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Mortgage rates in Virginia

Mortgage rates that bounce above and below the national average.

Editor's choice: Better

  • Quick online preapproval
  • No origination fees
  • Direct lender
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Interest rates in Virginia average 4.631% and are expected to perform around the high 3% levels in 2020.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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How much do Virginia rates vary?

Virginia’s average mortgage rates in 2018 ranged from 3.883% to 4.713%. The mortgage rate you’re ultimately approved for will vary by creditworthiness, lender and loan.

Government-backed loans like those through the VA or USDA come with perks like low rates and no down payment requirements for eligible properties and borrowers.

2018 average rates in Virginia by loan

Loan type15-year average rate30-year average rate
Conventional4.242%4.713%
FHA4.169%4.699%
VA3.883%4.470%
USDANot available4.643%

Rates based on data from ffiec.cfpb.gov.

Suppose you’re approved for a mortgage to pay for a house valued at $255,000. A conventional 30-year mortgage at a rate of 4.713% might result in a monthly payment of $1,320, while a 15-year mortgage at 4.242% would require monthly payments of $1,920 — but save you $131,720 in interest.

Virginia mortgage rates are expected to be around the high 3% levels this year.

Rates in Virginia are known to swing above and below the national average. In the last 10 years, Virginia mortgage rates have averaged about 0.007% higher than the rest of the country. US housing agencies, including mortgage buyer Freddie Mac, expect rates to average about 3.70% in 2020.

Compare mortgage rates throughout Virginia

Virginia is home to many metropolitan areas, each with different average mortgage rates and home values. That means a homeowner in Richmond is likely to pay a lower monthly mortgage payment than a borrower in Arlington.

We analyzed data in the Home Mortgage Disclosure Act to provide an idea of what a borrower could expect to pay for the average 30-year fixed-rate mortgage in metropolitan areas throughout Virginia. These numbers don’t include insurance, taxes or other fees.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Blacksburg-Christiansburg4.730%$175,000$910
Charlottesville4.632%$255,000$1,310
Harrisonburg4.708%$185,000$960
Kingsport-Bristol MSA (Scott and Washington Counties, Bristol City)5.029%$135,000$730
Lynchburg4.759%$165,000$860
Richmond4.716%$225,000$1,170
Roanoke4.753%$165,000$860
Staunton4.740%$175,000$910
Virginia Beach MSA (Gloucester, Isle of Wight, James City, Matthews, Southampton, York, Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach and Williamsburg Counties)4.686%$235,000$1,220
Arlington MSA (Arlington, Clarke, Culpeper, Fairfax, Fauquier, Loudoun, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, and Warren Counties) (Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas and Manassas Park Cities)4.565%$385,000$1,970
Winchester MSA (Frederick and Winchester Counties)4.751%$245,000$1,280

Rates and costs based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in Virginia

Look to pay down your debt and budget costs while shopping around for the lowest rate you may be eligible for.

  1. 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.
  2. 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.
  3. 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.

Historical mortgage interest rates in Virginia

Bottom line

Mortgage rates in Virginia come in around the national average. Lenders set their own rates, and many offer programs that provide subsidies to help with down payments and other perks. Get the best rate you may be eligible for by comparing lenders and loans for your next mortgage.

Frequently asked questions

What state homeownership programs for first-time homebuyers does Virginia support?
Virginia offers several homeownership programs to help make a mortgage more affordable.

  • Down Payment Assistance (DPA) Grant. First-time homebuyers can get a grant of up to 1% of the purchase price to help fund the down payment with no repayment required.
  • Closing Cost Assistance (CCA) Grant. A CCA Grant can help reduce or eliminate funds needed for closing with no repayment required.
  • VHDA Loan Combo. First-time homebuyers can combine a down payment grant, homebuyer tax credit and a free homebuyer’s class for one mortgage.

Where can I find a homebuyer education course in Virginia?
Search for a class near you or online on the Virginia Housing Development Authority’s site.

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