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 77 lenders originated 628 VA loans during 2022. The total origination value was $200,380,000, with an average VA loan value of $319,076.
Norwich VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Norwich
averaged
6.09%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Norwich's average VA mortgage closing costs are $6,962.
The average rate for the prior week (2023-05-19) was
6.11% and
one month ago for the week of 2023-04-21, the
average rate was 5.74%.
The average rate one year ago was 4.71%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.84%.
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.
The top Norwich VA lender as defined by loan originations is Mortgage Research Center, LLC, with
102 VA loans originated. Their average total fees are
$9,216, which is $884
higher than the next largest lender,
NAVY FEDERAL CREDIT UNION.
The lowest fee Norwich VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($8,332), Mortgage Research Center, LLC ($9,216), NORWICH COMMERCIAL GROUP, INC. ($9,412), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,481) and TOTAL MORTGAGE SERVICES, LLC ($10,020).
The lowest rate Norwich VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION (3.83%), QUICKEN LOANS, LLC (3.95%), FREEDOM MORTGAGE CORPORATION (3.98%), LOANDEPOT.COM, LLC (4.06%) and Prosperity Home Mortgage, LLC (4.25%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 (-0.1%) | 0.99 | 1,295 |
2018-03-01 | $289,450 (0.9%) | $400,112 (1.0%) | 1.02 | 1,312 |
2018-04-01 | $296,000 (-1.3%) | $409,214 (-0.6%) | 1.00 | 1,425 |
2018-05-01 | $299,450 (-3.2%) | $409,420 (-3.1%) | 1.00 | 1,524 |
2018-06-01 | $309,900 (-0.8%) | $418,174 (-1.7%) | 1.03 | 1,574 |
2018-07-01 | $299,950 (-4.5%) | $420,745 (-2.7%) | 1.00 | 1,685 |
2018-08-01 | $299,000 (-0.1%) | $414,444 (-2.0%) | 1.00 | 1,667 |
2018-09-01 | $289,900 (-3.0%) | $403,657 (-5.2%) | 0.97 | 1,691 |
2018-10-01 | $289,000 (-0.3%) | $405,136 (-3.0%) | 0.98 | 1,670 |
2018-11-01 | $284,850 (0.0%) | $411,550 (0.9%) | 0.97 | 1,580 |
2018-12-01 | $274,900 (-1.7%) | $395,432 (-1.8%) | 0.95 | 1,460 |
2019-01-01 | $272,175 (1.0%) | $392,936 (2.0%) | 0.94 | 1,268 |
2019-02-01 | $277,000 (1.7%) | $397,071 (2.6%) | 0.94 | 1,264 |
2019-03-01 | $290,650 (0.4%) | $414,815 (3.7%) | 0.97 | 1,269 |
2019-04-01 | $299,900 (1.3%) | $425,227 (3.9%) | 0.95 | 1,306 |
2019-05-01 | $313,675 (4.8%) | $433,047 (5.8%) | 0.98 | 1,385 |
2019-06-01 | $319,900 (3.2%) | $436,947 (4.5%) | 1.00 | 1,462 |
2019-07-01 | $309,450 (3.2%) | $431,292 (2.5%) | 0.97 | 1,472 |
2019-08-01 | $309,900 (3.7%) | $431,914 (4.2%) | 0.97 | 1,466 |
2019-09-01 | $309,500 (6.8%) | $431,992 (7.0%) | 0.98 | 1,360 |
2019-10-01 | $299,925 (3.8%) | $418,976 (3.4%) | 0.97 | 1,412 |
2019-11-01 | $299,900 (5.3%) | $419,876 (2.0%) | 0.98 | 1,325 |
2019-12-01 | $299,900 (9.1%) | $415,046 (5.0%) | 1.00 | 1,161 |
2020-01-01 | $299,000 (9.9%) | $409,327 (4.2%) | 1.00 | 1,007 |
2020-02-01 | $298,500 (7.8%) | $408,980 (3.0%) | 0.98 | 962 |
2020-03-01 | $299,000 (2.9%) | $414,466 (-0.1%) | 0.94 | 968 |
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 (12.9%) | $515,012 (19.2%) | 1.00 | 634 |
2020-09-01 | $352,250 (13.8%) | $514,954 (19.2%) | 1.01 | 636 |
2020-10-01 | $349,450 (16.5%) | $508,598 (21.4%) | 1.00 | 648 |
2020-11-01 | $349,900 (16.7%) | $517,699 (23.3%) | 1.02 | 591 |
2020-12-01 | $350,000 (16.7%) | $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 (19.8%) | $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%) | $680,313 (27.8%) | 0.89 | 421 |
2022-07-01 | $402,500 (15.0%) | $673,607 (27.8%) | 0.91 | 465 |
2022-08-01 | $409,975 (18.8%) | $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%) | $766,536 (39.9%) | 0.94 | 446 |
2022-11-01 | $432,200 (23.7%) | $792,414 (43.2%) | 1.04 | 418 |
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 |
Norwich's median listing price comes in at 116% of the national average.
Norwich's average listing price for 2023-04-01 was $849,623, a difference of $236,964 (38.7%) versus the prior year and $-69,755 versus the prior month.
For the 2023-04-01 period, Norwich had 282 MLS listings, a difference of 33 listings (13%) versus the prior month and -17 listings (-6%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 99 days | 1,702 sqft |
2018-02-01 | 104 days | 1,691 sqft |
2018-03-01 | 93 days | 1,728 sqft |
2018-04-01 | 64 days | 1,760 sqft |
2018-05-01 | 60 days | 1,746 sqft |
2018-06-01 | 65 days | 1,796 sqft |
2018-07-01 | 70 days | 1,796 sqft |
2018-08-01 | 78 days | 1,755 sqft |
2018-09-01 | 80 days | 1,745 sqft |
2018-10-01 | 86 days | 1,754 sqft |
2018-11-01 | 91 days | 1,756 sqft |
2018-12-01 | 103 days | 1,722 sqft |
2019-01-01 | 108 days | 1,724 sqft |
2019-02-01 | 113 days | 1,706 sqft |
2019-03-01 | 94 days | 1,722 sqft |
2019-04-01 | 63 days | 1,734 sqft |
2019-05-01 | 58 days | 1,810 sqft |
2019-06-01 | 62 days | 1,882 sqft |
2019-07-01 | 67 days | 1,908 sqft |
2019-08-01 | 78 days | 1,943 sqft |
2019-09-01 | 85 days | 1,997 sqft |
2019-10-01 | 79 days | 1,952 sqft |
2019-11-01 | 82 days | 1,906 sqft |
2019-12-01 | 97 days | 1,905 sqft |
2020-01-01 | 103 days | 1,882 sqft |
2020-02-01 | 103 days | 1,862 sqft |
2020-03-01 | 72 days | 1,855 sqft |
2020-04-01 | 74 days | 1,875 sqft |
2020-05-01 | 90 days | 1,875 sqft |
2020-06-01 | 77 days | 1,886 sqft |
2020-07-01 | 58 days | 1,898 sqft |
2020-08-01 | 57 days | 1,922 sqft |
2020-09-01 | 43 days | 1,910 sqft |
2020-10-01 | 43 days | 1,934 sqft |
2020-11-01 | 53 days | 1,913 sqft |
2020-12-01 | 65 days | 1,880 sqft |
2021-01-01 | 78 days | 1,816 sqft |
2021-02-01 | 63 days | 1,812 sqft |
2021-03-01 | 38 days | 1,812 sqft |
2021-04-01 | 27 days | 1,828 sqft |
2021-05-01 | 27 days | 1,800 sqft |
2021-06-01 | 28 days | 1,779 sqft |
2021-07-01 | 33 days | 1,777 sqft |
2021-08-01 | 32 days | 1,699 sqft |
2021-09-01 | 41 days | 1,743 sqft |
2021-10-01 | 42 days | 1,755 sqft |
2021-11-01 | 45 days | 1,716 sqft |
2021-12-01 | 56 days | 1,700 sqft |
2022-01-01 | 65 days | 1,702 sqft |
2022-02-01 | 46 days | 1,605 sqft |
2022-03-01 | 32 days | 1,600 sqft |
2022-04-01 | 29 days | 1,653 sqft |
2022-05-01 | 20 days | 1,760 sqft |
2022-06-01 | 26 days | 1,809 sqft |
2022-07-01 | 30 days | 1,840 sqft |
2022-08-01 | 38 days | 1,945 sqft |
2022-09-01 | 48 days | 1,905 sqft |
2022-10-01 | 42 days | 1,874 sqft |
2022-11-01 | 51 days | 1,918 sqft |
2022-12-01 | 64 days | 1,892 sqft |
2023-01-01 | 76 days | 1,851 sqft |
2023-02-01 | 71 days | 1,960 sqft |
2023-03-01 | 48 days | 2,040 sqft |
2023-04-01 | 33 days | 2,086 sqft |
Norwich's median square footage for active listings during the 2023-04-01 period was 2,086 sqft. One year prior, the average listing was 1,653 sqft.