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Current VA loan rates

On Friday, September 22, 2023, the national average 30-year VA loan APR is 7.21%. The average 30-year VA refinance APR is 7.24%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Friday, September 22, 2023, the national average 30-year VA loan APR is 7.21%. The average 30-year VA refinance APR is 7.24%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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How to compare current VA loan rates

VA loan rates vary by lender; that’s why shopping around for different VA loan offers is important. You can check our rate table regularly for current information from various lenders. You can also visit lenders’ websites to see VA interest rates today or research the best VA mortgage lenders. (Keep in mind that many of the lowest-rate offers require paying points, a way of buying down the interest rate.)

Our table compiles a comprehensive national survey of mortgage lenders to help you find the most competitive VA loan rates. This interest rate table is updated daily to give you the most current rates when choosing a VA mortgage home loan.

What factors determine my VA interest rate?

  • Credit score: Unlike other loan products, VA loans don’t penalize you for a lower credit score or reward you for a higher one. So long as you meet the lender’s minimum, usually about 620, you get the same rate. If your score is in the low 600s, you might need to improve your score to qualify.
  • 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: Trends in the overall economy have a significant impact on mortgage rates. For example, inflation is currently pushing rates higher.

Pros and cons of VA loans

A VA loan offers several benefits you may not get with other types of loans. However, there are some downsides as well.

Pros

  • VA loan interest rates tend to be lower than conventional mortgages.
  • VA loans have more flexible credit underwriting — you can qualify with a credit score in the 600s.
  • There’s no down payment or mortgage insurance requirement.
  • 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.
  • VA lenders tend to offer superior customer service. Three of the big VA specialists, Veterans United, USAA and Navy Federal Credit Union, routinely post the highest scores on J.D. Power’s annual customer satisfaction surveys.

Cons

Frequently asked questions about VA loans

 

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski