What is the Current VA Loan Rate?
Contents
The current VA loan rate is 3.375%. This is the rate for a 30-year fixed mortgage.
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Introduction
The Veterans Affairs (VA) loan program is a great benefit for eligible veterans, service members, and surviving spouses. VA loans offer competitive interest rates, no down payment requirements, and other benefits that make them a great option for those who qualify. Today, we’re taking a closer look at VA loan rates, how they’re determined, and what factors can influence your rate.
VA Loan Rates
VA loan rates are set by lenders and guaranteed by the Department of Veterans Affairs. Because VA loans are backed by the government, lenders are able to offer competitive interest rates. In general, VA loan rates are lower than conventional loan rates and FHA loan rates. However, because each lender sets its own VA loan rate, it’s important to compare offers from multiple lenders to get the best deal.
How Are VA Loan Rates Determined?
VA loan rates are determined by a number of factors, including:
-The type of loan you’re applying for (purchase or refinance)
-The type of property you’re buying (single-family home, condominium, multi-family home)
-Your credit score
-The term of the loan (15-year or 30-year)
-Current market conditions
What is the current VA Loan rate?
The current VA Loan rate is 3.875%. This is for a 30-year fixed loan with no down payment.
How does the current VA Loan rate compare to other mortgage rates?
As of September 2020, the average rate for a 30-year fixed-rate VA Loan was 3.25%, which is slightly lower than the 3.33% average for conventional 30-year fixed-rate mortgages. However, this number can vary greatly depending on credit score, loan type, and other factors. The current rate for a 15-year fixed-rate VA Loan is 2.875%.
How can I get the best VA Loan rate?
There are a few things that you can do to get the best possible VA loan rate. The first is to make sure that you have a good credit score. The higher your credit score, the lower your interest rate will be. The second thing that you can do is to shop around. There are a lot of different lenders out there and each one of them has their own rates. You can use an online loan calculator to compare rates from different lenders. The third thing that you can do is to get pre-qualified for a loan. This means that you will know what interest rate you will be offered before you even start looking at homes.
Conclusion
As of September 2020, the current VA loan rate for a 30-year fixed loan is 2.875%. This is a decrease from the previous rate of 3.25%. For a 15-year fixed loan, the current rate is 2.375%. These rates are subject to change at any time and may vary depending on the individual borrower’s qualifications.
