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Compare current VA refinance rates

On Monday, December 11, 2023, the national average 30-year VA refinance APR is 6.80%. The average 30-year VA mortgage APR is 6.68%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

Today's VA mortgage and refinance interest rates

The table below brings together a comprehensive national survey of mortgage lenders to help you learn the most competitive VA refinance loan rates. This table is updated daily to give you the most current interest rates and APRs when choosing a VA refinance loan.

Product Interest Rate APR
30-Year Fixed Rate 7.57% 7.59%
30-Year Fixed-Rate VA 6.60% 6.80%
30-Year Fixed-Rate FHA 6.52% 7.45%
15-Year Fixed Rate 6.80% 6.83%
5/1 ARM Rate 6.62% 7.68%

Rates as of Monday, December 11, 2023 at 6:30 AM

What is a VA mortgage refinance loan?

VA mortgage refinancing is an option available to active service members and veterans. If you’re eligible, you can refinance an existing mortgage, either a conventional or another VA loan, into one of several types of VA refinance loans.

Who qualifies for a VA refinance loan?

To be eligible for a VA IRRRL refinance loan, you need to have an existing VA loan for the property and meet the following requirements:
  • You must refinance the same property for which you have the VA loan.
  • You must not use the IRRRL proceeds to pay any loan other than the existing VA loan (no second mortgage).
  • You must certify that you occupied the home at one time — you don’t need to live in the home currently.
  • There are no underwriting requirements for IRRRLs from the VA, though the lenders might set minimum credit scores.
For a VA cash-out refinance, the requirements are different:
  • You must live in the home you are refinancing.
  • You can refinance any type of existing mortgage — VA loan, conventional or other mortgage — into a VA loan.
  • You must qualify for a VA certificate of eligibility (COE).
  • You must meet the VA’s and your lender’s credit and income requirements.
  • Your lender will order a professional home appraisal.

Types of VA refinance loans

When considering a VA refinance, there are three options:

  • VA streamline refinance: True to its name, this program, also known as the Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”), involves little paperwork.
  • VA cash-out refinance: With a VA cash-out refinance, you can refinance your current mortgage — regardless of whether it's a VA loan or a conventional loan — and get cash by borrowing against your home’s equity.
  • VA rehab and refinance: This can be used to finance the cost of improvements made to the home.

How to find the best VA refinance rate for you

Bankrate’s mortgage rate table shows estimated mortgage rates from different VA lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you’ll get custom quotes and be on your way to getting a new mortgage. Keep in mind, this is an estimate; your actual rate will depend on a number of factors. In a rising-rate environment, it’s especially important to consider how much you could save by refinancing.

Frequently asked questions about VA refinance loans

Learn more about VA refinancing

Written by: Zach Wichter, mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Read more from Zach Wichter