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. Compared to other types of loans, VA mortgages are especially accessible since they don’t require a down payment or mortgage insurance. By comparison, other low-down payment loans typically require mortgage insurance if the borrower puts down less than 20 percent. "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 also points out. Read more about how to get a VA loan.

What credit score is needed for a VA loan?

For VA loans, the credit standards are sometimes more relaxed compared to those for conventional loans, but generally, you’ll need a 620 minimum to qualify. “VA doesn’t set a credit score requirement, so technically there isn’t one,” says Chris Birk, vice president at Veterans United Home Loans and author of “The Book on VA Loans,” “but most if not all lenders will have an overlay for credit score. Anywhere from 620 to 660 is pretty common.”

How are VA purchase rates different from VA refinance rates?

VA loan purchase rates can vary from the rates you’d find on a VA loan refinance. The rate you may get for either depends on factors such as: Credit history Loan-to-value (LTV) ratio Loan term

What are VA loan fees?

If you’re borrowing a VA loan, there will be other costs in addition to interest you pay on the mortgage. The first is the VA funding fee, which varies based on the size of your down payment, how much you borrow and your current status, as well as whether this is your first time borrowing a VA loan. There are also closing costs for a VA loan, which can include the price of a credit check, a VA appraisal fee and title insurance, among other expenses.

How can I lock in my VA mortgage rate?

With a rate lock, you’ll freeze the rate on your mortgage, typically by paying a fee to the lender. The lock guarantees (with some exceptions) that your desired rate will remain available for a specific period of time, so you won’t be affected if rates climb between submitting an offer and closing on the loan. Most rate-locks are between 30 days and 60 days, although you might be able to obtain a lock of 90 days, 120 days or longer. Bear in mind that longer rate-locks tend to be more expensive. Of course, locking a rate comes with risk. If you lock too early, you might miss out on the opportunity for a better rate prior to completing the purchase. On the other hand, you might want to secure a lower rate if rates are trending up.

Current VA loan rates

Written by

Ruben Caginalp

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.

Weekly national mortgage interest rate trends
Comparing current VA loan rates
What factors determine my VA interest rate?
How do I find the best VA loan rates?
Who qualifies for a VA loan?
Pros and cons of VA loans
Frequently asked questions about VA loans

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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.

	VA Loan 30-Year Fixed Loan	Conventional 30-Year Fixed Loan
Home price	$300,000	$300,000
Down payment	$0 (0%)	$11,736 (3%)
Loan amount	$391,200	$379,464
Interest rate	5.25%	5.91%
Monthly payment	$2,160	$2,503
PMI (mortgage insurance)	$0	$121 (0.50%)
Total monthly payment	$2,160	$2,624

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.

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.

Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

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

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.

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
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

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. Compared to other types of loans, VA mortgages are especially accessible since they don’t require a down payment or mortgage insurance. By comparison, other low-down payment loans typically require mortgage insurance if the borrower puts down less than 20 percent.

"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 also points out.

Read more about how to get a VA loan.
For VA loans, the credit standards are sometimes more relaxed compared to those for conventional loans, but generally, you’ll need a 620 minimum to qualify.

“VA doesn’t set a credit score requirement, so technically there isn’t one,” says Chris Birk, vice president at Veterans United Home Loans and author of “The Book on VA Loans,” “but most if not all lenders will have an overlay for credit score. Anywhere from 620 to 660 is pretty common.”
VA loan purchase rates can vary from the rates you’d find on a VA loan refinance. The rate you may get for either depends on factors such as:
- Credit history
- Loan-to-value (LTV) ratio
- Loan term
If you’re borrowing a VA loan, there will be other costs in addition to interest you pay on the mortgage. The first is the VA funding fee, which varies based on the size of your down payment, how much you borrow and your current status, as well as whether this is your first time borrowing a VA loan.

There are also closing costs for a VA loan, which can include the price of a credit check, a VA appraisal fee and title insurance, among other expenses.
With a rate lock, you’ll freeze the rate on your mortgage, typically by paying a fee to the lender. The lock guarantees (with some exceptions) that your desired rate will remain available for a specific period of time, so you won’t be affected if rates climb between submitting an offer and closing on the loan.

Most rate-locks are between 30 days and 60 days, although you might be able to obtain a lock of 90 days, 120 days or longer. Bear in mind that longer rate-locks tend to be more expensive.

Of course, locking a rate comes with risk. If you lock too early, you might miss out on the opportunity for a better rate prior to completing the purchase. On the other hand, you might want to secure a lower rate if rates are trending up.

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.