Today's Mortgage Rates in Virginia

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Updated: July 17, 2024

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Today's 30-year mortgage rate in Virginia is 6.84%, slightly lower than the national average rate of 6.90% for similar loans. Virginia homebuyers have access to programs that can help reduce mortgage costs, including the Virginia Housing Conventional and Virginia Housing Plus Second Mortgage.

We'll help you understand today's 30-year mortgage rate in Virginia by loan type and how your credit score affects rates. Learn the essentials of mortgage types, rate structures, lenders, and Virginia-specific mortgage programs. This information will allow you to make mortgage decisions confidently.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Virginia. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Virginia

In Virginia, the average APR for a 30-year fixed-rate mortgage is 6.84% for July 2024, an increase from June's 6.69%. This movement might seem minor, but it means an additional cost of $7,187 over the loan's term, assuming a $250,000 loan with a 20% down payment. The additional amount doesn't include other expenses like property taxes or HOA fees. Keeping an eye on the current mortgage rate and understanding its impact could save you a significant amount of money.

Rates adjust often, reflecting changes in the economy and shifts in supply and demand for loans. Our line chart illustrates the rates of these trends, enabling you to see the pattern of rate adjustments over recent months.

Current Mortgage Rates in Virginia (Jan to May)

Understanding the current mortgage rate in Virginia can help you budget as you navigate the home-buying process.

Who Needs to Know Current Mortgage Rates in Virginia?

Today's mortgage interest rates in Virginia are a snapshot of the housing market for first-time homebuyers and those looking to refinance.

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    First-time homebuyers

    By understanding mortgage rates, first-time homebuyers in Virginia can gauge what deals they might get from lenders.

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    Homeowners with mortgages

    Homeowners with mortgages might identify savings opportunities by knowing current rates and considering a mortgage refinance.

Purchase rates and refinance rates differ. If you're buying a home in Virginia, the current mortgage rate for a 30-year fixed is 6.84%. The refinance rate is 8.13% for the same type of loan. These numbers give you a clear view of the landscape for new home loans and the refinancing of existing ones.

Current Mortgage Rates in Virginia by Loan Type

A 30-year fixed-rate mortgage in Virginia tends to have a higher interest rate than a 15-year fixed-rate mortgage. The longer loan period means there's more time for things to go wrong, like a change in the market or missed payments, making it a bigger risk for the lender.

With that in mind, you might want to explore mortgage loan types in Virginia to understand what best fits your budget and plan. To further tailor your search, a mortgage calculator is an efficient tool to break down your monthly payments and compare them across different loan terms and rates.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
6.09%APR6.30%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate is the yearly cost you’ll pay to borrow money for a mortgage. If you're considering a home in Virginia, the average mortgage interest rate for a 30-year fixed-rate loan is 6.76%.

APR, or annual percentage rate, includes the interest rate and other charges or mortgage points connected to the loan. For the same type of mortgage in Virginia, the average APR is slightly higher at 6.84%, giving you a complete picture of the annual cost.

Current Mortgage Rates in Virginia by Credit Score

In Virginia, if your credit score is 740 or higher and you plan a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.21%. With a credit score below 680, this rate increases to 8.15%.

Your credit score directly impacts the mortgage rates you can get in Virginia. Check out the interactive table below to see the rates you might qualify for based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.91%
15-year FixedAPR6.34%
20-year FixedAPR6.94%
30-year FixedAPR6.91%
5-year ARMAPR7.67%
7-year ARMAPR7.63%

Mortgage Types in Virginia

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Virginia at 6.55%. Knowing your mortgage options allows you to make an informed decision and could lead to savings over the life of your loan. Review the home loan types available in Virginia to see which might fit your needs:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Virginia

Conventional Loans

Conventional loans in Virginia are not insured by the government but by private lenders.

Conventional loan rates can vary widely based on credit score and down payment.

6.84%

FHA Loans

FHA loans in Virginia are backed by the Federal Housing Administration and can have lower down payments.

FHA loan rates are typically lower, offering affordability to those with lower credit.

6.97%

VA Loans

VA loans in Virginia are guaranteed by the Department of Veterans Affairs for eligible military members.

VA loan rates are often lower due to government backing, which reduces lender risk.

6.55%

USDA Loans

USDA loans in Virginia are supported by the United States Department of Agriculture for rural homebuyers.

USDA loan rates can be below average as they are designed to aid rural development.

currently unavailable

Jumbo Loans

Jumbo loans in Virginia exceed the conforming loan limits set by the Federal Housing Finance Agency.

Jumbo loan rates might be higher due to the larger loan amounts and associated risks.

7.01%

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MORTGAGE RATE STRUCTURES IN VIRGINIA

Mortgage rates in Virginia come in two types: fixed and adjustable.

  • A fixed-rate mortgage locks in your interest rate so your monthly mortgage payments remain constant. You enjoy the security of knowing exactly what you pay each month.
  • An adjustable-rate mortgage usually starts with a lower rate that may vary over time, potentially reducing your initial monthly mortgage payments when interest rates decline.

As of July 2024, the average APR in Virginia is 6.84% for a 30-year fixed loan and 7.58% for a 7-year adjustable-rate mortgage.

Mortgage Lenders in Virginia

Lower, Truist and Rocket are solid options if you're looking to secure a mortgage in Virginia. We picked these lenders based on their availability in the state, Better Business Bureau accreditation and homeowner assistance programs. Remember, other lenders in Virginia may also fit your needs.

Your choice of lender can influence the mortgage rate you're offered, as each lender has unique mortgage options and loan terms. By comparing rates from different mortgage lenders in Virginia, you can find the most favorable deal.


  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    Lower is a digital-first mortgage lender providing loans in Virginia exclusively online. Mortgage seekers in Virginia can choose from various options, including conventional and FHA loans. With these offerings, a borrower needs a minimum credit score of 580 to qualify. Lower doesn't specify details about the required down payment, so speaking with a representative for personalized information is a good idea. Borrowers can contact customer service for assistance from Monday to Friday between 9 a.m. and 5 p.m. ET via phone and text.

    Lower offers a homeowners assistance program — Buy Before You Sell — designed to help homeowners manage the transition between selling an old home and buying a new one. This program can be beneficial when trying to navigate timing and financial details. According to MoneyGeek's analysis, Lower is also the top HELOC lender in most states, showing its broad expertise in the lending market. Lower demonstrates its capability to cater to a diverse range of borrowing needs through its varied loan products and commitment to customer support.

    Pros

    • Online prequalification available
    • BBB-accredited firm, A+ rating
    • Extensive FAQ for financial products

    Cons

    • Limited mortgage product variety
    • Application requires phone follow-up
    • No face-to-face assistance
    Lower.com

  • Truist
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours

    Truist caters to homebuyers in Virginia, offering a range of mortgage products to suit different needs. It provides conventional, VA, FHA and jumbo loans. Note that it doesn't publicly reveal minimum credit score requirements. For down payments, the lender states it can be as low as 3% for some mortgage options. Support is accessible through phone, social media and in-person visits, with customer service hours available from Monday to Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET.

    Potential homeowners can benefit from Truist's diverse homeowners assistance programs, such as Doctor Loan, Construction to Permanent Loans and Affordable Lending Options. These programs aim to facilitate the home-buying process for various professional and financial situations, ensuring that flexible options are available. Truist maintains an A+ BBB rating, signifying a strong commitment to customer service and support.

    Pros

    • Doctor Loan and Construction to Permanent options
    • Online mortgage calculator with amortization
    • Affordable loans with payment assistance options

    Cons

    • Interaction with professionals for mortgage details
    • No mortgages in Alaska, Arizona, Hawaii
    • Lack of payment relief for mortgages
    Truist

  • Rocket
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours

    Rocket provides various loans, including FHA and conventional. For a conventional loan, you need a minimum credit score of 620, while an FHA loan accepts credit scores as low as 580. Down payments are also manageable, starting at 3.5% for FHA loans and 3% for conventional loans, promoting easier access to home ownership.

    Rocket ensures you have support when you need it. Customer service is available from 8:30 a.m. to 9:00 p.m. ET during the work week and 9:00 a.m. to 4:00 p.m. ET on Saturdays, either over the phone or through chat. Rocket also offers homeowners assistance programs such as HomeReady, HomePossible and Freddie Mac BorrowSmart Access, assisting various buyers in achieving their homeownership goals with tailored solutions.

    Pros

    • Online prequalification available
    • Homebuyer programs through partnerships
    • ONE+ program with 2% downpayment coverage

    Cons

    • No physical branches available
    • No USDA loans
    Rocket

Mortgage Programs in Virginia

Homeownership has hidden costs that could impact your budget. In Virginia, you can explore assistance through Virginia Housing, reviewing its mortgage programs for homebuyers.

Program
Content

Virginia Housing Conventional

Virginia Housing Conventional loans are great for first-timers and those buying again. Less money is required upfront, and you benefit from consistent monthly payments over 30 years at a fixed rate. You may qualify if your credit score is 640 and your debt-to-income stays below 50%. You may also use gifts for your down payment.

Virginia Housing Conventional (No Mortgage Insurance)

Virginia Housing Conventional (No Mortgage Insurance) mirrors the regular Virginia Housing Conventional loan but removes the need for mortgage insurance, lowering your monthly payments. You must have a 660 credit score and adhere to debt-to-income and income bounds to take advantage of possible savings.

Virginia Housing Plus Second Mortgage

Virginia Housing Plus Second Mortgage is perfect if you cannot provide a large down payment. You can pair your main mortgage with a secondary loan that covers your initial home costs. Depending on your credit score, you could get additional funds. Those with a credit score of 680 or higher can include closing costs into the loan. Ensure you have 1% of the purchase price ready and meet income guidelines.

Closing Cost Assistance (CCA) Grant

The Closing Cost Assistance (CCA) Grant works well if you're pursuing a VA or RHS loan with Virginia Housing. Note that this isn't a loan — it's a grant, which means you're not paying it back. Obtain up to 2% of the purchase price to cover upfront fees, provided you meet first-time buyer and income conditions.

Down Payment Assistance Grant

With the Down Payment Assistance Grant from Virginia Housing, achieving homeownership becomes a smooth process. You don't need to repay it since it's a grant and not a loan. With the grant, you could receive up to 2.5% of your property's value. Make sure your income aligns with the loan limits. Secure your Virginia Housing mortgage first; then, apply for this grant to complete your home purchase journey.

FAQ: Mortgage Rates in Virginia

We've answered your pressing questions about today's mortgage rates in Virginia. Understanding these rates can influence your home-buying decisions.

What are the current mortgage rates in Virginia?
How do mortgage rates in Virginia compare to national rates?
How does my credit score impact the mortgage rates I get in Virginia?
Are there any special mortgage programs in Virginia to help homebuyers?
How can I get the best possible mortgage rate in Virginia?
What are today's mortgage refinance rates in Virginia?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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