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Current VA loan rates
By Dhara Singh
On Saturday, December 04, 2021, the national average 30-year VA loan APR is 2.920%. The average 30-year VA refinance APR is 2.990%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.
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Today's national VA mortgage rate trends
For today, Saturday, December 04, 2021, the national average 30-year VA mortgage APR is 2.920%, down compared to last week’s of 2.990%. The national average 30-year VA refinance APR is 2.990%, down compared to last week’s of 3.060%.
Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare rates here, then click "Next" to get started in finding your personalized quotes.
We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
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Current VA loan rates
The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive VA loan rates. This interest rate table is updated daily to give you the most current rates when choosing an VA mortgage home loan.
|30-Year Fixed Rate||3.140%||3.300%|
|30-Year Fixed-Rate VA||2.750%||2.920%|
|20-Year Fixed Rate||3.020%||3.170%|
|15-Year Fixed Rate||2.440%||2.670%|
|30-Year Fixed-Rate FHA||2.660%||3.530%|
|30-Year Fixed-Rate Jumbo||3.130%||3.220%|
|15-Year Fixed-Rate Jumbo||2.430%||2.500%|
|7/1 ARM Jumbo||3.000%||4.010%|
|5/1 ARM Jumbo||2.810%||4.050%|
Rates as of Saturday, December 04, 2021 at 6:30 AM
Top 5 Bankrate VA lenders
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
- First Mortgage Direct – Best no-fee lender
- Cardinal Financial Company – Best for low-credit score borrowers
- LowRates.com – Best overall
- McGlone Mortgage Group – Best for first-time homebuyers
- First Midwest Bank – Best bank lender
First Mortgage Direct – Best no-fee lender
First Mortgage Direct is the online arm of First Mortgage Solutions, based in Kansas City, Missouri, and operating in 19 states.
Strengths: First Mortgage Direct doesn’t charge an origination fee or any other hidden costs, and accepts credit scores as low as 580 for VA loans. The lender typically closes loans in 30 days (but refinances take 60).
Weaknesses: First Mortgage Direct is available only in 19 states (California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington), so it’s not an option for everyone.
Cardinal Financial Company – Best for low-credit score borrowers
Cardinal Financial Company, which also does business as Sebonic Financial, is licensed across the U.S., offering both in-person and online service.
Strengths: Borrowers with a credit score as low as 550 could be eligible for a VA loan through Cardinal Financial, and can close in 30 days, on average. In addition, the lender’s Octane system guides borrowers through the financing process with a customized to-do list and loan status updates.
Weaknesses: Cardinal Financial’s website doesn’t offer interest rate information for VA or other types of loans.
LowRates.com – Best overall
LowRates.com, which is operated by Sun West Mortgage Company, is an online lender available in almost every state, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Strengths: LowRates.com has a diverse range of loan options for both purchases and refinances. Notably, the lender offers VA loans to borrowers with a credit score as low as 500.
Weaknesses: The lender isn’t licensed in Georgia or Massachusetts.
McGlone Mortgage Group – Best for first-time homebuyers
McGlone Mortgage Group, operated by Homestead Funding Corp., offers the full suite of mortgage products, and has been in business for more than two decades. The lender is available in 45 states and Washington, D.C.
Strengths: McGlone Mortgage Group has an A+ rating with the Better Business Bureau, and the lender works with some state programs geared toward first-time homebuyers, as well as offers first-timers access to jumbo loans. Whether you’re looking for a VA loan or other kind of mortgage, you can use its mobile app to calculate payments, scan documents and keep in regular communication with your loan officer.
Weaknesses: The lender isn’t licensed nationwide (not available in Alaska, Arkansas, Hawaii, Missouri or Nevada).
First Midwest Bank – Best bank lender
First Midwest Bank, headquartered in Illinois and with more than 100 locations, has roots stretching back to the 1940s. The bank offers a range of banking, lending and wealth management products, including VA loans.
Strengths: First Midwest Bank waives its fee for VA loans, and if you’re a first-time homebuyer, you could be eligible for a down payment assistance program ranging from $3,000 to $6,000. If you’re a banking client, you can also get a rebate on your closing.
Weaknesses: The closing rebates are only available if you have an Easy, Midwest or Diamond checking account, and if you prefer an in-person experience, the bank’s branches are in just a handful of states. You’ll also need to contact the bank for a rate quote; this information isn’t displayed online.
What is a VA loan?
VA home loans are mortgages that are partially backed by the U.S. Department of Veterans Affairs, or VA. They are available to current or former members of the military, and can be a great option for borrowers who qualify. VA loans don’t require a down payment or mortgage insurance. This makes them especially competitive with other loans that allow for low down payments, because those usually require mortgage insurance if the buyer puts down less than 20 percent. Mortgage insurance can add hundreds of dollars to your mortgage bill each month.
"The VA loan program is one of the best available for eligible homebuyers,” says Kevin Parker, vice president of field mortgage originations at Navy Federal Credit Union. “VA loans offer lower interest rates than conventional products which means VA buyers can save money in interest over the life of the loan. VA loans also do not require down payments which can be an especially attractive benefit for first-time homebuyers. Additionally, VA buyers do not have to pay private mortgage insurance, which is sometimes required when paying little down on a conventional product and can add a significant cost to monthly mortgage payments.”
VA loans have specific appraisal and home inspection requirements, which allows buyers to feel more confident in the property they are purchasing, Parker points out.
Who sets VA loan rates?
VA loan lenders determine VA loan rates, which can be lower than the interest rates for conventional loans. VA loans come from a variety of mortgage lenders, including banks, non-bank institutions and credit unions.
It’s important to shop around, as rates can differ widely by lender. In fact, a 2020 study by mortgage technology company Own Up found that in a cohort of 20 VA loan lenders, the interest rates from the highest-cost lender and lowest-cost lender differed by up to 1.25 percentage points. A gap like that, and even slight changes in interest rate, can significantly impact the overall cost of your loan.
Pros and cons of VA loans
A VA loan offers several benefits you may not get with other types of loans.
- Generally lower rates than conventional mortgages
- More flexible credit underwriting
- No down payment or mortgage insurance requirement
- Refinance options: If you currently have a VA loan, you can get an Interest Rate Reduction Refinance Loan (IRRRL) with a lower rate and lower your monthly payments, or do a VA cash-out refinance. If you currently have another type of mortgage, you can refinance it into a VA loan with a lower rate and applicable benefits if you’re eligible.
However, there are also potential drawbacks.
- Certain eligibility requirements
- Generally can’t be used to purchase a second home or investment property, with some exceptions
- VA funding fee based on current duty status, amount of down payment (if making one) and how much is borrowed
Who qualifies for a VA loan?
VA loans are made by private lenders and are available to active duty service members, veterans, current and former National Guard and reserve members, and surviving spouses. Interested borrowers will need to obtain a certificate of eligibility from the U.S. Department of Veterans Affairs.
- Active duty servicemember
- Current or former National Guard or Reserve member (regardless of whether they have been activated for Federal Service)
- Discharged member of the National Guard (wh(regardless of whether they have been activated for Federal Service)
- Surviving spouse
Eligible homebuyers can apply for a certificate of eligibility in several ways: by mail, online or through your lender.
How a VA loan compares to other mortgage rates
In general, VA loans tend to have lower rates than other mortgages such as conventional loans and FHA loans. Below, you can see how a VA loan differs from a conventional 30-year fixed mortgage.
VA loan vs. 30-year fixed mortgage
|VA Loan 30-Year Fixed Loan||Conventional 30-Year Fixed Loan|
|Down payment||$9,000 (3%)||$9,000 (3%)|
|Principal + interest||$1,226||$1,247|
|PMI (mortgage insurance)||$0||$121 (0.50%)|
|Total monthly payment||$1,226||$1,368|
How do I find the best VA loan rates?
Different mortgage lenders offer different rates, so it’s important to shop around if you want to get the best deal. You can check our rate table regularly for current information on various lenders. You can also visit lenders’ websites to see their VA interest rates today, and research the best VA mortgage lenders.
How are VA purchase rates different from VA refinance rates?
VA loan purchase rates can vary from the rates you’d find on a VA loan refinance. The rate you may get for either depends on factors such as:
- Credit history
- Loan-to-value ratio
If current interest rates are lower than the rate on your existing mortgage, now may be a good time to refinance.
How are VA loan rates determined?
VA loan rates are contingent on a variety of factors ranging from your credit and financial situation to economic conditions. A credit score of 620 and above can get you a more favorable VA loan rate, but there is no minimum credit requirement set by the VA. In general, the lower your credit score, the higher the interest rate you’ll receive for your mortgage.
VA loan lenders also look at your debt-to-income (DTI) ratio, which is the total of all your monthly debts including the new mortgage payment divided by your gross monthly income. A DTI ratio of 41 percent or lower is usually preferred.
Economic conditions can shape the VA loan rate you receive as well. During recessions, rates tend to drop lower. If the economy is doing well, rates generally rise.
What are VA loan fees?
If you’re borrowing a VA loan, there will be other costs in addition to interest you pay on the mortgage. The first is the VA funding fee, which varies based on the size of your down payment, how much you borrow and your current duty status, as well as whether this is your first time borrowing a VA loan.
There are also closing costs for a VA loan, which can include the price of a credit check, a VA appraisal fee and title insurance, among other expenses.
Learn more about VA loans
- VA mortgage resources
- VA loan calculator
- Best VA loan lenders
- Guide to VA mortgages
- Understanding VA construction loans
Written by: Dhara Singh, mortgage reporter for Bankrate
Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.
|Loan Type||Purchase Rates||Refinance Rates|
|The table above links out to loan-specific content to help you learn more about rates by loan type.|
|30-Year Loan||30-Year Mortgage Rates||30-Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||10-Year Refinance Rates|
|FHA Loan||FHA Mortgage Rates||FHA Refinance Rates|
|30-Year FHA Loan||30-Year FHA Loan Rates||30-Year FHA Refinance Rates|
|VA Loan||VA Mortgage Rates||VA Refinance Rates|
|ARM Loan||ARM Mortgage Rates||ARM Refinance Rates|
|5/1 ARM||5/1 ARM Rates||5/1 Refinance Rates|
|7/1 ARM||7/1 ARM Rates||7/1 Refinance Rates|
|10/1 ARM||10/1 ARM Rates||10/1 Refinance Rates|
|Jumbo Loan||Jumbo Mortgage Rates||Jumbo Refinance Rates|
|30-Year Jumbo Loan||30-Year Jumbo Loan Rates||30-Year Jumbo Refinance Rates|
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