Current VA loan rates
On Saturday, December 03, 2022, the national average 30-year VA loan APR is 6.13%. The average 30-year VA refinance APR is 6.19%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Weekly national mortgage rate trends
Current mortgage rates
|30 year fixed||6.67%|
|15 year fixed||6.04%|
|10 year fixed||6.07%|
Today's national VA mortgage rate trends
For today, Saturday, December 03, 2022, the national average 30-year VA mortgage APR is 6.13%, up compared to last week’s of 6.21%. The national average 30-year VA refinance APR is 6.19%, up compared to last week’s of 6.24%.
Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare rates here, then click "Next" to get started in finding your personalized quotes.
We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance 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.
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 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. 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.
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.
How VA loan rates compare 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|
|Down payment||$0 (0%)||$11,736 (3%)|
|PMI (mortgage insurance)||$0||$121 (0.50%)|
|Total monthly payment||$2,160||$2,624|
*Notes: Interest rates as of June 16, 2022; monthly payments do not include insurance or taxes.
VA loan FAQs
Learn more about VA loans
- VA mortgage resources
- Bankrate's guide to VA loans
- VA loan calculator
- Best VA loan lenders
- Guide to VA mortgages
- Understanding VA construction 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.
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