Today’s Refinance Rates in Virginia

According to FRED's economic data, Virginia's average rates for refinancing are 4.09% for a 15-year fixed-rate mortgage (FRM), 4.86% for a 30-year FRM and 3.95% for the state’s 5/1 adjustable-rate mortgage (ARM).

All these options are lower than the national averages, which include 4.92% for a 15-year FRM, 5.81% for a 30-year FRM and 4.41% for an ARM.

It's normal to want a "good" interest rate when refinancing your mortgage, but what’s “good” for someone else may not be good for you. For example, how much you owe or what kind of credit history you have can affect your interest rates.

It helps to get quotes from more than one lender so that you can find a rate that works for you. Once you find a great rate, don’t wait too long to move forward since rates are constantly changing.

To estimate how much you'll pay each month when you refinance, use MoneyGeek's mortgage calculator. Input your mortgage information and Virginia’s average rates above. Remember, your actual rate may vary after taking into account personal details like debt-to-income ratio or credit score, as well as current market conditions.

Mortgage rates in Virginia can be tricky to navigate. To make the best decision about refinancing your home in the state, MoneyGeek gathered and answered the most commonly asked questions.