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Compare current VA refinance rates
On Wednesday, August 10, 2022, the national average 30-year VA refinance APR is 4.930%. The average 30-year VA mortgage APR is 4.830%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
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Our weekly VA rates vs. the national average
30-year fixed VA loan
The table below brings together a comprehensive national survey of mortgage lenders to help you know what the most competitive VA refinance loan rates are. This interest rate table is updated daily to give you the most current rates when choosing a VA refinance loan.
|30-Year Fixed Rate||5.490%||5.500%|
|30-Year Fixed-Rate VA||4.750%||4.930%|
|20-Year Fixed Rate||5.460%||5.470%|
|15-Year Fixed Rate||4.780%||4.800%|
|30-Year Fixed-Rate FHA||4.690%||5.540%|
|30-Year Fixed-Rate Jumbo||5.500%||5.500%|
|15-Year Fixed-Rate Jumbo||4.800%||4.810%|
|7/1 ARM Jumbo||5.080%||5.520%|
|5/1 ARM Jumbo||4.180%||5.650%|
Rates as of Wednesday, August 10, 2022 at 6:30 AM
Types of VA refinance loans
When considering a VA refinance, there are two options: a streamline refinance or a cash-out refinance
- 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 refinance pros and cons
VA loans can be a strong option for qualifying borrowers, but there are also downsides.
- No down payment or private mortgage insurance (PMI) requirement
- More flexible credit underwriting
- Refinance options such as an IRRRL
- A VA funding fee that can be between 0.5 percent and 3.6 percent, depending on the kind of refinance
- Specific service requirements — this isn’t a drawback if you meet them, but it means you won’t qualify for VA loans if you don’t
How to find the best VA refinance rate for you
Bankrate’s mortgage rate table shows estimated mortgage rates from different 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.
Learn more about VA loans
Written by: Zach Wichter, mortgage reporter for Bankrate
|Loan Type||Purchase Rates||Refinance Rates|
|The table above links out to loan-specific content to help you learn more about rates by loan type.|
|30-Year Loan||30-Year Mortgage Rates||30-Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||10-Year Refinance Rates|
|FHA Loan||FHA Mortgage Rates||FHA Refinance Rates|
|30-Year FHA Loan||30-Year FHA Loan Rates||30-Year FHA Refinance Rates|
|VA Loan||VA Mortgage Rates||VA Refinance Rates|
|ARM Loan||ARM Mortgage Rates||ARM Refinance Rates|
|5/1 ARM||5/1 ARM Rates||5/1 Refinance Rates|
|7/1 ARM||7/1 ARM Rates||7/1 Refinance Rates|
|10/1 ARM||10/1 ARM Rates||10/1 Refinance Rates|
|Jumbo Loan||Jumbo Mortgage Rates||Jumbo Refinance Rates|
|30-Year Jumbo Loan||30-Year Jumbo Loan Rates||30-Year Jumbo Refinance Rates|
- 30-year mortgage rates
- 20-year mortgage rates
- 15-year mortgage rates
- 10-year mortgage rates
- VA loan rates
- FHA loan rates
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