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Virginia

Current Virginia Mortgage Rates

Compare mortgage rates and closing costs for leading lenders in Virginia. Review free, personalized mortgage rates for Virginia based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Virginia. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates for Virginia as of July 8, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Virginia Mortgage Rates Compare?

July 8, 2020

The current average rate for a 30 year fixed rate mortgage in Virginia is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Virginia Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Virginia?

Below we offer valuable insights on the housing market and real estate prices in Virginia. Understand how much you need to make to buy a house in Virginia, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Virginia is affordable for you. We provide this helpful information to help you decide if living in Virginia is right for you.

The median home value for Virginia is $345,472

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Virginia is $62,176

With this income, you could qualify for a $310,924 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Virginia is $1,440

The median household income for Virginia is $80,049

Based on this income, you can afford a home valued at approximately $444,782

The home price you can afford to buy based on household income in Virginia is 129% of the median home value which means housing prices are expensive. Virginia ranks 35 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in Virginia is expensive

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Additional Mortgage Resources for Virginia Residents

Mortgage Rates for Virginia Cities

Albemarle Mortgage Rates

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Portsmouth Mortgage Rates

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