Provo VA Loan Rates, Closing Costs & Stats

PROVO-OREM, UT

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 -0.57% for the week of 2024-02-23, 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 (2024-02-16) was 6.11% and one month ago for the week of 2024-01-19, the average rate was 5.66%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-23, 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 Bank 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 $370,411 (7.6%) $523,530 (5.2%) 1.37 1,467
2018-02-01 $383,425 (8.8%) $532,133 (4.0%) 1.39 1,406
2018-03-01 $393,000 (7.7%) $541,100 (2.5%) 1.38 1,402
2018-04-01 $395,090 (5.4%) $549,307 (2.3%) 1.34 1,512
2018-05-01 $398,950 (7.9%) $545,852 (2.1%) 1.33 1,678
2018-06-01 $399,810 (6.9%) $534,017 (0.5%) 1.33 1,911
2018-07-01 $398,900 (7.5%) $532,606 (3.4%) 1.33 1,923
2018-08-01 $398,238 (10.1%) $529,346 (5.4%) 1.33 2,006
2018-09-01 $389,950 (6.9%) $520,414 (5.6%) 1.31 2,091
2018-10-01 $387,055 (6.1%) $505,724 (0.8%) 1.31 2,291
2018-11-01 $380,975 (3.6%) $499,779 (-2.6%) 1.29 2,321
2018-12-01 $379,900 (3.0%) $494,576 (-4.2%) 1.31 2,218
2019-01-01 $381,400 (3.0%) $481,203 (-8.1%) 1.32 2,056
2019-02-01 $387,089 (1.0%) $477,634 (-10.2%) 1.31 2,028
2019-03-01 $395,843 (0.7%) $493,139 (-8.9%) 1.29 2,052
2019-04-01 $401,343 (1.6%) $513,318 (-6.6%) 1.27 2,101
2019-05-01 $399,000 (0.0%) $517,419 (-5.2%) 1.25 2,181
2019-06-01 $399,990 (0.1%) $526,718 (-1.4%) 1.25 2,278
2019-07-01 $407,220 (2.1%) $532,661 (0.0%) 1.27 2,311
2019-08-01 $405,027 (1.7%) $527,571 (-0.3%) 1.28 2,305
2019-09-01 $402,143 (3.1%) $521,785 (0.3%) 1.29 2,285
2019-10-01 $397,875 (2.8%) $512,963 (1.4%) 1.28 2,272
2019-11-01 $395,155 (3.7%) $514,908 (3.0%) 1.30 2,009
2019-12-01 $399,797 (5.2%) $526,964 (6.6%) 1.33 1,792
2020-01-01 $409,106 (7.3%) $526,596 (9.4%) 1.37 1,634
2020-02-01 $429,000 (10.8%) $549,361 (15.0%) 1.40 1,401
2020-03-01 $430,925 (8.9%) $560,647 (13.7%) 1.35 1,449
2020-04-01 $416,468 (3.8%) $510,586 (-0.5%) 1.30 1,834
2020-05-01 $426,990 (7.0%) $545,307 (5.4%) 1.30 1,726
2020-06-01 $438,710 (9.7%) $583,858 (10.9%) 1.29 1,421
2020-07-01 $453,433 (11.4%) $607,531 (14.1%) 1.31 1,176
2020-08-01 $470,495 (16.2%) $665,741 (26.2%) 1.35 1,015
2020-09-01 $495,490 (23.2%) $703,359 (34.8%) 1.42 871
2020-10-01 $504,995 (26.9%) $814,567 (58.8%) 1.45 708
2020-11-01 $522,475 (32.2%) $898,995 (74.6%) 1.53 581
2020-12-01 $545,745 (36.5%) $917,466 (74.1%) 1.62 500
2021-01-01 $534,444 (30.6%) $978,869 (85.9%) 1.60 404
2021-02-01 $529,950 (23.5%) $1,085,859 (97.7%) 1.54 310
2021-03-01 $510,425 (18.5%) $1,025,177 (82.9%) 1.45 357
2021-04-01 $541,750 (30.1%) $1,015,124 (98.8%) 1.47 436
2021-05-01 $550,000 (28.8%) $957,815 (75.7%) 1.46 550
2021-06-01 $547,450 (24.8%) $887,914 (52.1%) 1.44 712
2021-07-01 $544,950 (20.2%) $839,987 (38.3%) 1.44 851
2021-08-01 $550,575 (17.0%) $855,893 (28.6%) 1.47 879
2021-09-01 $537,119 (8.4%) $838,551 (19.2%) 1.43 913
2021-10-01 $539,900 (6.9%) $861,239 (5.7%) 1.44 847
2021-11-01 $546,950 (4.7%) $891,802 (-0.8%) 1.46 753
2021-12-01 $559,675 (2.6%) $953,207 (3.9%) 1.52 582
2022-01-01 $559,450 (4.7%) $943,434 (-3.6%) 1.51 469
2022-02-01 $590,000 (11.3%) $1,014,800 (-6.5%) 1.53 428
2022-03-01 $592,238 (16.0%) $964,803 (-5.9%) 1.48 462
2022-04-01 $619,000 (14.3%) $968,049 (-4.6%) 1.48 678
2022-05-01 $617,400 (12.3%) $855,307 (-10.7%) 1.41 1,232
2022-06-01 $608,789 (11.2%) $824,474 (-7.1%) 1.36 1,700
2022-07-01 $589,900 (8.3%) $791,646 (-5.8%) 1.33 2,169
2022-08-01 $571,915 (3.9%) $757,555 (-11.5%) 1.32 2,326
2022-09-01 $558,015 (3.9%) $742,636 (-11.4%) 1.30 2,351
2022-10-01 $549,900 (1.9%) $747,324 (-13.2%) 1.29 2,419
2022-11-01 $549,900 (0.5%) $747,133 (-16.2%) 1.32 2,289
2022-12-01 $550,000 (-1.7%) $747,637 (-21.6%) 1.36 2,070
2023-01-01 $561,560 (0.4%) $762,957 (-19.1%) 1.39 1,722
2023-02-01 $554,950 (-5.9%) $780,639 (-23.1%) 1.34 1,518
2023-03-01 $574,995 (-2.9%) $808,090 (-16.2%) 1.36 1,409
2023-04-01 $589,443 (-4.8%) $822,619 (-15.0%) 1.37 1,357
2023-05-01 $599,997 (-2.8%) $829,175 (-3.1%) 1.36 1,430
2023-06-01 $599,450 (-1.5%) $839,871 (1.9%) 1.35 1,553
2023-07-01 $599,990 (1.7%) $859,701 (8.6%) 1.36 1,616
2023-08-01 $591,675 (3.5%) $839,796 (10.9%) 1.36 1,747
2023-09-01 $579,900 (3.9%) $826,947 (11.4%) 1.35 1,851
2023-10-01 $569,188 (3.5%) $813,483 (8.9%) 1.34 1,842
2023-11-01 $573,986 (4.4%) $832,263 (11.4%) 1.37 1,776
2023-12-01 $569,990 (3.6%) $842,343 (12.7%) 1.39 1,535
Provo's median listing price for 2023-12-01 was $569,990, a difference of $19,990 (3.6%) versus the prior year and $-3,996 versus the prior month.

Provo's median listing price comes in at 139% of the national average.

Provo's average listing price for 2023-12-01 was $842,343, a difference of $94,706 (12.7%) versus the prior year and $10,080 versus the prior month.

For the 2023-12-01 period, Provo had 1,535 MLS listings, a difference of -241 listings (-14%) versus the prior month and -535 listings (-26%) 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 49 days 3,387 sqft
2018-02-01 48 days 3,443 sqft
2018-03-01 26 days 3,467 sqft
2018-04-01 32 days 3,483 sqft
2018-05-01 31 days 3,463 sqft
2018-06-01 32 days 3,423 sqft
2018-07-01 31 days 3,431 sqft
2018-08-01 32 days 3,400 sqft
2018-09-01 43 days 3,340 sqft
2018-10-01 41 days 3,319 sqft
2018-11-01 41 days 3,282 sqft
2018-12-01 54 days 3,259 sqft
2019-01-01 56 days 3,251 sqft
2019-02-01 51 days 3,260 sqft
2019-03-01 47 days 3,307 sqft
2019-04-01 44 days 3,334 sqft
2019-05-01 41 days 3,263 sqft
2019-06-01 44 days 3,250 sqft
2019-07-01 45 days 3,266 sqft
2019-08-01 47 days 3,242 sqft
2019-09-01 49 days 3,215 sqft
2019-10-01 52 days 3,173 sqft
2019-11-01 53 days 3,153 sqft
2019-12-01 56 days 3,169 sqft
2020-01-01 60 days 3,236 sqft
2020-02-01 54 days 3,368 sqft
2020-03-01 45 days 3,302 sqft
2020-04-01 39 days 3,178 sqft
2020-05-01 44 days 3,219 sqft
2020-06-01 46 days 3,273 sqft
2020-07-01 47 days 3,352 sqft
2020-08-01 39 days 3,363 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 42 days 3,454 sqft
2021-02-01 19 days 3,179 sqft
2021-03-01 7 days 2,965 sqft
2021-04-01 9 days 3,089 sqft
2021-05-01 11 days 2,943 sqft
2021-06-01 15 days 2,961 sqft
2021-07-01 17 days 2,883 sqft
2021-08-01 18 days 2,953 sqft
2021-09-01 22 days 2,846 sqft
2021-10-01 24 days 2,702 sqft
2021-11-01 24 days 2,815 sqft
2021-12-01 41 days 2,912 sqft
2022-01-01 47 days 3,008 sqft
2022-02-01 29 days 2,958 sqft
2022-03-01 25 days 2,846 sqft
2022-04-01 23 days 2,898 sqft
2022-05-01 20 days 2,858 sqft
2022-06-01 29 days 2,896 sqft
2022-07-01 38 days 2,798 sqft
2022-08-01 46 days 2,751 sqft
2022-09-01 51 days 2,693 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 3,103 sqft
2023-06-01 41 days 3,028 sqft
2023-07-01 47 days 3,100 sqft
2023-08-01 45 days 2,994 sqft
2023-09-01 46 days 2,964 sqft
2023-10-01 57 days 2,864 sqft
2023-11-01 59 days 2,913 sqft
2023-12-01 67 days 2,854 sqft
Provo's median listing age (time on market) for 2023-12-01 was 67 days. This is -22% shorter than the same period one year ago.

Provo's median square footage for active listings during the 2023-12-01 period was 2,854 sqft. One year prior, the average listing was 2,773 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.