Current West Virginia Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30 year-fixed mortgage rates are averaging: 6.96% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.24% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare WV mortgage rates today

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  Refinance rates in West Virginia

  • Rate-and-term refinances give you an opportunity to alter either your interest rate or loan term (or even both). Lengthening your loan term or lowering your interest rate will reduce your monthly mortgage payment. In West Virginia today, refinance rates are often higher than purchase mortgage rates.
  • Cash-out refinances help you replace your current home loan with a new one and, at the same time, borrow cash against your home equity. They come with higher rates than rate-and-term refinances.
  • Conventional refinances aren’t part of a government loan program. They typically come with higher rates than government-backed refinances.
  • FHA refinances are insured by the Federal Housing Administration (FHA), which is why they sport much more accessible requirements than conventional loans. FHA loan refinance rates are usually lower than conventional refinance rates.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and come with low VA rates, flexible VA loan requirements and some great benefits. For instance, most VA loan borrowers can purchase or refinance a home with no money down. VA loans are only for qualified military borrowers, however, so not everyone can use one.

Current 30 year-fixed mortgage refinance rates are averaging: 7.15% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.58% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

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

Rate forecast What is the current mortgage rates forecast for 2024?

The current mortgage interest rates forecast is for average 30-year rates to remain between 6% and 7% for most of 2024. LendingTree senior economist Jacob Channel expects to see rates reach the lower end of that range during the latter half of the year. This tracks with the Federal Reserve’s intention to implement three rate cuts sometime this year — so far, though, it has held rates steady all year. If rate cuts do materialize, we can expect mortgage rates to dip in response.

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

While it’s true that there are many factors determining mortgage rates that are out of your hands, there are also several others you can control — and it can pay to take action on them.

Here are a few steps you can take right now to get the best mortgage rate:

  1. Boost your credit. Your credit score may be the single biggest factor influencing the mortgage rates lenders will offer you. If you can boost your score, you’ll almost always see better rate offers. If you want to check in on your credit score or learn about the factors that can improve it, sign up for LendingTree Spring.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is how lenders evaluate your debt load. If you can lower it, you’ll see better rate offers, because lenders will view you as less of a risky bet. You can lower your DTI by increasing your income, paying off some debts or getting a mortgage cosigner.
  3. Buy a single-family, site-built home. If you want the lowest interest rates, you should avoid buying a manufactured home, multifamily home, vacation home or investment property. Lenders view traditional homes as safer investments, so they’ll offer better deals when lending for them.
  4. Pay for mortgage points. Mortgage points allow you to “buy down” your interest rate, which reduces it by up to 0.25 percentage points for each point purchased. If you can afford the fee — one point typically costs 1% of your loan amount — it can make sense to buy down your rate. However, it may not always be a more effective strategy compared to simply putting the same funds toward paying down your principal balance.
  5. Compare offers from multiple lenders. A simple, free way to ensure that you’re getting the best mortgage rate possible is to comparison shop. That means gathering loan estimates from three to five lenders before you choose one. Doing so can save you thousands over the life of your loan, according to LendingTree data.

Related article Read more about our picks for the best mortgage lenders.

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Key question When should I lock in my mortgage rate?

Once you’ve applied for a mortgage and received a loan offer you want to take advantage of, you’re ready to shop. And as soon as you find a house you want to pounce on, it’s time to request a mortgage rate lock. “Locking in” your rate means that what you saw in your loan estimate is what you get, no matter what the broader market does. Without a rate lock, your interest rate could increase before you make it to the closing table.

2024 West Virginia home loan programs

WVHDF Homeownership Program

Who wouldn’t love to take out a home loan with a below-market interest rate? First-time homebuyers and qualified veterans can do just that with a mortgage from the West Virginia Housing Development Fund (WVHDF). Less interest means more affordable monthly payments and lower overall loan costs.

Eligibility Who qualifies?

Borrowers must:

Be a first-time homebuyer* or qualified veteran
Earn within the program’s income limits, which vary depending on your county and household size
Purchase a home within the program’s price limits, which range from $349,525 to $806,598 depending on the house’s location
Purchase a home on no more than five acres
Complete a homebuyer education course

* Repeat buyers purchasing in a targeted county — those counties not listed on the program page — are also eligible

Eligibility Who qualifies as a first-time homebuyer?

People who have never owned a home
People who haven’t owned a principal residence in the last three years
Qualified veterans, regardless of their real estate ownership history

WVHDF Low Down Home Loan Program

This down payment assistance program offers up to $8,000 to borrowers who need a little help with the upfront costs of their mortgage. The funds come through a 15-year loan with a low, 2% interest rate.

Eligibility Who qualifies?

Borrowers must:

Use the program in conjunction with a WVHDF Homeownership program loan

WVHDF Movin Up Loan Program

This is WVHDF’s loan program for everyone — first-time and repeat buyers alike. Unlike the Homeownership program covered above, this program has no first-time homebuyer requirement and no acreage limit. It also offers more generous income limits, which helps widen the swath of West Virginians it can benefit. That said, borrowers whose income falls under 80% of the area median income can receive special discounts, including lower interest rates and reduced private mortgage insurance premiums.

Eligibility Who qualifies?

Borrowers must:

Earn within the program’s income limits, which are $130,560 for a one- to two-person household and $152,320 for households of three or more
Purchase a home within the program’s price limits, which range from $349,525 to $806,598 depending on the house’s location
Complete a homebuyer education course

Local resource  Get the full details about each program at the WVHDF’s website.
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Learn about different types of WV mortgage loans

West Virginia conventional loans. Many consider conventional loans the industry standard, and they’re a popular choice. However, they come with relatively strict minimum requirements, so they’re not always in reach — especially for borrowers with lower credit scores.

West Virginia FHA loans. FHA loans can put homebuying in reach for more borrowers, in large part because they have more forgiving credit requirements. If you make at least a 10% down payment, you can qualify with a credit score as low as 500. And if you have at least a 580 score, you can put down as little as 3.5%.

West Virginia VA loans. VA loans offer a lot of flexibility and value to military borrowers. Those with full VA entitlement can purchase or refinance without making a down payment or paying for mortgage insurance.

West Virginia streamline refinances make sense for those who want to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan. To do this, you’ll need to utilize an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). They’re called “streamline” loans because they require less paperwork and time to complete than rate-and-term refinances.

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