Updated: December 13, 2024
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Today's 30-year mortgage rate in Virginia is 6.41%, lower than the national average rate of 6.83%. Virginia homebuyers can access programs that can help reduce mortgage costs, including the Virginia Housing Conventional and the Virginia Housing Plus Second Mortgage.
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 December 2024.
In December 2024, the current mortgage rate average APR for a 30-year fixed mortgage in Virginia is 6.41%, down from 6.71% in November.
Mortgage rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rates in Virginia can help you budget as you navigate the homebuying process.
Today's mortgage interest rates in Virginia are a snapshot of the housing market for first-time homebuyers and those looking to refinance.
By understanding mortgage rates, first-time homebuyers in Virginia can gauge what deals they might get from lenders.
Homeowners with mortgages might identify savings opportunities by knowing current rates and considering a mortgage refinance.
Virginia's current mortgage rate for a 30-year fixed loan is 6.41%, while the refinance rate is 6.69%. These rates provide insight into the costs of new home loans and refinancing.
A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year loan. The longer term poses greater risks for lenders, such as market changes or missed payments.
Exploring mortgage types in Virginia can help you find one that fits your budget. A mortgage calculator can simplify the process by breaking down monthly payments and comparing loan terms and rates.
| 5.70% | 5.89% |
The interest rate is the yearly cost of borrowing money on a mortgage. If you're considering a home in Virginia, the average mortgage interest rate for a 30-year fixed-rate loan is 6.33%.
The APR (annual percentage rate) includes the interest rate and other charges or mortgage points connected to the loan. Virginia's average APR for the same loan type is slightly higher at 6.41%, giving you a complete picture of the annual cost.
In Virginia, borrowers with a credit score of 740 or higher and a down payment of 5% to 20% can expect an average APR of 6.85% for a 30-year fixed mortgage. For credit scores below 680, the average APR rises to 8.03%.
Your credit score significantly affects the mortgage rates available to you. Use the interactive table below to explore rates based on your credit score and down payment.
| 10-year Fixed | 5.40% |
| 15-year Fixed | 6.07% |
| 20-year Fixed | 6.54% |
| 30-year Fixed | 6.85% |
| 5-year ARM | 7.60% |
| 7-year ARM | 8.04% |
In December 2024, VA loans have the lowest average APR in Virginia among 30-year fixed-rate mortgages at 6.11%. Knowing your mortgage options helps you make an informed decision and could lead to savings over the life of your loan. Review the mortgage types in Virginia to see which might fit your needs:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Virginia |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured or guaranteed by the government. | Rates vary based on credit score and down payment. | 6.41% |
FHA loans | FHA loans are backed by the Federal Housing Administration. | Rates are competitive for those with lower credit scores. | 7.81% |
VA loans | VA loans are backed by the Department of Veterans Affairs. | Rates are competitive due to government backing and no down payment requirement. | 6.11% |
USDA loans | USDA loans are backed by the U.S. Department of Agriculture. | Rates are lower due to government backing for rural homebuyers. | currently unavailable |
Jumbo loans | Jumbo loans exceed the loan limits set by the Federal Housing Finance Agency. | Rates are higher due to the larger loan amounts. | 6.63% |
Mortgage rates in Virginia come in two types: fixed and adjustable.
As of December 2024, the average APRs in Virginia are 6.41% for a 30-year fixed loan and 7.02% for a seven-year ARM.
Lower, Truist and Rocket Mortgage are strong choices for mortgages in Virginia, selected for their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Other lenders in Virginia may also meet your needs.
Lenders offer different rates and terms, so comparing options can help secure the best deal.
Lower is an online mortgage lender offering various loan options, including conventional and FHA loans. Borrowers need a minimum credit score of 580 to qualify. While down payment details aren’t specified, contacting a representative can provide personalized information. Phone and text support is available Monday to Friday, 9 a.m. to 5 p.m. ET.
Lower’s Buy Before You Sell program helps homeowners manage the transition between selling their current home and buying a new one. Lower is also the top HELOC lender in most states.
Pros
Cons
Truist offers various mortgage options, including conventional, VA, FHA and jumbo loans. While minimum credit score requirements aren’t disclosed, down payments can start as low as 3% for certain loans. Customer support is available via phone, social media or in-person visits Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET.
Truist provides homeowners assistance programs like Doctor Loan, Construction to Permanent Loans and Affordable Lending Options to accommodate different financial and professional needs. With an A+ rating from the BBB, Truist shows its dedication to customer service and flexible lending solutions.
Pros
Cons
Rocket Mortgage provides various loans, including FHA and conventional. Down payments start at 3.5% for FHA loans and 3% for conventional loans, making homeownership more accessible.
Customer service is available via phone or chat Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. It also offers homeowner assistance programs like HomeReady, HomePossible, and Freddie Mac BorrowSmart Access, which provide tailored solutions to help buyers achieve their homeownership goals.
Pros
Cons
Homeownership has hidden costs that could impact your budget. You can explore assistance through Virginia Housing, which offers mortgage programs for homebuyers.
Program | Description |
|---|---|
Virginia Housing Conventional | Offers a fixed 30-year rate with steady monthly payments, making them ideal for first-time and repeat buyers. These loans require less upfront money and allow down payments to be covered by gifts. You need a minimum credit score of 640 and a debt-to-income ratio below 50% to qualify. |
Virginia Housing Conventional (No Mortgage Insurance) | Offers the same benefits as the regular Virginia Housing Conventional loan, but without the requirement for mortgage insurance, which can lower monthly payments. To qualify, you need a minimum credit score of 660 and must meet certain debt-to-income and income limits to access potential savings. |
Virginia Housing Plus Second Mortgage | Helps with down payments by adding a second loan to your primary mortgage. With a credit score of 680+, you can also include closing costs. You’ll need 1% of the purchase price upfront and must meet income guidelines. |
Closing Cost Assistance (CCA) Grant | Helps cover upfront fees for VA or RHS loans with Virginia Housing. As a grant, it doesn’t require repayment. You can receive up to 2% of the purchase price if you meet first-time buyer and income requirements. |
Down Payment Assistance Grant | Helps make homeownership easier. It's a grant, not a loan, so no repayment is required. You can receive up to 2.5% of your property's value if your income meets the loan limits. Secure your Virginia Housing mortgage first, then apply for the grant. |
We answered your pressing questions about today's mortgage rates in Virginia. Understanding these rates can influence your homebuying decisions.
Current average APRs in Virginia vary by loan type. As of December 2024, the average APRs are 7.02% for a seven-year adjustable-rate mortgage (ARM) and 6.41% for a 30-year fixed-conforming loan. FHA and jumbo loans have average APRs of 7.81% and 6.63% respectively.
Virginia's current average APRs are 7.20% for a five-year ARM and 5.89% for a 15-year fixed-rate mortgage. Nationally, these rates average 7.79% and 6.12%, respectively, showing that Virginia's rates are lower.
Your credit score significantly impacts the rates you receive. A higher credit score could help you access lower mortgage rates, as it reflects a lower risk to lenders.
Virginia offers various mortgage programs for homebuyers, including the Virginia Housing Conventional, Virginia Housing Plus Second Mortgage, and Down Payment Assistance Grant.
To get the best rate in Virginia, improve your credit score, consider a shorter loan term and increase your down payment.
Today's refinance rates in Virginia average 5.93% for a 15-year fixed and 6.69% for a 30-year fixed-rate loan.
To calculate your monthly payments, use a mortgage calculator for Virginia, which considers home price, down payment, loan term and interest rate.
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.
