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Mortgage rates in Virginia
Mortgage rates that bounce above and below the national average.
Interest rates in Virginia average 4.631% and are expected to perform around the high 3% levels in 2020.
Compare mortgage lenders and brokersCompare 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.
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 type||15-year average rate||30-year average rate|
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.
Which way are rates trending in Virginia?
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 rate||Median loan amount||Estimated monthly cost|
|Kingsport-Bristol MSA (Scott and Washington Counties, Bristol City)||5.029%||$135,000||$730|
|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.
- 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.
Historical mortgage interest rates in Virginia
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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