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Compare Current Richmond city, Virginia Mortgage Rates
Compare Richmond city, VA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Richmond city.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Richmond city. Plus, shopping lenders is free and there is no obligation.
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Richmond city, VA Mortgage Rates as of July 1, 2025
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Richmond city, VA Mortgage Rates
July 1, 2025
Current mortgage rates in Richmond city, VA are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Richmond city, VA Rates
National Average
Comparison
30 Year Fixed Rate
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6.670%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
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6.250%
How Affordable is Housing in Richmond city, Virginia?
Below we provide helpful information on the real estate market, home prices and housing affordability in Richmond city. Understand how much you need to earn to afford a home in Richmond city, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Richmond city fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Richmond city is right for you.
The median home value for Richmond city, VA is $347,546
Based on current mortgage rates and a 10% down payment, you need to make $72,504 per year to buy the median priced home in Richmond city
With this income, you could qualify for a $312,791 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 Richmond city is $1,679
The median household income for Richmond city, VA is $52,526
Based on this income, you can afford a home valued at approximately $251,782
The home price you can afford to buy based on household income in Richmond city is 72% of the median home value which means housing prices are very expensive.
Richmond city ranks 133 out of 133 counties in Virginia and 3,061 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Richmond city, VA is very expensive
Loan Limits for Richmond city, Virginia
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Richmond city below.
Conforming loan limits for Richmond city, VA
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Richmond city, VA
1 unit:$546,250
2 units:$699,300
3 units:$845,300
4 units:$1,050,500
VA loan limits for Richmond city, VA
1 unit:$726,200
Additional Mortgage Resources for Richmond city, VA Residents