The national average 30-year VA refinancing APR is 6.38%, up from 6.31% last week. The rates of a conventional 30-year fixed-rate mortgage are 6.78%, while the interest rate on a 30-year fixed-rate VA loan is 5.95%. A full percentage point can make a big difference in the amount of interest you'll pay over the course of your mortgage. Keep in mind that while VA loans have lower rates than conventional loans, they continue to rise and fall with general rate trends.
Quicken Loans currently offers 30-, 25- and 15-year fixed VA loans with VA mortgage loan rates of 3.75%, 3.75% and 3.125%, respectively. The APR for fixed loans for 30, 25 and 15 years is 4.21%, 4.282% and 3.931%, respectively. While VA loans can be an excellent money-saving tool for military and working veterans, finding the lender with the best VA loan rates can be a challenge. As is common with VA loans, there is no minimum down payment required to secure a VA loan through Veterans United.
VA loan purchase rates refer to the interest on a home loan, while the VA refinance rate will be your new interest rate after refinancing your mortgage. The type of VA refinance loan, the borrower's credit rating, the loan-to-value ratio, and other factors can influence VA refinance rates.