Compare current VA refinance rates

Today’s VA refinance interest rates

For today, Thursday, July 02, 2026, the national average 30-year VA refinance interest rate is 6.14%, down compared to last week’s rate of 6.49%. 

Right now, VA loan rates are tracking closely with their conventional counterparts. Even if the rates are the same, there are many reasons to choose a VA refinance. For one, the credit score requirements can often be lower. Plus, if you go with a streamlined VA refinance, the process is often cheaper and faster than a typical conventional refinance.

National refinance rates by loan type

Mortgage refinance interest rates vary based on loan term, type and other factors.

How to shop for a VA refinance loan

If you’re considering a VA refinance, there are several ways to help ensure you get the best possible rate. 

What you need to qualify for a VA refinance loan

To qualify for any VA loan, you’ll need to meet specific military service requirements and have a VA certificate of eligibility (COE). The service requirements generally are as follows:

• You’re currently on active military duty and have served at least 90 consecutive days;
• You're a veteran who was honorably discharged and meets the minimum service requirements (see link below), which vary depending on when you served;
• You are serving or have served in the National Guard or Selective Reserve and meet the minimum service requirements (see link below); or
• You're a surviving spouse, and either you're eligible for certain types of VA compensation or your spouse is an active-duty service member who is missing in action or a prisoner of war.

Check out the VA's page on minimum service requirements.

Depending on the type of VA refinance you’re after, there might be additional requirements. For example, VA streamline refinances don’t require some underwriting verifications, but you need to confirm that you live or lived on the property. VA cash-out refinances, on the other hand, are allowed only on a primary residence where you currently live. Keep in mind, too, that lenders get to set their own criteria for borrowers.

What factors impact VA refinance rates?

Like other types of loans, there are a variety of factors that affect VA loan refinance rates, including:

• Credit score and debt-to-income (DTI) ratio
• Type of refinance
• Loan amount and term
• Inflation, market conditions and other economic factors

Pros and cons of refinancing a VA loan 

Refinancing can lower borrowing costs in the right circumstances, but it's not automatically a money-saving move. Carefully compare both the short- and long-term costs before replacing your current mortgage. 

Types of VA refinance loans

There are two primary types of VA refinance loans: a VA streamline refinance and a VA cash-out refinance. Understanding the differences can help you avoid choosing a loan that doesn't match your financial goals. 

VA streamline refinance 

Also called an Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”), this type of VA refinance is often advertised as a simple refinancing option. The benefit is that you can bypass some of the other steps required with refinancing, like appraisals or credit checks. While that can make the process easier, it doesn’t mean it's free. Closing costs and other fees can be rolled into your new loan balance.  

In most cases, IRRRLs allow homeowners to refinance a fixed-rate VA home loan to a new one, ideally with a lower interest rate. Alternatively, you can use it to convert a VA home loan with an adjustable rate to a fixed rate for more predictable payments.

VA cash-out refinance

With a VA cash-out refinance, you can refinance your current mortgage into a larger one and get the difference between your old and new balance in cash. This option lets you tap your home equity to cover expenses like home improvements, emergency costs, or debt consolidation. However, it’s important to remember that you are borrowing against an asset you’ve spent years building. Every dollar you take out increases your mortgage balance and may result in paying interest on that borrowed money for decades. 

There are two specific categories of VA cash-out refinances:

• Type 1 cash-out refinance: This applies when the new loan is the same as, or less than, the amount needed to pay off the current loan. In this situation, you are not taking on additional debt beyond the existing mortgage balance. Because of that, the VA generally views it as a lower-risk refinance. Even so, you will need to demonstrate that the refinance offers a measurable financial benefit. 
• Type 2 cash-out refinance: This applies when the new loan amount is greater than the payoff amount of the current loan. In other words, you are borrowing more than what is needed to pay off the existing mortgage and may be receiving cash back at closing. Since your loan balance is increasing, the VA requires additional review to ensure the refinance is beneficial. 

Additional VA refinance resources

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