Today's Mortgage Rates in West Virginia

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Updated: July 17, 2024

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Today's 30-year mortgage rate in West Virginia for a fixed loan is 6.75%, lower than the current national average rate of 6.90% for similar loans. West Virginia homebuyers can access beneficial programs such as the HOMEownership Program and the MOVIN’ UP Program, which may help lower mortgage expenses.

We'll guide you through the intricacies of mortgage rates by loan type, explain the difference between interest rate and APR and show you how rates can vary based on credit score. You'll also learn about the different kinds of mortgages available and how their rate structures work in the West Virginia market, along with information on local mortgage lenders and assistance programs that make your goal of owning a home more achievable.

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 West 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 West Virginia

In July 2024, the average APR for a 30-year fixed-rate mortgage in West Virginia is 6.75%, an increase from June's rate of 6.54%. With a $250,000 loan and a 20% down payment, this slight rate movement can mean an additional $10,002 in total cost over the life of your loan, not including property taxes or HOA fees.

Rates are prone to change due to economic factors and shifts in federal interest rates. Our line chart illustrates the trend of mortgage rates in West Virginia over the past months, showing how even modest adjustments in the current mortgage rate can have an impact on your finances.

Current Mortgage Rates in West Virginia (Jan to May)

Understanding the current mortgage rate in West Virginia can help you budget, as it can impact your monthly payments.

Who Needs to Know Current Mortgage Rates in West Virginia?

Understanding today's mortgage interest rates in West Virginia can benefit first-time buyers and those looking to refinance. This knowledge is a stepping stone to navigating the housing market.

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    First-time homebuyers

    Knowing current rates aids first-time homebuyers in West Virginia by showing them the rates lenders may offer and helping them gauge whether the rates are competitive.

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    Homeowners with mortgages

    By knowing current rates, homeowners in West Virginia can assess if a mortgage refinance will be economical due to the current lower rates.

Purchase rates can differ from refinance rates. For instance, the current mortgage rate for a 30-year fixed mortgage in West Virginia is 6.75% if you buy a home. In contrast, if you're looking to refinance, the rate jumps to 7.51% for the same loan type.

Current Mortgage Rates in West Virginia by Loan Type

A 30-year fixed-rate mortgage in West Virginia usually has a higher interest rate than a 15-year fixed-rate mortgage. Lenders face increased uncertainty and market changes over the longer 30-year span, which is reflected in the rates you see.

Explore mortgage loan types in West Virginia to see your options. Using a mortgage calculator can simplify your decision-making process by showing how rate differences affect your monthly payments and long-term finances.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.86%APR6.01%
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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 on your mortgage. West Virginia's average mortgage interest rate is 6.67% for a 30-year fixed-rate mortgage.

An APR shows the bigger picture of what you'll pay for your mortgage. West Virginia's average APR for a 30-year fixed mortgage is 6.75%. This includes the interest rate and other costs, like mortgage points and fees associated with the loan, telling you the overall yearly expense of your mortgage.

Current Mortgage Rates in West Virginia by Credit Score

In West Virginia, if you have a stellar credit score of 740 or higher and make a down payment between 5% and 20%, you'll see an average APR of 6.97% for a 30-year fixed mortgage. A lower credit score below 680 results in an average APR of 8.16%.

Your credit score directly impacts the mortgage rates you could see in West Virginia. Explore the interactive table to check out the rates you might get 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
15-year FixedAPR6.30%
20-year FixedAPR6.97%
30-year FixedAPR7.17%
5-year ARMAPR7.80%
7-year ARMAPR7.62%

Mortgage Types in West Virginia

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in West Virginia. Knowing your mortgage options can help guide your decision-making process. Explore the different types of loans t consider:

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

Conventional Loans

Conventional loans in West Virginia are not insured by government agencies and are a popular choice.

Rates for conventional loans vary by credit score and down payment amounts.

6.75%

FHA Loans

FHA loans in West Virginia have lower down payment and credit requirements.

FHA loans typically offer lower rates for borrowers with less-than-perfect credit.

7.29%

VA Loans

VA loans in West Virginia have competitive rates with no down payment and benefit veterans and service members.

VA loans offer competitive rates due to government backing that reduces lender risk.

6.45%

USDA Loans

USDA loans in West Virginia support rural development by offering households with low to moderate income the chance to own homes.

USDA loans can offer below-average rates since they are government-backed to promote rural area development.

currently unavailable

Jumbo Loans

Jumbo loans in West Virginia are for high-value properties and exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans often carry higher rates as they involve larger sums and increased lender risk.

7.07%

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MORTGAGE RATE STRUCTURES IN WEST VIRGINIA

Mortgage rates in West Virginia are of two types: fixed and adjustable.

  • Fixed mortgage rates stay the same throughout your loan, ensuring your monthly mortgage payments never increase. This stability can be a relief during budget planning.
  • Adjustable mortgage rates can fluctuate with the market, possibly lowering your payments when rates drop, giving you the chance to save in the short term.

As of July 2024, West Virginia's average APR for a 30-year fixed-rate loan is 6.75%. For a 7-year ARM, it's 7.64%. These rates impact your monthly mortgage payments, so keep them in mind while you explore your options.

Mortgage Lenders in West Virginia

New American, Truist and Bank of America are solid options for securing a mortgage in West Virginia. These lenders were selected based on their availability in West Virginia, Better Business Budget accreditation and homeowner assistance programs. Remember, while these lenders are excellent choices, there are other lenders in West Virginia you might consider.

The mortgage rate in West Virginia can vary depending on which lender you choose. Each offers unique mortgage options and terms, which means rates can differ. To find the best rate, compare offers from several mortgage lenders in West Virginia.


  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    New American provides diverse offerings, including conventional and FHA loans. Applicants need a minimum credit score of 580 for FHA loans and a down payment as low as 3.5%, making it accessible to many first-time homebuyers. For conventional loans, qualified borrowers need at least a 3% down payment.

    New American's customer service is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays to address any questions or guide you through the loan process. It offers support over the phone and through email. Aspiring homeowners in West Virginia also have access to loan assistance solutions through New American, broadening their chances of making homeownership a reality.

    Pros

    • Extensive mortgage options available
    • Mobile app for mortgage management
    • 14-day close guarantee on purchases

    Cons

    • No FAQ section for quick help
    • No prequalification online
    • Missing branches in 11 states
    New American

  • 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 offers a broad range of mortgage products, including conventional, VA, FHA and jumbo loans. However, it doesn't disclose the minimum credit score requirements. Down payments can be as low as 3%, though it isn't specified which product type this applies to.

    Truist's customer service hours are from Monday to Friday, 8 a.m. to 8 p.m. ET and on Saturday, 8 a.m. to 5 p.m. ET, via phone, social media and in-person channels. In addition to traditional lending options, it offers unique programs like Doctor Loans, Construction to Permanent Loans and Affordable Lending Options tailored to different homeownership aspirations.

    Pros

    • Mortgage programs for doctors, construction loans
    • Online amortization calculator tool
    • Loan payment assistance available

    Cons

    • Requires talking to a specialist for details
    • Mortgages unavailable in Alaska, Arizona, Hawaii
    • No mortgage payment relief options
    Truist

  • Bank of America
    • 6Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours

    Bank of America offers online and in-person services to cater to their needs. Whether buying your first home or refinancing, it provides several options, including fixed-rate, adjustable-rate and specialized mortgages like FHA and VA loans tailored for veterans and servicemembers. The Affordable Loan Solution mortgage is notable for those seeking a low down payment option, requiring just 3%. VA loans offer the benefit of no down payment, addressing diverse financial capabilities and homeownership goals.

    Support is accessible through customer service hours from Monday to Friday, 8 a.m. to 10 p.m. ET, and shorter hours on Saturday from 8 a.m. to 6:30 p.m. ET, through online, phone and in-person channels. Bank of America also empowers homeowners with programs like America’s Home Grant® and Down Payment Grant, providing tangible assistance to eligible buyers. These features and offerings demonstrate Bank of America's commitment to guiding borrowers through the process of securing a home loan.

    Pros

    • Offers unique mortgage products (Affordable Loan, Doctor Loans)
    • Provides a Client Assistance Program for payment delays
    • Features several online financial planning tools

    Cons

    • Mandatory online profile for prequalification
    • Minimum credit score undisclosed
    Bank of America

Mortgage Programs in West Virginia

Homeownership has hidden costs aside from your monthly mortgage dues. In West Virginia, you can tap into resources like the West Virginia Housing Development Fund for support with mortgage programs.

Program
Content

HOMEownership Program

Designed for West Virginians, the HOMEownership Program offers a 30-year, fixed-rate mortgage to those who haven't owned a home in the past three years, subject to income and purchase price limits. This loan can finance the total purchase price with an optional down payment and closing cost assistance.

MOVIN’ UP Program

The MOVIN’ UP Program extends to one or two-person households with an income below $130,560 or $152,320 for larger households. This mortgage option is not limited to first-time buyers but has purchase price restrictions. Eligible properties include single-family homes, townhomes, condos and new double-wide manufactured homes within state lines.

Low Down Home Loan

With the Low Down Home Loan, buyers can receive up to $8,000 to cover upfront costs in conjunction with the HOMEownership Program. This 15-year fixed-rate loan benefits from a 2% interest rate, aiding those who qualify under the Homeownership Program's loan-to-value ratio requirements.

FAQ: Mortgage Rates in West Virginia

Understanding today's mortgage rates in West Virginia is critical for anyone purchasing a home. We've answered common questions borrowers may have about current mortgage rates in West Virginia.

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