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West Virginia Mortgage and Refinance Rates

On Monday, September 25, 2023, the national average 30-year fixed mortgage APR is 7.66%. The national average 30-year fixed refinance APR is 7.85%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Monday, September 25, 2023, the national average 30-year fixed mortgage APR is 7.66%. The national average 30-year fixed refinance APR is 7.85%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in West Virginia

As of Monday, September 25, 2023, current mortgage interest rates in West Virginia are 7.59% for a 30-year fixed mortgage and 6.92% for a 15-year fixed mortgage.

As of August 2023, the median single-family home price in West Virginia was $155,148, according to Zillow's Home Values Index.

Refinance rates in West Virginia

Refinance rates are way up from historic lows, but a cash-out refinance still might make sense for you, depending on how much equity you have and other factors. Use Bankrate’s mortgage refinance calculator to run the numbers.

How to find the best mortgage rate in West Virginia for you

Shopping around for a mortgage is crucial. By comparing at least three offers, you could save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today’s volatile rate environment. Here are some basic steps to securing a loan with favorable terms:

Step 1: Strengthen your credit score

Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through

Step 2: Determine your budget

Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses. 

Step 3: Know your mortgage options

There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans. If you’re in the market for a jumbo loan, check West Virginia’s county-by-county loan limits.

Step 4: Compare rates and terms from multiple lenders

Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.

Step 5: Get preapproved for a mortgage

Get a mortgage preapproval with three or four different lenders. This’ll help you understand exactly what loan amount you’d qualify for if you were to apply, and prepare you to make offers on homes.

Mortgage options in West Virginia

If you’re looking to get a mortgage in West Virginia, consider these loan options:

  • West Virginia conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
  • West Virginia FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
  • West Virginia VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed 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 a funding fee.

First-time homebuyer programs in West Virginia

If you’re an eligible first-time homebuyer in West Virginia, the state’s Housing Development Fund could help you obtain a lower-cost, 30-year fixed-rate mortgage. The loan, offered through the Fund’s Homeownership Program, might include down payment assistance up to $10,000, depending on whether you qualify.

To be eligible, your income can’t exceed certain limits based on county, and you can’t be purchasing a home priced higher than $130,560 if your household has two or fewer people, or $152,320 if your household is made up of three or more people.

If you aren’t eligible for the Homeownership Program, you might qualify for the state’s Movin’ Up Program, which also includes down payment assistance up to $8,000.