Updated: November 12, 2024
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Today's 30-year mortgage rate in Virginia is 6.71%, below the national average rate of 7.15%. Virginia homebuyers have access to programs that can help reduce mortgage costs, including the Virginia Housing Conventional and the Down Payment Assistance Grant.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Virginia. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
The current mortgage rate in Virginia for a 30-year fixed mortgage is 6.7% as of November 2024, up from 6.0% in October — an increase of 70 basis points. On a $250,000 loan with a 20% down payment, a rate rise of this scale means you could pay an extra $38,268 over the life of your loan, not including expenses like property taxes and HOA fees.
Understanding the current mortgage rate in Virginia can help you budget as you navigate the home-buying process.
Today's mortgage interest rates in Virginia are a snapshot of the housing market for first-time homebuyers and those looking to refinance.
First-time homebuyers
By understanding mortgage rates, first-time homebuyers in Virginia can gauge what deals they might get from lenders.
Homeowners with mortgages
Homeowners with mortgages might identify savings opportunities by knowing current rates and considering a mortgage refinance.
If you're buying a home in Virginia, the current mortgage rate for a 30-year fixed is 6.71%. The refinance rate is 6.63% for the same type of loan. These numbers give you a clear view of the landscape for new home loans and the refinancing of existing ones.
A 30-year fixed-rate mortgage in Virginia tends to have a higher interest rate than a 15-year fixed-rate mortgage. The longer loan period means there's more time for things to go wrong, like a change in the market or missed payments, making it a bigger risk for the lender.
With that in mind, you might want to explore mortgage loan types in Virginia to understand what best fits your budget and plan. To further tailor your search, a mortgage calculator is an efficient tool for breaking down your monthly payments and comparing them across different loan terms and rates.
| 5.86% | 6.05% |
The interest rate is the yearly cost of borrowing money for a mortgage. If you're considering a home in Virginia, the average mortgage interest rate for a 30-year fixed-rate loan is 6.64%.
APR, or annual percentage rate, includes the interest rate and other charges or mortgage points connected to the loan. For the same type of mortgage in Virginia, the average APR is slightly higher at 6.71%, giving you a complete picture of the annual cost.
In Virginia, if your credit score is 740 or higher and you plan a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.21%. With a credit score below 680, this rate increases to 7.54%.
Your credit score directly impacts the mortgage rates you can get in Virginia. Check out the interactive table below to see the rates you might qualify for based on your credit score and down payment:
| 10-year Fixed | 5.92% |
| 15-year Fixed | 6.06% |
| 20-year Fixed | 6.92% |
| 30-year Fixed | 6.92% |
| 5-year ARM | 7.54% |
| 7-year ARM | 7.46% |
In November 2024, VA loans have the lowest average APR in Virginia among 30-year fixed-rate loans at 6.38%. Knowing your mortgage options allows you to make an informed decision and could lead to savings over the life of your loan. Review the mortgage loan types available in Virginia to see which might fit your needs:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Virginia |
|---|---|---|---|
Conventional Loans | Conventional loans in Virginia are not guaranteed by any government agency, catering to borrowers with good credit. | Rates can vary based on down payment and credit score, with conventional loans often requiring higher credit for better rates. | 6.71% |
FHA Loans | FHA loans in Virginia are government-backed and designed for lower-income borrowers or those with less impressive credit scores. | FHA loans generally have lower credit requirements resulting in slightly higher rates compared to conventional options. | 7.75% |
VA Loans | VA loans in Virginia are exclusive to veterans, active-duty service members and eligible spouses and offer competitive terms. | The eligibility and benefits of VA loans often translate to lower rates due to government backing, which reduces lender risk. | 6.38% |
USDA Loans | USDA loans in Virginia support rural development by offering home financing options to eligible low-to-moderate-income borrowers. | With issues like eligibility and location restrictions, USDA loans offer low rates to incentivize growth in predetermined rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in Virginia exceed conforming loan limits set by Fannie Mae and Freddie Mac, usually for more expensive properties. | Jumbo loans come with a higher risk due to larger amounts which can lead to higher interest rates compared to conventional loans. | 6.63% |
Mortgage rates in Virginia come in two types: fixed and adjustable.
As of November 2024, the average APR in Virginia is 6.71% for a 30-year fixed loan and 7.33% for a seven-year adjustable-rate mortgage.
Lower, Truist and Rocket are solid options if you're looking to secure a mortgage in Virginia. We picked these lenders based on their availability in the state, Better Business Bureau accreditation and homeowner assistance programs. Remember, other lenders in Virginia may also fit your needs.
Your choice of lender can influence the mortgage rate you're offered, as each lender has unique mortgage options and loan terms. By comparing rates from different mortgage lenders in Virginia, you can find the most favorable deal.
Lower is a digital-first mortgage lender providing loans in Virginia exclusively online. Mortgage seekers in Virginia can choose from various options, including conventional and FHA loans. With these offerings, a borrower needs a minimum credit score of 580 to qualify. Lower doesn't specify details about the required down payment, so speaking with a representative for personalized information is a good idea. Borrowers can contact customer service for assistance from Monday to Friday between 9 a.m. and 5 p.m. ET via phone and text.
Lower offers a homeowners assistance program — Buy Before You Sell — designed to help homeowners manage the transition between selling an old home and buying a new one. This program can be beneficial when trying to navigate timing and financial details. According to MoneyGeek's analysis, Lower is also the top HELOC lender in most states, showing its broad expertise in the lending market. Lower demonstrates its capability to cater to a diverse range of borrowing needs through its varied loan products and commitment to customer support.
Pros
Cons
Truist caters to homebuyers in Virginia, offering a range of mortgage products to suit different needs. It provides conventional, VA, FHA and jumbo loans. Note that it doesn't publicly reveal minimum credit score requirements. Down payments can be as low as 3% for some mortgage options. Support is accessible through phone, social media and in-person visits, with customer service hours available from Monday to Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET.
Potential homeowners can benefit from Truist's diverse homeowners assistance programs, such as Doctor Loan, Construction to Permanent Loans and Affordable Lending Options. These programs aim to facilitate the home-buying process for various professional and financial situations, ensuring that flexible options are available. Truist maintains an A+ BBB rating, signifying a strong commitment to customer service and support.
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Cons
Rocket provides various loans, including FHA and conventional. For a conventional loan, you need a minimum credit score of 620, while an FHA loan accepts credit scores as low as 580. Down payments are also manageable, starting at 3.5% for FHA loans and 3% for conventional loans, promoting easier access to home ownership.
Rocket ensures you have support when you need it. Customer service is available from 8:30 a.m. to 9:00 p.m. ET during the work week and 9:00 a.m. to 4:00 p.m. ET on Saturdays, either over the phone or through chat. Rocket also offers homeowners assistance programs such as HomeReady, HomePossible and Freddie Mac BorrowSmart Access, assisting various buyers in achieving their homeownership goals with tailored solutions.
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Cons
Homeownership has hidden costs that could impact your budget. In Virginia, you can explore assistance through Virginia Housing, reviewing its mortgage programs for homebuyers.
Program | Content |
|---|---|
Virginia Housing Conventional | Virginia Housing Conventional loans are great for first-timers and those buying again. Less money is required upfront, and you benefit from consistent monthly payments over 30 years at a fixed rate. You may qualify if your credit score is 640 and your debt-to-income stays below 50%. You may also use gifts for your down payment. |
Virginia Housing Conventional (No Mortgage Insurance) | Virginia Housing Conventional (No Mortgage Insurance) mirrors the regular Virginia Housing Conventional loan but removes the need for mortgage insurance, lowering your monthly payments. You must have a 660 credit score and adhere to debt-to-income and income bounds to take advantage of possible savings. |
Virginia Housing Plus Second Mortgage | Virginia Housing Plus Second Mortgage is perfect if you cannot provide a large down payment. You can pair your main mortgage with a secondary loan that covers your initial home costs. Depending on your credit score, you could get additional funds. Those with a credit score of 680 or higher can include closing costs into the loan. Ensure you have 1% of the purchase price ready and meet income guidelines. |
Closing Cost Assistance (CCA) Grant | The Closing Cost Assistance (CCA) Grant works well if you're pursuing a VA or RHS loan with Virginia Housing. Note that this isn't a loan — it's a grant, which means you're not paying it back. Obtain up to 2% of the purchase price to cover upfront fees, provided you meet first-time buyer and income conditions. |
Down Payment Assistance Grant | With the Down Payment Assistance Grant from Virginia Housing, achieving homeownership becomes a smooth process. You don't need to repay it since it's a grant, not a loan. With the grant, you could receive up to 2.5% of your property's value. Make sure your income aligns with the loan limits. Secure your Virginia Housing mortgage first; then, apply for this grant to complete your home purchase journey. |
We've answered your pressing questions about today's mortgage rates in Virginia. Understanding these rates can influence your home-buying decisions.
Current average APRs in Virginia vary by loan type. A seven-year ARM has an APR of 7.33%, while a 30-year fixed-rate jumbo loan has an APR of 6.63%. Rates are influenced by other factors as well.
In Virginia, the average APR for a five-year adjustable-rate mortgage is 7.43%, which is lower compared to the national average of 7.97%. The average APR for a 30-year fixed-rate mortgage is 6.71%, similarly lower than the national average of 7.15%.
Your credit score significantly impacts the mortgage rates you receive. A higher credit score often means low mortgage rates since it suggests less risk to lenders.
Yes, there are several mortgage programs in Virginia, such as the Virginia Housing Conventional, Virginia Housing Plus Second Mortgage and the Down Payment Assistance Grant, that assist homebuyers.
To secure the best mortgage rate in Virginia, consider a larger down payment, maintain a strong credit score and shop around to compare offers from multiple lenders.
Today's refinance rates in Virginia are, on average, 5.91% and 6.63% for 15-year and 30-year fixed-rate mortgages, respectively.
To calculate your mortgage payments, you can use a mortgage calculator for Virginia, which will help you estimate your monthly payments based on factors like home price, interest rate, down payment and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
