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Compare current VA loan rates

On Monday, December 11, 2023, the national average 30-year VA loan APR is 6.68%. The average 30-year VA refinance APR is 6.80%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

How to compare current VA loan rates

  1. Determine whether you qualify for a VA loan: VA loans are for active-duty service members and honorably-discharged veterans, as well as surviving spouses. Before applying for the loan, you’ll need a certificate of eligibility (COE) from the Department of Veterans Affairs (VA).
  2. Get preapproved: Get rate quotes from at least three VA mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Your interest rate is based on your credit score, debt-to-income (DTI) ratio, down payment and other factors. The better these figures are, the better chance you have at getting a lower rate.
  3. Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the all-in cost.

What factors determine my VA interest rate?

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

  • Credit score: Unlike other mortgage products, the VA doesn’t require a minimum credit score to qualify for a VA loan — but the lender you borrow from might. 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, also impact mortgage rates.

Pros and cons of VA loans


  • VA loan interest rates are sometimes lower than those on conventional mortgages.
  • VA loans have more flexible credit underwriting, and 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.
  • 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.


  • You must meet eligibility requirements.
  • You can’t use a VA loan to purchase a second home or investment property (with some exceptions).
  • You must pay the VA funding fee, which is based on current duty status, down payment (if making one) and how much you’re borrowing.
  • The low equity requirement leaves you vulnerable should home prices fall.

Frequently asked questions about VA loans

Refinancing into a VA loan

Refinancing to a VA loan can come with a few advantages, like a lower interest rate, 100-percent financing or cash out. Learn more about the process of refinancing into a VA loan.