The interest rate on a mortgage is a measure, expressed as a percentage, of how much the lender charges for you to borrow the money. The APR, or annual percentage rate, includes the interest rate as well as lender fees and points. Learn more about the differences between interest rate and APR.

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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While the credit standards on VA loans are sometimes more relaxed compared to those for conventional loans, 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.”

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. You can apply for a COE by mail, online or through your lender. Learn more about VA loan requirements.

VA loans often 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 home loans are mortgages that are guaranteed 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.

Read more about how to get a VA loan.

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.

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.