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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Mortgage Refinance – VA Loan

While the poor economy has been financially disastrous for many consumers, one benefit of the poor economy has been that the government has been forced to keep key interest rates at historically low levels. This has made interest rates on all loan products much lower than they would have been in the past. Consumers who are wondering what are current mortgage rates can also take advantage of these historically low rates as rates on mortgages are near an all-time low.

For those that are looking to refinance a mortgage or buy a new home in Virginia, taking advantage of the low rates in that state today could be a great option. VA mortgage rates are about as low as they have even been, and could help a consumer save thousands of dollars per year in excess interest charges. While VA mortgage rates are low, most banks have tightened their lending standards to make qualifying for the low rates on a refi harder than it was before.

Consumers who are wondering what are current mortgage rates in Virginia, should be aware that the lowest listed rates are generally only available to people who have the best credit scores available. A few years ago mortgage lenders in Virginia, and in all other states, were willing to offer the best interest rates to anyone with a score over 700. Today to qualify for the best rates on a new mortgage, most borrowers will need to have a score of at least 740. Any score lower than that will likely result in a higher offered interest rate.

Beyond a good credit score, a consumer looking to purchase a new home or refinance into an existing mortgage, will need to have a lot of equity in their home to qualify for the best rates. Most banks today want their borrowers to have at least 20% equity in their home prior to being given a new loan. This will help ensure that in the event that the house declines in value, the home is still worth more than the outstanding loan balance. While most people could still get a mortgage with between 5% and 10% equity in their home, the interest rate they receive will likely be higher and they will have to pay private mortgage insurance. Unfortunately, due to the declined housing prices, most people have less equity in their homes than they did in the past.