Compare current VA refinance rates

Today’s VA refinance interest rates

For today, Sunday, February 23, 2025, the national average 30-year VA refinance interest rate is 7.41%, up compared to last week’s rate of 6.87%. VA refinance rates tend to follow the trends of the rest of the mortgage market. Despite the Federal Reserve cutting rates three times in 2024, mortgage rates have trended upward. However, they're expected to settle within the 6 to 7 percent range for much of 2025. VA loan rates are often lower than their conventional counterparts.

The table below brings together a comprehensive national survey of mortgage lenders to help you learn how the most competitive VA refinance loan rates stack up against other types of loans.

National refinance rates by loan type

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 of whether it's a VA loan or conventional loan — and get cash by borrowing against your home’s equity.

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, be as accurate as possible when sharing your credit score range, estimated down payment contribution and other personal finance information. Keep in mind, though, these are estimates; your actual rate will depend on a number of factors.

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. Keep in mind, too, that it’s not entirely up to the VA; lenders get to set their own criteria when it comes to borrower standards.

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.

Additional VA refinance resources

• VA loan calculator
• Comparing VA loans vs. conventional loans
• VA loan resources
• The best VA loan lenders

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.

Read more from Jeff Ostrowski

Edited by: Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards