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Compare current VA loan rates

On Monday, December 09, 2024, the national average 30-year VA loan APR is 6.84%. The average 30-year VA refinance APR is 7.45%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

Current VA loan interest rates

VA loan rates tend to be slightly lower than rates for other mortgage types, but not always. Today’s VA rates reflect the Federal Reserve’s pivot to a cutting cycle after a stretch of higher rates that began in 2022. The Fed is expected to reduce rates further in 2025, which could help further lower mortgage rates, including on VA loans. 

VA loan eligibility requirements

To be eligible for a VA loan:

  • You’re currently on active military duty or a veteran who was honorably discharged and met the minimum service requirements;
  • You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime; or
  • You served for more than six years in the National Guard or Selective Reserve.

In addition, if your spouse died in the line of duty, you might qualify for a VA loan.If you meet these requirements, you’ll next need to obtain your certificate of eligibility (COE). You can request this online, by mail or through your VA mortgage lender.

Benefits of VA loans for service members

VA loans help eligible members of the armed forces more easily buy, build or renovate homes. Benefits include:

  • No down payment
  • No mortgage insurance
  • Low credit score requirements
  • Mortgage rates that are lower than other loan types

VA loans vs. conventional loans

Both a VA loan and a conventional loan provide home financing. VA loans don’t require a down payment; conventional loans require at least 3 percent down. With a conventional loan, however, you can buy a primary residence (the home you’ll live in), an investment property or a vacation home. The same doesn’t apply to VA loans, which can only be used to finance primary residences.

Here’s an example of the costs associated with a VA loan versus a 30-year fixed loan. Keep in mind interest rates are dependent on the market and the borrower's creditworthiness.

30-year fixed VA loan 30-year fixed conventional loan
Home price $400,000 $400,000
Down payment 0% 0%
Loan amount $400,000 $380,000
Interest rate 6.25% 6.21%
Monthly mortgage payment (principal and interest) $2,340 $2,330
Monthly mortgage insurance payment 0% $2,330
Total monthly mortgage payment (includes principal, interest and mortgage insurance) $2,340 $2,450
Total interest over life of loan $462,301 $458,745
Total mortgage insurance over life of loan $0 $15,884
Total over life of loan (includes principal, interest and mortgage insurance) $842,301 $854,629
Note: These mortgage interest rates are as of Sept. 20, 2024. The figures do not include the VA funding fee, homeowners insurance, property taxes or other costs that might be included with your monthly mortgage payment.

If you qualify for both a conventional and VA loan, which should you choose?


Phil Crescenzo Jr.

Vice President, Southeast Division, Nation One Mortgage Corporation

The variables of each loan are everything in this equation. The benefits of a VA mortgage loan are significant in many ways, especially allowing 100-percent financing without PMI, whereas a conventional mortgage would require a 20 percent down payment to eliminate PMI. In the scenario where a veteran does want to put 20 percent down, the funding fees associated with VA loans can be costly. If a veteran has a service-connected disability, the funding fee is waived and the veteran is exempt. In those cases, credit score would play a major factor in this decision. Overall, VA loans will be much more flexible on credit scores and have fewer costs associated with credit when compared to a conventional loan.

Writer, Home lending

When comparing a VA loan with a conventional loan, start by looking at how much you’ll pay in fees. Crunch the numbers between paying the VA funding fee versus PMI, as well as looking at the interest rate. Also, know that VA loans typically take longer to close than conventional loans, which can ding your offer in a competitive environment.

How to get the best VA loan rate

When comparing VA loans to other types of mortgages, you might notice that some VA loan offers come with lower rates. Still, it’s important to put your credit and finances in the best possible position for the most attractive rates. Here are some tips:

  1. Check your credit score. While VA lenders aren’t as strict as other types of lenders, a score above 620 gives you the most options.
  2. Shop around. While all VA loans are backed by the VA, individual lenders offer mortgages. Rates can vary by half a point or more from one lender to the next.
  3. Check out lender reviews. Some VA lenders have stellar reputations for customer service — but others not so much. You can learn more about individual lenders on Bankrate's review hub.

VA loan FAQ

Additional VA loan resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride