,141 (14.8%) 1.11 411
    2024-10-01 $432,000 (1.7%) $716,961 (11.5%) 1.11 403
    2024-11-01 $409,900 (-3.5%) $620,725 (-4.0%) 1.08 365
    2024-12-01 $404,931 (0.3%) $598,291 (-5.1%) 1.10 280
    2025-01-01 $384,450 (-9.0%) $581,195 (-7.2%) 0.00 277
    Norwich's median listing price for 2025-01-01 was $384,450, a difference of $-38,000 (-9.0%) versus the prior year and $-20,481 versus the prior month.

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

    Norwich's average listing price for 2025-01-01 was $581,195, a difference of $-44,932 (-7.2%) versus the prior year and $-17,096 versus the prior month.

    For the 2025-01-01 period, Norwich had 277 MLS listings, a difference of -3 listings (-1%) versus the prior month and -1 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,637 sqft
    2018-02-01 96 days 1,627 sqft
    2018-03-01 73 days 1,663 sqft
    2018-04-01 57 days 1,680 sqft
    2018-05-01 54 days 1,679 sqft
    2018-06-01 60 days 1,719 sqft
    2018-07-01 65 days 1,719 sqft
    2018-08-01 72 days 1,699 sqft
    2018-09-01 74 days 1,698 sqft
    2018-10-01 79 days 1,714 sqft
    2018-11-01 84 days 1,715 sqft
    2018-12-01 96 days 1,680 sqft
    2019-01-01 100 days 1,673 sqft
    2019-02-01 100 days 1,663 sqft
    2019-03-01 81 days 1,660 sqft
    2019-04-01 57 days 1,695 sqft
    2019-05-01 53 days 1,762 sqft
    2019-06-01 58 days 1,809 sqft
    2019-07-01 65 days 1,831 sqft
    2019-08-01 68 days 1,845 sqft
    2019-09-01 69 days 1,870 sqft
    2019-10-01 71 days 1,890 sqft
    2019-11-01 75 days 1,854 sqft
    2019-12-01 90 days 1,848 sqft
    2020-01-01 97 days 1,823 sqft
    2020-02-01 96 days 1,800 sqft
    2020-03-01 62 days 1,804 sqft
    2020-04-01 65 days 1,846 sqft
    2020-05-01 79 days 1,851 sqft
    2020-06-01 62 days 1,843 sqft
    2020-07-01 50 days 1,825 sqft
    2020-08-01 46 days 1,875 sqft
    2020-09-01 37 days 1,840 sqft
    2020-10-01 38 days 1,851 sqft
    2020-11-01 47 days 1,851 sqft
    2020-12-01 59 days 1,847 sqft
    2021-01-01 70 days 1,784 sqft
    2021-02-01 53 days 1,774 sqft
    2021-03-01 33 days 1,786 sqft
    2021-04-01 25 days 1,785 sqft
    2021-05-01 24 days 1,783 sqft
    2021-06-01 27 days 1,771 sqft
    2021-07-01 31 days 1,768 sqft
    2021-08-01 30 days 1,676 sqft
    2021-09-01 39 days 1,720 sqft
    2021-10-01 40 days 1,729 sqft
    2021-11-01 44 days 1,687 sqft
    2021-12-01 54 days 1,636 sqft
    2022-01-01 62 days 1,567 sqft
    2022-02-01 40 days 1,600 sqft
    2022-03-01 31 days 1,600 sqft
    2022-04-01 28 days 1,600 sqft
    2022-05-01 19 days 1,753 sqft
    2022-06-01 24 days 1,775 sqft
    2022-07-01 29 days 1,772 sqft
    2022-08-01 37 days 1,858 sqft
    2022-09-01 46 days 1,842 sqft
    2022-10-01 40 days 1,845 sqft
    2022-11-01 49 days 1,861 sqft
    2022-12-01 63 days 1,850 sqft
    2023-01-01 74 days 1,800 sqft
    2023-02-01 64 days 1,874 sqft
    2023-03-01 44 days 1,970 sqft
    2023-04-01 30 days 1,951 sqft
    2023-05-01 31 days 1,903 sqft
    2023-06-01 32 days 2,015 sqft
    2023-07-01 33 days 2,000 sqft
    2023-08-01 40 days 1,854 sqft
    2023-09-01 43 days 1,855 sqft
    2023-10-01 40 days 1,856 sqft
    2023-11-01 42 days 1,838 sqft
    2023-12-01 52 days 1,770 sqft
    2024-01-01 55 days 1,750 sqft
    2024-02-01 48 days 1,750 sqft
    2024-03-01 37 days 1,693 sqft
    2024-04-01 35 days 1,745 sqft
    2024-05-01 28 days 1,791 sqft
    2024-06-01 30 days 1,747 sqft
    2024-07-01 43 days 1,711 sqft
    2024-08-01 42 days 1,721 sqft
    2024-09-01 39 days 1,737 sqft
    2024-10-01 42 days 1,730 sqft
    2024-11-01 51 days 1,654 sqft
    2024-12-01 56 days 1,679 sqft
    2025-01-01 0 days 1,618 sqft
    Norwich'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.

    Norwich's median square footage for active listings during the 2025-01-01 period was 1,618 sqft. One year prior, the average listing was 1,750 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.