Best Virginia Mortgage and Refinance Rates for September 2020

Mortgage rates in Virginia are about on par average mortgage rate in the U.S., but the state offers a wide variety of housing price points, making it a great fit for almost any homebuyer.

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Current Virginia Mortgage Rates

Compare today’s average mortgage rates in the state of Virginia, based on an aggregated pool of rates from multiple sources.

Product Rate Rate Last Week
30-Year Fixed Rate2.990%2.980%
15-Year Fixed Rate2.450%2.440%
5/1 ARM Rate2.740%2.900%
30-Year Jumbo Mortgage Rate3.020%3.040%
30-Year Fixed Refinance Rate2.950%2.980%

Rates data based on Manassas, Virginia as of 9/24/2020

Mortgage Rates Trends

In this graph:

On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

Note: Not sure how much house you can afford? Use our mortgage calculator to find out.

The more you know about mortgage rates in Virginia, the better equipped you are to find the best home for your budget and evaluate potential refinancing options.

Current mortgage rates in Virginia are about on par with the national average, but homeownership in Virginia is above the nationwide benchmark. The cost of living — and the housing prices — vary significantly across county lines within the state, providing potential homebuyers with plenty of options for both low-cost homeownership and more expensive property purchases.

Getting a mortgage in Virginia

Both mortgage and refinance rates in Virginia are about on par with the national average, but the median home price are higher than in other states, according to data from the U.S. Census Bureau. Despite these higher housing costs, however, Virginia also has higher homeownership rates than the country at large.

Virginia mortgage rate trends

Historical mortgage rates in Virginia look significantly different than their current value counterparts. For example, in 1996, the national fixed-rate average was just under 7.00%, making homeownership anywhere in the country — including Virginia — a much more expensive proposition.

Go back another decade to the early-1980s and most mortgages came with interest rates over 14%, making homeownership difficult for many Virginians.

Virginia current mortgage rates

Current mortgage rates in Virginia are much more accessible. For example, a 15-year fixed term typically comes in at 2.60% as of Aug. 7, which is just slightly lower than the national average of 2.640%.

Despite current downtrends in Virginia mortgage rates, it’s critical for prospective homebuyers to ensure their current financial outlook aligns with the monthly cost of a mortgage in Virginia. Online mortgage calculators can help determine monthly payments by taking into account overall home price, the amount of your down payment, the loan term and loan interest rate — which will help give you peace of mind before putting in an offer.

Most and least expensive places to live in Virginia

The price you’ll pay for a home in Virginia depends on where you live. Different counties across the state have different costs of living based on their proximity to key amenities such as public schools or parks, as well as total population density and overall area desirability.

No matter where you choose to buy your home in Virginia, it’s worth looking for ways to pay off your mortgage faster. If your budget allows, consider making one extra payment each year or increasing the amount you pay each month by a small, fixed amount. Since these payments go directly to your principal, even small changes can take months or years off your mortgage.

5 most expensive

  1. Fairfax County — This county is known for its strong public school system, and the median home value is $550,000.
  2. Prince William County — Prince William County has an abundance of parks and restaurants and has a median home value of $369,300.
  3. Loudoun County — Many young professionals live in Loudoun County, and the median home value is $492,300.
  4. Albemarle County — With a population of 106,355, this smaller county has a highly rated public school system and a median home value of $344,500.
  5. Fauquier County — Considered one of the most picturesque areas of the state, Fauquier County has a median home value of $384,100.

5 least expensive

  1. Buchanan County — This small county of just over 22,000 people has a median home value of $70,800.
  2. Scott County — Even with great landscapes, Scott County is affordable with a median home value of $94,400.
  3. Bland County — More than 80% of homes in this county are owned rather than rented, and the median home value is $102,400.
  4. Russell County — With a strong public school system and mountain views, this county still comes in with a reasonable home value of $96,900.
  5. Carroll County — Located near the Blue Ridge Mountains, Carroll County has a median home value of $109,200.

Virginia mortgage resources and intricacies

Virginia offers several resources to help homebuyers navigate the mortgage and refinancing process, including:

While Virginia’s state tax is slightly lower than the national average, several real estate specific taxes are assessed on home purchases. First is a deed tax, which is $0.25 per $100 of property value up to $10 million. Next is a state transfer tax of $0.50 per $500 of property value, and local governments can also impose a grantee tax equal to one-third of existing state tax rates.

It’s also worth noting that many mortgages in Virginia are actually deeds of trust. While similar in form and function to traditional mortgages, deed trusts introduce a third party — the trustee — in addition to the homeowner and the lender. This trustee has the power to foreclose on and sell the property if homeowners don’t make their mortgage payments — and can do so without the need for court evaluation or approval. In addition, home sellers in the state aren’t required to disclose any potential property defects to buyers, meaning all purchases are as-is. As a result, it’s a good idea to have a professional home inspection done before putting in an offer.

The final word

Current mortgage rates in Virginia are higher than the national average. However, with a wide variety of home prices across the state, it’s possible for homeowners to strike a balance between great property benefits — such as strong school systems and pristine Virginia landscapes — and their monthly mortgage costs.