HAMPTON MORTGAGE RATES TODAY

Current mortgage rates in
Hampton, VA.

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Key Points

• A good credit score, low debt, and a large down payment can all boost your chances of landing a more attractive interest rate.

• Investigate first-time homebuyer programs for financial aid and lower down payment options.

• Mortgage rates are influenced by economic factors like the bond market, inflation, and the housing market.

• Use online mortgage calculators to compare monthly payments and total interest paid for different loan offers.

Introduction to Mortgage Rates

Mortgage rates in Hampton, Virginia, are a key consideration for anyone buying a home in this area. This guide is designed to help you understand how mortgage rates are determined and how you can secure the best rate in Hampton. We’ll cover the economic and personal factors that influence the mortgage rates you’re likely to be offered and provide you with tips on how to get the best deal on your mortgage. The more you know about mortgage rates, the better equipped you will be to make a smart decision.

Where Mortgage Rates Come From

The mortgage interest rates lenders offer you depends on multiple factors. The bond market has a major influence on rates, especially the 10-year U.S. Treasury Note. When interest rates on the note go up, home loan rates usually rise as well. Inflation and the housing market can also play a role.

Mortgage rates are also personalized for individual borrowers, taking into account their finances and credit history. The rates lenders offer you are influenced especially by your credit score. The higher your score, the lower the rate you’re likely to get. Making a larger down payment may also decrease your rate since lenders assume that a homebuyer who has more equity in their home will be less likely to default.

Finally, lenders consider your debt-to-income (DTI) ratio when determining your interest rate. They like to see a DTI ratio of 36% or less, ideally.

How Interest Rates Affect Home Affordability

Mortgage rates in Hampton, Virginia, can have a big impact on the affordability of a home.

Let’s break it down. A $400,000 loan at a 6.50% interest rate would have a monthly payment of $2,528. But if the interest rate is half a percentage point higher, at 7.00%, the monthly payment would increase to $2,661.

Over 30 years, a homeowner with the lower rate would save almost $48,000 in interest.

The moral is that it’s worthwhile to compare offers from multiple lenders, negotiate, and do your best to improve your financial standing. Because getting a better rate can have a big impact on your monthly budget and long-term financial health.

Recommended: Best Affordable Places to Live in the U.S.

Hampton, Virginia Mortgage Rate Trends

Historical U.S. Mortgage Rates

If you want to get the best mortgage rate in Hampton, some historical perspective on rates can be helpful. For example, it’s true that average mortgage rates rose from their all-time low in 2021. But they’re still nowhere near the highs they hit in earlier decades.

The 50-year interest rate graph below illustrates the fluctuating nature of mortgage rates. You’ll see that recent rates remain well below historical highs.

For a local look, the chart below the graph compares Virginia’s average yearly interest rate to the national average. (The Federal Housing Finance Agency stopped compiling this data after 2018.) Note that Virginia’s rates are typically quite close to national rates.

Year	Virginia Rate	U.S. Rate
2000	8.03	8.14
2001	7.02	7.03
2002	6.54	6.62
2003	5.82	5.83
2004	5.70	5.95
2005	5.93	6.00
2006	6.54	6.60
2007	6.41	6.44
2008	6.02	6.09
2009	4.97	5.06
2010	4.71	4.84
2011	4.52	4.66
2012	3.67	3.74
2013	3.86	3.92
2014	4.16	4.24
2015	3.96	3.91
2016	3.77	3.72
2017	4.10	4.03
2018	4.59	4.57

Source: Federal House Finance Agency

Should You Wait for Interest Rates to Take a Dip?

If you’re looking to buy a home in Hampton, there’s a good chance you’re wondering whether you should put your plans on hold to see if interest rates are going to drop. While it’s always smart to keep an eye on the market, current predictions anticipate that mortgage rates are likely to remain relatively stable in the near future. According to Fannie Mae estimates, the average mortgage rate will probably land around 6.30% by the end of 2025, and 6.20% at the close of 2026.

Remember, if rates drop after you’ve bought your home, you can always opt for a mortgage refinance down the road.

How Costs Stack Up in Hampton

The cost of living in your city can be a major factor as you plan your finances, since it has an impact both on home prices and on how easy (or not) it will be for you to budget for your monthly mortgage payments.

Here’s how Hampton compares to other towns in Virginia on an index where 100 equals the average cost of living in the U.S.

Virginia City	Cost of Living
Alexandria	124.1
Arlington	135.1
Blacksburg	93.6
Charlottesville	103.1
Danville	89.2
Hampton	87.9
Lynchburg	92.3
Martinsville-Henry County	89.2
Richmond	94.2
Roanoke	90.8
Winchester	102.4

Recommended: The Best Affordable Places in the U.S.

How to Get Your Best Possible Rate in Hampton, VA

To secure the best mortgage rate in Hampton, Virginia, it pays to play the long game. Think about making the following smart moves, even if you’re at the very beginning of your home-buying journey.

• Strength your credit score by making your payments on time and paying down your credit card balances.

• Lower your debt-to-income (DTI) ratio by chipping away at your debts, starting with the highest interest rate.

• Make a larger down payment if you can, using savings and gifts from friends and family.

• Compare rates from multiple lenders to find the best rate and fees, since they vary quite a bit by lender.

• Consider going through the mortgage preapproval process. This can give you a clearer sense of what will be affordable.

Tools & Calculators

When it comes to making the right choices for your home purchase in Hampton, Virginia, online calculators are your friend. A mortgage calculator, for instance, can help you see the big picture by estimating your monthly payments and total costs given different interest rates and loan terms. Comparing offers from different lenders is a smart move, and online tools make it easy to make the most cost-effective choice.

Here are three useful calculators.

Run the numbers on your home loan.

Mortgage calculator

Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.

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Down payment calculator

Enter a few details about your home loan and we’ll provide your monthly mortgage payment.

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Home affordability calculator

Provide us with a few details and see how much you can afford to spend on a home purchase.

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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

Types of Mortgages Available in Hampton

In Hampton, Virginia, you’ve got many types of mortgage loans to choose from, each tailored to different financial scenarios.

Conventional mortgages are a solid choice if your credit score is 620 or higher. These loans typically have competitive rates and offer a variety of terms and down payment options. But don’t worry if a conventional loan doesn’t seem right for you: There are other possibilities, like FHA and VA loans, which have lower down payment requirements and more forgiving credit requirements.

Fixed-Rate Mortgages

A fixed-rate mortgage provides you with the security of knowing your interest rate will remain the same for the entire loan term. That means your monthly payments will be predictable, which helps you budget more effectively. There are a variety of loan terms, though you’ll probably see 15- and 30-year options most often. While a 30-year term often translates to lower monthly payments, it’s essential to consider the cumulative interest cost over time. If you can afford the payments on a 15-year fixed-rate loan, you’ll pay much less interest over the life of the loan.

Adjustable-Rate Mortgages (ARMs)

Adjustable-rate mortgages (ARMs) generally start off with a lower rate than fixed-rate loans. After an introductory period of several years, the rate adjusts regularly in accordance with the market. If your initial period is seven years, say, and you know you’ll have to relocate and sell your house in five, getting an ARM can be a smart strategic decision. But if your plans change, make sure you’re well-versed in the cap and adjustment frequency of your loan so that you won’t be completely taken by surprise by fluctuating mortgage payments.

FHA Loans

Backed by the Federal Housing Administration, FHA loans can open the door to homeownership for many people by offering more relaxed eligibility criteria than conventional loans. Typically, a credit score of 580 and a minimum down payment of 3.5% are required, and these loans are very popular with first-time homebuyers. These loans do come with a mortgage insurance premium: 1.75% of the loan amount upfront and then between 0.15% and 0.75% every month.

VA Loans

VA loans are available to those who have served our country. Borrowers who are eligible include active-duty military members, veterans, reservists, National Guard members, and some surviving spouses. One of the primary benefits of VA loans is that they don’t require a down payment, which can make homeownership more accessible. Additionally, VA loans often come with lower interest rates and no private mortgage insurance (PMI). If you’re eligible, exploring VA loans can be a smart financial move.

Jumbo Loans

In most parts of the country, including Hampton, the conventional loan limit for a single-family home is $806,500. If you have to borrow more than this amount to purchase a property, you’ll need a jumbo loan. Jumbo loans typically have more stringent qualification requirements, such as higher credit scores and larger down payments. A jumbo loan could be a smart choice for buying a more expensive property, but be sure to consider the terms and conditions of jumbo loans to ensure they fit your financial goals.

Current mortgage rates by state.

Compare current home interest rates by state and find a mortgage rate that suits your financial goals.

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How to Evaluate Loan Offers in Hampton

A competitive mortgage rate can be key for your financial and life goals. As we’ve seen, even half a percentage point can translate to a significant sum over the life of your loan. Here are some smart steps to take as you consider loan offers.

• Make sure you compare rates and fees from multiple lenders.

• Review each loan’s annual percentage rate (APR), which includes fees, closing costs, and mortgage points to give you a more complete picture of the loan’s costs.

• If you’re concerned about rates rising while you negotiate your closing, many lenders will let you pay a fee to lock in your rate for up to 90 days.

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Hampton Mortgage Resources

Hampton, Virginia has programs that can help you on your journey to homeownership, especially if you’re buying your first home or have limited financial means.

The Virginia Housing Development Authority is your go-to, offering a variety of low-rate mortgages and programs tailored to different needs. (Note that while for some you can only qualify as a first-time homebuyer, many others are open to repeat buyers.)

Consider the Conventional Home Loan, for instance, a 30-year fixed-rate loan for first-time homebuyers that asks for only a 3% down payment. Or look at the Conventional No Mortgage Insurance loan, which requires a slightly higher credit score but offers the possibility of not having to pay for mortgage insurance.

And let’s not forget down payment assistance programs: The Down Payment Assistance Grant, which provides first-time homebuyers with up to 2.5% of their loan amount to put toward their down payment. These are just a few of the tools at your disposal to make homeownership more attainable.

Closing Costs in Hampton

Closing costs typically range from 2% to 5% of the loan value. These costs could include loan origination fees, appraisal fees, and title insurance, to name just a few.

The average cost of a house in Hampton is about $267,000. Closting costs on a loan of $267,000 would be between $5,340 and $13,350.

When you’re comparing mortgage rates in Hampton, Virginia, make sure to consider closing costs to get a full understanding of your expenses. Shopping around for the best mortgage rates and negotiating terms can help you reduce your overall costs.

The Takeaway

The mortgage market in Hampton, Virginia is full of options, and by keeping an eye on current mortgage rates and exploring the various assistance programs, you can make the best decisions for your financial goals. Whether you’re a first-time homebuyer or an experienced homeowner looking to relocate, understanding the different types of mortgages and the factors that influence rates will enable you to make an informed decision. And comparing rates and terms from a variety of lenders can help you secure the best deal for you.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

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FAQ

Will mortgage rates drop in Hampton, VA?

Predicting the trajectory of mortgage rates is tough, but keeping an eye on the 10-year Treasury Bond can give you an idea of where rates are headed. It may help to know that current predictions are for mortgage rates to stay relatively stable this year, and perhaps into 2026. Rather than looking to mortgage rates to determine the right time to make a move, consider your financial readiness and reason for buying.

Will mortgage rates ever go back to normal?

We may not see the record low mortgage rates of the Covid-19 pandemic again. In fact, rates are currently at what are considered moderate levels, which could be considered “normal.” Fannie Mae predicted early in 2025 that rates would remain relatively stable and end the year at about 6.30%.

Can you tell me how to lock in a mortgage rate?

After you have a loan offer with an interest rate you like, you can ask the lender to lock your rate. A rate lock typically lasts 30 to 60 days. It’s sometimes free but otherwise costs between 0.25% and 0.50% of your loan amount.

How do mortgage interest rates work?

Mortgage interest rates are the fees you pay to borrow money for a home purchase, expressed as a percentage of the loan amount. These rates can be fixed or adjustable. Fixed-rate mortgages retain the same interest rate for the entire loan term, which can protect you from rising rates and provide predictable monthly payments. Adjustable-rate mortgages (ARMs) have rates that can change after an initial fixed-rate period, meaning that your monthly payments may become less predictable.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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First-Time Homebuyer Programs and Loans

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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