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Compare current VA refinance rates

On Wednesday, April 24, 2024, the national average 30-year VA refinance APR is 7.73%. The average 30-year VA mortgage ... APR is 7.37%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Today’s VA refinance interest rates

For today, Wednesday, April 24, 2024, the national average 30-year VA refinance interest rate is 7.70%, down compared to last week’s rate of 7.74%. 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 7.31% 7.35%
30-Year Fixed-Rate VA 7.70% 7.73%
30-Year Fixed-Rate FHA 7.15% 7.19%
15-Year Fixed Rate 6.75% 6.83%
5/1 ARM Rate 6.55% 7.90%

Rates as of Wednesday, April 24, 2024 at 6:30 AM

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.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Rating: 4.94 stars out of 5

4.9

1064reviews

Additional VA refinance resources