Current VA loan rates

Written by Dhara Singh

On , the national average 30-year VA loan APR is 4.560%. The average 30-year VA refinance APR is 4.650%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Higher rates are on the way

Get ahead of anticipated rate hikes in 2022 and lock in a new refinance rate now.

Countdown to Fed day

-- Days
-- Hours
-- Minutes
-- Seconds
ON THIS PAGE Jump to Open page navigation

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.

Product Interest Rate APR
30-Year Fixed-Rate VA 4.460% 4.560%
30-Year Fixed Rate 5.280% 5.300%
30-Year Fixed-Rate FHA 4.450% 5.260%
30-Year Fixed-Rate Jumbo 5.240% 5.240%

Top 5 Bankrate VA lenders

  • First Mortgage Direct
  • Cardinal Financial Company
  • LowRates.com
  • McGlone Mortgage Group
  • First Midwest Bank

Methodology

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.

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.

>>Read more about how to get a VA loan

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.

  • Veterans
  • 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.

>>Read more about VA loan requirements

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. However, a 2021 update by Own Up found the difference had narrowed to 0.52 percentage points. In either case, a gap like that, and even slight changes in interest rate, can significantly impact the overall cost of your loan.

Bankrate can help you shop around for the best deal on a VA loan.

Pros and cons of VA loans

A VA loan offers several benefits you may not get with other types of loans. However, there are also potential drawbacks.

Pros

Cons

  • You must meet the VA’s 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

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 30-Year Fixed Loan Conventional 30-Year Fixed Loan
House price $300,000 $300,000
Down payment $9,000 (3%) $9,000 (3%)
Loan amount $291,000 $291,000
Interest rate 2.810% 3.250%
Principal + interest $1,197 $1,266
PMI (mortgage insurance) $0 $121 (0.50%)
Total monthly payment $1,197 $1,387
*Based on December 2021 rates

VA loan FAQs

Learn more about VA 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.

Read more from Dhara Singh

Learn more about specific loan type rates
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