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Compare current VA refinance rates

Written by

Jeff Ostrowski

Edited by

Suzanne De Vita

Edited by

Suzanne De Vita

On Sunday, December 22, 2024, the national average 30-year VA refinance APR is 6.78%. The average 30-year VA mortgage APR is 6.79%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

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Weekly national mortgage interest rate trends

Current refinance rates

	15 year fixed refinance	6.07%
	30 year fixed refinance	6.75%

Today’s VA refinance interest rates

For today, Sunday, December 22, 2024, the national average 30-year VA refinance interest rate is 6.74%, down compared to last week’s rate of 7.39%. VA refinance rates have trended slightly downward since the fall of 2023, with rates expected to continue to drop in 2024. VA loans often carry lower rates when compared to their conventional counterparts.

The table below brings together a comprehensive national survey of mortgage lenders to help you learn the most competitive VA refinance loan rates. This table is updated daily to give you the most current interest rates and APRs when choosing a VA refinance loan.

National refinance rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	6.93%	6.98%
30-Year Fixed-Rate VA	6.75%	6.79%
30-Year Fixed-Rate FHA	6.89%	6.93%
15-Year Fixed Rate	6.20%	6.27%
5/1 ARM Rate	6.45%	7.12%

Rates as of Sunday, December 22, 2024 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.96%	7.00%
30-Year Fixed-Rate VA	6.74%	6.78%
30-Year Fixed-Rate FHA	6.88%	6.92%
15-Year Fixed Rate	6.22%	6.29%
5/1 ARM Rate	6.34%	6.96%

Rates as of Sunday, December 22, 2024 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

How to find the best VA refinance rate

Bankrate’s mortgage rate table shows estimated mortgage rates from different VA lenders, tailored to you. Different VA lenders charge different rates and fees, so it could pay to shop around. For the most personalized rates, fill out the fields above as accurately as possible. Keep in mind, though, these are estimates; your actual rate will depend on a number of factors.

What is a VA mortgage refinance loan?

VA mortgage refinancing is an option available to eligible active-duty service members, veterans and surviving spouses. If you qualify, you can refinance an existing mortgage, either a conventional or another VA loan, into one of several types of VA refinance loans.

Types of VA refinance loans

There are two main ways to refinance a VA loan:

VA streamline refinance: Also called an Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”), this type of VA refinance doesn’t require an appraisal or credit check. This can be a great option for VA borrowers who want to refinance to a lower rate.
VA cash-out refinance: With a VA cash-out refinance, you can refinance your current mortgage — regardless whether it's a VA loan or conventional loan — and get cash by borrowing against your home’s equity.

Who qualifies for a VA refinance loan?

To qualify for any VA loan, you’ll need to meet specific military service requirements and have a VA certificate of eligibility (COE). The service requirements are as follows:

You’re currently on active military duty or a veteran who was honorably discharged and met the minimum service requirements;
You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime; or
You served for more than six years in the National Guard or Selective Reserve.

Depending on the type of VA refinance you’re after, there might be additional requirements. VA streamline refinances don’t require some underwriting verifications, but you do need to confirm that you live or lived in the property. VA cash-out refinances, on the other hand, are only allowed on a primary residence you currently live in, and impose credit and other underwriting criteria.

Benefits of a VA refinance loan

It might be easier to refinance a VA loan compared to some other types of loans. That’s because VA loans have the option for streamline refinancing, which eliminates some of the steps in the underwriting process. The lender doesn’t require an appraisal of the property, for example, and the borrower doesn’t have to pass certain credit and income checks.

VA mortgage refinance FAQ

You can refinance a VA loan to another VA loan no sooner than 210 days (about seven months) from when the loan initially closed.
The cost of a VA loan refinance depends on several factors, including the balance of the mortgage you’re refinancing and the lender you work with. In addition to the lender’s fees — which might include an origination fee, application fee and more — you’ll also pay the VA funding fee. If you’re doing an IRRRL or streamline refinance, that amounts to 0.5 percent of the loan amount. If you’re doing a VA cash-out refinance, the funding fees are 2.15 percent of the loan amount for first-time refinances and 3.3 percent of the loan amount for subsequent refinances.

Additional VA refinance resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.