Today's 30-year mortgage rate in West Virginia is 6.32%, lower than the national average of 6.83%. West Virginia homebuyers can access programs such as the HOMEownership Program and the MOVIN’ UP Program, which help lower mortgage expenses.
Mortgage
Today's Mortgage Rates in West Virginia (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
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 West 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.
Current Mortgage Rates in West Virginia
In December 2024, the average APR for a 30-year fixed-rate mortgage in West Virginia is 6.32%, down from November's 6.90%. For a $250,000 loan with a 20% down payment, this rate drop could save you about $5,708 in total interest over the life of your loan, excluding property taxes and HOA fees.
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. Stay updated on West Virginia's current rates to calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in West Virginia?
Understanding today's mortgage interest rates in West Virginia benefits first-time buyers and those looking to refinance. This knowledge is a stepping stone to navigating the housing market.
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in West Virginia assess lender offers and gauge whether the rates are competitive.
Homeowners with mortgages
Knowing current rates helps homeowners in West Virginia determine if a mortgage refinance will be economical.
The current mortgage rate for a 30-year fixed mortgage in West Virginia is 6.32% if you buy a home. If you want to refinance, the rate slides up slightly to 6.43% for the same loan type.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in West Virginia by Loan Type
A 30-year fixed-rate mortgage typically has a higher interest rate than a 15-year one due to the longer loan term and greater market uncertainty.
Explore different mortgage types in West Virginia and use a mortgage calculator to compare how rate differences impact your monthly payments and long-term costs.
Data filtered by:Results filtered by:
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Loan Type:15-Year Fixed
| 5.69% | 5.86% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the yearly cost of borrowing money on your mortgage. West Virginia's average mortgage interest rate is 6.24% for a 30-year fixed-rate mortgage.
An APR (annual percentage rate) APR includes the interest rate and additional costs like mortgage points and fees, providing a clearer picture of your overall yearly mortgage expense. West Virginia's average APR for a 30-year fixed mortgage is 6.32%.
Current Mortgage Rates in West Virginia by Credit Score
If you have a credit score of 740 or higher and a down payment between 5% and 20%, the average APR in West Virginia for a 30-year fixed mortgage is 7.02%. With a credit score below 680, the average APR rises to 8.17%.
Your credit score significantly impacts the mortgage rates for which you may qualify. Check out the interactive table for rates based on your credit score and down payment.
Data filtered by:Results filtered by:
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Credit Score Range:740 or higher
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Down Payment:5% to 20%
| 15-year Fixed | 6.33% |
| 20-year Fixed | 6.44% |
| 30-year Fixed | 7.02% |
| 5-year ARM | 7.68% |
| 7-year ARM | 7.43% |
Mortgage Types in West Virginia
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in West Virginia at 6.19%. Knowing your mortgage options can set you up for a better deal when securing a mortgage. Explore the different types of mortgage types in West Virginia:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in West Virginia |
|---|---|---|---|
Conventional loans | A conventional loan isn't insured by the government. | Credit score and down payment significantly influence rates. | 6.32% |
FHA loans | An FHA loan is backed by the Federal Housing Administration for those with lower credit scores. | Rates are lower for borrowers with lesser credit scores. | 8.31% |
VA loans | A VA loan is guaranteed by the Department of Veterans Affairs for eligible service members. | Rates are competitive due to government backing, sometimes with no down payment. | 6.19% |
USDA loans | A USDA loan supports rural homebuyers and is guaranteed by the U.S. Department of Agriculture. | USDA loans offer low rates and don’t require a down payment. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to the larger loan amounts and increased risk. | 6.95% |
MORTGAGE RATE STRUCTURES IN WEST VIRGINIA
Mortgage rates are of two types: fixed and adjustable.
- Fixed rates stay the same throughout your loan, ensuring your monthly mortgage payments never increase. This stability helps in budget planning.
- Adjustable rates can fluctuate with the market, possibly lowering your payments when rates drop, giving you the chance to save in the short term.
As of December 2024, West Virginia's average APR for a 30-year fixed-rate loan is 6.32%. For a seven-year adjustable-rate mortgage, it's 7.14%.
Mortgage Lenders in West Virginia
New American, Truist and Bank of America are strong mortgage lender options in West Virginia. They stand out for their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, other lenders may also meet your needs.
Rates vary by lender, as each offers different mortgage options and terms. To find the best rate, compare offers from several lenders in the state.
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers conventional and FHA options. You need a minimum credit score of 580 for FHA loans and a 3.5% down payment. Conventional loans require at least a 3% down payment for qualified borrowers.
Phone and email support is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays. New American provides loan assistance solutions to help West Virginia homebuyers achieve homeownership.
Pros
- Extensive mortgage options
- Mobile app for mortgage management
- 14-day close guarantee on purchases
Cons
- No FAQ section for quick help
- No prequalification online
- No branches in 11 states
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers various mortgage products, including conventional, VA, FHA and jumbo loans. While minimum credit score requirements are undisclosed, down payments can be as low as 3% for certain loan types.
Customer service is available Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET, through phone, social media and in-person channels. Truist also offers specialized programs like Doctor Loans, construction-to-permanent Loans, and Affordable Lending Options.
Pros
- Offers doctor loans and construction loans
- Online amortization calculator tool
- Loan payment assistance available
Cons
- Requires talking to a specialist for details
- No mortgage payment relief options
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers fixed-rate, adjustable-rate, FHA, VA and the Affordable Loan Solution, which requires only a 3% down payment. VA loans offer the benefit of no down payment, which is ideal for veterans and service members.
Customer service is available Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 6:30 p.m. ET, through online, phone and in-person channels. Bank of America also offers programs like America’s Home Grant® and Down Payment Grant, which provide financial assistance to eligible buyers.
Pros
- Offers unique mortgage products like Affordable Loan and Doctor Loans
- Provides a Client Assistance Program for payment delays
- Features several online financial planning tools
Cons
- Mandatory online profile for prequalification
- Minimum credit score undisclosed
Mortgage Programs in West Virginia
Homeownership has hidden costs aside from your monthly mortgage dues. You can tap into resources like the West Virginia Housing Development Fund for support with mortgage programs.
Program | Description |
|---|---|
Offers a 30-year fixed-rate mortgage for buyers who haven't owned a home in the past three years. It's subject to income and purchase price limits. The loan can cover the total purchase price with an optional down payment and closing cost assistance. | |
Available to one or two-person households with an income under $130,560, or $152,320 for larger households. It isn't limited to first-time buyers but has purchase price restrictions. Eligible properties include single-family homes, townhomes, condos and new double-wide manufactured homes within West Virginia. | |
Offers up to $8,000 for upfront costs when paired with the HOMEownership Program. This 15-year fixed-rate loan features a 2% interest rate and supports those who meet the loan-to-value ratio requirements of the Homeownership Program. |
FAQ: Mortgage Rates in West Virginia
Understanding today's mortgage rates in West Virginia is critical for anyone purchasing a home. We answered common questions about current rates.
What are the current mortgage rates in West Virginia?
Current average APRs in West Virginia vary by loan type. As of December 2024, a 30-year fixed conforming loan has an average APR of 6.32%, whereas a 30-year fixed-rate FHA loan is at 8.31%.
How do mortgage rates in West Virginia compare to national rates?
The current average APR for a 30-year fixed-rate mortgage in West Virginia is 6.32%, lower than 6.83% nationally. The state average for a five-year adjustable-rate mortgage is 7.29%, also below the national average of 7.79%.
How does my credit score impact the mortgage rates I get in West Virginia?
Your credit score can significantly influence the rate you receive. Higher scores generally lead to lower mortgage rates, indicating less risk to lenders.
Are there any special mortgage programs in West Virginia to help homebuyers?
Several mortgage programs in West Virginia, like the HOMEownership Program, MOVIN’ UP Program, and Low Down Home Loan, assist homebuyers.
How can I get the best possible mortgage rate in West Virginia?
To secure the best mortgage rate, consider a larger down payment, shop around for the best rates with different lenders and maintain a strong credit history.
What are today's mortgage refinance rates in West Virginia?
Today's refinance rates in West Virginia as of December 2024 are 5.71% for a 15-year fixed and 6.43% for a 30-year fixed-rate loan.
How do I calculate my mortgage payments?
Calculate your mortgage payments using a mortgage calculator for West Virginia, which takes into account the loan amount, interest rate and 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.
sources
- West Virginia Housing Development Fund. "HOMEownership Program." Accessed December 13, 2024.
- West Virginia Housing Development Fund. "Low Down Home Loan." Accessed December 13, 2024.
- West Virginia Housing Development Fund. "Movin' Up Program." Accessed December 13, 2024.