Current VA Loan Rates Dec 2024

Current VA Mortgage Rates

VA Mortgage Fixed Rates in NY

TERM	RATE	APR	LENDER
30-Year Fixed Rate	5.250%	5.661%
30-Year Fixed Rate	6.990%	7.560%
30-Year Fixed Rate	6.125%	6.476%
30-Year Fixed Rate	7.000%	7.360%
30-Year Fixed Rate	5.990%	6.429%
30-Year Fixed Rate	7.125%	7.533%
30-Year Fixed Rate	7.125%	7.558%
30-Year Fixed Rate	6.125%	6.523%
25-Year Fixed Rate	7.000%	7.637%
20-Year Fixed Rate	7.125%	7.853%
20-Year Fixed Rate	7.125%	7.687%
20-Year Fixed Rate	6.125%	6.652%
15-Year Fixed Rate	5.000%	5.686%
15-Year Fixed Rate	6.750%	7.707%
15-Year Fixed Rate	5.750%	6.081%
15-Year Fixed Rate	5.500%	5.810%

Last updated December 03, 2024. Rates are for informational purposes only.

VA Home Loans are part of a mortgage program by the Veterans Association (VA) to help our American heroes get the homes they deserve. Applicants can have as low as zero downpayment. Both fixed-rate mortgages and adjustable-rate mortgages (ARM) are available under the government program.

Current VA Mortgage Rates

VA Fixed Rate Mortgage Rates

TERM	RATE	APR	LENDER
30-Year Fixed Rate	5.250%	5.661%
30-Year Fixed Rate	6.990%	7.560%
30-Year Fixed Rate	6.125%	6.476%
30-Year Fixed Rate	7.000%	7.360%
30-Year Fixed Rate	5.990%	6.429%
30-Year Fixed Rate	7.125%	7.533%
30-Year Fixed Rate	7.125%	7.558%
30-Year Fixed Rate	6.125%	6.523%
25-Year Fixed Rate	7.000%	7.637%
20-Year Fixed Rate	7.125%	7.853%
20-Year Fixed Rate	7.125%	7.687%
20-Year Fixed Rate	6.125%	6.652%
15-Year Fixed Rate	5.000%	5.686%
15-Year Fixed Rate	6.750%	7.707%
15-Year Fixed Rate	5.750%	6.081%
15-Year Fixed Rate	5.500%	5.810%

Last updated December 03, 2024. Rates are for informational purposes only.

Current VA Refinance Mortgage Rates

TERM	RATE	APR	LENDER
30-Year Fixed Rate (Refinance)	6.125%	6.488%
30-Year Fixed Rate (Refinance)	7.500%	7.899%

Last updated December 03, 2024. Rates are for informational purposes only.

VA Refinance Rates in NY

TERM	RATE	APR	LENDER
30-Year Fixed Rate (Refinance)	6.125%	6.488%
30-Year Fixed Rate (Refinance)	7.500%	7.899%

Last updated December 03, 2024. Rates are for informational purposes only.

What Is a VA Home Loan?

VA Home Loans are insured by the US Department of Veteran Affairs. These loans provide a low-cost mortgage to servicemen and eligible veterans with very low requirements including a down payment as low as 0% and no minimum credit requirement. In addition to that, VA loans do not require a borrower to get private mortgage insurance regardless of the down payment amount. Both fixed-rate mortgages and adjustable-rate mortgages (ARM) are available under the government program. However, most VA borrowers have to pay VA funding fees. Funding fee decreases as you increase your down payment while private mortgage insurance is not required with a higher than 20% down payment. Use our VA loan calculator to calculate your VA funding fee in addition to your monthly payments. Thus you should consider and compare all your choices before choosing your mortgage program.

How Are VA Loan Rates Determined?

VA loan rates are not set by the US Department of Veteran Affairs. Instead, the lenders are allowed to set the interest rate they deem fair given the risk profile of a certain individual. This means that the VA loan rates are determined similarly to the interest rates for conventional loans are determined. It is important to note that the VA interest rate tends to be lower than the interest rate for conventional loans because a quarter of most VA loans are guaranteed by the department of Veteran Affairs, so they are considered less risky. Since the base interest rate for conventional loans is largely determined by the bond yields that match the maturity of the loan amortization period, VA base loan rate is also determined by the bond yields. Base interest rate refers to the lowest interest rate offered. Base interest rates for VA loans are specifically tied to the yield of GNMA 30YR mortgage bond security that is traded daily. Since all lenders post their interest rates for VA loans based on the same security, there is not a large difference in the base interest rates for VA loans between different lenders.

Risk factors may also play a role in determining the VA loan rate. Risk factors are personal and may be different depending on the credit history, income, expenses, and other personal factors of a borrower. These risk factors usually add a premium to the base mortgage rate that is determined by the bond yields. Because of these premiums, a buyer that does not have a perfect credit history or has a low income may be faced with higher interest rates. Using a VA loan, it is possible to buy a house with a bad credit history, but the loan may have a high-interest rate because of the risk factors. Note that if a lender determines that you are a high risk borrower and approve your mortgage with a rate larger than their base rate they are obliged by federal risk based pricing rule to provide you with a risk-based pricing notice. In this notice you should be given an explanation of the specific factors used in determining your rate.

How to Get the Best VA Loan Rates?

VA loan rates do not change drastically between lenders because they all use the same security as a reference for the interest rate. Since every lender has similar interest rates for VA loans, shopping around for a lender may not be useful, but it is not the most effective strategy to get the best VA loan interest rate. In addition to looking for a favorable lender, a borrower should decrease their risk level. Low credit score and high debt-to-income (DTI) ratio are some of the risk factors that may increase the interest rate offered to a borrower.

Lenders add a premium to the interest rate for some of the factors that they may consider risky. Depending on the personal situation, a borrower may end up with an interest rate that is more than double the base interest rate. The following factors may lead to a higher interest rate:

• Bad Credit Score
• High Debt-to-Income Ratio
• High Loan-to-Value Ratio
• High Loan Amount

The best way to get the best VA loan rates is to lower the risk factors that are specific to a certain case. For example, a high credit card balance may lead to a low credit score due to a high utilization ratio and a high debt-to-income ratio. To get the best VA loan rate, the borrower with a high credit card balance may want to pay off their credit card debt before getting a VA loan because it will lead to an increase in credit score and a decrease in DTI.

Are VA Refinance Rates Different From VA Mortgage Rates?

Most of the refinance rates are different from mortgage rates regardless of the loan type. Refinancing a house and buying a house are perceived differently by lenders, which means that different risk factors affect these types of financing needs. Since they are perceived differently, it is expected that the lenders will post different interest rates for both of the products.

When it comes to VA refinance rates and VA mortgage rates, they are different as well. On average, VA refinance rate is slightly higher than the VA mortgage rate, but it is not always the case. Some lenders provide VA refinance rates that are lower than VA loan rates, which means that it might be beneficial to shop around when looking for a VA refinancing option.

Best VA Loan Lenders

VA loan lenders offer a similar product when it comes to VA loans. Their base interest rate is often the same, and even though they may assess personal risk factors differently, most of the lenders will likely provide a very similar interest rate. To identify the best VA loan lender, a borrower should pick a lender with whom they are the most comfortable working. The following entities are some of the largest VA home loan lenders in the US.

• Veterans United Home Loans

  This company focuses on providing VA loan lending services and some educational services related to VA lending. Veterans United VA loans receive some of the highest ratings with 98% of customers recommending their product. They are known for their large choice of products starting from VA loans to VA jumbo loans. Their guides provide a clear explanation of what requirements must be met for each product.

• NBKC Bank

  This is an award-winning bank that offers various mortgage and loan products including VA home loans. NBKC Bank also has a very high customer rating, which means that many customers enjoyed working with the bank. It is a very user-friendly bank that provides an easy application for VA loan borrowers as well as competitive interest rates.

• BNC National Bank

  This bank provides various banking services including savings accounts, loans, mortgages, and investment management. When it comes to loans, BNC National Bank offers VA loans to eligible individuals. This bank is very customer-friendly, and it provides clear step-by-step guidance about how to receive a VA loan, its fees, and other important information related to the loans. They do not post their interest rate for VA loans on their website, so it might make sense to contact them to learn an up-to-date interest rate.

• Pennymac

  This lender provides lending and refinancing services to borrowers. Their lending services include loans such as FHA, USDA, and VA as well as other conventional and non-conventional loans. Pennymac has a large variety of financial products offered, which means that many borrowers may find a good option for their financing needs.

• Rocket Mortgage

  This is the largest VA lender that operates all over the country. Rocket Mortgage provides various mortgage and loan products as well as informative guides aimed at borrowers looking at different mortgage products. Currently, the lowest interest rate Rocket Mortgage offers for a 30-year fixed VA mortgage loan is much lower than most lenders offer.