Explore the latest mortgage rates in Virginia, including 30-year fixed, 15-year fixed, FHA, and VA loan options. Find competitive rates and make informed decisions for your home financing needs with WiseIQ.
A 0.5% difference in mortgage rate on a $350,000 loan saves over $35,000 in interest over 30 years. Always get at least 3 quotes before choosing a lender.
Virginia, known as the Old Dominion, has a population of 8.7M with a median household income of approximately $80,000. The current unemployment rate stands at 2.9%, which lenders consider when evaluating applications from Virginia residents.
Major financial hub: Virginia Beach is the primary financial center for Virginia residents, with access to both national and regional lenders.
Navy Federal Credit UnionIssuer: Navy Federal Credit Union
APR Range: 6.000% - 6.118%
Key Benefit: Competitive rates for military members
Issuer: U.S. Bank
APR Range: 6.250% - 6.415%
Key Benefit: Wide range of mortgage options
Rocket MortgageIssuer: Rocket Mortgage
APR Range: 6.75% - 7.033%
Key Benefit: Fast and convenient online process
Issuer: Virginia Credit Union
APR Range: 6.000% - 6.250%
Key Benefit: Member-centric approach
Issuer: VyStar Credit Union
APR Range: 5.750% - 6.320%
Key Benefit: Diverse mortgage products
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| Loan Type | Interest Rate | APR | Monthly Payment (Est.) |
|---|---|---|---|
| 30-Year Fixed | 6.56% | 6.78% | $2,650 |
| 15-Year Fixed | 5.76% | 5.99% | $3,500 |
| 30-Year FHA | 6.12% | 7.05% | $2,500 |
| 15-Year FHA | 5.99% | 7.05% | $3,400 |
| 30-Year VA | 5.50% | 5.94% | $2,300 |
| 15-Year VA | 5.375% | 6.10% | $3,200 |
Assess your credit score, debt-to-income ratio, and down payment savings. These factors significantly influence the rates and loan products you qualify for.
Consider 30-year fixed, 15-year fixed, FHA, and VA loans. Each has unique benefits and eligibility requirements. For example, VA loans offer excellent terms for eligible veterans.
Don't settle for the first offer. Obtain quotes from multiple lenders to compare interest rates, APRs, closing costs, and customer service. This can save you thousands over the life of the loan.
Virginia's housing market can vary by region. Be aware of local trends, property taxes, and insurance costs that will impact your overall mortgage payment.