Current VA Mortgage Rates

VA loans are a solid financing option for eligible borrowers like veterans, active-duty service members and their families, providing competitive interest rates and unique benefits. These loans are designed to make homeownership more accessible for those who have served or are serving in the military.

However, rates for VA mortgages fluctuate daily, both for purchases and refinances, making it crucial for qualified borrowers to understand the current VA mortgage rates. We’ll explore all aspects of VA mortgage rates so you can navigate these changes effectively and secure the best rates possible.

Nationally, the current VA mortgage rate for a 30-year fixed-rate loan is at 5.41% as of September 2024. Your rate might vary based on your repayment terms and whether your VA loan is for purchasing a home or refinancing an existing mortgage. For instance, a 15-year fixed-rate VA loan may have an APR of 5.39% for purchase and 5.23% for refinancing. Your location is another factor affecting your VA mortgage rate.

Use our table to see what rates you may qualify for in your state.

Getting the best VA mortgage rates significantly impacts your overall borrowing costs, potentially saving you thousands over the loan's lifetime. That makes securing the best possible rate, whether for purchasing or refinancing, key to managing your long-term finances. Below are some tips to help you find the best VA mortgage rates.

Securing the best VA mortgage rates can greatly impact your overall borrowing costs. These strategies allow you to maximize your savings and find the best rate for your needs.

Repayment terms impact VA mortgage rates. For example, nationally, the APR for a 15-year fixed-rate VA loan is 5.39%, while a 30-year term averages 5.41%.

For a $250,000 home with a 5% down payment, a 15-year VA loan at 5.39% APR would require a monthly mortgage payment of $1,926. A 30-year VA loan at 5.41% would cost $1,335 per month. Over time, this translates to a total interest paid of $109,313 for the 15-year VA loan versus $243,142 for the 30-year loan.

Use the mortgage calculator below to estimate your potential loan costs and find the best repayment term for your needs.

Another difference between VA and conventional loans is their mortgage rates. VA loans often have lower rates than conventional loans due to their being guaranteed by the U.S. Department of Veterans Affairs, which reduces risk for lenders. Conventional loans generally require a higher down payment and a solid credit history, contributing to their typically higher rates. The table below shows a comparative analysis of the current rates for each loan type.

Understanding current VA loan rates is important, but it's equally essential to know the VA loan eligibility requirements. To qualify, you must have satisfactory military service, including:

• 90 continuous days of active duty during wartime
• 181 continuous days of active duty during peacetime
• More than six years of service in the National Guard or Reserves

Additionally, you must have an honorable discharge or be currently serving. Surviving spouses of veterans who died in service or from a service-related disability may also qualify.

A Certificate of Eligibility (COE) is required to verify your status. You can apply for a COE through the VA's eBenefits portal, by mail or with the help of your lender. The VA loan program also considers other factors, such as your credit score, income and debt-to-income ratio to determine your eligibility.

Although having fixed mortgage rates for VA loans offers consistency, economic changes can still influence your overall mortgage journey. These strategies can help you navigate economic fluctuations, safeguard your finances and make informed decisions to manage your mortgage effectively.

Emily, an Army veteran returning to civilian life after being stationed overseas for several years, seeks to buy her first home for her family. However, the transition left her with limited savings, making it hard to afford the conventional 20% down payment typically required.

Mark, a retired Marine, has owned his home for 10 years. He's faced a decrease in income due to medical retirement, making it difficult to manage his monthly mortgage payments. He’s seeking a way to reduce his financial burden.

Sarah, a National Guard member, has been deployed multiple times over the past few years. Her recent deployment has caused a temporary reduction in household income, making it difficult to keep up with mortgage payments.

Whether you're exploring loan options or considering refinancing, answers to these commonly asked questions can help you better understand VA mortgage rates and how they can impact your home financing decisions.