Virginia mortgage and refinance rates

Current mortgage rates in Virginia

As of Friday, December 5, 2025, current interest rates in Virginia are 6.32 percent for a 30-year fixed mortgage and 5.57 percent for a 15-year fixed mortgage.

Mortgage rates in Virginia can vary based on several factors, including your location, credit score and broader economic conditions like inflation. While mortgage rates have dropped in recent months, experts say that rates on 30-year-fixed mortgages are likely to remain above 6 percent through the end of the year. 

Learn more: Bankrate's mortgage rate forecast

Refinance rates in Virginia

Mortgage refinance rates are higher today than they were during the pandemic, so refinancing doesn't make sense for a lot of homeowners. However, if you got your mortgage within the last year or two, it's worth keeping an eye on refinance rates for opportunities to save money.

If you're a long-term homeowner, you might have equity that you can tap in a cash-out refinance. About 48 million U.S. homeowners have access to home equity, with an average of $213,000 in tappable equity available, according to the ICE Mortgage Monitor report.

National mortgage rates by loan type

Virginia housing market and mortgage statistics

Virginia's median sales price is just slightly higher than the national U.S. median. One piece of good news for homebuyers? The number of homes for sale in Virginia is on the rise. Here are a few more statistics about the state's housing market:

Mortgage options in Virginia

If you’re aiming to join the homeownership crowd and need financing to do so, you have several choices for getting a mortgage in Virginia:

• Virginia conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income ratio (DTI) of no more than 45 percent (keep in mind that some lenders will make exceptions up to 50 percent, while others may require a ratio of 36 percent). If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
• Virginia FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to get a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. 
• Virginia VA loans: If you’re a veteran, active-duty member of the military or a surviving spouse, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay an upfront funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.
• Virginia USDA loans: If you’re buying a rural property in Virginia, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

• Virginia jumbo loans: If you need to borrow a large sum that exceeds the conforming loan limit in the county where you’re house-hunting, you’ll need to find a lender that offers jumbo loans. Since these mortgages involve loaning more money, lenders have stricter requirements, including larger down payments and higher credit scores.

First-time homebuyer programs in Virginia

Virginia Housing, the state’s housing finance authority, can help connect you to a first-time homebuyer loan. The agency provides affordable mortgages for first-time and repeat homebuyers, as well as education programs and down payment and closing cost assistance, including:

• Down payment assistance grant: The down payment assistance (DPA) grant provides funds to qualified first-time homebuyers. The maximum down payment grant is between 2 and 2.5 percent of the home’s purchase price. Because the funds are provided in the form of a grant, the money doesn't have to be paid back. To be eligible, you must be a first-time homebuyer. The money must also be used in conjunction with a Virginia Housing loan. There are income limits for all household members.
• Closing cost assistance grant: Virginia’s closing cost assistance (CCA) grant is designed to reduce out-of-pocket expenses for homebuyers who are using either a VA or USDA loan. The maximum grant is 2 percent of the home’s purchase price and the money can be applied to your closing costs. The money doesn't have to be paid back. You must be a first-time homebuyer to be eligible and the grant must be used with a USDA or VA loan from Virginia Housing. There are income limits to qualify.
• Virginia Housing conventional: Virginia Housing offers a 30-year, fixed-rate conventional loan program for first-time and repeat buyers. The program requires less cash at closing than with an FHA loan. This loan can be used for both a purchase and a cash-out refinance. It also allows for flexible down payment sources such as gifts, Virginia Housing down payment assistance grants or the Virginia Housing Plus Second Mortgage. The program allows for a down payment of 3 percent or as low as 1 percent when using the down payment assistance grant. (When using the Plus Second program, there might be no down payment required at all.) Applicants must have a credit score of at least 640 and the maximum debt-to-income ratio (DTI ratio) is 50 percent.
• Virginia Housing conventional with no mortgage insurance: Nearly identical to the Virginia Housing conventional program, the main difference with this program is that applicants are not required to buy mortgage insurance. In addition, the minimum credit score requirement for this program is slightly higher at 660.
• Virginia Housing Plus Second Mortgage: This program eliminates the down payment required for qualified first-time homebuyers. The program works by pairing an eligible Virginia Housing first mortgage with the Plus Second Mortgage that is used to cover the down payment. The maximum second mortgage amount is 3 to 5 percent of the purchase price. The program provides a 30-year, fixed-rate loan and covers the entire down payment. There are income limits for qualification.

How to find the best mortgage rate in Virginia

Additional Virginia mortgage resources

• Virginia loan limits by county: Learn the conforming loan limit for your city or town.
• Virginia mortgage lenders: Explore mortgage lenders in your state.
• Virginia housing market overview: Know what to expect as a homebuyer or seller in Virginia.
• How to buy a house in Virginia: Get set up for a successful house hunt with this guide.
• Cost of living in Virginia: Get a sense of how much you’ll spend or save.
• Homeowners insurance in Virginia: Compare policies from a variety of providers.
• Mortgage calculator: Calculate possible mortgage payments to estimate what to expect.