VA Refinance Rates
Refinance rates change every business day with the bond market. Here is what drives va refinance rates and how to position yourself.
What to know
VA refinance rates are typically among the lowest available because the VA guaranty reduces lender risk, and VA loans carry no monthly mortgage insurance. The VA IRRRL streamline lets eligible veterans drop their rate with no appraisal or income check. A one-time funding fee applies unless you're exempt.
What affects your refinance rate
- Your credit score and loan-to-value
- Loan term (15-year prices below 30-year)
- Rate-and-term vs cash-out (cash-out prices higher)
- Discount points you choose to buy
- The bond market and Fed policy — and lender margins, so compare quotes
Example payment by rate
| Rate | P&I on a $300,000 loan (30-yr) |
|---|---|
| 5.25% | $1,657 |
| 5.50% | $1,703 |
| 5.75% | $1,751 |
| 6.00% | $1,799 |
| 6.25% | $1,847 |
| 6.50% | $1,896 |
| 6.75% | $1,946 |
Rates move daily. Join the free Refi Rate Guide alerts so you can lock when rates clear your break-even.
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Frequently Asked Questions
- VA Refinance Rates — the quick answer?
- VA refinance rates are typically among the lowest available because the VA guaranty reduces lender risk, and VA loans carry no monthly mortgage insurance. The VA IRRRL streamline lets eligible veterans drop their rate with no appraisal or income check. A one-time funding fee applies unless you're exempt.
- Are refinance rates higher than purchase rates?
- Rate-and-term refinance rates are usually similar to purchase rates; cash-out refinances price a bit higher because they are riskier for the lender.