Compare current VA loan rates

The interest rate on a VA mortgage depends on many variables, including:

• Credit score: Unlike other mortgage products, the VA doesn’t require a minimum credit score to qualify for a VA loan — but the lender you borrow from might. Many VA lenders look for a score of at least 620.
• 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: Broad economic trends, such as inflation, also impact mortgage rates.
• Lender: The lender you work with sets its own rate based on profit margin and other factors. 

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.

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

VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). They are available to eligible current or former members of the military and surviving spouses.

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

VA loans do, however, require you to pay a funding fee. This cost can be paid upfront at closing or folded into the loan (which means you’ll pay interest on it).

If you’re borrowing using 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.

There isn’t much variation in VA loan refinance rates compared to the VA loan rate on a home purchase, according to Bankrate data as of December 2023. However, VA loan APRs (annual percentage rates), which account for the interest rate plus the lender’s fees and points, often differ. That’s because APR fees can be less expensive on a refinance and, if you do a VA streamline refinance, you won’t pay for additional costs like an appraisal.

With a rate lock, you’ll freeze the rate on your mortgage so it won’t change. 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 come with a fee. 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.