VA refinance rates

Find and compare the best VA refinance rates from lenders in your area.

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Mortgage rate trends (APR)

NerdWallet's mortgage rate insight
30-year fixed

The average rate on a 30-year fixed-rate mortgage rose two basis points, the rate for the 15-year went up four basis points and the 5/1 ARM advanced three basis points, according to a NerdWallet survey of daily mortgage rates published Tuesday by national lenders. The average rate on the 30-year fixed is five basis points higher than one week ago. A basis point is one one-hundredth of one percent.

Mortgage rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed4.56%
15-year fixed4.12%
5/1 ARM4.44%
Data source: NerdWallet Mortgage Rate Index

VA Refinance Rates

NerdWallet’s mortgage rate tool can help you find competitive, customized VA refinance rates. Just enter some information about the type of loan you’re looking for and in minutes you’ll get a rate quote tailored to meet your needs, without providing any personal information. From there, you can start the process of getting approved for your home loan and be on your way to making offers. It’s that easy.

What is a VA loan and who is eligible?

A V.A. loan is a mortgage that requires no down payment, no mortgage insurance and is available to active duty military, veterans, military spouses, reservists and National Guard members. The V.A. loan program, backed by the U.S. Department of Veterans Affairs, aims to help service members and veterans enjoy the benefits of home ownership.

Credit score and credit history requirements for V.A. loans are not as strict as with some other government programs and conventional loans. The V.A. guarantee gives lenders the confidence they need to make these loans even if the borrower’s credit isn’t up to typical mortgage standards.

How much does it cost?

If you meet eligibility requirements for a VA loan, you’ll be able to buy a home without saving for a down payment or paying mortgage insurance. Instead, you’ll need to pay a funding fee. The fee varies depending whether it’s for a purchase or a refinance and on factors including whether you served in the regular military, the Guard or the reserves, whether you’re disabled, or if you’re the surviving spouse of a service member. The fee typically ranges from 1.5% to 3.3% of the loan value. It can be lower for some refinances and can be waived for disabled veterans and some surviving spouses. You’ll also be responsible for other closing costs, such as appraisals and inspections.

How do I refinance a VA loan?

You can refinance your VA loan two different ways:

  • With an interest rate reduction refinance, also known as a VA streamline. To refinance into an IRRRL, you must already have a VA mortgage. Also, the rate must be lower on your new loan, unless you’re refinancing out of a VA loan with an adjustable rate.
  • With a VA cash-out refinance. If you want to tap into your home’s equity, you can refinance your current mortgage — whether it’s VA or conventional — into a VA cash-out refinance loan.

Learn more about VA loans: