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Mortgage rates in West Virginia
Interest rates on a 30-year $300,000 conventional mortgage start at around 5.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.813% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your West Virginia home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on June 8 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 West 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 |
|---|---|---|---|---|
| 620-639 | 5.500% | 5.500% | 6.063% | 6.063% |
| 640-659 | 5.375% | 5.500% | 5.625% | 5.625% |
| 660-679 | 5.625% | 5.813% | 5.750% | 5.688% |
| 680-699 | 5.875% | 5.875% | 5.875% | 5.875% |
| 700-719 | 5.750% | 5.750% | 5.813% | 5.813% |
| 720-739 | 5.625% | 5.625% | 5.625% | 5.625% |
| 740-759 | 5.500% | 5.500% | 5.500% | 5.500% |
| 760-779 | 5.500% | 5.500% | 5.500% | 5.500% |
| 780-799 | 5.500% | 5.500% | 5.500% | 5.500% |
| 800+ | 5.500% | 5.500% | 5.500% | 5.500% |
*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.
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Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your West 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 conventional | 4.875% | 4.813% | 4.750% | 4.750% |
| 30-year conventional | 5.750% | 5.750% | 5.813% | 5.813% |
| 15-year FHA | 3.938% | 3.938% | Not elegible | Not elegible |
| 30-year FHA | 5.375% | 5.438% | Not elegible | Not elegible |
| 15-year VA | 4.188% | 4.188% | 4.188% | 4.000% |
| 30-year VA | 5.625% | 5.500% | 5.500% | 5.500% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Here are a few pointers on how to get a better rate for your next loan.
- Get to know your loan options. Lenders usually have several different loan products and assign varying rates to each. Learn what loan programs you may qualify for.
- Shore up your credit. Lenders are looking for a positive credit history and low debt-to-income ratio. Before applying for a loan, pay down as much debt as you can and increase your credit score.
- Calculate closing costs. Lenders often charge high closing costs. In West Virginia, closing costs usually range from 0.82% to 1.23% the sale price of the home. Weigh these fees against your interest rate to get a full idea of what your mortgage may cost.
Home prices in West Virginia are going up, but not as much as other states
Home prices in West Virginia are going up, but less so than some neighboring states. According to Zillow, the price of a typical home in West Virginia increased by 7.7% in the 12 months prior to June 2021, which is less than in Virginia, Kentucky and Ohio.
The cities likely to see the biggest home price jumps include Kenna, Summersville, Mount Gay-Shamrock and Auburn, which are forecast to rise by 13.9%, 12.1%, 11% and 11%, respectively, by June 2022. As for the rest of the Mountain State, prices are only expected to rise by 10.6% or less, depending on the area.
The median home price in West Virginia stands at $119,026, But in more in-demand areas like Harper’s Ferry, Martinsburg and Charlestown, average prices are closer to the $250K to $350K range.
5 fast facts about West Virginia’s housing market
If you’re looking to buy a home in West Virginia, here are five considerations:
- A typical home in West Virginia costs around $119,026 as of June 2021, which is 60% cheaper than the national average.
- The average homeowner in West Virginia pays around $1,050 monthly with a mortgage, which is 34% less than the national average, according to the 2019 US Census.
- Closing costs in West Virginia are approximately 2.09% with taxes, ranking it 31 out of 50 states in average total closing costs paid.
- On average, West Virginians pay 0.57% in property taxes, according to SmartAsset, which is lower than the national average.
- The West Virginia Homeownership Program offers a low-rate, 100% financing and closing cost assistance home loan for eligible low-income borrowers.
Bottom line
Mortgage rates in West 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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