Provo VA Loans
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 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 116 lenders originated 2,048 VA loans during 2021. The total origination value was $799,490,000, with an average VA loan value of $390,376.
Provo VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Provo
averaged
5.24%
for the week of 2022-08-05, compared to the national average (all VA variants) of
5.013% for the same period.
The average rate for the prior week (2022-07-29) was
5.29% and
one month ago for the week of 2022-07-01, the
average rate was 5.71%.
The average rate one year ago was 2.8%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.32%.
Provo VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Provo level.
The top Provo VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
214 VA loans originated. Their average total fees are
$7,753, which is $1,062
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Provo VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,385), FREEDOM MORTGAGE CORPORATION ($3,124), North American Savings Bank, F.S.B. ($3,814), NAVY FEDERAL CREDIT UNION ($4,387) and Wells Fargo Bank ($4,458).
The lowest rate Provo VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.20%), North American Savings Bank, F.S.B. (2.34%), PENNYMAC LOAN SERVICES, LLC (2.37%), QUICKEN LOANS, LLC (2.38%) and HOME POINT FINANCIAL CORPORATION (2.40%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Provo (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 | $368,900 (7.2%) | $522,797 (4.8%) | 1.36 | 1,449 |
2018-02-01 | $379,950 (8.3%) | $530,538 (3.7%) | 1.37 | 1,390 |
2018-03-01 | $389,900 (7.6%) | $534,101 (0.7%) | 1.35 | 1,381 |
2018-04-01 | $391,648 (5.9%) | $547,968 (1.7%) | 1.31 | 1,482 |
2018-05-01 | $397,335 (8.2%) | $541,491 (1.1%) | 1.32 | 1,655 |
2018-06-01 | $399,720 (7.4%) | $530,511 (-0.6%) | 1.33 | 1,894 |
2018-07-01 | $398,845 (7.8%) | $530,135 (3.3%) | 1.33 | 1,908 |
2018-08-01 | $398,975 (10.4%) | $529,055 (5.5%) | 1.33 | 1,992 |
2018-09-01 | $389,950 (7.8%) | $520,532 (5.7%) | 1.30 | 2,065 |
2018-10-01 | $386,400 (6.5%) | $505,703 (1.6%) | 1.29 | 2,245 |
2018-11-01 | $383,400 (4.9%) | $499,824 (-1.8%) | 1.29 | 2,275 |
2018-12-01 | $380,000 (3.4%) | $494,744 (-3.7%) | 1.30 | 2,180 |
2019-01-01 | $380,700 (3.2%) | $480,582 (-8.1%) | 1.31 | 2,012 |
2019-02-01 | $385,450 (1.5%) | $478,269 (-9.9%) | 1.29 | 1,972 |
2019-03-01 | $394,900 (1.3%) | $496,286 (-7.1%) | 1.29 | 1,975 |
2019-04-01 | $401,900 (2.6%) | $519,147 (-5.3%) | 1.27 | 1,994 |
2019-05-01 | $398,500 (0.3%) | $522,549 (-3.5%) | 1.23 | 2,077 |
2019-06-01 | $399,900 (0.1%) | $533,478 (0.6%) | 1.23 | 2,161 |
2019-07-01 | $407,500 (2.2%) | $538,335 (1.6%) | 1.27 | 2,181 |
2019-08-01 | $397,957 (-0.3%) | $519,267 (-1.9%) | 1.25 | 2,509 |
2019-09-01 | $394,457 (1.2%) | $511,759 (-1.7%) | 1.25 | 2,531 |
2019-10-01 | $399,950 (3.5%) | $527,897 (4.4%) | 1.28 | 2,113 |
2019-11-01 | $401,370 (4.7%) | $531,385 (6.3%) | 1.30 | 1,871 |
2019-12-01 | $403,450 (6.2%) | $542,277 (9.6%) | 1.35 | 1,675 |
2020-01-01 | $418,450 (9.9%) | $546,056 (13.6%) | 1.40 | 1,529 |
2020-02-01 | $429,900 (11.5%) | $556,608 (16.4%) | 1.39 | 1,340 |
2020-03-01 | $432,450 (9.5%) | $568,298 (14.5%) | 1.35 | 1,385 |
2020-04-01 | $416,445 (3.6%) | $514,889 (-0.8%) | 1.30 | 1,732 |
2020-05-01 | $425,000 (6.7%) | $551,576 (5.6%) | 1.29 | 1,629 |
2020-06-01 | $437,450 (9.4%) | $593,052 (11.2%) | 1.28 | 1,352 |
2020-07-01 | $451,950 (10.9%) | $618,523 (14.9%) | 1.30 | 1,127 |
2020-08-01 | $478,500 (20.2%) | $679,131 (30.8%) | 1.37 | 962 |
2020-09-01 | $508,400 (28.9%) | $723,991 (41.5%) | 1.45 | 818 |
2020-10-01 | $520,000 (30.0%) | $833,251 (57.8%) | 1.49 | 683 |
2020-11-01 | $531,570 (32.4%) | $914,420 (72.1%) | 1.52 | 564 |
2020-12-01 | $544,450 (35.0%) | $917,546 (69.2%) | 1.60 | 498 |
2021-01-01 | $539,900 (29.0%) | $988,802 (81.1%) | 1.59 | 398 |
2021-02-01 | $534,250 (24.3%) | $1,162,194 (108.8%) | 1.54 | 308 |
2021-03-01 | $521,450 (20.6%) | $1,137,339 (100.1%) | 1.46 | 328 |
2021-04-01 | $549,816 (32.0%) | $1,110,645 (115.7%) | 1.48 | 417 |
2021-05-01 | $559,000 (31.5%) | $1,042,774 (89.1%) | 1.47 | 528 |
2021-06-01 | $549,950 (25.7%) | $935,613 (57.8%) | 1.43 | 692 |
2021-07-01 | $547,000 (21.0%) | $893,396 (44.4%) | 1.42 | 780 |
2021-08-01 | $550,000 (14.9%) | $897,738 (32.2%) | 1.45 | 849 |
2021-09-01 | $535,000 (5.2%) | $848,378 (17.2%) | 1.41 | 883 |
2021-10-01 | $538,000 (3.5%) | $876,018 (5.1%) | 1.42 | 813 |
2021-11-01 | $544,450 (2.4%) | $904,587 (-1.1%) | 1.43 | 737 |
2021-12-01 | $553,750 (1.7%) | $956,232 (4.2%) | 1.48 | 574 |
2022-01-01 | $565,000 (4.7%) | $989,717 (0.1%) | 1.51 | 464 |
2022-02-01 | $587,650 (10.0%) | $1,067,691 (-8.1%) | 1.50 | 402 |
2022-03-01 | $593,664 (13.9%) | $985,642 (-13.3%) | 1.47 | 450 |
2022-04-01 | $612,250 (11.4%) | $955,538 (-14.0%) | 1.44 | 668 |
2022-05-01 | $614,000 (9.8%) | $861,908 (-17.3%) | 1.37 | 1,204 |
2022-06-01 | $604,950 (10.0%) | $829,232 (-11.4%) | 1.34 | 1,655 |
Provo's median listing price comes in at 134% of the national average.
Provo's average listing price for 2022-06-01 was $829,232, a difference of $-106,381 (-11.4%) versus the prior year and $-32,676 versus the prior month.
For the 2022-06-01 period, Provo had 1,655 MLS listings, a difference of 451 listings (37%) versus the prior month and 963 listings (139%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 52 days | 3,379 sqft |
2018-02-01 | 49 days | 3,442 sqft |
2018-03-01 | 26 days | 3,501 sqft |
2018-04-01 | 32 days | 3,480 sqft |
2018-05-01 | 33 days | 3,474 sqft |
2018-06-01 | 33 days | 3,488 sqft |
2018-07-01 | 32 days | 3,448 sqft |
2018-08-01 | 33 days | 3,408 sqft |
2018-09-01 | 44 days | 3,340 sqft |
2018-10-01 | 42 days | 3,333 sqft |
2018-11-01 | 42 days | 3,294 sqft |
2018-12-01 | 54 days | 3,294 sqft |
2019-01-01 | 57 days | 3,268 sqft |
2019-02-01 | 51 days | 3,264 sqft |
2019-03-01 | 53 days | 3,327 sqft |
2019-04-01 | 44 days | 3,354 sqft |
2019-05-01 | 42 days | 3,287 sqft |
2019-06-01 | 44 days | 3,264 sqft |
2019-07-01 | 46 days | 3,299 sqft |
2019-08-01 | 53 days | 3,188 sqft |
2019-09-01 | 57 days | 3,171 sqft |
2019-10-01 | 54 days | 3,229 sqft |
2019-11-01 | 55 days | 3,249 sqft |
2019-12-01 | 57 days | 3,227 sqft |
2020-01-01 | 60 days | 3,305 sqft |
2020-02-01 | 57 days | 3,391 sqft |
2020-03-01 | 49 days | 3,325 sqft |
2020-04-01 | 39 days | 3,203 sqft |
2020-05-01 | 44 days | 3,224 sqft |
2020-06-01 | 50 days | 3,313 sqft |
2020-07-01 | 51 days | 3,369 sqft |
2020-08-01 | 43 days | 3,450 sqft |
2020-09-01 | 33 days | 3,485 sqft |
2020-10-01 | 39 days | 3,431 sqft |
2020-11-01 | 44 days | 3,520 sqft |
2020-12-01 | 48 days | 3,568 sqft |
2021-01-01 | 56 days | 3,454 sqft |
2021-02-01 | 27 days | 3,223 sqft |
2021-03-01 | 12 days | 2,994 sqft |
2021-04-01 | 10 days | 3,147 sqft |
2021-05-01 | 10 days | 3,040 sqft |
2021-06-01 | 15 days | 2,978 sqft |
2021-07-01 | 16 days | 2,898 sqft |
2021-08-01 | 19 days | 2,971 sqft |
2021-09-01 | 22 days | 2,850 sqft |
2021-10-01 | 24 days | 2,736 sqft |
2021-11-01 | 25 days | 2,817 sqft |
2021-12-01 | 40 days | 2,941 sqft |
2022-01-01 | 51 days | 3,050 sqft |
2022-02-01 | 31 days | 3,035 sqft |
2022-03-01 | 28 days | 2,887 sqft |
2022-04-01 | 25 days | 2,911 sqft |
2022-05-01 | 20 days | 2,848 sqft |
2022-06-01 | 29 days | 2,886 sqft |
Provo's median square footage for active listings during the 2022-06-01 period was 2,886 sqft. One year prior, the average listing was 2,978 sqft.