Current Virginia Mortgage and Refinance Rates

Mortgage interest rates currently average 6.03% for 30-year fixed loans and 5.13% for 15-year fixed loans.

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Refinance rates in Virginia

30-year FIXED

Current refinance rates are averaging:

6.39%

15-year FIXED

Current refinance rates are averaging:

5.87%

  • Rate-and-term refinances give you a chance to lower your interest rate or change your loan term — or even both. Longer loan terms mean cheaper monthly mortgage payments, but you will pay more in interest costs over the long term.
  • Cash-out refinances are a great option for homeowners who want to tap their home equity at the same time as they refinance their mortgage.
    • This type of refinance usually comes with higher rates than regular refinances.
  • Conventional refinances are refinance loans that aren’t part of a government loan program.
  • FHA refinances are insured by the Federal Housing Administration (FHA) and are usually easier to qualify for than conventional loans.
    • FHA refinance rates are almost always lower than conventional refinance rates. Current mortgage rates in Virginia suggest that FHA loans may be around a full percentage point lower.
  • VA refinances are only available to qualified military borrowers, since they’re insured by the U.S. Department of Veterans Affairs (VA).
    • Right now, VA loan rates in Virginia are over a full percentage point lower than conventional loans and about 0.2 percentage points lower than FHA loans.

See whether refinancing makes sense for you using our mortgage refinance calculator.

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What is the current mortgage rates forecast?

The mortgage rates forecast for 2026 is for rates to remain around 6.0% in early 2026. Our market expert predicts rates will not drop significantly in January. There were three rate cuts from the Fed in 2025, but mortgage rates did not fall dramatically with these cuts most of the time.

How do I get the best mortgage rate for my Virginia home loan?

The first step toward getting a lower rate is to learn which factors determining mortgage rates are in your control. Then, you can take action to influence the rates you’re being offered. Here are a few steps you can take today to get the best mortgage rate:

  • Boost your credit
    Borrowers with higher credit scores get offered lower interest rates. If you can improve your credit score now, it could save you thousands in future mortgage interest charges.
  • Lower your debt-to-income (DTI) ratio
    Your DTI ratio compares your gross monthly income to your monthly debts and helps lenders paint a picture of how heavy your debt load is. If you can lower your DTI — for instance, by increasing your income, paying off some debts or getting a cosigner — you’ll get lower interest rate offers.
  • Buy a single-family, site-built home
    Borrowers who avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property enjoy the lowest interest rates.
  • Pay mortgage points
    Mortgage points give borrowers a way to reduce their interest rate, usually by 0.25 percentage points per mortgage point (1 mortgage point costs 1% of your loan amount). It’s an added upfront cost, but if you choose to purchase mortgage points, you can save thousands of dollars over the life of your loan.
  • Compare offers from multiple lenders
    It’s common to choose a lender you’ve used before, but you don’t have to. Before you decide, take the time to gather loan estimates from three to five lenders. Comparing the rates they offer you and choosing the lowest one can save you tens of thousands of dollars, according to LendingTree data.

Read more about our picks for the best mortgage lenders.

When should I lock in my mortgage rate?

When you apply for a mortgage, you’ll receive a loan estimate (LE) back from the lender. If the terms in the loan estimate look good, you’ll want to ask the lender to give you a mortgage rate lock. That way, you’ll have access to the same interest rate you see in your LE when you arrive at closing.

Virginia home loan programs

Virginians who need assistance getting into a home have many good options, especially if they’re first-time homebuyers.

Virginia Department of Housing and Community Development HOMEownership Down Payment Assistance Program

This program offers grants of up to 20% of your mortgage loan amount to cover a down payment, plus up to $2,500 toward closing costs. Eligible homebuyers must agree to remain in the home for five to 15 years, depending on the size of the grant. If they don’t, the grant will have to be repaid in full.

Who qualifies

Borrowers must:

  • Be first-time homebuyers
  • Earn no more than 80% of the area median income
  • Go through homeownership counseling and a homebuyer education course
  • Have at least a 620 credit score
  • Contribute between $500 and 1% of the home’s sale price, depending on the borrower’s income level

Virginia Housing Closing Cost Assistance Grant

This grant program provides up to 2% of the home’s purchase price in funds to help you cover closing costs. Buyers can use Rural Housing Service (RHS) or VA loans, so the grant money can also be used toward RHS guarantee fees and VA loan funding fees. Even better — the money doesn’t have to be paid back.

Who qualifies

Borrowers must:

  • Be a first-time homebuyer, or a repeat buyer purchasing in an Economic Opportunity area
  • Purchase using a RHS or VA loan
  • Earn annual income that falls within the program’s income limits, which vary by location
  • Purchase a home within price limits, which range from $450,000 to $725,000

Call Chesapeake HOME Down Payment and Closing Costs (DPCC) Program

This program, which is only available in the city of Chesapeake, offers up to $25,000 in down payment and closing cost assistance. The funds come in the form of a grant, which doesn’t have to be repaid as long as you live in the home for five to 10 years. If you want to move, refinance or sell before that point, the grant must be repaid.

Who qualifies

Borrowers must:

  • Be first-time homebuyers
  • Have an annual income within the program’s income limits, which range from $55,450 for a one-person household to $104,550 for an 8-person household
  • Take a first-time homebuyer education course
  • Contribute at least 1% of the total sales price with their own money

Learn about different types of VA mortgage loans

  • Virginia conventional loans
    Conventional loans are one of the most commonly used loan types — and if you can qualify, they’re often a good choice. However, it can be a challenge to meet the minimum requirements, which require at least a 620 credit score.
  • Virginia FHA loans
    If conventional loans aren’t in reach, you’ll be happy to know that FHA loan requirements set a more accessible bar. You can qualify with a credit score as low as 500, but to do so, you’ll need to make at least a 10% down payment. If your credit score is at least a 580, though, you can put down as little as 3.5%.
  • Virginia VA loans
    VA loan requirements are even more flexible than conventional or FHA loan requirements, but you need to be a qualified military borrower to take advantage.
  • Virginia streamline refinances
    are for borrowers who want to refinance from an FHA loan into another FHA loan, or from a VA loan into another VA loan. The two options are FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). They make it simpler and faster to refinance compared to conventional refinances.
Home Home Loan Mortgage Rates Current Virginia Mortgage and Refinance Rates