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Compare current VA refinance rates

On Friday, October 04, 2024, the national average 30-year VA refinance APR is 6.42%. The average 30-year VA mortgage APR is 6.20%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

Today’s VA refinance interest rates

For today, Friday, October 04, 2024, the national average 30-year VA refinance interest rate is 6.38%, up compared to last week’s rate of 6.27%. 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 6.21% 6.26%
30-Year Fixed-Rate VA 6.38% 6.42%
30-Year Fixed-Rate FHA 6.05% 6.09%
15-Year Fixed Rate 5.47% 5.54%
5/1 ARM Rate 5.77% 6.72%

Rates as of Friday, October 04, 2024 at 6:30 AM

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. For the most personalized rates, fill out the fields above as accurately as possible. Keep in mind, though, these are estimates; your actual rate will depend on a number of factors.

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). The service requirements are as follows:

  • You’re currently on active military duty or a veteran who was honorably discharged and met the minimum service requirements;
  • You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime; or
  • You served for more than six years in the National Guard or Selective Reserve.

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.

Benefits of a VA refinance loan

It might be easier to refinance a VA loan compared to some other types of loans. That’s because VA loans have the option for streamline refinancing, which eliminates some of the steps in the underwriting process. The lender doesn’t require an appraisal of the property, for example, and the borrower doesn’t have to pass certain credit and income checks.

VA mortgage refinance FAQ

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.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita