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 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 0.23% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

    Provo's average VA mortgage closing costs are $6,962.

    The average rate for the prior week (2022-11-18) was 6.52% and one month ago for the week of 2022-10-21, the average rate was 7.06%.

    The average rate one year ago was 3.25%.

    For refis of the same type during the week of 2022-11-25, the average rate was 0.31%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 214 2.48% $7,753
    QUICKEN LOANS, LLC 130 2.38% $6,691
    FREEDOM MORTGAGE CORPORATION 126 2.40% $3,124
    FIRST COLONY MORTGAGE CORPORATION 101 2.63% $7,830
    PENNYMAC LOAN SERVICES, LLC 93 2.37% $7,798
    INTERCAP LENDING INC. 81 2.71% $10,074
    VILLAGE CAPITAL MORTGAGE 66 2.20% $5,366
    HOME POINT FINANCIAL CORPORATION 57 2.40% $9,162
    Mortgage Research Center, LLC 54 2.84% $9,061
    CALIBER HOME LOANS, INC. 46 2.63% $8,214
    SECURITY HOME MORTGAGE, LLC. 45 2.54% $7,884
    LOANDEPOT.COM, LLC 43 2.40% $6,123
    The Federal Savings Bank 39 2.55% $12,308
    SECURITYNATIONAL MORTGAGE COMPANY 35 2.66% $9,986
    Low VA Rates, LLC 34 2.40% $5,005
    NEWREZ LLC 32 2.53% $5,765
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 28 2.59% $8,575
    DHI MORTGAGE COMPANY, LTD. 25 2.56% $7,046
    CANOPY MORTGAGE, LLC 22 2.40% $7,023
    Mr. Cooper ( Nationstar Mortgage ) 22 2.58% $7,164
    LAKEVIEW LOAN SERVICING, LLC 22 2.44% $2,385
    ACADEMY MORTGAGE CORPORATION 21 2.73% $14,750
    GUARANTEED RATE, INC. 20 2.45% $6,474
    Wells Fargo Bank 20 2.49% $4,458
    DIRECT MORTGAGE, CORP. 20 2.45% $11,116
    RANLIFE, INC. 18 2.69% $10,898
    MY MOVE MORTGAGE, LLC 17 2.76% $8,649
    CITYWIDE HOME LOANS, LLC 17 2.66% $10,564
    BROKER SOLUTIONS, INC. 16 2.72% $7,321
    SUN WEST MORTGAGE COMPANY, INC. 15 2.44% $6,719
    CROSSCOUNTRY MORTGAGE, LLC 15 2.87% $10,310
    AMERICAN FINANCING CORPORATION 14 2.46% $8,576
    UTAH COMMUNITY 13 2.63% $7,169
    VERITAS FUNDING, LLC 13 2.69% $10,077
    NAVY FEDERAL CREDIT UNION 12 2.41% $4,387
    SOVEREIGN LENDING GROUP INCORPORATED 12 2.50% $8,786
    HOMEAMERICAN MORTGAGE CORPORATION 11 2.55% $10,510
    GUILD MORTGAGE COMPANY 11 2.57% $10,890
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 2.66% $11,204
    North American Savings Bank, F.S.B. 10 2.34% $3,814
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 2.76% $13,700
    MOUNTAIN AMERICA 9 2.49% $15,185
    MORTGAGEONE, INC. 9 2.39% $9,040
    STEARNS LENDING, LLC 8 2.61% $10,105
    Magnolia Bank 8 2.25% $5,104
    AMERISAVE MORTGAGE CORPORATION 8 2.55% $8,588
    USAA Federal Savings Bank 8 2.78% $5,418
    PENTAGON FEDERAL CREDIT UNION 7 2.36% $8,648
    Barrington Bank & Trust Company, N.A. 7 2.78% $5,466
    NEST HOME LENDING, LLC 7 2.86% $9,373
    Network Funding, L.P. 7 2.89% $8,269
    AMERICAN FINANCIAL NETWORK, INC. 7 2.46% $9,379
    GUARANTEED RATE AFFINITY, LLC 6 2.50% $8,416
    CMG MORTGAGE, INC. 6 2.94% $15,361
    NBKC BANK 6 2.50% $3,054
    Gateway First Bank 5 2.65% $4,587
    Strong Home Mortgage, LLC 5 2.25% $12,936
    First Federal Bank 4 2.88% $15,100
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.66% $21,985
    Utah Mortgage Loan Corporation 4 2.56% $5,196
    FINANCE OF AMERICA MORTGAGE LLC 4 2.78% $5,217
    CYPRUS Federal Credit Union 4 2.50% $4,976
    EVERETT FINANCIAL, INC. 3 2.92% $4,878
    Northpointe Bank 3 2.38% $10,963
    JMJ FINANCIAL GROUP 3 2.58% $4,563
    SUN AMERICAN MORTGAGE COMPANY 3 2.74% $9,089
    BNC National Bank 3 2.67% $4,382
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 2.50% $5,513
    AXIA FINANCIAL, LLC 2 3.06% $14,426
    HOMESIDE FINANCIAL, LLC 2 2.88% $7,565
    BELEM SERVICING LLC 2 2.25% $15,914
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.38% $2,890
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.69% $21,402
    PLAZA HOME MORTGAGE, INC. 2 2.25% $9,572
    NBH Bank 2 2.56% $11,635
    First Guaranty Mortgage Corporation 2 2.25% $3,513
    First Savings Bank 2 2.25% $1,978
    KS StateBank 2 2.38% $1,068
    VAN DYK MORTGAGE CORPORATION 2 2.38% $4,825
    Paramount Residential Mortgage Group, Inc. 2 2.75% $3,938
    LENDUS, LLC 2 3.19% $5,180
    Capital Bank 2 2.13% $3,722
    Century Mortgage Company DBA Century Lending Company 2 3.19% $9,155
    ALL WESTERN MORTGAGE, INC. 1 3.25% $0
    CRESCENT MORTGAGE COMPANY 1 2.88% $20,916
    Community First National Bank 1 2.63% $3,996
    EAGLE HOME MORTGAGE, LLC 1 2.38% $5,914
    EVERLEND MORTGAGE COMPANY 1 3.38% $20,689
    Fifth Third Bank 1 2.63% $1,038
    Commerce Home Mortgage, Inc. 1 2.25% $10,216
    First Home Bank 1 2.25% $1,673
    First Internet Bank of Indiana 1 2.25% $1,638
    Flagstar Bank, FSB 1 2.25% $5,368
    Glacier Bank 1 2.75% $6,450
    GOLDENWEST 1 2.25% $3,942
    Citizens Bank 1 2.25% $4,036
    INSPIRE HOME LOANS INC. 1 2.50% $3,837
    INTERNATIONAL CITY MORTGAGE, INC. 1 2.50% $13,834
    JPMorgan Chase Bank 1 3.25% $9,507
    CELEBRITY HOME LOANS, LLC 1 2.50% $3,923
    Carrington Mortgage Services, LLC 1 3.75% $1,118
    LOANPAL, LLC 1 2.38% $627
    Meridian Bank Corporation 1 2.25% $6,265
    Mid-Continent Funding, Inc. 1 2.88% $9,692
    MOUNTAIN WEST FINANCIAL, INC. 1 2.63% $14,169
    Bank of Utah 1 2.38% $13,775
    NP, Inc. 1 2.25% $2,155
    PANORAMA MORTGAGE GROUP, LLC 1 3.13% $3,841
    Bank of England 1 2.25% $5,395
    Plains Commerce Bank 1 2.25% $10,449
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.75% $11,480
    SRE MORTGAGE ALLIANCE INC. 1 2.25% $3,154
    The Central Trust Bank 1 2.25% $2,342
    UNITED SECURITY FINANCIAL CORP 1 1.75% $8,048
    AMERICA FIRST 1 2.25% $6,609
    AMCAP MORTGAGE, LTD. 1 2.63% $12,039

    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 MORTGAGE (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. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $369,632 (7.4%) $522,526 (5.2%) 1.37 1,473
    2018-02-01 $382,897 (8.7%) $531,145 (3.9%) 1.39 1,411
    2018-03-01 $392,900 (7.8%) $540,175 (2.5%) 1.38 1,406
    2018-04-01 $394,950 (5.9%) $548,506 (2.3%) 1.34 1,515
    2018-05-01 $398,700 (7.9%) $545,075 (2.2%) 1.33 1,681
    2018-06-01 $399,610 (7.0%) $533,662 (0.7%) 1.33 1,914
    2018-07-01 $398,600 (7.7%) $531,992 (3.4%) 1.33 1,928
    2018-08-01 $397,875 (10.1%) $528,873 (5.4%) 1.33 2,010
    2018-09-01 $389,900 (6.9%) $519,720 (5.6%) 1.31 2,096
    2018-10-01 $385,925 (5.8%) $505,244 (0.9%) 1.30 2,294
    2018-11-01 $380,495 (3.6%) $499,439 (-2.4%) 1.29 2,323
    2018-12-01 $379,900 (3.0%) $494,523 (-4.0%) 1.31 2,218
    2019-01-01 $381,300 (3.2%) $481,155 (-7.9%) 1.32 2,057
    2019-02-01 $387,177 (1.1%) $477,726 (-10.1%) 1.31 2,032
    2019-03-01 $395,939 (0.8%) $493,319 (-8.7%) 1.29 2,056
    2019-04-01 $402,317 (1.9%) $513,693 (-6.4%) 1.28 2,104
    2019-05-01 $399,000 (0.1%) $516,927 (-5.2%) 1.25 2,191
    2019-06-01 $399,900 (0.1%) $525,565 (-1.5%) 1.25 2,294
    2019-07-01 $406,900 (2.1%) $531,745 (-0.1%) 1.27 2,328
    2019-08-01 $404,991 (1.8%) $526,688 (-0.4%) 1.28 2,323
    2019-09-01 $402,127 (3.1%) $520,933 (0.2%) 1.29 2,304
    2019-10-01 $397,850 (3.1%) $512,253 (1.4%) 1.28 2,291
    2019-11-01 $395,000 (3.8%) $514,196 (3.0%) 1.30 2,028
    2019-12-01 $399,693 (5.2%) $526,054 (6.4%) 1.33 1,811
    2020-01-01 $409,000 (7.3%) $525,552 (9.2%) 1.37 1,654
    2020-02-01 $427,990 (10.5%) $547,860 (14.7%) 1.40 1,421
    2020-03-01 $430,225 (8.7%) $559,003 (13.3%) 1.35 1,469
    2020-04-01 $415,400 (3.3%) $509,861 (-0.8%) 1.30 1,850
    2020-05-01 $426,450 (6.9%) $544,325 (5.3%) 1.30 1,741
    2020-06-01 $437,450 (9.4%) $581,901 (10.7%) 1.29 1,437
    2020-07-01 $452,475 (11.2%) $605,163 (13.8%) 1.31 1,192
    2020-08-01 $469,200 (15.9%) $662,217 (25.7%) 1.34 1,030
    2020-09-01 $494,500 (23.0%) $698,938 (34.2%) 1.42 885
    2020-10-01 $500,000 (25.7%) $807,753 (57.7%) 1.43 721
    2020-11-01 $521,748 (32.1%) $888,807 (72.9%) 1.52 594
    2020-12-01 $539,249 (34.9%) $904,023 (71.9%) 1.60 514
    2021-01-01 $529,900 (29.6%) $955,494 (81.8%) 1.58 418
    2021-02-01 $522,450 (22.1%) $1,051,694 (92.0%) 1.52 329
    2021-03-01 $502,241 (16.7%) $999,485 (78.8%) 1.43 374
    2021-04-01 $536,644 (29.2%) $992,787 (94.7%) 1.45 454
    2021-05-01 $548,900 (28.7%) $941,481 (73.0%) 1.45 568
    2021-06-01 $544,683 (24.5%) $876,387 (50.6%) 1.43 730
    2021-07-01 $539,799 (19.3%) $834,257 (37.9%) 1.42 868
    2021-08-01 $548,500 (16.9%) $849,332 (28.3%) 1.46 895
    2021-09-01 $534,925 (8.2%) $831,468 (19.0%) 1.43 930
    2021-10-01 $535,000 (7.0%) $852,647 (5.6%) 1.43 865
    2021-11-01 $542,425 (4.0%) $881,551 (-0.8%) 1.45 771
    2021-12-01 $552,475 (2.5%) $939,306 (3.9%) 1.50 601
    2022-01-01 $553,558 (4.5%) $931,707 (-2.5%) 1.50 483
    2022-02-01 $579,950 (11.0%) $997,812 (-5.1%) 1.51 447
    2022-03-01 $586,400 (16.8%) $952,534 (-4.7%) 1.47 476
    2022-04-01 $612,250 (14.1%) $958,347 (-3.5%) 1.46 692
    2022-05-01 $614,287 (11.9%) $850,887 (-9.6%) 1.40 1,247
    2022-06-01 $602,205 (10.6%) $820,949 (-6.3%) 1.34 1,718
    2022-07-01 $589,900 (9.3%) $789,535 (-5.4%) 1.33 2,184
    2022-08-01 $567,573 (3.5%) $755,543 (-11.0%) 1.31 2,341
    2022-09-01 $555,000 (3.8%) $740,611 (-10.9%) 1.30 2,366
    2022-10-01 $549,900 (2.8%) $745,716 (-12.5%) 1.29 2,433
    Provo's median listing price for 2022-10-01 was $549,900, a difference of $14,900 (2.8%) versus the prior year and $-5,100 versus the prior month.

    Provo's median listing price comes in at 129% of the national average.

    Provo's average listing price for 2022-10-01 was $745,716, a difference of $-106,931 (-12.5%) versus the prior year and $5,105 versus the prior month.

    For the 2022-10-01 period, Provo had 2,433 MLS listings, a difference of 67 listings (3%) versus the prior month and 1,568 listings (181%) 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 52 days 3,381 sqft
    2018-02-01 50 days 3,435 sqft
    2018-03-01 29 days 3,466 sqft
    2018-04-01 32 days 3,482 sqft
    2018-05-01 32 days 3,459 sqft
    2018-06-01 34 days 3,421 sqft
    2018-07-01 32 days 3,421 sqft
    2018-08-01 33 days 3,395 sqft
    2018-09-01 43 days 3,333 sqft
    2018-10-01 42 days 3,313 sqft
    2018-11-01 42 days 3,278 sqft
    2018-12-01 54 days 3,259 sqft
    2019-01-01 57 days 3,251 sqft
    2019-02-01 51 days 3,264 sqft
    2019-03-01 48 days 3,308 sqft
    2019-04-01 45 days 3,335 sqft
    2019-05-01 42 days 3,260 sqft
    2019-06-01 44 days 3,249 sqft
    2019-07-01 46 days 3,262 sqft
    2019-08-01 48 days 3,236 sqft
    2019-09-01 50 days 3,207 sqft
    2019-10-01 54 days 3,165 sqft
    2019-11-01 54 days 3,145 sqft
    2019-12-01 58 days 3,162 sqft
    2020-01-01 61 days 3,232 sqft
    2020-02-01 57 days 3,362 sqft
    2020-03-01 46 days 3,297 sqft
    2020-04-01 40 days 3,173 sqft
    2020-05-01 45 days 3,218 sqft
    2020-06-01 49 days 3,270 sqft
    2020-07-01 50 days 3,346 sqft
    2020-08-01 40 days 3,360 sqft
    2020-09-01 31 days 3,367 sqft
    2020-10-01 37 days 3,300 sqft
    2020-11-01 42 days 3,463 sqft
    2020-12-01 47 days 3,509 sqft
    2021-01-01 47 days 3,441 sqft
    2021-02-01 21 days 3,146 sqft
    2021-03-01 8 days 2,927 sqft
    2021-04-01 9 days 3,048 sqft
    2021-05-01 11 days 2,900 sqft
    2021-06-01 16 days 2,927 sqft
    2021-07-01 18 days 2,857 sqft
    2021-08-01 19 days 2,942 sqft
    2021-09-01 23 days 2,814 sqft
    2021-10-01 25 days 2,691 sqft
    2021-11-01 25 days 2,807 sqft
    2021-12-01 42 days 2,875 sqft
    2022-01-01 53 days 2,983 sqft
    2022-02-01 33 days 2,937 sqft
    2022-03-01 28 days 2,825 sqft
    2022-04-01 25 days 2,878 sqft
    2022-05-01 22 days 2,852 sqft
    2022-06-01 30 days 2,888 sqft
    2022-07-01 39 days 2,792 sqft
    2022-08-01 49 days 2,741 sqft
    2022-09-01 53 days 2,690 sqft
    2022-10-01 60 days 2,708 sqft
    Provo's median listing age (time on market) for 2022-10-01 was 60 days. This is 140% longer than the same period one year ago.

    Provo's median square footage for active listings during the 2022-10-01 period was 2,708 sqft. One year prior, the average listing was 2,691 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.