A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) that allows eligible veterans, active-duty service members and some surviving spouses to buy or refinance a home. They generally offer competitive interest rates, no required down payment and no private mortgage insurance. However, there is typically a funding fee, which can be paid up front or financed as part of the loan.

How much does a VA loan cost?

A VA loan’s cost typically includes standard closing costs — such as appraisal fees, lender charges and title services — plus a VA funding fee. The funding fee ranges from 1.25% to 3.3%, depending on factors like your down payment and whether it’s your first VA loan, though some borrowers are exempt.

Are VA refinance rates different from VA purchase rates?

Yes, they can differ, and VA loan refi rates are sometimes higher than purchase rates. Keep in mind that refinancing an existing mortgage, even if you're getting a lower interest rate, will incur a whole new set of closing costs.

Should I lock in my VA mortgage rate?

As the name suggests, a rate lock freezes the rate for a period of time — usually 30 to 60 days, though some lenders may offer longer terms. Longer rate locks may involve a fee. Locking in your rate can make sense when current rates are volatile or trending upward, since they can protect you from increases while your loan is being processed. If rates are falling steadily, however, you may want to wait or lock in the rate with a float-down option if available.

Compare current VA loan rates

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Updated on Jan 16, 2026

On Friday, January 16, 2026, the national average 30-year VA loan APR is 6.19%. The average 30-year VA refinance APR is 6.54%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Weekly national VA mortgage interest rate trends

Current mortgage rates

30 year fixed VA

6.41%

Today's national VA mortgage interest rate trends

For Friday, January 16, 2026, the national average 30-year VA mortgage interest rate is 6.14%, down compared to last week’s of 6.24%. The national average 30-year VA refinance interest rate is 6.50%, down compared to last week’s rate of 6.51%.

While these rate averages regularly fluctuate, they can help you identify changes in the market. The specific rate you’re offered depends on a number of factors, including your individual credit and finances.

Current VA loan interest rates

VA loan interest rates are often slightly lower than those for conventional mortgages. They offer other benefits as well, including no required down payment and potentially lower credit score requirements.

But snagging a lower rate on a VA loan isn’t guaranteed — in fact, recent rates have sometimes hovered slightly at or above conventional rates. If you’re eligible for a VA loan, request quotes from a few conventional lenders as well, so you can be sure you're getting the best deal. Compare rates carefully and consider all fees and costs, in addition to interest rates, when evaluating the total cost of your loan.

Many factors influence VA loan interest rates, including your credit score, the loan size and property type, as well as broader economic factors such as the performance of 10-year Treasury bonds. When the bond yields rise, mortgage rates typically increase as well, with the reverse being true when yields drop.

Learn more: How the Federal Reserve impacts mortgage rates

What factors determine my VA interest rate?

The interest rate on a VA mortgage depends on many variables, including:

Credit score: Unlike most other mortgage products, there is technically no minimum credit score to qualify for a VA loan — but the lender you borrow from might impose its own requirements. Many VA lenders look for a score of at least 620.
Loan term: Shorter-term loans typically have lower interest rates, which reduces your overall cost, but your monthly payments will be higher. By contrast, longer-term loans have higher rates, but lower monthly payments.
Current market conditions: Broad economic trends, such as inflation or perceived economic uncertainty, also impact VA mortgage rates.
Lender: The U.S. Department of Veterans Affairs does not offer VA loans directly, nor does it set rates for them. Each lender you work with sets its own rate, based on a variety of factors.

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

How to get the best VA loan rate

When comparing VA loans to other types of mortgages, you might notice that some VA loan offers come with lower rates. Still, it’s important to put your credit and finances in the best possible position to qualify for the most attractive rates available. Here are some tips:

Know your credit score: While VA lenders aren’t as strict as other types of lenders, a score above 620 gives you the most options.
Shop around: The VA itself doesn't offer VA loans, individual mortgage lenders offer do. And rates can vary widely from one lender to the next, so it's always worth doing some comparison shopping.
Check out online reviews: Some VA lenders may have stellar reputations for customer service, but others not so much. You can learn more about individual lenders by reading lender reviews on Bankrate.
Purchase points: To reduce your VA loan rate further, check with your lender about buying discount points or mortgage points. When you purchase points, you pay an upfront fee to the lender in exchange for a lower interest rate. Each point typically costs about 1 percent of your loan amount and lowers your rate by 0.25 percentage points.

Learn more: How to get a VA loan

Keep in mind: Your interest rate and your APR (annual percentage rate) are two different measurements of the cost of borrowing. Your APR takes into account your interest rate, plus the cost of any related fees. In effect, your APR better reflects the total cost of the loan.

VA loans vs. conventional loans

Ask the Experts

If you qualify for both a conventional and VA loan, which should you choose?

Melissa Cohn

Regional Vice President, William Raveis Mortgage

"VA loans offer a buyer the ability to get 100% financing, allow for a lower credit score and can be more flexible on debt-to-income ratios. The mortgage rate can be lower as well, and if the veteran has a disability, the funding fee can be waived. They can be a better option than a conventional loan."

Stephen Kates, CFP

Bankrate Financial Analyst

"VA mortgages offer attractive benefits for eligible veterans, including up to 100 percent financing, no mortgage insurance and typically lower interest rates compared to conventional loans. However, VA loans include a separate funding fee that conventional mortgages do not. It’s important to compare the total cost of borrowing before deciding which loan option is best for you."

VA loans and conventional loans can both help you purchase a home, but there are differences to be aware of. For example, VA loans have no minimum down payment requirement and can be used only for primary residences, while conventional loans require at least 3 percent down and may also be used for investment or vacation homes.

In addition, conventional loans require the borrower to pay private mortgage insurance (PMI) if the down payment is less than 20 percent of the home's price. VA loans don't require any mortgage insurance, even with no down payment — but they do require paying a funding fee, typically a percentage of the loan amount.

Here’s an example of some of the costs associated with a VA loan versus a conventional loan. Keep in mind that interest rates are dependent on the market and the borrower's creditworthiness.

	30-year fixed VA loan	30-year fixed conventional loan
Home price	$400,000	$400,000
Down payment	0%	3% ($12,000)
Loan amount	$400,000	$388,000
Interest rate	6.14%	6.11%
Monthly mortgage payment (principal and interest)	$2,434	$2,354
Interest total over 30 years	$476,356	$459,356
Cost total	$876,356	$849,162

Note: These mortgage interest rates are as of Jan. 16, 2026. The figures do not include the VA funding fee, mortgage insurance, homeowners insurance, property taxes or other costs that might be included with your monthly mortgage payment.

Benefits of VA loans for service members

VA loans help eligible members of the armed forces and their families more easily buy, build or renovate homes. The benefits of this type of loan include:

No down payment requirement
No mortgage insurance
Potentially lower credit score requirement
Mortgage rates sometimes lower than those for other loan types

VA loan eligibility requirements

You'll need to meet certain requirements to be eligible for a VA loan:

You are currently on active military duty or are a veteran who was honorably discharged and met the minimum service requirements;
You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime; or
You served for more than six years in the National Guard or Selective Reserve.

In addition, if you are a military widow or widower whose spouse died in the line of duty, you might qualify for a VA loan. If you meet these requirements, you’ll next need to obtain your certificate of eligibility (COE). You can request this online, by mail or through your VA mortgage lender.

FAQs

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) that allows eligible veterans, active-duty service members and some surviving spouses to buy or refinance a home. They generally offer competitive interest rates, no required down payment and no private mortgage insurance. However, there is typically a funding fee, which can be paid up front or financed as part of the loan.
A VA loan’s cost typically includes standard closing costs — such as appraisal fees, lender charges and title services — plus a VA funding fee. The funding fee ranges from 1.25% to 3.3%, depending on factors like your down payment and whether it’s your first VA loan, though some borrowers are exempt.
Yes, they can differ, and VA loan refi rates are sometimes higher than purchase rates. Keep in mind that refinancing an existing mortgage, even if you're getting a lower interest rate, will incur a whole new set of closing costs.
As the name suggests, a rate lock freezes the rate for a period of time — usually 30 to 60 days, though some lenders may offer longer terms. Longer rate locks may involve a fee. Locking in your rate can make sense when current rates are volatile or trending upward, since they can protect you from increases while your loan is being processed. If rates are falling steadily, however, you may want to wait or lock in the rate with a float-down option if available.

Additional VA loan resources

VA loan guides: Everything you need to know about VA loans, all in one place
Best VA loan lenders: Bankrate’s top picks when shopping for a VA loan
VA loan calculator: Estimate your monthly payments, interest and more
VA loan refinancing guide: From Interest Rate Reduction Refinance Loans (IRRLs) to cash-out refinances, learn everything you need to know about refinancing a VA loan.