VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). They are available to eligible current or former members of the military and surviving spouses. Compared to other types of loans, VA mortgages are especially accessible since they don’t require a down payment or mortgage insurance. Other low-down payment loans typically require mortgage insurance if the borrower puts down less than 20 percent. VA loans do, however, require you to pay a funding fee. This cost can be paid upfront at closing or folded into the loan (which means you’ll pay interest on it).

How much does a VA loan cost?

If you’re borrowing using a VA loan, there will be other costs in addition to interest you pay on the mortgage. The first is the VA funding fee, which varies based on the size of your down payment, how much you borrow and your current status, as well as whether this is your first time borrowing a VA loan. There are also closing costs for a VA loan, which can include the price of a credit check, a VA appraisal fee and title insurance, among other expenses.

Are VA refinance rates different from VA purchase rates?

There isn’t much variation in VA loan refinance rates compared to the VA loan rate on a home purchase, according to Bankrate data as of December 2023. However, VA loan APRs (annual percentage rates), which account for the interest rate plus the lender’s fees and points, often differ. That’s because APR fees can be less expensive on a refinance and, if you do a VA streamline refinance, you won’t pay for additional costs like an appraisal.

Should I lock in my VA mortgage rate?

With a rate lock, you’ll freeze the rate on your mortgage so it won’t change. The lock guarantees (with some exceptions) that your desired rate will remain available for a specific period of time, so you won’t be affected if rates climb between submitting an offer and closing on the loan. Most rate locks are between 30 days and 60 days, although you might be able to obtain a lock of 90 days, 120 days or longer. Bear in mind that longer rate locks tend to come with a fee. Of course, locking a rate comes with risk. If you lock too early, you might miss out on the opportunity for a better rate prior to completing the purchase. On the other hand, you might want to secure a lower rate if rates are trending up.

Compare Current VA Loan Rates Today

Weekly national VA mortgage interest rate trends

Current mortgage rates

30 year fixed VA

7.18%

Today's national VA mortgage interest rate trends

For today, Monday, May 13, 2024, the national average 30-year VA mortgage interest rate is 7.15%, down compared to last week’s of 7.28%. The national average 30-year VA refinance interest rate is 7.61%, down compared to last week’s rate of 7.69%.

While these rate averages regularly fluctuate, they can help you identify changes in the market. The specific rate you’re offered depends on a number of factors, including your individual credit and finances.

Current VA loan interest rates

VA loan rates are slightly lower than rates for other mortgage types. The 30-year VA loan rate averaged 6.87 percent as of March 27, 2024, compared to a conventional loan rate average of 6.96 percent, according to Bankrate data. In general, rates have been bouncing around in a tight range going into the spring homebuying season. Housing economists say rates will drop once the Federal Reserve begins cutting interest rates. According to Veterans United’s 2024 Veteran Homebuyer Report, half of veterans polled expect mortgage rates to stay the same or decrease within the next year.

The interest rate on a VA mortgage depends on many variables, including:
- Credit score: Unlike other mortgage products, the VA doesn’t require a minimum credit score to qualify for a VA loan — but the lender you borrow from might. Many VA lenders look for a score of at least 620.
- Loan term: Shorter-term loans typically have lower interest rates, which reduces your overall cost, but your monthly payments will be higher. By contrast, longer-term loans have higher rates, but lower monthly payments.
- Current market conditions: Broad economic trends, such as inflation, also impact mortgage rates.
- Lender: The lender you work with sets its own rate based on profit margin and other factors.

VA loan eligibility requirements

To be eligible for a VA loan:

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.

In addition, if your spouse died in the line of duty, you might qualify for a VA loan.If you meet these requirements, you’ll next need to obtain your certificate of eligibility (COE). You can request this online, by mail or through your VA mortgage lender.

Benefits of VA loans for service members

VA loans help eligible members of the armed forces more easily buy, build or renovate homes. Benefits include:

No down payment
No mortgage insurance
Low credit score requirements
Mortgage rates that are lower than other loan types

How to get the best VA loan rate

Check your credit score. While VA lenders aren’t as strict as other types of lenders, a score above 620 gives you the most options.
Shop around. While all VA loans are backed by the VA, individual lenders offer mortgages. Rates can vary by half a point or more from one lender to the next.
Check out lender reviews. Some VA lenders have stellar reputations for customer service — but others not so much. You can learn more about individual lenders on Bankrate's review hub.

VA loans vs. conventional loans

Both a VA loan and a conventional loan provide home financing. VA loans don’t require a down payment; conventional loans require at least 3 percent down. With a conventional loan, however, you can buy a primary residence (the home you’ll live in), an investment property or a vacation home. The same doesn’t apply to VA loans, which can only be used to finance primary residences.

Here’s an example of the costs associated with a VA loan versus a 30-year fixed loan. Keep in mind interest rates are dependent on the market and the borrower's creditworthiness.

	30-year fixed VA loan	30-year fixed conventional loan
Home price	$400,000	$400,000
Loan amount	$400,000 (0% down payment)	$400,000 (3% down payment)
Interest rate	6.87%	6.96%
Monthly payment (Principal and interest)	$2,626	$2,571
Monthly mortgage insurance	$0	$485
Total monthly payment	$2,626	$3,056
Total interest	$545,360	$537,560
Total mortgage insurance	$0	$67,711
Total cost	$945,360	$993,271

Note: Interest rates as of March 27, 2024. Conventional loan assumes 1.5 percent annually in private mortgage insurance premiums. Calculation does not include VA funding fee, homeowners insurance, property taxes or HOA fees.

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.

Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

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

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.

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

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.

4.9

1064reviews

Read full lender review

VA loan FAQ

VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). They are available to eligible current or former members of the military and surviving spouses.

Compared to other types of loans, VA mortgages are especially accessible since they don’t require a down payment or mortgage insurance. Other low-down payment loans typically require mortgage insurance if the borrower puts down less than 20 percent.

VA loans do, however, require you to pay a funding fee. This cost can be paid upfront at closing or folded into the loan (which means you’ll pay interest on it).
If you’re borrowing using a VA loan, there will be other costs in addition to interest you pay on the mortgage. The first is the VA funding fee, which varies based on the size of your down payment, how much you borrow and your current status, as well as whether this is your first time borrowing a VA loan. There are also closing costs for a VA loan, which can include the price of a credit check, a VA appraisal fee and title insurance, among other expenses.
There isn’t much variation in VA loan refinance rates compared to the VA loan rate on a home purchase, according to Bankrate data as of December 2023. However, VA loan APRs (annual percentage rates), which account for the interest rate plus the lender’s fees and points, often differ. That’s because APR fees can be less expensive on a refinance and, if you do a VA streamline refinance, you won’t pay for additional costs like an appraisal.
With a rate lock, you’ll freeze the rate on your mortgage so it won’t change. The lock guarantees (with some exceptions) that your desired rate will remain available for a specific period of time, so you won’t be affected if rates climb between submitting an offer and closing on the loan. Most rate locks are between 30 days and 60 days, although you might be able to obtain a lock of 90 days, 120 days or longer. Bear in mind that longer rate locks tend to come with a fee. Of course, locking a rate comes with risk. If you lock too early, you might miss out on the opportunity for a better rate prior to completing the purchase. On the other hand, you might want to secure a lower rate if rates are trending up.

Additional VA loan resources

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.

Compare current VA loan rates