Updated: January 9, 2025
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The current mortgage refinance rates in Virginia for a 15-year fixed mortgage average is 5.93%, while the 30-year fixed mortgage averages 6.69%. In comparison, the national average refinance rates are higher at 6.12% and 7.08%, respectively.
Our comprehensive guide has the information you need, from today's mortgage refinance rates by credit score to the right time to refinance, helping you make informed decisions tailored to your financial situation.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Virginia is 6.69%. According to Experian, the average mortgage debt in Virginia is $278,177 as of September 2023. Refinancing your mortgage can be a strategic way to manage this debt, potentially lowering your monthly payments and the total interest paid over the loan's life.
Refinancing could offer significant savings for homeowners with a mortgage rate higher than 6.69%. Below are the current refinance rates in Virginia to consider.
| 15-Year Fixed | 5.82% | 5.93% |
| 30-Year Fixed | 6.61% | 6.69% |
In the latest month, trends in Virginia showed an increase for the 15-year refinance rate and a slight decrease for the 30-year refinance rate.
The upward trend suggests a potential shift in refinancing market conditions, while the decrease could be advantageous for those considering long-term refinancing options.
Interest rates often rise due to factors like the US Federal Reserve's monetary policy, economic growth and inflation. These influence refinance rate trends in Virginia, impacting your financial planning. Understanding these drivers can clarify why rates fluctuate.
Refinancing your mortgage in Virginia can offer you better terms and lower payments. Let's explore the steps to ensure you get the most out of your refinancing journey.
Credit scores affect mortgage rates; higher scores often secure better rates. If your score is below the Virginia average of 722, consider paying down debt or correcting errors on your report to improve it.
Compare your current mortgage terms with market rates. Virginia's 15-year fixed rate is 5.93%, and the 30-year is 6.69%. If these are lower than your current rate, refinancing could be beneficial. When deciding, consider your home tenure as well.
Organize documents like tax returns, pay stubs and your original mortgage statement. This preparation streamlines the refinancing process and ensures you have all necessary information readily available.
Explore different lenders to find the best terms and significant savings over the life of the loan. Look for competitive interest rates, low fees and strong customer service.
Be aware of costs like closing costs, appraisal fees and application fees. In Virginia, average closing costs are $4,001, according to the National Association of Realtors.
Submit your application with the selected lender. Ensure all documents are complete and accurate. A checklist of required documents can ease the application process and minimize delays.
Secure your rate with a mortgage rate lock. This prevents rate increases during processing. Timing is crucial; monitor market trends to lock in at the right moment.
Complete the closing process by signing the final documents. Verify that all terms and conditions match your expectations. Having a trusted advisor review the documents can provide peace of mind and ensure accuracy.
Begin payments based on new loan terms. Set up automatic payments to avoid missed due dates and streamline your budgeting process.
Periodically reassess your mortgage to determine if refinancing again could be beneficial. Market conditions change, and staying informed can lead to future savings. Keeping a financial advisor in the loop ensures you're making informed decisions.
How soon you can refinance a mortgage in Virginia depends on your loan type. Conventional loans allow immediate refinancing, though a cash-out refinance typically needs a six-month seasoning period. In contrast, USDA loans require a 12-month wait to ensure continued property qualification under USDA guidelines.
With the September average refinance rate in Virginia at 5.80%, this is a good example of when to refinance as rates are lower. However, refinancing comes with additional closing costs that can take years to recover. While you could refinance a mortgage within a year, it's often not worthwhile unless there's a substantial reduction in interest rates.
Refinancing your mortgage in Virginia can reduce your monthly payments with lower interest rates. Yet, watch out for closing costs that might offset savings. Knowing when to refinance a mortgage in Virginia ensures you maximize financial benefits. Let's explore scenarios where refinancing could be a wise decision.
Refinancing when interest rates drop can save money on monthly payments. Visiting local banks and credit unions to discuss rates can help secure the best deal.
High home value increases home equity, making refinancing attractive. Simple renovations, like updating a kitchen, can boost value. With Virginia's average home value at $395,685, leveraging this equity can lead to better loan terms.
A better credit score can lower your mortgage rate. Paying bills on time and reducing debt are effective ways to boost your score. This improvement can lead to significant savings over the life of your loan.
Refinancing to a shorter loan term can reduce the total interest paid and build equity faster. A 15-year fixed mortgage offers lower rates, making it a smart choice for those who can afford higher monthly payments.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments and aiding long-term financial planning.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score can influence the rates you qualify for in Virginia. For example, the current average refinance rate in Virginia for a 30-year fixed loan with a loan-to-value ratio of 80% or lower is 7.03% for scores between 680 and 740, compared to 6.69% for scores above 740. See the table below for more details.
| 5.82% | 6.20% |
Loan type is another factor affecting the rates you qualify for in Virginia. For example, the current average refinance rates in Virginia are 6.69% for a 30-year fixed-rate loan and 7.97% for a 30-year FHA. Explore the table below to see Virginia's average APRs for different loan types.
| 6.08% | 6.27% |
We've gathered and answered the most common queries to help clear up the confusion surrounding refinance rates in the Old Dominion. Understanding the ins and outs of refinancing can make a world of difference.
Refinancing your mortgage can be beneficial if it reduces your interest rate, shortens your loan term or helps you tap into home equity. However, consider the costs involved and how long you plan to stay in your home.
To secure the best mortgage refinance rate, start by shopping around and comparing offers from different lenders. It's also crucial to improve your credit score and pay down your mortgage.
The pros of refinancing include potentially lower interest rates, reduced monthly payments and the ability to consolidate debt. On the downside, refinancing may involve closing costs and extending your loan term could mean paying more interest.
Refinancing a mortgage typically costs between 2% and 5% of the loan amount. These costs can include application fees, appraisal fees and closing costs, so weigh these against the potential savings from a lower interest rate.
The current average refinance rates in Virginia for 15-year and 30-year fixed-rate loans are 5.93% and 6.69%, respectively. Rates in Virginia Beach are likely to mirror the state averages, but the rates you qualify for may vary depending on factors like your credit score and loan-to-value ratio.
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.
