Written by
Jeff Ostrowski
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Edited by
Laurie Richards
Reviewed by
Greg McBride, CFA
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Edited by
Laurie Richards
Reviewed by
Greg McBride, CFA
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
On Tuesday, September 10, 2024, the national average 30-year VA loan APR is 6.68%. The average 30-year VA refinance APR is 7.40%, according to Bankrate's . latest survey of the nation's largest mortgage lenders. Read more
On this pageComparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page Jump toCurrent mortgage rates
| 30 year fixed VA | 6.61% |
For today, Tuesday, September 10, 2024, the national average 30-year VA mortgage interest rate is 6.65%, up compared to last week’s of 6.56%. The national average 30-year VA refinance interest rate is 7.37%, down compared to last week’s rate of 7.43%.
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.
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.
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.
VA loans help eligible members of the armed forces more easily buy, build or renovate homes. Benefits include:
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.
Phil Crescenzo Jr.
Vice President, Southeast Division, Nation One Mortgage Corporation
The variables of each loan are everything in this equation. The benefits of a VA mortgage loan are significant in many ways, especially allowing 100-percent financing without PMI, whereas a conventional mortgage would require a 20 percent down payment to eliminate PMI. In the scenario where a veteran does want to put 20 percent down, the funding fees associated with VA loans can be costly. If a veteran has a service-connected disability, the funding fee is waived and the veteran is exempt. In those cases, credit score would play a major factor in this decision. Overall, VA loans will be much more flexible on credit scores and have fewer costs associated with credit when compared to a conventional loan.
Writer, Home lending
When comparing a VA loan with a conventional loan, start by looking at how much you’ll pay in fees. Crunch the numbers between paying the VA funding fee versus PMI, as well as looking at the interest rate. Also, know that VA loans typically take longer to close than conventional loans, which can ding your offer in a competitive environment.
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.
Garden State Home Loans
Rating: 3.6 stars out of 5Bankrate 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 requiredNationwide 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 loansRecent 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.
Rating: 4.98 stars out of 5 Rating: 4.39 stars out of 5 Caret DownState License: 4965
Rating: 4.5 stars out of 5Bankrate 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. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered Conventional, FHA, VA, refinancing and more Min. credit score required Nationwide availability All U.S. states except New York Min. down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loansRecent 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.
Rating: 4.94 stars out of 5 Rating: 4.39 stars out of 5 Caret DownVA 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.
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.
Edited by: Laurie Dupnock, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
