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Compare current VA loan rates
Weekly national VA mortgage interest rate trends
Current mortgage rates
30 year fixed VA | 7.10% |
Today's national VA mortgage interest rate trends
For today, Friday, April 19, 2024, the national average 30-year VA mortgage interest rate is 7.07%, up compared to last week’s of 6.97%. The national average 30-year VA refinance interest rate is 6.70%, down compared to last week’s rate of 6.90%.
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 rates are slightly lower than rates for other mortgage types. The 30-year VA loan rate averaged 6.87 percent as of March 27, 2024, compared to a conventional loan rate average of 6.96 percent, according to Bankrate data. In general, rates have been bouncing around in a tight range going into the spring homebuying season. Housing economists say rates will drop once the Federal Reserve begins cutting interest rates. According to Veterans United’s 2024 Veteran Homebuyer Report, half of veterans polled expect mortgage rates to stay the same or decrease within the next year.
VA loan eligibility requirements
To be eligible for a VA loan:
- You’re currently on active military duty or 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 your 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.
Benefits of VA loans for service members
VA loans help eligible members of the armed forces more easily buy, build or renovate homes. Benefits include:
- No down payment
- No mortgage insurance
- Low credit score requirements
- Mortgage rates that are lower than other loan types
How to get the best VA loan rate
- Check 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. While all VA loans are backed by the VA, individual lenders offer mortgages. Rates can vary by half a point or more from one lender to the next.
- Check out lender reviews. Some VA lenders have stellar reputations for customer service — but others not so much. You can learn more about individual lenders on Bankrate's review hub.
VA loans vs. conventional loans
Both a VA loan and a conventional loan provide home financing. VA loans don’t require a down payment; conventional loans require at least 3 percent down. With a conventional loan, however, you can buy a primary residence (the home you’ll live in), an investment property or a vacation home. The same doesn’t apply to VA loans, which can only be used to finance primary residences.
Here’s an example of the costs associated with a VA loan versus a 30-year fixed loan. Keep in mind 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 |
Loan amount | $400,000 (0% down payment) | $400,000 (3% down payment) |
Interest rate | 6.87% | 6.96% |
Monthly payment (Principal and interest) | $2,626 | $2,571 |
Monthly mortgage insurance | $0 | $485 |
Total monthly payment | $2,626 | $3,056 |
Total interest | $545,360 | $537,560 |
Total mortgage insurance | $0 | $67,711 |
Total cost | $945,360 | $993,271 |
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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