Current VA loan rates
On Friday, January 27, 2023, the national average 30-year VA loan APR is 5.95%. The average 30-year VA refinance APR is 6.03%, 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||6.43%|
|15 year fixed||5.65%|
|10 year fixed||5.63%|
Today's national VA mortgage rate trends
For today, Friday, January 27, 2023, the national average 30-year VA mortgage APR is 5.95%, up compared to last week’s of 6.05%. The national average 30-year VA refinance APR is 6.03%, up compared to last week’s of 6.14%.
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.
Comparing 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 factors determine my VA interest rate?
- Credit score: If you have a higher credit score, you’ll qualify for a lower rate. A low credit score won’t necessarily disqualify you from obtaining a VA loan, but you’ll want to improve your score to get the most competitive rate.
- 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: Trends in the overall economy have a significant impact on mortgage rates. For example, inflation is currently pushing rates higher.
How do I find the best VA loan rates?
Shop around for different VA loan offers, since different mortgage lenders offer different rates. Check out Bankrate’s mortgage amortization calculator to see how even a 0.1 percent lower rate can save you thousands over the life of the loan.
You’ll also want to strengthen your financial profile before you go on the market for a mortgage. You’re more likely to receive competitive loan terms if you have a credit score of 740 or above and a debt-to-income ratio below 43 percent.
You can check our rate table regularly for current information on various lenders. You can also visit lenders’ websites to see their VA interest rates today, and research the best VA mortgage lenders.
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.
Frequently asked questions about VA loans
Mortgage rates in other states
- United States
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington DC
- West Virginia