Current VA loan rates
On Saturday, April 01, 2023, the national average 30-year VA loan APR is 6.10%. The average 30-year VA refinance APR is 6.28%, 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.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $726,200 May Have Different Loan Terms: If you are seeking a loan for more than $726,200, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
Weekly national mortgage interest rate trends
Current mortgage rates
|30 year fixed||6.88%|
|15 year fixed||6.12%|
|10 year fixed||6.35%|
Today's national VA mortgage interest rate trends
For today, Saturday, April 01, 2023, the national average 30-year VA mortgage interest rate is 5.99%, down compared to last week’s of 6.00%. The national average 30-year VA refinance interest rate is 6.09%, up compared to last week’s of 6.06%.
Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare interest rates here, then click "Next" to get started in finding your personalized quotes.
We’ve determined the national averages for mortgage and refinance interest rates from our most recent survey of the nation’s largest mortgage lenders. Our own mortgage and refinance interest rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.
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:
- 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.
- Interest rates tend to be lower than conventional mortgages
- Very flexible credit underwriting — you can qualify with a credit score in the 600s
- No down payment or mortgage insurance requirement
- Refinance options: 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.
- You must meet the VA's eligibility requirements
- Generally can’t be used 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, amount of down payment (if making one) and how much is borrowed
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.
Mortgage rates in other states
- United States
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington DC
- West Virginia