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Compare current VA refinance rates

Written by

Jeff Ostrowski

Edited by

Suzanne De Vita

Edited by

Suzanne De Vita

On Thursday, April 25, 2024, the national average 30-year VA refinance APR is 7.74%. The average 30-year VA mortgage APR is 7.30%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

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Weekly national mortgage interest rate trends

Current refinance rates

	15 year fixed refinance	6.73%
	30 year fixed refinance	7.23%

Today’s VA refinance interest rates

For today, Thursday, April 25, 2024, the national average 30-year VA refinance interest rate is 7.71%, down compared to last week’s rate of 7.75%. VA refinance rates have trended slightly downward since the fall of 2023, with rates expected to continue to drop in 2024. VA loans often carry lower rates when compared to their conventional counterparts.

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.

National refinance rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.30%	7.35%
30-Year Fixed-Rate VA	7.26%	7.30%
30-Year Fixed-Rate FHA	7.14%	7.19%
15-Year Fixed Rate	6.67%	6.75%
5/1 ARM Rate	6.53%	7.78%

Rates as of Thursday, April 25, 2024 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.32%	7.37%
30-Year Fixed-Rate VA	7.71%	7.74%
30-Year Fixed-Rate FHA	7.13%	7.18%
15-Year Fixed Rate	6.70%	6.78%
5/1 ARM Rate	6.52%	7.75%

Rates as of Thursday, April 25, 2024 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

What is a VA mortgage refinance loan?

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

Types of VA refinance loans

There are two main ways to refinance a VA loan:

VA streamline refinance: Also called an Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”), this type of VA refinance doesn’t require an appraisal or credit check. This can be a great option for VA borrowers who want to refinance to a lower rate.
VA cash-out refinance: With a VA cash-out refinance, you can refinance your current mortgage — regardless whether it's a VA loan or conventional loan — and get cash by borrowing against your home’s equity.

Who qualifies 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).

Depending on the type of VA refinance you’re after, there might be additional requirements. VA streamline refinances don’t require some underwriting verifications, but you do need to confirm that you live or lived in the property. VA cash-out refinances, on the other hand, are only allowed on a primary residence you currently live in, and impose credit and other underwriting criteria.

How to find the best VA refinance rate

Bankrate’s mortgage rate table shows estimated mortgage rates from different VA lenders, tailored to you. Different VA lenders charge different rates and fees, so it could pay to shop around. 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. Still, in a higher-rate environment, small changes in your VA refinance rate can make a big difference in your monthly payment, especially for larger loan amounts.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Lender

Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate's take

Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Nationwide availability

Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

5.0

562reviews

Read full lender review

Lender

Homefinity

NMLS: 2289

State License: 4965

4.5

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate's take

Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. It employs a smaller team of loan officers, but one that promises a fast, convenient process. If you’re a medical professional, this lender can help you get financing for your unique financial situation, too.

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Nationwide availability

All U.S. states except Nevada and New York

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

4.9

1064reviews

Read full lender review

Additional VA refinance resources

VA loan resources: Check out our guide to VA loans and more.
How to refinance into a VA mortgage: Learn how to refinance your current mortgage into a VA home loan.
Is a VA cash-out refinance for you?: See what you can do with a VA cash-out refinance, or explore alternatives.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.