West Virginia Mortgage and Refinance Rates
Current mortgage rates in West Virginia
As of Thursday, April 24, 2025, current mortgage interest rates in West Virginia are 6.83% for a 30-year fixed mortgage and 6.00% for a 15-year fixed mortgage. These rates are much lower than those in the fall of 2023 when national average rates peaked at 8 percent.
Besides falling interest rates, there’s more good news if you’ve been hoping to buy a home in West Virginia. Home prices in the state are lower than in many other parts of the country. The median sales price in the state was $237,250 in June, according to data from ATTOM, which was slightly lower than it was one year earlier.
Refinance rates in West Virginia
Refinance rates have dropped in recent months, which might make mortgage refinancing appealing to those who secured rates in the 7 to 8 percent range in the last year. If you’re a recent homebuyer, today’s average national rates can bring meaningful savings on your monthly payments.
If you’ve lived in your home for a long time, you may be sitting on a large piece of equity. You can leverage this home equity to do a cash-out refinance, which can help you meet other financial goals, such as completing a home renovation project or consolidating debt.
West Virginia mortgage rate trends
Like in the rest of the U.S., mortgage rates in West Virginia are trending downward. With the Fed beginning to cut rates this fall, mortgage rates could fall even further through the end of the year. However, rates aren't expected to drop off a cliff and reach the low levels of 2021; many experts think rates will stay in the 6 percent range for the near future.
Mortgage statistics for West Virginia
West Virginia had the highest homeownership rate by year-end of 2023, according to U.S. Census Bureau data. If you're thinking of moving to the state, you can enjoy the calm and quiet of Appalachia and get access to stunning nature. Here are some more stats about the state:
- Median sales price, June 2024: $237,250
- Median down payment, June 2024: $20,000
- Average single-family home age: 56 years
- Average single-family home size: 1,651 square feet
- Homeownership rate, Q4 2023: 77%
Data sources: ATTOM, U.S. Census Bureau
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.
- West Virginia USDA loans: Much of West Virginia qualifies as “rural” living, which means you may be able to consider a USDA loan, backed by the United States Department of Agriculture. These loans are geared toward low- and moderate-income borrowers buying in designated rural areas. They do not require a down payment.
First-time homebuyer programs in West Virginia
The West Virginia Housing Development Fund works with over 60 banks and lenders to help make owning a home a reality for buyers in the state.
- Home Ownership Program: 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. You’ll need to stay within purchase price limits and annual income limits to qualify.
- Low Down Home Loan: If your loan-to-value ratio is at or above 80 percent, you may be able to qualify for up to $8,000 to help cover down payment and closing costs. The 15-year loan has a 2 percent interest rate and must be used in conjunction with a Home Ownership Loan.
How to find the best mortgage rate in West Virginia for you
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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 AnnualCreditReport.com.
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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.
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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 Hawaii’s county-by-county loan limits.
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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.
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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.
Additional West Virginia mortgage resources
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Laurie Richards, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.