Updated: November 12, 2024
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Today's 30-year mortgage rate for a fixed loan in West Virginia is 6.90%, which is slightly higher than the national average rate of 7.15% for similar loans. West Virginia homebuyers can access beneficial programs such as the HOMEownership Program and the MOVIN’ UP Program, which may help lower mortgage expenses.
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 November 2024.
In November 2024, the average APR for a 30-year fixed-rate mortgage in West Virginia is 6.9%, an increase from October's rate of 6.5%. With a $250,000 loan and a 20% down payment, this rise of 40 basis points could cost you an extra $21,013 in total interest over the life of your loan, not including property taxes or HOA fees.
Understanding the current mortgage rate in West Virginia can help you budget, as it can impact your monthly payments.
Understanding today's mortgage interest rates in West Virginia can benefit first-time buyers and those looking to refinance. This knowledge is a stepping stone to navigating the housing market.
First-time homebuyers
Knowing current rates aids first-time homebuyers in West Virginia by showing them the rates lenders may offer and helping them gauge whether the rates are competitive.
Homeowners with mortgages
By knowing current rates, homeowners in West Virginia can assess if a mortgage refinance will be economical due to the current lower rates.
Purchase rates can differ from refinance rates. For instance, the current mortgage rate for a 30-year fixed mortgage in West Virginia is 6.90% if you buy a home. In contrast, if you're looking to refinance, the rate slides down to 6.88% for the same loan type.
A 30-year fixed-rate mortgage in West Virginia usually has a higher interest rate than a 15-year fixed-rate mortgage. Lenders face increased uncertainty and market changes over the longer 30-year span, which is reflected in the rates you see.
Explore mortgage loan types in West Virginia to see your options. Using a mortgage calculator can simplify your decision-making process by showing how rate differences affect your monthly payments and long-term finances.
The interest rate is the yearly cost of borrowing money on your mortgage. West Virginia's average mortgage interest rate is 6.88% for a 30-year fixed-rate mortgage.
An APR shows the bigger picture of what you'll pay for your mortgage. West Virginia's average APR for a 30-year fixed mortgage is 6.90%. This includes the interest rate and other costs, like mortgage points and fees associated with the loan, telling you the overall yearly expense of your mortgage.
In West Virginia, if you have a stellar credit score of 740 or higher and make a down payment between 5% and 20%, you'll see an average APR of 7.35% for a 30-year fixed mortgage. A lower credit score below 680 results in an average APR of 7.59%.
Your credit score directly impacts the mortgage rates you could see in West Virginia. Explore the interactive table to check out the rates you might get based on your credit score and down payment:
| 15-year Fixed | 6.05% |
| 20-year Fixed | 6.88% |
| 30-year Fixed | 7.01% |
| 5-year ARM | 7.60% |
| 7-year ARM | 7.46% |
In November 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in West Virginia at 6.26%. Knowing your mortgage options can set you up for a better deal when securing a mortgage. Explore the different types of mortgage loan types you can explore in West Virginia:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in West Virginia |
|---|---|---|---|
Conventional Loans | Conventional loans in West Virginia are not insured by government agencies. | Creditworthiness and down payment size significantly influence the rates of conventional loans. | 6.90% |
FHA Loans | FHA loans in West Virginia are backed by the Federal Housing Administration. | Backed by government insurance, FHA loans offer competitive rates even with lower credit scores. | currently unavailable |
VA Loans | VA loans in West Virginia are backed by the Department of Veterans Affairs for eligible military members. | VA loans offer competitive rates due to government backing, often without a down payment requirement. | 6.26% |
USDA Loans | USDA loans in West Virginia support rural home ownership, backed by the US Department of Agriculture. | USDA loans provide low rates for qualified rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans in West Virginia exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Higher loan amounts with jumbo loans typically mean higher rates than conventional ones. | 6.64% |
Mortgage rates in West Virginia are of two types: fixed and adjustable.
As of November 2024, West Virginia's average APR for a 30-year fixed-rate loan is 6.90%. For a seven-year ARM, it's 7.14%. These rates impact your monthly mortgage payments, so keep them in mind while you explore your options.
New American, Truist and Bank of America are solid options for securing a mortgage in West Virginia. These lenders were selected based on their availability in West Virginia, Better Business Budget accreditation and homeowner assistance programs. Remember, while these lenders are excellent choices, there are other lenders in West Virginia you might consider.
The mortgage rate in West Virginia can vary depending on your chosen lender. Each offers unique mortgage options and terms, which means rates can differ. To find the best rate, compare offers from several mortgage lenders in West Virginia.
New American offers diverse loans, including conventional and FHA. For FHA loans, applicants need a minimum credit score of 580 and a down payment of 3.5%, making them accessible to many first-time homebuyers. For conventional loans, qualified borrowers need at least a 3% down payment.
New American's customer service is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays to address any questions or guide you through the loan process. It offers support over the phone and through email. Aspiring homeowners in West Virginia also have access to loan assistance solutions through New American, broadening their chances of making homeownership a reality.
Pros
Cons
Truist offers a broad range of mortgage products, including conventional, VA, FHA and jumbo loans. However, it doesn't disclose the minimum credit score requirements. Down payments can be as low as 3%, though it isn't specified which product type this applies to.
Truist's customer service hours are from Monday to Friday, 8 a.m. to 8 p.m. ET and on Saturday, 8 a.m. to 5 p.m. ET, via phone, social media and in-person channels. In addition to traditional lending options, it offers unique programs like Doctor Loans, Construction to Permanent Loans and Affordable Lending Options tailored to different homeownership aspirations.
Pros
Cons
Bank of America offers online and in-person services to cater to their needs. Whether buying your first home or refinancing, it provides several options, including fixed-rate, adjustable-rate and specialized mortgages like FHA and VA loans tailored for veterans and servicemembers. The Affordable Loan Solution mortgage is notable for those seeking a low down payment option, requiring just 3%. VA loans offer the benefit of no down payment, addressing diverse financial capabilities and homeownership goals.
Support is accessible through customer service hours from Monday to Friday, 8 a.m. to 10 p.m. ET, and shorter hours on Saturday from 8 a.m. to 6:30 p.m. ET, through online, phone and in-person channels. Bank of America also empowers homeowners with programs like America’s Home Grant® and Down Payment Grant, providing tangible assistance to eligible buyers. These features and offerings demonstrate Bank of America's commitment to guiding borrowers through the process of securing a home loan.
Pros
Cons
Homeownership has hidden costs aside from your monthly mortgage dues. In West Virginia, you can tap into resources like the West Virginia Housing Development Fund for support with mortgage programs.
Program | Content |
|---|---|
HOMEownership Program | Designed for West Virginians, the HOMEownership Program offers a 30-year, fixed-rate mortgage to those who haven't owned a home in the past three years, subject to income and purchase price limits. This loan can finance the total purchase price with an optional down payment and closing cost assistance. |
MOVIN’ UP Program | The MOVIN’ UP Program extends to one or two-person households with an income below $130,560 or $152,320 for larger households. This mortgage option is not 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 state lines. |
Low Down Home Loan | With the Low Down Home Loan, buyers can receive up to $8,000 to cover upfront costs in conjunction with the HOMEownership Program. This 15-year fixed-rate loan benefits from a 2% interest rate, aiding those who qualify under the Homeownership Program's loan-to-value ratio requirements. |
Understanding today's mortgage rates in West Virginia is critical for anyone purchasing a home. We've answered common questions borrowers may have about current mortgage rates in West Virginia.
Current average APRs vary greatly based on loan type, among other factors. A 30-year fixed conforming loan has an average APR of 6.90%, whereas a seven-year ARM loan in the same month stands at 7.14%.
Mortgage rates in West Virginia, like a 30-year fixed rate at 6.90% and a five-year adjustable-rate mortgage at 7.48%, can differ from national averages, which are currently 7.15% and 7.97% respectively for the same types of loans as of November 2024.
A higher credit score tends to secure lower mortgage rates as it indicates lesser risk to lenders. Conversely, a lower credit score might lead to higher interest rates on mortgages in West Virginia.
Yes, West Virginia offers several mortgage programs, such as the HOMEownership Program, MOVIN’ UP Program and the Low Down Home Loan, to assist homebuyers.
To get the best mortgage rates, consider making a larger down payment, maintaining a strong credit score and shopping around to compare offers from multiple lenders.
The average refinance rates in West Virginia as of November 2024 are 6.08% for a 15-year fixed and 6.88% for a 30-year fixed. For updated details, regularly check today's refinance rates in West Virginia.
You can estimate your monthly mortgage payments by using a mortgage calculator for West Virginia, which takes into account the 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.
