Provo VA Loan Rates, Closing Costs & Stats

PROVO-OREM, UT

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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.

    Provo's 92 lenders originated 801 VA loans during 2022. The total origination value was $403,825,000, with an average VA loan value of $504,151.

    Provo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Provo averaged -0.47% for the week of 2023-06-02, compared to the national average (all VA variants) of 0% for the same period.

    Provo's average VA mortgage closing costs are $7,579.

    The average rate for the prior week (2023-05-26) was 6.26% and one month ago for the week of 2023-04-28, the average rate was 5.52%.

    The average rate one year ago was 4.57%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.31%.

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

    Provo 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 Provo level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 144 4.24% $11,449
    FIRST COLONY MORTGAGE CORPORATION 51 4.22% $9,383
    INTERCAP LENDING INC. 37 4.25% $13,732
    FREEDOM MORTGAGE CORPORATION 34 3.61% $13,044
    HOME POINT FINANCIAL CORPORATION 33 3.89% $12,450
    DHI MORTGAGE COMPANY, LTD. 31 4.14% $8,096
    QUICKEN LOANS, LLC 29 4.17% $17,505
    Mortgage Research Center, LLC 20 4.69% $10,888
    PENNYMAC LOAN SERVICES, LLC 20 3.59% $16,472
    SECURITY HOME MORTGAGE, LLC. 15 4.20% $11,432
    CALIBER HOME LOANS, INC. 14 4.83% $8,082
    SECURITYNATIONAL MORTGAGE COMPANY 14 4.29% $13,910
    HOMEAMERICAN MORTGAGE CORPORATION 13 4.07% $5,543
    CARDINAL FINANCIAL 12 4.36% $12,781
    LOANDEPOT.COM, LLC 11 3.71% $20,146
    USAA Federal Savings Bank 11 4.00% $7,528
    The Federal Savings Bank 11 4.63% $20,141
    Wells Fargo Bank 11 3.70% $6,280
    NBH Bank 9 4.53% $10,721
    NEST HOME LENDING, LLC 9 4.22% $8,392
    VERITAS FUNDING, LLC 9 3.90% $16,946
    Plains Commerce Bank 9 3.82% $14,018
    CMG MORTGAGE, INC. 9 4.90% $10,005
    ACADEMY MORTGAGE CORPORATION 8 4.08% $19,659
    BROKER SOLUTIONS, INC. 8 4.40% $14,317
    NAVY FEDERAL CREDIT UNION 8 3.39% $11,221
    GUILD MORTGAGE COMPANY 8 4.28% $16,362
    AMERISAVE MORTGAGE CORPORATION 8 4.28% $18,113
    DIRECT MORTGAGE, CORP. 7 4.21% $9,609
    VILLAGE CAPITAL MORTGAGE 6 3.85% $13,908
    MY MOVE MORTGAGE, LLC 6 3.63% $22,549
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 4.08% $14,765
    CROSSCOUNTRY MORTGAGE, LLC 6 4.92% $20,480
    Low VA Rates, LLC 5 4.08% $30,295
    AMERICA FIRST 5 4.23% $10,529
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 4.82% $10,448
    CASTLE & COOKE MORTGAGE, LLC 5 4.80% $15,400
    CITYWIDE HOME LOANS, LLC 5 5.03% $10,848
    Magnolia Bank 5 4.68% $20,725
    MOUNTAIN AMERICA 5 3.63% $11,011
    NEWREZ LLC 5 3.55% $18,435
    RANLIFE, INC. 5 4.93% $11,244
    SUN AMERICAN MORTGAGE COMPANY 5 4.08% $7,509
    PENTAGON FEDERAL CREDIT UNION 4 3.50% $7,178
    GUARANTEED RATE AFFINITY, LLC 4 3.94% $8,472
    LOANPAL, LLC 4 4.47% $10,689
    Flagstar Bank, FSB 4 3.46% $14,682
    EVERETT FINANCIAL, INC. 4 4.91% $8,503
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.42% $25,280
    CANOPY MORTGAGE, LLC 3 3.46% $10,634
    EAGLE HOME MORTGAGE, LLC 3 4.42% $9,036
    AXIA FINANCIAL, LLC 3 3.46% $21,189
    Texana Bank 3 3.54% $17,548
    BNC National Bank 3 4.67% $4,692
    Barrington Bank & Trust Company, N.A. 3 4.83% $9,434
    UTAH COMMUNITY 3 3.38% $6,786
    INSPIRE HOME LOANS INC. 3 3.75% $29,548
    MORTGAGEONE, INC. 3 3.00% $10,330
    Utah Mortgage Loan Corporation 2 5.56% $4,437
    NATIONS DIRECT MORTGAGE, LLC 2 5.56% $9,529
    North American Savings Bank, F.S.B. 2 2.88% $24,169
    NBKC BANK 2 3.69% $31,077
    HOMESIDE FINANCIAL, LLC 2 3.18% $26,353
    Strong Home Mortgage, LLC 2 4.44% $4,536
    MOVEMENT MORTGAGE, LLC 2 3.94% $13,787
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.63% $6,296
    Mr. Cooper ( Nationstar Mortgage ) 2 2.56% $7,194
    The Central Trust Bank 2 4.94% $6,879
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 4.44% $25,973
    BELEM SERVICING LLC 2 2.19% $16,629
    Glacier Bank 1 3.25% $7,339
    GENEVA FINANCIAL, LLC 1 4.50% $6,159
    Gateway First Bank 1 5.25% $9,055
    Florida Capital Bank 1 5.63% $11,165
    Bank of Utah 1 3.88% $23,265
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.50% $5,340
    Nations Lending Corporation 1 6.75% $6,295
    First Guaranty Mortgage Corporation 1 4.13% $5,200
    Network Funding, L.P. 1 5.13% $7,014
    Northpointe Bank 1 4.63% $3,229
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 4.00% $10,056
    Paramount Residential Mortgage Group, Inc. 1 5.25% $10,676
    CYPRUS Federal Credit Union 1 3.75% $16,330
    Century Mortgage Company DBA Century Lending Company 1 4.75% $3,854
    AMERICAN FINANCING CORPORATION 1 3.50% $21,583
    Carrington Mortgage Services, LLC 1 4.38% $9,542
    Sierra Pacific Mortgage Company, Inc. 1 3.75% $3,393
    SIRVA MORTGAGE, INC. 1 4.75% $0
    Zions Bancorporation, N.A. 1 4.25% $2,483
    SUN WEST MORTGAGE COMPANY, INC. 1 4.13% $33,434
    GUARANTEED RATE, INC. 1 4.63% $18,222
    JPMorgan Chase Bank 1 3.25% $500

    The top Provo VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 144 VA loans originated. Their average total fees are $11,449, which is $2,066 higher than the next largest lender, FIRST COLONY MORTGAGE CORPORATION.

    The lowest fee Provo VA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($5,543), Wells Fargo Bank ($6,280), USAA Federal Savings Bank ($7,528), CALIBER HOME LOANS, INC. ($8,082) and DHI MORTGAGE COMPANY, LTD. ($8,096).

    The lowest rate Provo VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.59%), FREEDOM MORTGAGE CORPORATION (3.61%), Wells Fargo Bank (3.70%), LOANDEPOT.COM, LLC (3.71%) and HOME POINT FINANCIAL CORPORATION (3.89%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Provo (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 $370,400 (7.6%) $522,392 (5.1%) 1.37 1,476
    2018-02-01 $383,175 (8.7%) $531,089 (3.9%) 1.39 1,413
    2018-03-01 $392,900 (7.7%) $540,174 (2.5%) 1.38 1,407
    2018-04-01 $395,090 (6.0%) $548,406 (2.3%) 1.34 1,519
    2018-05-01 $398,845 (7.9%) $545,021 (2.2%) 1.33 1,683
    2018-06-01 $399,610 (7.0%) $533,662 (0.7%) 1.33 1,915
    2018-07-01 $398,698 (7.8%) $531,994 (3.4%) 1.33 1,929
    2018-08-01 $397,925 (9.6%) $528,875 (5.5%) 1.33 2,011
    2018-09-01 $389,926 (6.9%) $519,713 (5.6%) 1.31 2,099
    2018-10-01 $386,130 (5.8%) $505,301 (1.0%) 1.31 2,298
    2018-11-01 $381,000 (3.4%) $499,534 (-2.3%) 1.29 2,329
    2018-12-01 $379,900 (3.0%) $494,598 (-3.9%) 1.31 2,222
    2019-01-01 $381,400 (3.0%) $481,224 (-7.9%) 1.32 2,059
    2019-02-01 $387,650 (1.2%) $477,867 (-10.0%) 1.31 2,036
    2019-03-01 $396,086 (0.8%) $493,419 (-8.7%) 1.30 2,061
    2019-04-01 $402,386 (1.9%) $513,348 (-6.4%) 1.28 2,111
    2019-05-01 $399,375 (0.1%) $517,098 (-5.1%) 1.25 2,189
    2019-06-01 $400,000 (0.1%) $526,300 (-1.4%) 1.25 2,288
    2019-07-01 $408,592 (2.5%) $532,699 (0.1%) 1.28 2,320
    2019-08-01 $405,952 (2.0%) $527,587 (-0.2%) 1.29 2,317
    2019-09-01 $402,604 (3.3%) $521,767 (0.4%) 1.29 2,303
    2019-10-01 $398,625 (3.2%) $513,026 (1.5%) 1.29 2,291
    2019-11-01 $399,000 (4.7%) $515,023 (3.1%) 1.31 2,021
    2019-12-01 $399,900 (5.3%) $527,124 (6.6%) 1.33 1,809
    2020-01-01 $410,000 (7.5%) $526,626 (9.4%) 1.37 1,647
    2020-02-01 $429,900 (10.9%) $549,237 (14.9%) 1.41 1,410
    2020-03-01 $430,950 (8.8%) $560,467 (13.6%) 1.35 1,456
    2020-04-01 $416,773 (3.6%) $510,780 (-0.5%) 1.31 1,841
    2020-05-01 $428,000 (7.2%) $545,542 (5.5%) 1.30 1,731
    2020-06-01 $438,975 (9.7%) $583,708 (10.9%) 1.29 1,425
    2020-07-01 $454,300 (11.2%) $607,477 (14.0%) 1.32 1,180
    2020-08-01 $472,445 (16.4%) $665,604 (26.2%) 1.35 1,017
    2020-09-01 $495,490 (23.1%) $703,132 (34.8%) 1.42 872
    2020-10-01 $504,990 (26.7%) $814,567 (58.8%) 1.45 708
    2020-11-01 $522,475 (31.0%) $898,995 (74.6%) 1.53 581
    2020-12-01 $545,745 (36.5%) $917,466 (74.1%) 1.62 500
    2021-01-01 $535,000 (30.5%) $974,533 (85.1%) 1.60 404
    2021-02-01 $533,175 (24.0%) $1,073,722 (95.5%) 1.55 319
    2021-03-01 $507,400 (17.7%) $1,019,222 (81.9%) 1.44 361
    2021-04-01 $541,450 (29.9%) $1,010,215 (97.8%) 1.47 440
    2021-05-01 $550,000 (28.5%) $954,607 (75.0%) 1.46 554
    2021-06-01 $547,024 (24.6%) $885,835 (51.8%) 1.44 716
    2021-07-01 $544,950 (20.0%) $838,668 (38.1%) 1.44 855
    2021-08-01 $551,200 (16.7%) $854,629 (28.4%) 1.47 884
    2021-09-01 $537,119 (8.4%) $837,327 (19.1%) 1.43 917
    2021-10-01 $539,900 (6.9%) $859,821 (5.6%) 1.44 851
    2021-11-01 $546,950 (4.7%) $890,049 (-1.0%) 1.46 757
    2021-12-01 $559,300 (2.5%) $950,111 (3.6%) 1.52 587
    2022-01-01 $559,000 (4.5%) $940,342 (-3.5%) 1.51 474
    2022-02-01 $588,675 (10.4%) $1,010,743 (-5.9%) 1.53 433
    2022-03-01 $591,000 (16.5%) $963,153 (-5.5%) 1.48 462
    2022-04-01 $618,860 (14.3%) $967,155 (-4.3%) 1.48 678
    2022-05-01 $617,400 (12.3%) $854,828 (-10.5%) 1.41 1,233
    2022-06-01 $608,251 (11.2%) $824,109 (-7.0%) 1.35 1,701
    2022-07-01 $589,900 (8.3%) $791,646 (-5.6%) 1.33 2,169
    2022-08-01 $571,902 (3.8%) $757,357 (-11.4%) 1.32 2,327
    2022-09-01 $556,925 (3.7%) $742,333 (-11.3%) 1.30 2,352
    2022-10-01 $549,900 (1.9%) $747,324 (-13.1%) 1.29 2,419
    2022-11-01 $549,900 (0.5%) $747,032 (-16.1%) 1.32 2,289
    2022-12-01 $550,000 (-1.7%) $747,637 (-21.3%) 1.36 2,070
    2023-01-01 $561,560 (0.5%) $762,957 (-18.9%) 1.39 1,722
    2023-02-01 $554,950 (-5.7%) $780,706 (-22.8%) 1.34 1,519
    2023-03-01 $574,995 (-2.7%) $808,090 (-16.1%) 1.36 1,409
    2023-04-01 $589,443 (-4.8%) $822,619 (-14.9%) 1.37 1,357
    2023-05-01 $600,000 (-2.8%) $829,507 (-3.0%) 1.36 1,425
    Provo's median listing price for 2023-05-01 was $600,000, a difference of $-17,400 (-2.8%) versus the prior year and $10,557 versus the prior month.

    Provo's median listing price comes in at 136% of the national average.

    Provo's average listing price for 2023-05-01 was $829,507, a difference of $-25,321 (-3.0%) versus the prior year and $6,888 versus the prior month.

    For the 2023-05-01 period, Provo had 1,425 MLS listings, a difference of 68 listings (5%) versus the prior month and 192 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 50 days 3,384 sqft
    2018-02-01 48 days 3,437 sqft
    2018-03-01 26 days 3,466 sqft
    2018-04-01 32 days 3,483 sqft
    2018-05-01 31 days 3,463 sqft
    2018-06-01 32 days 3,422 sqft
    2018-07-01 31 days 3,422 sqft
    2018-08-01 33 days 3,398 sqft
    2018-09-01 43 days 3,338 sqft
    2018-10-01 41 days 3,317 sqft
    2018-11-01 41 days 3,282 sqft
    2018-12-01 54 days 3,259 sqft
    2019-01-01 57 days 3,251 sqft
    2019-02-01 51 days 3,265 sqft
    2019-03-01 48 days 3,309 sqft
    2019-04-01 44 days 3,335 sqft
    2019-05-01 41 days 3,266 sqft
    2019-06-01 44 days 3,251 sqft
    2019-07-01 45 days 3,270 sqft
    2019-08-01 47 days 3,247 sqft
    2019-09-01 49 days 3,223 sqft
    2019-10-01 53 days 3,183 sqft
    2019-11-01 53 days 3,161 sqft
    2019-12-01 56 days 3,188 sqft
    2020-01-01 60 days 3,247 sqft
    2020-02-01 54 days 3,372 sqft
    2020-03-01 45 days 3,303 sqft
    2020-04-01 39 days 3,183 sqft
    2020-05-01 44 days 3,224 sqft
    2020-06-01 46 days 3,281 sqft
    2020-07-01 47 days 3,352 sqft
    2020-08-01 39 days 3,369 sqft
    2020-09-01 30 days 3,387 sqft
    2020-10-01 37 days 3,301 sqft
    2020-11-01 41 days 3,470 sqft
    2020-12-01 44 days 3,556 sqft
    2021-01-01 40 days 3,454 sqft
    2021-02-01 19 days 3,192 sqft
    2021-03-01 8 days 2,954 sqft
    2021-04-01 9 days 3,081 sqft
    2021-05-01 11 days 2,940 sqft
    2021-06-01 15 days 2,950 sqft
    2021-07-01 17 days 2,875 sqft
    2021-08-01 18 days 2,952 sqft
    2021-09-01 23 days 2,838 sqft
    2021-10-01 24 days 2,699 sqft
    2021-11-01 24 days 2,813 sqft
    2021-12-01 41 days 2,902 sqft
    2022-01-01 47 days 2,998 sqft
    2022-02-01 29 days 2,954 sqft
    2022-03-01 25 days 2,847 sqft
    2022-04-01 23 days 2,898 sqft
    2022-05-01 20 days 2,857 sqft
    2022-06-01 29 days 2,896 sqft
    2022-07-01 38 days 2,798 sqft
    2022-08-01 46 days 2,750 sqft
    2022-09-01 51 days 2,692 sqft
    2022-10-01 58 days 2,714 sqft
    2022-11-01 71 days 2,731 sqft
    2022-12-01 86 days 2,773 sqft
    2023-01-01 89 days 2,844 sqft
    2023-02-01 86 days 2,824 sqft
    2023-03-01 58 days 2,935 sqft
    2023-04-01 55 days 3,019 sqft
    2023-05-01 45 days 3,100 sqft
    Provo's median listing age (time on market) for 2023-05-01 was 45 days. This is 123% longer than the same period one year ago.

    Provo's median square footage for active listings during the 2023-05-01 period was 3,100 sqft. One year prior, the average listing was 2,857 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.