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Compare current VA refinance rates

On Wednesday, February 01, 2023, the national average 30-year VA refinance APR is 5.95%. The average 30-year VA mortgage APR is 5.88%, according to Bankrate's latest survey of the nation's largest refinance lenders.

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Current VA refinance rates

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.

Product Interest Rate APR
30-Year Fixed Rate 6.42% 6.43%
30-Year Fixed-Rate VA 5.75% 5.95%
30-Year Fixed-Rate FHA 5.66% 6.58%
20-Year Fixed Rate 6.41% 6.43%
15-Year Fixed Rate 5.77% 5.80%
5/1 ARM Rate 5.35% 7.15%

Rates as of Wednesday, February 01, 2023 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.



  • 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 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 20-year mortgages

Learn more about VA loans

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