Current VA Loan Rates

How Coronavirus affects VA loan rates

Due to the economic impact of COVID-19, the federal government has cut interest rates. These cuts affect various types of mortgages differently, and Due to the economic impact of COVID-19, the federal government has cut interest rates. These cuts affect various types of mortgages differently, and have also driven a spike in demand, putting pressure on lenders and their staff. As a result, you may see no rates on our site, or you may see higher rates on government-backed mortgages like VA loans, as lenders tighten credit standards amid economic uncertainty. Learn more about the coronavirus’ impact on mortgage rates.

Today's 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 an VA mortgage home loan.

Product Interest Rate APR
30-Year Fixed Rate 3.210% 3.470%
20-Year Fixed Rate 3.200% 3.430%
15-Year Fixed Rate 2.730% 3.040%
10/1 ARM Rate 3.420% 3.860%
7/1 ARM Rate 3.170% 3.800%
5/1 ARM Rate 3.110% 3.860%
30-Year VA Rate 3.430% 3.600%
30-Year FHA Rate 3.180% 3.650%
30-Year Fixed Jumbo Rate 3.270% 3.340%
15-Year Fixed Jumbo Rate 2.790% 2.850%
7/1 ARM Jumbo Rate 3.200% 3.680%
5/1 ARM Jumbo Rate 2.980% 3.590%

at 6:30 AM

Will VA loan rates go up or down?

Interest rates on most types of mortgages have gone down recently, and according to Bankrate’s latest mortgage rates survey, the majority of experts believe rates will continue to fall.

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

How Bankrate's mortgage rates are calculated

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate's rate averages.

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 a viable option for eligible homebuyers as they often don’t require a down payment or PMI, private mortgage insurance.

This feature is unique as most low down-payment loans (less than 20 percent down) require PMI, which can add hundreds to your mortgage bill each month.

"The VA loan program is one of the best available for eligible homebuyers. 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,” says Kevin Parker, vice president of field mortgage at Navy Federal Credit Union. “Additionally, VA buyers do not have to pay private mortgage insurance (PMI), 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.

Pros and cons of VA Loans

A VA loan offers several benefits you may not get with other types of loans.

  • Generally lower rates than conventional mortgages
  • More flexible credit underwriting
  • No down payment or private mortgage insurance (PMI) 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.
  • If you currently have a mortgage, you can refinance it into a VA loan with a lower rate and applicable benefits

However, there are also potential drawbacks.

  • Certain 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

Who qualifies for a VA loan?

These 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 buyers 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 (who has and has never been activated for Federal Service)
  • Discharged member of the National Guard (who has and has never been activated for Federal active service)
  • Surviving Spouse

Eligible homebuyers can apply for a COE in several ways, by mail, online and through your lender.

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 vs. 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 3.370% 3.400%
Principal + interest $1,285 $1,290
PMI (mortgage insurance) $0 $121 (.50%)
Total monthly payment $1,285 $1,411
*Based on June 2020 rates

How do I find the best VA loan rates?

Different lenders offer different rates, so it’s important to comparison shop if you want to get the best deal. You can check Bankrate’s rate table which offers current information on various lenders. You can also visit lenders’ websites to see their VA interest rates today.

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:

If current interest rates are lower than the rate on your existing mortgage, now may be a good time to refinance.

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
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates

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