WEST VIRGINIA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
West Virginia.
Current mortgage refinance rates in
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Compare mortgage refinance rates in West Virginia.
Key Points
• Mortgage refinance rates are influenced by economic factors such as Federal Reserve policy, inflation, housing inventory, and your credit rating.
• A 1% drop in your mortgage refinance rate could lead to substantial monthly savings and keep thousands of dollars in your pocket over the loan’s lifetime.
• Refinance rates have swung from about 3.15% in 2021 to 7.00% in 2023. It’s important to time a refi well in this landscape.
• Opting for a 15-year vs. 30-year mortgage could be a smart financial move, as it can lead to considerably less interest paid over the life of the loan, despite the higher monthly payments.
• It’s wise to compare different West Virginia refi options and use online refinance calculators to see how much you could save and which loan terms suit you best.
Intro to Mortgage Refi Interest Rates
Mortgage refinancing is like hitting the reset button on your mortgage: It offers the potential to snag better terms and a lower interest rate. The type of mortgage refinance you choose and the rate you are assessed can vary depending on whether, say, you want to lower your monthly payment or access home equity.
This guide will help you understand how mortgage refinance rates are determined and how to secure the lowest available rate. Whether you’re looking to save money, adjust your loan term, or achieve any other financial goal, understanding the refinance process is crucial for making informed decisions.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refi Rates Come From?
Mortgage refinance rates are a product of both economic factors and your own financial situation.
• On the economic side, things like Federal Reserve policy, inflation, the bond market, and housing inventory can all play a role. Generally, high inflation and federal funds rate increases can lead to higher rates when refinancing a home loan. Low inflation and bond prices can help keep rates in check.
• The real estate market can also lead to rate shifts. When housing inventory is scarce and prices rise, so too can mortgage interest rates in West Virginia creep up.
• On the personal side, your own credit score plays a role in the rate you’ll pay if you refinance in West Virginia. If you have a strong score, showing that you have managed debt responsibly in the past, you will likely get a lower interest rate than someone with a bad score. That’s because a lower credit score indicates that you have not handled credit well in the past and could be a risk to lenders.
By keeping an eye on these factors, you can get a sense of when might be a good time to refinance.
How Interest Rates Affect Home Affordability
Interest rates play a significant role in determining the affordability of your mortgage refinance. Your monthly payment is influenced by your loan amount, the term over which you’re repaying it, and the refinance rate you secure.
Here’s a specific example to show you how the numbers can stack up:
• A $200,000 loan with a 6.00% interest rate and a 30-year term would mean a monthly payment of $1,199.
• If that interest rate were 8.00%, you’d be looking at a monthly payment of $1,467.
• Over the life of the loan, that 2% difference yields $268 more in your budget every month. And over the life of the loan, it could add up to nearly $100,000 in savings.
Even a fraction of a percentage point can make a substantial difference in interest savings (and your long-term financial picture) when you refi in West Virginia.
Why Refinance in West Virginia
Refinancing your mortgage can be a strategic move, but it’s not for everyone. There are closing costs, as well as time and effort involved. The key is to make sure the new rate and terms fit your long-term financial goals. Here’s a closer look at some reasons to refi.
Common Reasons to Refinance a Mortgage
Consider these common reasons homeowners refinance their mortgage:
• You qualify for a lower interest rate thanks to improved market conditions or having built your credit.
• You may want to adjust your repayment term to better fit your financial goals and monthly budget.
• You’re looking to tap into your home’s equity to cover costs like education or renovations.
• Your adjustable-rate mortgage is about to reset, and you’re considering a switch to a fixed-rate loan for more predictable payments.
• You have an FHA loan and 20% equity, and you’re eager to eliminate your FHA mortgage insurance premium.
One note about that 20% home equity figure cited above: In terms of how soon you can refinance, you typically need to hit that same amount of equity (20%) for any kind of refi, not just FHAs.
How to Get the Best Available Mortgage Refi Rate
Of course, if you are refinancing in West Virginia, you likely want the best deal possible. These are some of the top tips for securing a competitive mortgage refinance rate:
• Build your credit score by being punctual with payments, keeping your credit utilization ratio to no more than 30% (under 10% is even better).
• Keep your debt-to-income ratio under 36%.
• Compare rates from multiple lenders; your first offer isn’t always the best.
• Think about discount points (aka mortgage points) to lower your rate: By putting more money down upfront, you can save money on interest over the life of your loan.
• Choose a shorter loan term to minimize interest costs.
Understand Trends in West Virginia Mortgage Interest Rates
The mortgage refinance market in West Virginia and the U.S. has seen some big changes in recent years. By delving into those trends, keeping an eye on the market, and making a move when the time is right, you could save a lot of money on interest over the life of your loan.
Historical U.S. Mortgage Interest Rates
The history of mortgage refinance rates in the United States is a fascinating one, marked by significant fluctuations over the years. For example, in 2021, the average 30-year fixed rate was around 3.15%. Fast forward to 2023, and that number had skyrocketed to approximately 7.00%. As of early 2025, current mortgage rates aren’t much lower, nor are they forecast to drop dramatically.
These changes are influenced by a variety of economic factors, including Federal Reserve policies and market conditions. By examining current and historical trends, you can gain valuable context and make informed decisions about your refinancing options, which could lead to substantial financial gains.
That said, take a look at the graph below: It captures the ebb and flow of U.S. mortgage rates over the past few decades.
Historical Interest Rates in West Virginia
Mortgage refinance rates in West Virginia are generally in line with national trends. In the past few years, rates have seen some significant changes. The chart below chronicles almost two decades of rates in West Virginia vs. the national rate, which can help you see trends at both levels. (The data points end at 2018 since the Federal Housing Finance Agency stopped compiling state-by-state intel at that time.)
| Year | West Virginia Rate | National Rate |
|---|---|---|
| 2000 | 8.31 | 8.14 |
| 2001 | 7.08 | 7.03 |
| 2002 | 6.65 | 6.62 |
| 2003 | 5.87 | 5.83 |
| 2004 | 5.84 | 5.95 |
| 2005 | 6.01 | 6.00 |
| 2006 | 6.53 | 6.60 |
| 2007 | 6.46 | 6.44 |
| 2008 | 6.02 | 6.09 |
| 2009 | 5.17 | 5.06 |
| 2010 | 4.86 | 4.84 |
| 2011 | 4.72 | 4.66 |
| 2012 | 3.82 | 3.74 |
| 2013 | 3.83 | 3.92 |
| 2014 | 4.24 | 4.24 |
| 2015 | 3.99 | 3.91 |
| 2016 | 3.92 | 3.72 |
| 2017 | 4.21 | 4.03 |
| 2018 | 4.60 | 4.57 |
Choose the Right Mortgage Refi Type
Mortgage refinance rates in West Virginia can depend on the type of refinance you’re considering. Each option has its own unique features and advantages. Your goals (such as lowering your monthly housing costs or tapping into your home equity) can guide your decision and contribute to your rate. Now…let’s dive into some of the main options.
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, typically comes with higher interest rates than government-backed loans such as FHA, VA, or USDA (each of which has its own unique qualifying requirements).
This type of refinance is best for homeowners who want to lower their interest rate or change their loan term. Conventional refis require a minimum credit score (usually 620) and enough home equity (typically 20%). Although the rates might be higher, the flexibility and lack of government insurance could make this kind of refi the right choice for many West Virginia homeowners.
Cash-Out Refi
With a cash-out refinance, you can leverage your home equity to receive a lump sum, which can then be used for a variety of financial needs. Whether you’re eyeing home renovations or considering debt consolidation, this option could be a good fit.
Here’s an example: if your home is valued at $500,000 and you owe $300,000, you have $200,000 in home equity. You might be able to borrow up to 80% of your equity, which would leave you with considerably more than $100,000 in hand after settling your existing mortgage.
It’s important to note that these refis usually come with higher interest rates than traditional refis.
15-Year Mortgage Refi
Swapping a 30-year mortgage for a 15-year one can dramatically impact your financial situation. It can slash the total interest you’d pay over the loan’s lifetime, even though the monthly payments are higher. Need to see some numbers? Here you go:
• Say you have a 30-year, $1 million mortgage at a 7.50% interest rate. That would mean a monthly payment of about $6,992 and a staggering total interest of $1,517,167.
• But if you refinance to a 15-year mortgage at a 7.00% rate, yes, the monthly payment jumps to around $8,988, but the total interest plummets to approximately $617,891.
That’s a potential saving of nearly $900,000 and it could be a very smart money move if you’re able to manage the increased payments.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) often come with lower initial interest rates than fixed-rate loans, which can be a boon for your immediate financial goals. If you’re not planning to stay in your home for the long haul, an ARM could be a smart move. For example, if you have a 30-year fixed-rate mortgage but think you might move or refinance well before the 30 years are up, refinancing to an ARM could help you save big in the short term.
Just remember, the interest rate on an ARM can go up after the initial fixed period ends, which could raise your monthly payments and overall borrowing costs. Also know that even the best-laid plans can change, so make sure you could afford a rate hike if you don’t move when planned and stay put with a loftier interest rate.
FHA Refi
FHA refinances, backed by the Federal Housing Administration, often offer more competitive mortgage refinance rates than conventional loans. These options are typically available to homeowners with existing FHA loans, including the FHA Simple Refinance and the FHA Streamline Refinance.
If you don’t currently have an FHA loan, take heart: You may still be eligible for an FHA cash-out refinance or an FHA 203(k) refinance, which is specifically designed for home renovations and improvements. This can be a great way to increase the value and comfort of your home.
VA Refi
VA refinances, guaranteed by the United States Department of Veterans Affairs, offer some of the most competitive mortgage refinance rates available. To qualify for a VA refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. These home loans are only available to active-duty and past members of the military and eligible spouses.
This type of refinance has the potential to reduce your monthly payments and result in significant interest savings over the life of the loan, making it a great option for West Virginians who meet the requirements.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Compare Mortgage Refi Interest Rates
Securing a competitive mortgage refinance rate can save you thousands of dollars over the life of your West Virginia home loan. Here are some tips to help you find the best rate:
• Shop around and get prequalified by a few lenders to compare rates and fees. (This helps you avoid hard credit pulls, which can ding your credit score.)
• Look at the annual percentage rate (APR), which reflects the true cost of borrowing, vs. just focusing on the interest rate.
• Think about buying discount points to lower your mortgage refinance rate.
• Evaluate the total price tag of the new mortgage, including mortgage refinancing costs and new monthly payments.
• Assess the break-even point to see if the savings make refinancing worthwhile. That refers to the moment when the savings of your new loan kick in, and your closing costs are in the rearview mirror.
• Use a refinance calculator to get a better idea of your potential savings.
Use an Online Refinance Calculator
Refinancing a mortgage in West Virginia involves a fair amount of numbers and mathematical calculations. Don’t let that make you sweat: Online refinance calculators can be a terrific way to get an initial look at your potential savings without a lot of effort.
They can give you an estimate of your monthly payments and costs as you compare different refinance options. This can allow you to make a more informed decision about whether a mortgage refinance is right for you and, if so, which offer is your best option.
Run the numbers on your home loan.
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Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Home affordability calculator
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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.
The Takeaway
Refinancing your West Virginia mortgage can be a smart financial move, but it does require some careful thought about your financial goals and the current mortgage refinance rates. Whether you’re looking to lower your interest rate, get access to cash, or switch to a different type of mortgage or term, it’s important to understand the process and your available options. Then you can determine the best next step.
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
Will refinancing ding your credit score?
Refinancing might cause a small, temporary dip in your credit score due to the hard credit inquiry and the addition of a new account to your credit report. But don’t worry, the impact is usually minor (several points) and short-lived, especially if you keep making payments on time. Just recognize that the exact impact of refinancing on your credit score will depend on your individual circumstances.
Do you need to pay closing costs when you refinance?
Yes, you will likely have to pay closing costs again when you refinance. These costs usually fall between 2% to 5% of the loan amount. You may be able to roll them into the ongoing cost of your loan vs. paying them in a lump sum. Just be aware that you’ll be paying interest on the closing costs that way.
How many times can you refinance your home loan?
When you’re thinking about refinancing your home, it’s important to know that there are no federal restrictions on how many times you can refinance your mortgage. But each time you do, you’ll need to pay closing costs and you could see a hit to your credit. So it’s important to weigh the potential benefits of refinancing against these downsides to make sure it’s the right move for you.
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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.
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.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance