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Current VA loan rates

On Tuesday, February 07, 2023, the national average 30-year VA loan APR is 6.06%. The average 30-year VA refinance APR is 6.23%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Comparing 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 a VA mortgage home loan.

What factors determine my VA interest rate?

  • Credit score: If you have a higher credit score, you’ll qualify for a lower rate. A low credit score won’t necessarily disqualify you from obtaining a VA loan, but you’ll want to improve your score to get the most competitive rate.
  • 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.

How do I find the best VA loan rates?

Shop around for different VA loan offers, since different mortgage lenders offer different rates. Check out Bankrate’s mortgage amortization calculator to see how even a 0.1 percent lower rate can save you thousands over the life of the loan.

You’ll also want to strengthen your financial profile before you go on the market for a mortgage. You’re more likely to receive competitive loan terms if you have a credit score of 740 or above and a debt-to-income ratio below 43 percent.

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.

Who qualifies for a VA loan?

The VA itself doesn’t administer or fund VA loans; these mortgages are originated by private VA-approved lenders. To be eligible for a VA loan, you must be an active-duty service member, veteran, current or former National Guard or Reserve member or surviving spouse. You’ll also need to obtain a certificate of eligibility (COE) from the VA before starting the loan application process. Here’s a list of the specific groups who are typically eligible:

  • Veterans
  • Active-duty service members
  • Current or former National Guard or Reserve members (regardless of whether they have been activated for Federal Service)
  • Discharged members of the National Guard (regardless of whether they have been activated for Federal Service)
  • Surviving spouses

You can apply for a COE by mail, online or through your lender.

Read more about VA loan requirements.

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

Cons

Frequently asked questions about VA loans

Learn more about VA loans

Written by: Ruben Caginalp, associate writer for Bankrate

Ruben Caginalp is an associate writer for Bankrate, focusing on mortgage topics.

Read more from Ruben Caginalp