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 7.14% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.77% and one month ago for the week of 2024-03-15, the average rate was 6.63%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.61%.

    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 $269,450 (-2.0%) $385,081 (0.1%) 1.00 1,335
    2018-02-01 $272,400 (-2.7%) $386,997 (-0.2%) 0.99 1,295
    2018-03-01 $289,900 (1.0%) $400,665 (1.2%) 1.02 1,313
    2018-04-01 $296,475 (-1.1%) $409,713 (-0.5%) 1.01 1,426
    2018-05-01 $299,450 (-3.2%) $409,893 (-3.0%) 1.00 1,525
    2018-06-01 $309,900 (-0.8%) $418,627 (-1.6%) 1.03 1,575
    2018-07-01 $299,999 (-4.5%) $421,173 (-2.6%) 1.00 1,686
    2018-08-01 $299,000 (-0.1%) $414,876 (-1.9%) 1.00 1,668
    2018-09-01 $289,900 (-3.0%) $404,089 (-5.1%) 0.97 1,692
    2018-10-01 $289,000 (-0.3%) $405,538 (-2.9%) 0.98 1,671
    2018-11-01 $284,950 (0.0%) $411,966 (1.0%) 0.97 1,581
    2018-12-01 $274,900 (-1.7%) $395,930 (-1.7%) 0.95 1,461
    2019-01-01 $272,400 (1.1%) $393,474 (2.2%) 0.94 1,269
    2019-02-01 $277,000 (1.7%) $397,604 (2.7%) 0.94 1,265
    2019-03-01 $288,471 (-0.5%) $408,820 (2.0%) 0.94 1,282
    2019-04-01 $299,900 (1.2%) $425,227 (3.8%) 0.95 1,304
    2019-05-01 $313,675 (4.8%) $433,047 (5.7%) 0.98 1,385
    2019-06-01 $319,900 (3.2%) $436,947 (4.4%) 1.00 1,462
    2019-07-01 $309,450 (3.2%) $431,292 (2.4%) 0.97 1,472
    2019-08-01 $306,518 (2.5%) $425,426 (2.5%) 0.97 1,451
    2019-09-01 $302,795 (4.5%) $421,812 (4.4%) 0.97 1,432
    2019-10-01 $299,925 (3.8%) $419,402 (3.4%) 0.97 1,412
    2019-11-01 $299,900 (5.3%) $419,905 (1.9%) 0.98 1,324
    2019-12-01 $299,675 (9.0%) $415,076 (4.8%) 1.00 1,160
    2020-01-01 $299,000 (9.8%) $409,355 (4.0%) 1.00 1,006
    2020-02-01 $298,000 (7.6%) $409,008 (2.9%) 0.98 961
    2020-03-01 $299,000 (3.7%) $414,497 (1.4%) 0.94 967
    2020-04-01 $316,500 (5.5%) $437,159 (2.8%) 0.99 923
    2020-05-01 $329,000 (4.9%) $459,513 (6.1%) 1.00 854
    2020-06-01 $329,900 (3.1%) $475,218 (8.8%) 0.97 794
    2020-07-01 $341,450 (10.3%) $492,577 (14.2%) 0.99 690
    2020-08-01 $349,900 (14.2%) $515,012 (21.1%) 1.00 634
    2020-09-01 $352,250 (16.3%) $514,954 (22.1%) 1.01 636
    2020-10-01 $349,450 (16.5%) $508,598 (21.3%) 1.00 648
    2020-11-01 $349,900 (16.7%) $517,699 (23.3%) 1.02 591
    2020-12-01 $350,000 (16.8%) $525,467 (26.6%) 1.04 516
    2021-01-01 $339,900 (13.7%) $523,248 (27.8%) 1.01 420
    2021-02-01 $357,475 (20.0%) $559,045 (36.7%) 1.04 329
    2021-03-01 $367,400 (22.9%) $577,307 (39.3%) 1.04 323
    2021-04-01 $377,400 (19.2%) $584,547 (33.7%) 1.02 356
    2021-05-01 $399,000 (21.3%) $561,238 (22.1%) 1.06 396
    2021-06-01 $365,950 (10.9%) $532,517 (12.1%) 0.96 477
    2021-07-01 $349,900 (2.5%) $527,190 (7.0%) 0.92 541
    2021-08-01 $345,000 (-1.4%) $506,939 (-1.6%) 0.92 576
    2021-09-01 $348,125 (-1.2%) $492,433 (-4.4%) 0.93 563
    2021-10-01 $349,000 (-0.1%) $547,747 (7.7%) 0.93 527
    2021-11-01 $349,375 (-0.2%) $553,324 (6.9%) 0.93 462
    2021-12-01 $336,725 (-3.8%) $578,364 (10.1%) 0.91 381
    2022-01-01 $344,500 (1.4%) $611,830 (16.9%) 0.93 284
    2022-02-01 $369,900 (3.5%) $650,357 (16.3%) 0.96 274
    2022-03-01 $369,900 (0.7%) $631,607 (9.4%) 0.93 287
    2022-04-01 $369,900 (-2.0%) $612,659 (4.8%) 0.88 299
    2022-05-01 $399,900 (0.2%) $690,484 (23.0%) 0.91 365
    2022-06-01 $399,725 (9.2%) $680,004 (27.7%) 0.89 421
    2022-07-01 $402,500 (15.0%) $673,025 (27.7%) 0.91 466
    2022-08-01 $411,250 (19.2%) $710,674 (40.2%) 0.95 467
    2022-09-01 $399,900 (14.9%) $716,877 (45.6%) 0.93 453
    2022-10-01 $399,900 (14.6%) $765,721 (39.8%) 0.94 446
    2022-11-01 $431,950 (23.6%) $791,414 (43.0%) 1.04 419
    2022-12-01 $435,000 (29.2%) $822,100 (42.1%) 1.07 335
    2023-01-01 $439,725 (27.6%) $784,151 (28.2%) 1.09 288
    2023-02-01 $481,725 (30.2%) $858,192 (32.0%) 1.16 261
    2023-03-01 $508,948 (37.6%) $919,378 (45.6%) 1.20 249
    2023-04-01 $499,389 (35.0%) $849,623 (38.7%) 1.16 282
    2023-05-01 $499,900 (25.0%) $816,168 (18.2%) 1.13 319
    2023-06-01 $537,000 (34.3%) $841,489 (23.8%) 1.21 330
    2023-07-01 $499,900 (24.2%) $814,118 (21.0%) 1.14 322
    2023-08-01 $432,425 (5.2%) $703,908 (-1.0%) 0.99 328
    2023-09-01 $449,900 (12.5%) $733,303 (2.3%) 1.05 314
    2023-10-01 $479,500 (19.9%) $794,470 (3.8%) 1.13 336
    2023-11-01 $459,675 (6.4%) $791,694 (0.0%) 1.09 349
    2023-12-01 $449,900 (3.4%) $798,914 (-2.8%) 1.10 313
    2024-01-01 $454,675 (3.4%) $797,253 (1.7%) 1.11 298
    2024-02-01 $478,475 (-0.7%) $858,791 (0.1%) 1.15 276
    2024-03-01 $459,900 (-9.6%) $864,073 (-6.0%) 1.08 279
    Norwich's median listing price for 2024-03-01 was $459,900, a difference of $-49,048 (-9.6%) versus the prior year and $-18,575 versus the prior month.

    Norwich's median listing price comes in at 108% of the national average.

    Norwich's average listing price for 2024-03-01 was $864,073, a difference of $-55,305 (-6.0%) versus the prior year and $5,282 versus the prior month.

    For the 2024-03-01 period, Norwich had 279 MLS listings, a difference of 3 listings (1%) versus the prior month and 30 listings (12%) 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 1,703 sqft
    2018-02-01 96 days 1,691 sqft
    2018-03-01 73 days 1,730 sqft
    2018-04-01 57 days 1,764 sqft
    2018-05-01 54 days 1,746 sqft
    2018-06-01 60 days 1,798 sqft
    2018-07-01 65 days 1,796 sqft
    2018-08-01 72 days 1,757 sqft
    2018-09-01 74 days 1,750 sqft
    2018-10-01 79 days 1,755 sqft
    2018-11-01 84 days 1,759 sqft
    2018-12-01 96 days 1,726 sqft
    2019-01-01 100 days 1,724 sqft
    2019-02-01 100 days 1,707 sqft
    2019-03-01 81 days 1,698 sqft
    2019-04-01 57 days 1,728 sqft
    2019-05-01 53 days 1,810 sqft
    2019-06-01 58 days 1,883 sqft
    2019-07-01 65 days 1,908 sqft
    2019-08-01 68 days 1,919 sqft
    2019-09-01 69 days 1,933 sqft
    2019-10-01 71 days 1,944 sqft
    2019-11-01 75 days 1,905 sqft
    2019-12-01 90 days 1,905 sqft
    2020-01-01 97 days 1,881 sqft
    2020-02-01 96 days 1,858 sqft
    2020-03-01 62 days 1,853 sqft
    2020-04-01 65 days 1,875 sqft
    2020-05-01 79 days 1,875 sqft
    2020-06-01 62 days 1,886 sqft
    2020-07-01 50 days 1,898 sqft
    2020-08-01 46 days 1,922 sqft
    2020-09-01 37 days 1,910 sqft
    2020-10-01 38 days 1,934 sqft
    2020-11-01 47 days 1,913 sqft
    2020-12-01 59 days 1,880 sqft
    2021-01-01 70 days 1,816 sqft
    2021-02-01 53 days 1,812 sqft
    2021-03-01 33 days 1,812 sqft
    2021-04-01 25 days 1,828 sqft
    2021-05-01 24 days 1,800 sqft
    2021-06-01 27 days 1,779 sqft
    2021-07-01 31 days 1,777 sqft
    2021-08-01 30 days 1,699 sqft
    2021-09-01 39 days 1,743 sqft
    2021-10-01 40 days 1,755 sqft
    2021-11-01 44 days 1,716 sqft
    2021-12-01 54 days 1,700 sqft
    2022-01-01 62 days 1,702 sqft
    2022-02-01 40 days 1,605 sqft
    2022-03-01 31 days 1,600 sqft
    2022-04-01 28 days 1,653 sqft
    2022-05-01 19 days 1,760 sqft
    2022-06-01 24 days 1,809 sqft
    2022-07-01 29 days 1,838 sqft
    2022-08-01 37 days 1,945 sqft
    2022-09-01 46 days 1,905 sqft
    2022-10-01 40 days 1,874 sqft
    2022-11-01 49 days 1,914 sqft
    2022-12-01 63 days 1,892 sqft
    2023-01-01 74 days 1,851 sqft
    2023-02-01 64 days 1,960 sqft
    2023-03-01 44 days 2,040 sqft
    2023-04-01 30 days 2,086 sqft
    2023-05-01 31 days 2,049 sqft
    2023-06-01 32 days 2,147 sqft
    2023-07-01 33 days 2,092 sqft
    2023-08-01 40 days 1,885 sqft
    2023-09-01 43 days 1,885 sqft
    2023-10-01 40 days 1,897 sqft
    2023-11-01 42 days 1,888 sqft
    2023-12-01 52 days 1,872 sqft
    2024-01-01 55 days 1,860 sqft
    2024-02-01 48 days 1,811 sqft
    2024-03-01 37 days 1,772 sqft
    Norwich's median listing age (time on market) for 2024-03-01 was 37 days. This is -15% shorter than the same period one year ago.

    Norwich's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 2,040 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.