Because the federal government backs VA home loans, lenders have the luxury of charging competitively low interest rates. Eligible veterans and service members find that rates are generally lower with a VA home loan than a conventional mortgage.
As of today, September 8th, 2024, the 30-year fixed VA loan purchase rate is 5.250% — higher compared to last week's average. Today's 30-year fixed VA refinance loan rate stands at 5.750%. See more rates, including assumptions, in the table below.
Rates are unique to each borrower's financial situation. Speak to a Veterans United home loan specialist at 1-800-884-5560 to start your rate quote.
It is important to understand the difference between your interest rate and the Annual Percentage Rate (APR). The interest rate on your VA loan is the cost you pay each year to borrow the money and does not reflect fees you may incur to get the loan.
On the other hand, the APR on a VA loan is a broader reflection of borrowing costs, including the interest rate and fees associated with getting the mortgage.
APR can take into consideration the following items:
APR is typically higher than your base VA loan interest rate. APR is a tool that can help you compare mortgage offers. But understand that lenders may calculate APR differently.
Borrowers have the option to buy down their interest rate by purchasing discount points. When you purchase discount points, you are essentially paying interest upfront to receive a lower rate over the life the loan.
Points are generally more advantageous to borrowers who plan to own the home for a longer period of time. Your loan officer can help you determine the break-even point of purchasing discount points, or if points even make sense for your specific situation.
A rate lock guarantees a set interest rate for a specific amount of time - typically ranging from 30 to 60 days. Rate locks are an essential part of the mortgage process, as mortgage rates often fluctuate daily.
Buyers have to be under contract in order to be eligible for a rate lock. Once that’s in hand, the timeline can vary depending on a host of factors, including the type of loan, the overall economic environment and more.
There's no obligation, and you'll be one step closer to owning your brand new home.
Locking in your interest rate at the right time is key, which means it's essential to find a lender who understands your needs and the forces that shape VA loan interest rates.
Some lenders try to entice borrowers with unbelievably low rates that are nearly impossible to qualify for. We'll work within your financial means and give you an accurate and realistic quote.
With Veterans United, there are no hidden costs or locking fees. By speaking with a Veterans United loan specialist, you're given total transparency when it comes to your interest rate.
Are you a first-time homebuyer? Read our next section for more information about purchasing your first home with a VA Loan.
1 Our military advisors are paid employees of Veterans United Home Loans.
Call to see what you qualify for today! 1-800-884-5560 Get a Quote Representatives Available 24/7 to Better Serve Troops Overseas
Copyright © 2024 Mortgage Research Center, LLC. All Rights Reserved. NMLS ID #1907 (www.nmlsconsumeraccess.org)
† #1 VA Lender: Veterans United Home Loans provided more VA Home Loans by volume than any other lender as of Oct. 2023. Top VA Purchase Lender each Fiscal Year between 2016-2023. Source: Department of Veterans Affairs Lender Statistics
A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Licensed in all 50 states. Customers with questions regarding our loan officers and their licensing may visit the Nationwide Mortgage Licensing System & Directory for more information.
1400 Forum Blvd. Ste. 18 , Columbia , MO 65203
This website uses technologies such as cookies and pixels to improve site functionality, as well as for analytics and advertising. By continuing, you agree to our use of cookies and pixels. Learn more about our use of cookies and pixels in our privacy policy.
Enter to win $80,000 toward your new home! No purchase necessary; see official rules for details. Enter to win Enter the 2024 Home Field Advantage $80K Veteran Homebuyer Giveaway1. realtor.com is hosting and helping to administer and promote the sweepstakes.
2. NMLS #1907 (nmlsconsumeraccess.org). Not affiliated with Dept. of Veterans Affairs or any government agency.
3. May be subject to tax withholding. See Official Rules for details.
VA Loan Rates and APR calculations valid as of Sep 8th, 06:16 PM CST.
Mortgage rates update at least daily. Not all loan types are available in every state.
All rate availability will depend upon an individual's credit score and details of the loan transaction. First-time homebuyers may not qualify for a jumbo product. The interest rates presented are subject to change at any time and cannot be guaranteed until locked in by your Loan Officer.
All rates assume an owner-occupied primary residence not including manufactured homes, and are calculated using a default credit score of 720 (which may be changed through our interactive drop-down menu and any change to the default credit score may result in a change in the displayed rate) with applicable charges and fees (including the VA Funding Fee) included, and also assume 181 days of eligible active regular (non-reserves) military service with no service-related disabilities or previous use of a VA Loan.
The loan rates and APR calculations also assume certain additional facts according to the type of loan described.
Fixed-Rate Purchase Loan Assumptions:
In addition to assumptions above, current advertised rates for fixed rate purchase loans assume a 30-day lock period, no down payment and a $295,000 loan amount.
Streamline (IRRRL) Loan Assumptions:
In addition to assumptions above, current advertised rates for IRRRLs assume a 45-day lock period.
Cash-Out Loan Assumptions:
In addition to assumptions above, current advertised rates for Cash-out loans assume a 60-day lock period and a loan-to-value ratio lower than 90%.
Jumbo Loan Assumptions:
In addition to assumptions above, current advertised rates for Jumbo purchase loans assume a 45-day lock period. Current advertised rates for Jumbo IRRRLs assume a 45-day lock period and Jumbo Cashouts assume a 60-day lock period. All Jumbo loan advertised rates assume a loan amount in excess of the conforming loan limit. The conforming loan limit varies depending upon where you live. Alaska, California and Hawaii loans have special considerations for what qualifies as jumbo and may be priced separately.
To get your personalized VA Loan rate:
Start your VA Loan quote online → or call 1-800-884-5560