Current VA Mortgage Rates

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Compare the best VA mortgage rates for your home purchase or refinance and you could save thousands over the life of your loan.

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Why compare VA mortgage rates?

Rate shopping with at least three VA lenders could save you thousands in interest and closing costs. Get VA mortgage rate quotes in the table above by choosing your loan type, home value, down payment and credit score. Keep in mind that VA loans are only for primary residences and not all lenders are approved to offer them.

On this page

Why you should compare VA loan rates
How do I get the best VA loan rates?
What factors determine VA loan rates?
Types of VA loans
Pros and cons of VA loans
Frequently asked questions

Do VA loans have lower rates than other mortgages?

VA loan rates tend to be lower than what most borrowers are offered for conventional loans or FHA loans because they’re guaranteed by the U.S. Department of Veterans Affairs.

However, you’ll need to keep an eye on a VA loan’s total costs (also known as its annual percentage rate or APR). If you have to pay a funding fee — and most VA borrowers do — that can push up your total loan costs. You can find APR information on Page 3 of your loan estimate.

Read more about the difference between an APR and an interest rate.

What is a VA loan?

A VA loan is a mortgage that’s backed by the U.S. Department of Veterans Affairs. This means that if you default on your loan, the VA will pay your lender a portion of the outstanding loan balance. The extra protection allows lenders to set VA loan requirements that are more flexible than what you’d typically find with conventional loans.

VA loan benefits


No down payment	Low interest rates	Qualify with below-average credit	No PMI

How to get the best VA loan rates

Improve your credit score. Pull your credit reports and correct any errors that may be affecting your score. If you still need a boost, taking the time to repair your credit can help you qualify for a lower rate.

Learn more about how to improve your credit score.
Comparison shop. Get a loan estimate from three to five lenders, and be sure to compare APRs as well as interest rates.

Learn more about our picks for the best VA loan lenders.
Buy discount points. Also called mortgage points, discount points allow you to purchase a lower interest rate. It’s not mandatory, but if you can afford to buy a lower rate, you’ll save money over the long term.
Pick a shorter loan term. Most of us see the 30-year mortgage as the standard, but it’s also worth considering a shorter 10- or 15-year mortgage term. If you can afford the higher payments, you’ll save thousands in interest charges over the life of the loan.

Learn more about how to choose between a 15-year and 30-year mortgage.
Choose a variable-rate loan. If you’re truly on the hunt for rock-bottom rates, adjustable-rate mortgages (ARMs) are an option that can help you get a VA loan at the lowest possible interest rate. That said, you need to understand how ARM rates work, and be prepared for the full spectrum of possible rates you could face when the loan starts adjusting.

What determines VA loan rates?

There are six factors that determine what your VA loan rate will be:

Your credit score. The higher your credit score, typically the lower your rate.
Your loan amount. Lenders may charge a higher interest rate for loans that are unusually small or large.
Your down payment. This isn’t as much of a factor with VA loans since a down payment isn’t usually required — however, a higher down payment may result in a lower interest rate.
Your mortgage term. Your term is how many years it takes to repay your loan. You’ll usually pay a lower rate for a shorter term (like a 15-year fixed-rate mortgage versus a 30-year term), but you’ll have a higher monthly payment amount.
Your home’s location. Mortgage rates vary from city to city and state to state.
The financial markets. VA loan rates change daily, based on a variety of economic factors. That’s why it’s important to gather all your rate quotes on the same day.

Types of VA loans

Purchase loans. The highly popular 30-year fixed-rate mortgage is a common choice for borrowers with VA loans.
Purchase ARMs. Adjustable-rate mortgages (ARMs) allow you to enter a loan at a very competitive interest rate for a fixed number of years. However, when your “teaser” period ends, the rate becomes adjustable based on market conditions and could become much more expensive.
Streamline refinances. Also called interest rate reduction refinance loans (IRRRLs), streamline refinances are an option for borrowers who want to replace an existing VA loan with a new one that better suits their financial situation.
Cash-out refinances. If you have a conventional loan, the only way to refinance into a VA loan is through a VA cash-out refinance. This program allows you to pay off your old loan with a new VA loan and take out a lump sum of cash all at the same time.
Construction loans. VA construction loans typically come with lower interest rates than other conventional construction loans, and you’ll have the added benefit of delaying your loan payoff until construction has concluded.
Renovation loans. Also called a VA rehab loan, this VA loan type allows you to fund the purchase of a fixer-upper home and the renovations all in one loan.
Farm loans. You can use a VA farm loan to buy a farm with the caveat that it has to be purchased as a residential property — not a business — and the land has to already have a residential dwelling on it.
Manufactured home loans. A VA loan can be used to buy a manufactured home, or to buy both a manufactured home and a plot of land to put it on. You can also refinance a home you already own while purchasing a new plot of land to move it to. Just be prepared to put down at least 5%, as this type of VA loan does require a down payment even if you have full entitlement.

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Pros and cons of VA loans

Pros	Cons
Low upfront costs. You likely won't need a down payment if you have full entitlement. No mortgage insurance. You won't pay any mortgage insurance, regardless of your down payment amount. Capped loan costs. Your lender can't charge you more than 1% of your loan amount in total fees. Reusable. You can have multiple VA loans and reuse your VA loan entitlement. Competitive interest rates. You'll typically have access to rates on par with or lower than other common loan types.	VA fees. You may have to pay a VA funding fee of up to 3.6% of your loan amount. Eligibility hurdles. You can't qualify unless you meet military service requirements. Occupancy requirement. You can't use a VA loan to buy a second home or an investment property. Property requirements. Your home must meet stringent VA appraisal standards. Risk of going underwater. You may later owe more than your home is worth if you roll the VA funding fee into your loan amount.

Pros

Cons

Low upfront costs. You likely won't need a down payment if you have full entitlement.

No mortgage insurance. You won't pay any mortgage insurance, regardless of your down payment amount.

Capped loan costs. Your lender can't charge you more than 1% of your loan amount in total fees.

Reusable. You can have multiple VA loans and reuse your VA loan entitlement.

Competitive interest rates. You'll typically have access to rates on par with or lower than other common loan types.

VA fees. You may have to pay a VA funding fee of up to 3.6% of your loan amount.

Eligibility hurdles. You can't qualify unless you meet military service requirements.

Occupancy requirement. You can't use a VA loan to buy a second home or an investment property.

Property requirements. Your home must meet stringent VA appraisal standards.

Risk of going underwater. You may later owe more than your home is worth if you roll the VA funding fee into your loan amount.

Frequently asked questions

Military veterans, active-duty service members and eligible surviving spouses may qualify for a VA loan as long as they meet the minimum service requirements and have sufficient VA entitlement.

According to VA guidelines, you’re typically eligible for a VA loan if:

You’re an active-duty service member who served more than 90 continuous days of active duty
You’re a veteran or member of the National Guard or Reserve member, and you meet the active-duty requirements for your service dates
Your spouse was a service member and is missing in action, or died while in service or from a service-related disability

To confirm your eligibility for a VA loan and see how much of your VA loan entitlement you have left, apply online for a certificate of eligibility at the Veterans Information Portal.

VA purchase rates are typically slightly cheaper than refinance rates, but some lenders may offer more competitive rates on the loan type they specialize in. Whether you’re buying or refinancing, get at least three to five loan estimates on the same day to ensure you’re snagging the best VA loan rate possible.

The exact timeline will vary from lender to lender, but you can expect the VA loan process to take between one and two months.

Featured VA loan articles

Can You Get a VA Home Loan with Bad Credit?

How to Get a VA Funding Fee Exemption

What Is the Minimum VA Loan Credit Score?

8 Steps to Getting a VA Loan for a Multifamily Home