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Mortgage rates in Virginia
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Virginia home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Virginia by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Virginia home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||2.625%||2.375%||Not elegible||Not elegible|
|30-year FHA||3.000%||3.000%||Not elegible||Not elegible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Look to pay down your debt and budget costs while shopping around for the lowest rate you may be eligible for.
- Compare loan programs. Many lenders offer special programs for first-time homebuyers, veterans and rural properties. Learn what you may be eligible for and compare rates and terms.
- Clean up your credit. Borrowers with good to excellent credit typically get the lowest rates. Pay down existing debt to potentially increase your credit score for a competitive rate.
- Review closing costs. Lenders sometimes exchange lower rates for higher closing costs. In Virginia, closing costs range from 1.95% to 2.92% of the home sale price. Weigh rates against total closing fees for a more accurate picture of the cost of your loan.
Home values in Virginia are forecast to increase
A lack of supply, growing demand and low mortgage rates have caused Virginia home values to jump in the past year. The typical home value in Virginia is slightly over $332,000 as of July 2021.
In the past year alone, Virginia homeowners have seen a roughly 12.5% increase in value. This trend is expected to continue over the next year throughout most of the state, according to Zillow.
Two exceptions are the towns of Grundy and Bluefield, which are forecast to see a drop in home values of 0.4% and 0.6%, respectively. On the other hand,homeowners in major cities like Virginia Beach, Roanoke and Newport News can expect an increase of around 10% to 14% over the next 12 months.
5 fast facts about the Virginia housing market
If you’re looking to buy or sell a home in Virginia, here are five facts you should know:
- Between January and April 2021, 25.2% of home purchases made in Virginia Beach and 16.0% in Richmond were all-cash purchases.
- At 0.82%, Virginia’s average property tax rate comes in well below the national average of around 1.1%.
- Arlington might be showing signs of cooling off, as median home prices dropped more than 9% compared to July 2020.
- While the single-family home selection in Fairfax County, Arlington and Alexandria has been decreasing, condo inventory in these areas has been piling up and is forecast to remain at elevated levels throughout the remainder of 2021.
- The average days on market for homes in northern Virginia in July 2021 fell by 16.7% to 15 days compared to 18 days in July 2020.
Mortgage rates in Virginia vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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