Roanoke VA Loan Rates, Closing Costs & Stats

ROANOKE, VA

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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.

    Roanoke's 75 lenders originated 394 VA loans during 2023. The total origination value was $118,110,000, with an average VA loan value of $299,772.

    Roanoke VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Roanoke averaged 6.96% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Roanoke's average VA mortgage closing costs are $5,495.

    The average rate for the prior week (2024-04-12) was 6.99% and one month ago for the week of 2024-03-15, the average rate was 6.85%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.76%.

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

    Roanoke 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 Roanoke level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 91 6.74% $5,555
    QUICKEN LOANS, LLC 39 6.11% $13,724
    Alcova Mortgage LLC 23 7.07% $5,763
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 6.54% $5,504
    USAA Federal Savings Bank 14 6.15% $7,635
    NAVY FEDERAL CREDIT UNION 13 5.70% $5,135
    UNITED WHOLESALE MORTGAGE, LLC 13 6.10% $10,168
    MOVEMENT MORTGAGE, LLC 11 6.69% $6,621
    NEW DAY FINANCIAL, LLC 10 7.48% $12,853
    PENNYMAC LOAN SERVICES, LLC 8 5.59% $6,210
    FREEDOM MORTGAGE CORPORATION 7 6.16% $16,819
    LOANDEPOT.COM, LLC 7 6.44% $10,647
    UNION HOME MORTGAGE CORP. 7 6.23% $10,165
    Atlantic Union Bank 5 6.43% $6,624
    The Federal Savings Bank 5 7.13% $13,879
    Citizens Bank 4 6.13% $10,259
    AMERISAVE MORTGAGE CORPORATION 4 5.47% $13,530
    Mr. Cooper ( Nationstar Mortgage ) 4 5.91% $9,381
    GUARANTEED RATE, INC. 4 6.12% $11,147
    FREEDOM FIRST 4 6.06% $4,578
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.62% $5,064
    First Heritage Mortgage, LLC 4 6.25% $8,656
    Prosperity Home Mortgage, LLC 3 5.83% $12,188
    GUILD MORTGAGE COMPANY 3 6.63% $6,440
    PLANET HOME LENDING, LLC 2 6.56% $5,736
    American National Bank and Trust Company 2 6.63% $6,392
    C & F Mortgage Corporation 2 7.13% $14,301
    EMM LOANS LLC 2 6.75% $6,855
    LOANPAL, LLC 2 6.25% $11,168
    Magnolia Bank 2 6.63% $10,602
    MILEND, INC. 2 6.75% $17,842
    NATION ONE MORTGAGE CORPORATION 2 6.56% $13,824
    NEWREZ LLC 2 6.31% $9,182
    PENTAGON FEDERAL CREDIT UNION 2 5.19% $20,560
    Plains Commerce Bank 2 6.00% $11,088
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $5,237
    RELIANCE FIRST CAPITAL, LLC 2 6.69% $7,770
    SWBC MORTGAGE CORPORATION 2 6.81% $3,636
    Truist 2 6.75% $6,894
    VILLAGE CAPITAL MORTGAGE 2 5.82% $18,339
    Waterstone Mortgage Corporation 2 5.63% $13,189
    First Federal Bank 1 6.25% $5,694
    First-Citizens Bank & Trust Company 1 5.50% $7,822
    Equity Prime Mortgage LLC 1 6.25% $4,690
    M&T Bank 1 6.25% $4,292
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $24,141
    SIRVA MORTGAGE, INC. 1 7.13% $0
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $8,316
    NBKC BANK 1 6.00% $3,684
    COMPASS MORTGAGE, INC. 1 7.13% $23,604
    Blue Ridge Bank 1 5.63% $3,417
    NFM, INC. 1 6.13% $11,493
    Paramount Residential Mortgage Group, Inc. 1 5.75% $2,938
    Century Mortgage Company DBA Century Lending Company 1 6.13% $0
    CALIBER HOME LOANS, INC. 1 5.75% $8,641
    TOWNE MORTGAGE COMPANY 1 6.88% $12,277
    Carrington Mortgage Services, LLC 1 5.13% $3,332
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $6,912
    Barrington Bank & Trust Company, N.A. 1 7.75% $10,700
    CARDINAL FINANCIAL 1 6.25% $10,103
    Capital Bank 1 5.50% $9,957
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $11,044
    GUARANTEED RATE AFFINITY, LLC 1 5.25% $11,284
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.75% $12,539
    HOMESIDE FINANCIAL, LLC 1 7.50% $11,639
    JPMorgan Chase Bank 1 6.25% $10,507
    Lakeview Community Capital, LLC 1 5.75% $20,967
    GoPrime Mortgage, Inc. 1 6.88% $4,097
    Renasant Bank 1 5.38% $8,793
    Loan Simple, Inc. 1 6.25% $9,878
    RESIDENTIAL BANCORP 1 6.25% $5,453
    MICHIGAN MUTUAL, INC. 1 5.38% $12,257
    Mid-Continent Funding, Inc. 1 7.25% $8,084
    RUOFF MORTGAGE COMPANY, INC. 1 6.00% $3,694
    MORTGAGE ACCESS CORP. 1 6.75% $10,899

    The top Roanoke VA lender as defined by loan originations is Mortgage Research Center, LLC, with 91 VA loans originated. Their average total fees are $5,555, which is $8,169 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Roanoke VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,135), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($5,504), Mortgage Research Center, LLC ($5,555), Alcova Mortgage LLC ($5,763) and MOVEMENT MORTGAGE, LLC ($6,621).

    The lowest rate Roanoke VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.70%), UNITED WHOLESALE MORTGAGE, LLC (6.10%), QUICKEN LOANS, LLC (6.11%), USAA Federal Savings Bank (6.15%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.54%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Roanoke (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 $239,925 (9.3%) $335,605 (5.6%) 0.89 1,372
    2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
    2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
    2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
    2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
    2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
    2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
    2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
    2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
    2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
    2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
    2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
    2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
    2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
    2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
    2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
    2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
    2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
    2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
    2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
    2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
    2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
    2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
    2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
    2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
    2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
    2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
    2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
    2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
    2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
    2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
    2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
    2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
    2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
    2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
    2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
    2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
    2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
    2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
    2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
    2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
    2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
    2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
    2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
    2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
    2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
    2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
    2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
    2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
    2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
    2022-03-01 $325,065 (10.2%) $453,828 (5.7%) 0.81 259
    2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
    2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
    2022-06-01 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
    2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
    2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
    2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
    2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
    2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
    2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
    2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
    2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
    2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
    2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
    2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
    2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
    2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
    2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
    2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
    2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
    2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
    2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
    2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
    2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
    2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
    Roanoke's median listing price for 2024-03-01 was $350,000, a difference of $-18,950 (-5.1%) versus the prior year and $7,501 versus the prior month.

    Roanoke's median listing price comes in at 82% of the national average.

    Roanoke's average listing price for 2024-03-01 was $483,897, a difference of $-29,726 (-5.8%) versus the prior year and $17,314 versus the prior month.

    For the 2024-03-01 period, Roanoke had 436 MLS listings, a difference of -5 listings (-1%) versus the prior month and 96 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 2,060 sqft
    2018-02-01 84 days 2,062 sqft
    2018-03-01 66 days 2,110 sqft
    2018-04-01 58 days 2,136 sqft
    2018-05-01 53 days 2,153 sqft
    2018-06-01 60 days 2,160 sqft
    2018-07-01 70 days 2,151 sqft
    2018-08-01 72 days 2,156 sqft
    2018-09-01 72 days 2,156 sqft
    2018-10-01 74 days 2,119 sqft
    2018-11-01 79 days 2,127 sqft
    2018-12-01 82 days 2,100 sqft
    2019-01-01 93 days 2,089 sqft
    2019-02-01 95 days 2,121 sqft
    2019-03-01 79 days 2,149 sqft
    2019-04-01 57 days 2,166 sqft
    2019-05-01 55 days 2,175 sqft
    2019-06-01 61 days 2,168 sqft
    2019-07-01 67 days 2,157 sqft
    2019-08-01 70 days 2,154 sqft
    2019-09-01 71 days 2,141 sqft
    2019-10-01 72 days 2,131 sqft
    2019-11-01 73 days 2,142 sqft
    2019-12-01 80 days 2,116 sqft
    2020-01-01 89 days 2,066 sqft
    2020-02-01 82 days 2,121 sqft
    2020-03-01 54 days 2,133 sqft
    2020-04-01 57 days 2,144 sqft
    2020-05-01 71 days 2,200 sqft
    2020-06-01 62 days 2,196 sqft
    2020-07-01 58 days 2,161 sqft
    2020-08-01 57 days 2,200 sqft
    2020-09-01 54 days 2,198 sqft
    2020-10-01 55 days 2,150 sqft
    2020-11-01 60 days 2,175 sqft
    2020-12-01 66 days 2,160 sqft
    2021-01-01 67 days 2,131 sqft
    2021-02-01 64 days 2,147 sqft
    2021-03-01 47 days 2,092 sqft
    2021-04-01 42 days 2,005 sqft
    2021-05-01 40 days 2,007 sqft
    2021-06-01 40 days 2,026 sqft
    2021-07-01 43 days 2,005 sqft
    2021-08-01 45 days 1,977 sqft
    2021-09-01 52 days 2,002 sqft
    2021-10-01 49 days 2,019 sqft
    2021-11-01 64 days 2,006 sqft
    2021-12-01 61 days 2,014 sqft
    2022-01-01 84 days 2,031 sqft
    2022-02-01 64 days 2,005 sqft
    2022-03-01 38 days 1,942 sqft
    2022-04-01 35 days 1,934 sqft
    2022-05-01 32 days 2,021 sqft
    2022-06-01 34 days 2,056 sqft
    2022-07-01 40 days 2,031 sqft
    2022-08-01 42 days 1,947 sqft
    2022-09-01 46 days 1,977 sqft
    2022-10-01 40 days 2,008 sqft
    2022-11-01 44 days 1,977 sqft
    2022-12-01 54 days 1,960 sqft
    2023-01-01 60 days 2,006 sqft
    2023-02-01 63 days 2,008 sqft
    2023-03-01 50 days 2,044 sqft
    2023-04-01 44 days 2,117 sqft
    2023-05-01 43 days 2,113 sqft
    2023-06-01 42 days 2,100 sqft
    2023-07-01 43 days 2,094 sqft
    2023-08-01 45 days 2,082 sqft
    2023-09-01 43 days 1,980 sqft
    2023-10-01 45 days 1,979 sqft
    2023-11-01 50 days 1,980 sqft
    2023-12-01 59 days 1,939 sqft
    2024-01-01 63 days 1,914 sqft
    2024-02-01 61 days 1,906 sqft
    2024-03-01 46 days 1,908 sqft
    Roanoke's median listing age (time on market) for 2024-03-01 was 46 days. This is -8% shorter than the same period one year ago.

    Roanoke's median square footage for active listings during the 2024-03-01 period was 1,908 sqft. One year prior, the average listing was 2,044 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.