VIRGINIA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Virginia.
Current mortgage refinance rates in
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Virginia.
Key Points
• Mortgage refinance rates are influenced by economic factors such as inflation, the bond market, and housing inventory levels.
• Even a 1% lower mortgage refinance rate can make a significant difference in monthly payments and total interest paid overall.
• In Virginia, you have a variety of mortgage refi options to choose from: conventional, cash-out, FHA, VA, 15-year, and adjustable-rate mortgages, each with their own set of perks and things to consider.
• For eligible borrowers, FHA and VA loans often come with more attractive refinance rates than conventional loans.
• Closing costs for a mortgage refinance rate generally fall between 2% and 5% of the loan amount.
Intro to Mortgage Refi Interest Rates
If your current mortgage rate is getting you down and you are thinking about a refinance, this guide will help you understand how refinance rates work and how you can find the best one for your situation.
When you refinance your mortgage in Virginia, you’re replacing your existing home loan with an entirely new one. The terms and interest rate on the new loan may be different — and the type of refinance you choose can affect the rate you get.
Read on to get a clear idea of whether a refinance makes sense for you and how to refinance a mortgage.
💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Mortgage Refinance Interest Rates Come From?
Mortgage refinance rates are a product of both the larger economic landscape and your individual financial picture. On the macro level, the strongest indicator of the direction mortgage interest rates are headed lies in the performance of the 10-year U.S. Treasury Note. When rates on the note rise, mortgage interest tends to head in the same direction. The housing market is also a factor. When the market cools, lenders may offer lower rates to keep attracting customers. On the flip side, a strong jobs market and economic growth can lead interest rates to rise. By keeping an eye on these factors, you can get a sense of where refi rates might be headed.
How Interest Rates Affect Home Affordability
Interest rates play a pivotal role in the affordability of your mortgage refinance, and the loan term you choose is also an important factor. In the chart below, you can see how the interest rate and term affect monthly payments and total interest paid for a $300,000 loan. Over the loan’s lifetime, the lower rate of 6.00% could translate to more than $70,000 in interest saved. Opt for a 15-year payment term and get that lower 6.00% rate, and you’re looking at a savings of over $250,000.
| Interest Rate | Loan Term | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.00% | 30-year | $1,799 | $347,515 |
| 6.00% | 15-year | $2,532 | $155,683 |
| 7.00% | 30-year | $1,996 | $418,527 |
| 7.00% | 15-year | $2,697 | $185,367 |
Why Refinance in Virginia?
Refinancing your mortgage can be a smart financial move for a number of reasons. If current interest rates are lower than your existing mortgage, you may want to refinance. This can lower your monthly payments and save you money over the life of the loan. You’ll want to have at least 20% equity in your home before refinancing, especially if you’re cashing out some equity. Here is a list of reasons you might consider a refinance.
Common Reasons to Refinance a Mortgage
• Lower your mortgage refinance rate due to an interest rate drop or improved credit.
• Change the repayment term for lower monthly payments (longer term) or faster payoff (shorter term).
• Tap into home equity for big expenses, like college.
• Switch from adjustable to fixed rate for peace of mind against rate hikes.
• Ditch the FHA mortgage insurance premium. If you have a loan backed by the Federal Housing Administration, once your equity hits 20%, a refinance can remove the extra charge from your bill.
How to Get the Best Available Mortgage Refi Rate
To secure a competitive mortgage refinance rate, there are some steps you should take immediately:
• Make sure you are making prompt payments on your current home loan and credit cards, and avoid taking on new debt.
• Examine your debt-to-income (DTI) ratio. It should be 36% or less. (To compute DTI, add up your monthly debts and divide by your gross monthly income; multiply by 100.)
• If you’re wondering how soon can you refinance a mortgage, look at when you will hit 20% equity. That way, if you are paying private mortgage insurance (PMI), you can sidestep that extra cost with your refi.
• Take a look at your savings and monthly budget to determine whether you have any cash on hand that you could use to purchase discount points (also known as mortgage points, these can lower your interest rate on a refinance). Also consider how large a monthly mortgage payment you can comfortably handle.
Now you’re ready to take the next steps toward a mortgage refinance in Virginia.
Understand Trends in Virginia Mortgage Interest Rates
Having an understanding of the history of mortgage rates in Virginia can help you determine whether it’s the right time to move on a refinance. In early 2025, rates remained stubbornly above 6.00%, so for many borrowers the current rate environment is not favorable for refinancing. However, the uptick in home values has opened up new opportunities for a cash-out refinance (more on that below).
Historical U.S. Mortgage Interest Rates
If you’re awaiting an interest rate drop before exploring a refinance, a broader perspective can be gained from looking at the 50-year trajectory for mortgage interest rates in the U.S., as shown below. As you can see, rates as low as 4.00% have historically been unusual — as are rates above 10.00%.
Historical Interest Rates in Virginia
| Year | Virginia Rate | National 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 |
Choose the Right Virginia Mortgage Refi Type
Refinance rates in Virginia fluctuate based on the type of mortgage refi you opt for. Each choice comes with its own set of perks and costs. Let’s take a look at the more common types.
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, is when you replace your current mortgage with a new one that has more favorable terms or a lower mortgage refinance rate. Conventional refinances typically have higher rates than government-backed loans such as FHA, VA, or USDA, but they offer more flexibility. To qualify, you’ll need a good credit score, solid equity in your home, and a manageable debt-to-income ratio. Jumno loan refinancing is tailored to high-value loans and may have a slightly higher rate due to the increased risk. Two common types of refinancing are the 15-year refi and the adjustable-rate refi.
15-Year Mortgage Refi
Making the switch to a 15-year mortgage can be a game-changer, slashing your overall interest payments, even though the monthly payment amount is higher. Many people who refinance have been paying down their mortgage for a while and don’t want to refinance into another 30-year loan. Switching to a 15-year term can allow them to pay off their mortgage before retirement, and the higher payments might be doable if they are in their peak earning years.
Adjustable-Rate Mortgage Refi
Some borrowers refinance to get into an adjustable-rate mortgage (ARM). This loan type starts with a lower mortgage refinance rate than a fixed-rate loan; after an introductory period, however, the rate changes, rising and falling with the market. If you’re planning to move before the rate adjusts, refinancing into an ARM could be an attractive option. Other borrowers refinance when their first mortgage, an ARM, is nearing the end of its fixed-rate period. They prefer to get out of an ARM and into a more predictable monthly payment schedule.
Cash-Out Refi
A cash-out refinance lets you unlock your home’s equity. You’ll refinance into a new loan and receive a lump sum that’s yours to use for whatever you need — home improvements or debt consolidation are two common uses. Imagine your home is valued at $500,000, and your current mortgage balance is $300,000. That leaves you with $200,000 in equity. A lender might offer you a refi on up to 80% of your equity, which could mean walking away with $100,000 after settling your existing mortgage. While cash-out refis often carry higher mortgage refinance rates, they can be a smart way to access a lump sum.
FHA Refi
FHA loans, backed by the Federal Housing Administration, typically offer lower refinance rates than conventional loans. In fact, you may be able to refinance at least 1% lower with an FHA loan. There are a few different types of FHA Refinances, and some, such as the FHA Simple Refinance, are for homeowners with an existing FHA loan. The FHA 203(k) Refinance is open to anyone, not just those with an existing FHA loan, and is a popular choice for homeowners who want to complete big home renovation or repair projects.
VA Refi
VA loans, which are guaranteed by the United States Department of Veterans Affairs, are known for offering some of the most competitive mortgage refinance rates. To qualify for a VA refinance, which is called an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. An IRRRL can help you refinance your loan to lower your monthly payments, which can save you money over the life of the loan in interest payments.
Once you’ve narrowed down your list of options when it comes to refinancing, you’ll want to look in detail at different lenders’ rate and term offers.
Compare Mortgage Refi Interest Rates
It’s a good idea to look at several lenders’ offers to determine which offers the rate, terms, and fees that best suit your budget and financial goals. Take the following steps:
• Go through the online prequalification process, submitting a few facts about your situation to get an initial read on what rate you might be offered.
• Don’t just look at the interest rate. Examine the loan’s annual percentage rate (APR) and its fees.
• Crunch the numbers to see the complete picture of your mortgage refinancing costs and pinpoint when you’ll start saving money. (True savings start when the amount you save on your monthly payments exceeds the amount you spend to close on the new loan.)
• If your current rate is already a good deal lower
Use an Online Refinance Calculator
Online refinance calculators are incredibly useful tools when you are considering a refinance (or any type of loan). Here are a few of our favorites:
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.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
The Takeaway
Refinancing your mortgage can be a smart financial move. You might be able to secure a lower mortgage refinance rate, lower your monthly payments, or tap into your home’s equity. But you’ll need to weigh the costs of refinancing against the potential long-term benefits. Carefully consider your financial goals and talk to a lender before you decide whether refinancing makes sense for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Are refinance rates going to drop?
As of early 2025, refinance rates are expected to hold fairly steady through the year, largely due to overall uncertainty in the financial markets. One indicator to watch: If rates on the 10-year Treasury Note rise, it’s unlikely that you will see interest rates falling in the near term. Keep an eye on the current refinance rates in Virginia so you’ll know when the time to refinance is right for you.
Can I refinance when rates are lower?
You can certainly refinance your mortgage when interest rates are on the decline. But it’s important to do the math to make sure the potential savings will outweigh the costs. Refinancing comes with fees and closing costs, so you’ll need to calculate your break-even point to see if the long-term benefits are worth the upfront investment. Add all the fees associated with a refinance (closing costs, any discount points, appraiser charges, and any other fees). Then divide by your monthly savings amount. This should tell you how many months (or years) you have before you recoup your costs.
How much does a one-percent reduction in interest lower your monthly payment?
A seemingly small one percentage-point drop in the interest rate (from 6.50% to 5.50%) for a $300,000 mortgage can make a world of difference, reducing your monthly payment on a 30-year loan from $1,896 to $1,703 and your total interest paid by almost $70,000. The bigger your loan amount, the greater savings you would see.
Can I lower my interest rate without refinancing?
If you find yourself with a bit of extra cash, a mortgage recast could be a smart move. By making a lump sum payment toward your principal, you can ask your lender to recalculate your remaining payments. This won’t alter your mortgage rate, but it could reduce your monthly payments and the total interest you’ll pay over the loan’s term. It’s a nifty way to save some money and make your mortgage work even smarter for you.
Can I get equity out of my house without refinancing?
Yes, you can pull out equity from your home without undertaking a cash-out refinance. You can take out a home equity line of credit (HELOC) or a home equity loan. These options are a second mortgage, so in each case your loan is secured by your home. A HELOC is often a better choice for those who aren’t sure exactly how much they need to borrow, because you can pull from the credit line as needed. A home equity loan, on the other hand, will deliver a lump sum. Both typically have lower interest rates than personal loans or credit cards.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*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.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee. Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
SOHL-Q125-201
More refinance resources.
-
How Much Does It Cost to Refinance a Mortgage?
-
How to Refinance a Home Mortgage Loan
-
7 Signs It’s Time for a Mortgage Refinance