Current VA loan rates

Written by Dhara Singh

On , the national average 30-year VA loan APR is 4.810%. The average 30-year VA refinance APR is 4.890%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

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Current VA loan rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive VA loan rates. This interest rate table is updated daily to give you the most current rates when choosing a VA mortgage home loan.

Product Interest Rate APR
30-Year Fixed-Rate VA 4.710% 4.810%
30-Year Fixed Rate 5.400% 5.410%
30-Year Fixed-Rate FHA 4.620% 5.440%
30-Year Fixed-Rate Jumbo 5.340% 5.350%

What is a VA loan?

VA home loans are mortgages that are partially backed by the U.S. Department of Veterans Affairs, or VA. They are available to current or former members of the military, and can be a great option for borrowers who qualify. Compared to other types of loans, VA mortgages are especially accessible since they don’t require a down payment or mortgage insurance. By comparison, other low-down payment loans typically require mortgage insurance if the borrower puts down less than 20 percent.

"The VA loan program is one of the best available for eligible homebuyers,” says Kevin Parker, vice president of field mortgage originations at Navy Federal Credit Union. “VA loans offer lower interest rates than conventional products which means VA buyers can save money in interest over the life of the loan. VA loans also do not require down payments which can be an especially attractive benefit for first-time homebuyers. Additionally, VA buyers do not have to pay private mortgage insurance, which is sometimes required when paying little down on a conventional product and can add a significant cost to monthly mortgage payments.”

VA loans have specific appraisal and home inspection requirements, which allows buyers to feel more confident in the property they are purchasing, Parker also points out.

>>Read more about how to get a VA loan.

Who qualifies for a VA loan?

The VA itself doesn’t administer or fund VA loans; these mortgages are originated by private VA-approved lenders. To be eligible for a VA loan, you must be an active-duty service member, veteran, current or former National Guard or Reserve member or surviving spouse. You’ll also need to obtain a certificate of eligibility (COE) from the VA before starting the loan application process. Here’s a list of the specific groups who are typically eligible:

  • Veterans
  • Active-duty service members
  • Current or former National Guard or Reserve members (regardless of whether they have been activated for Federal Service)
  • Discharged members of the National Guard (regardless of whether they have been activated for Federal Service)
  • Surviving spouses

You can apply for a COE by mail, online or through your lender.

>>Read more about VA loan requirements.

Pros and cons of VA loans

A VA loan offers several benefits you may not get with other types of loans. However, there are some downsides as well.

Pros

  • Interest rates tend to be lower than conventional mortgages
  • Very flexible credit underwriting​​ — you can qualify with a credit score in the 600s
  • No down payment or mortgage insurance requirement
  • Refinance options: If you currently have a VA loan, you can get an Interest Rate Reduction Refinance Loan (IRRRL) with a lower rate and lower your monthly payments, or do a VA cash-out refinance. If you currently have another type of mortgage, you can refinance it into a VA loan with a lower rate and applicable benefits if you’re eligible.

Cons

  • You must meet the VA’s eligibility requirements
  • Generally can’t be used to purchase a second home or investment property, with some exceptions
  • You must pay the VA funding fee, which is based on current duty status, amount of down payment (if making one) and how much is borrowed.

How VA loan rates compare to other mortgage rates

In general, VA loans tend to have lower rates than other mortgages such as conventional loans and FHA loans. Below, you can see how a VA loan differs from a conventional 30-year fixed mortgage.

VA Loan 30-Year Fixed Loan Conventional 30-Year Fixed Loan
Home price $300,000 $300,000
Down payment $0 (0%) $11,736 (3%)
Loan amount $391,200 $379,464
Interest rate 5.25% 5.91%
Monthly payment $2,160 $2,503
PMI (mortgage insurance) $0 $121 (0.50%)
Total monthly payment $2,160 $2,624

*Notes: Interest rates as of June 16, 2022; monthly payments do not include insurance or taxes.

VA loan FAQs

Learn more about VA loans

Written by: Dhara Singh, mortgage reporter for Bankrate

Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.

Read more from Dhara Singh

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates