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.
Virginia Housing Market Snapshot
UpstartMortgage in Virginia: What You Need to Know
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.
8.7M
Population
$80,000
Median Income
2.9%
Unemployment
Major financial hub: Virginia Beach is the primary financial center for Virginia residents, with access to both national and regional lenders.
- **Median Home Price:** $420,000 [1]
- **Average Days on Market:** 42 days [2]
- **Active Listings (Feb 2026):** 19,601 [3]
Top Mortgage Lenders in Virginia
Navy Federal Credit Union
Issuer: Navy Federal Credit Union
APR Range: 6.000% - 6.118%
Key Benefit: Competitive rates for military members
- Strong customer satisfaction
U.S. Bank
Issuer: U.S. Bank
APR Range: 6.250% - 6.415%
Key Benefit: Wide range of mortgage options
- Personalized guidance
- Online application available
- Competitive rates
Rocket Mortgage
Issuer: Rocket Mortgage
APR Range: 6.75% - 7.033%
Key Benefit: Fast and convenient online process
- User-friendly online platform
- Quick pre-approval
- Variety of loan types
Virginia Credit Union (VACU)
Issuer: Virginia Credit Union
APR Range: 6.000% - 6.250%
Key Benefit: Member-centric approach
- Local expertise
- Competitive rates for members
- Personalized service
VyStar Credit Union
Issuer: VyStar Credit Union
APR Range: 5.750% - 6.320%
Key Benefit: Diverse mortgage products
- FHA and VA loan options
- Competitive rates
- Online application
Virginia Mortgage Rate Comparison Table
| 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 |
How to Choose the Right Mortgage in Virginia
1. Understand Your Financial Situation
Assess your credit score, debt-to-income ratio, and down payment savings. These factors significantly influence the rates and loan products you qualify for.
2. Compare Loan Types
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.
3. Shop Around for Lenders
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.
4. Factor in Local Market Conditions
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.
Frequently Asked Questions About Virginia Mortgage Rates
What is the average mortgage rate in Virginia?
As of April 3, 2026, the average 30-year fixed mortgage rate in Virginia is approximately 6.56%, and the 15-year fixed rate is around 5.76% [1]. These rates can fluctuate daily.
What factors affect mortgage rates in Virginia?
Mortgage rates are influenced by national economic indicators, inflation, the Federal Reserve's policies, your credit score, loan-to-value ratio, and the specific lender you choose.
Are FHA loans a good option in Virginia?
FHA loans are an excellent option for first-time homebuyers or those with lower credit scores and smaller down payments in Virginia, requiring as little as 3.5% down.
Who is eligible for a VA loan in Virginia?
VA loans are available to eligible service members, veterans, and surviving spouses. They offer competitive rates and often require no down payment.
How can I get the best mortgage rate in Virginia?
To secure the best rate, maintain a good credit score, save for a substantial down payment, compare offers from multiple lenders, and consider working with a mortgage broker.