Current VA Mortgage Rates: A Comprehensive Overview (as of January 9, 2024)
National Averages:
- 30-Year Fixed-Rate Purchase Loan: 6.15% (down from 6.16% last week)
- 30-Year Fixed-Rate Refinance Loan: 6.16% (up from 6.14% last week)
Factors Affecting Your Rate:
- Loan Term: Shorter terms typically have lower rates than longer terms.
- Loan Amount: Jumbo loans (above conforming loan limits) generally have higher rates.
- Credit Score: Higher credit scores qualify for lower rates.
- Down Payment: Larger down payments can lower your rate.
- Debt-to-Income Ratio (DTI): Lower DTI ratios qualify for lower rates.
- Location: Rates can vary slightly by region.
Current Rates by Loan Type:
- 20-Year Fixed VA Purchase: 5.75%-6.31%
- 30-Year Fixed VA Jumbo Purchase: 6.25%-6.64%
- 15-Year Fixed VA Purchase: 5.37%-5.82%
- 5-Year ARM: 7.78% (down from 7.82% last week)
Where to Find VA Loan Rates:
- Online mortgage lenders: Rocket Mortgage, Quicken Loans, Better.com
- Traditional banks and credit unions
- Military-specific lenders: Veterans United Home Loans, Navy Federal Credit Union
Additional Resources:
- Bankrate: https://www.bankrate.com/mortgages/30-year-mortgage-rates/
- NerdWallet: https://www.nerdwallet.com/article/mortgages/va-home-loan
- Veterans United Home Loans: https://www.veteransunited.com/va-loans/va-mortgage-rates/
Remember:
- These are just averages, and your individual rate will vary depending on your specific circumstances.
- Shopping around and comparing rates from different lenders is essential to getting the best deal.
- Consider using a mortgage rate calculator to estimate your monthly payment based on different interest rates and loan terms.
I hope this information provides a comprehensive overview of current VA mortgage rates. Please let me know if you have any other questions!