Norwich VA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

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 6.76% for the week of 2024-07-05, compared to the national average (all VA variants) of 6.475% for the same period.

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

The average rate for the prior week (2024-06-28) was 6.56% and one month ago for the week of 2024-05-31, the average rate was 6.58%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.23%.

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
2024-04-01 $499,900 (0.1%) $901,985 (6.2%) 1.16 301
2024-05-01 $541,500 (8.3%) $955,544 (17.1%) 1.22 361
2024-06-01 $549,900 (2.4%) $983,444 (16.9%) 1.24 387
Norwich's median listing price for 2024-06-01 was $549,900, a difference of $12,900 (2.4%) versus the prior year and $8,400 versus the prior month.

Norwich's median listing price comes in at 124% of the national average.

Norwich's average listing price for 2024-06-01 was $983,444, a difference of $141,955 (16.9%) versus the prior year and $27,900 versus the prior month.

For the 2024-06-01 period, Norwich had 387 MLS listings, a difference of 26 listings (7%) versus the prior month and 57 listings (17%) 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
2024-04-01 35 days 1,792 sqft
2024-05-01 28 days 1,864 sqft
2024-06-01 30 days 1,857 sqft
Norwich's median listing age (time on market) for 2024-06-01 was 30 days. This is -5% shorter than the same period one year ago.

Norwich's median square footage for active listings during the 2024-06-01 period was 1,857 sqft. One year prior, the average listing was 2,147 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.