West Virginia Mortgage and Refinance Rates

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Point of Interest

West Virginia offers several loan programs to help you get into a new home with a price that’s as affordable as possible. These programs, through the West Virginia Housing Development Fund, are available to both first-time homebuyers and current homeowners.

Average 30-year Fixed Rate: 3.75%

Use our mortgage calculator to find the right mortgage for your income.

TermRateRate Last Week
30-year fixed3.75%3.77%
30-year refinance3.84%3.88%
15-year fixed3.24%3.25%
5/1 ARM3.52%3.58%
30-year fixed jumbo3.86%3.92%

West Virginia is a beautiful state full of potential for outdoor adventures. If you’re considering moving to the state, you’ll have your choice of cities like Charleston and Huntington, as well as small communities nestled in the mountains. You’ll find that mortgage rates in West Virginia are very similar to the national average, and real estate is very affordable — even in the most expensive parts of the state — especially when compared to the rest of the country. Current mortgage rates in West Virginia are quite low, making it easier to become a homeowner.

Getting a mortgage in West Virginia

Between 2010 and 2019, West Virginia’s population decreased by 3.3%, creating new opportunities for people to move into the state. The state government, along with several private organizations, are working hard to make West Virginia a place for people to move to and thrive in by emphasizing job growth, innovation and tourism within the state.

Along with this push to grow the state’s economy comes a few mortgage programs that could be extremely helpful if you decide to move to the Mountain State. You’ll find programs for both first-time homebuyers and current homeowners looking to upgrade, along with downpayment and closing cost assistance programs.

  1. Median home price: $115,000 
  2. Average 30-year fixed rate: 3.11%
  3. Median monthly mortgage cost: $1,023
  4. Homeownership rate: 72.9%

West Virginia state mortgage trends

The trend for mortgage rates in West Virginia has followed the rest of the United States by falling to near-record lows. In late 2018, the average interest rate for a 30-year fixed-rate loan in West Virginia climbed to its recent high of 4.9% after the Federal Reserve Bank raised its federal funds rate to 2.25% — a metric that affects how much it costs banks to loan money to each other to meet daily reserve requirements. When the Fed started cutting interest rates again in 2019, mortgage rates followed suit across the country.

Both new mortgage and refinance rates in West Virginia have declined steadily since November 2018 before reaching an all-time low in March 2020.

West Virginia state current mortgage rates

With current mortgage rates in West Virginia sitting so low, now’s a great time for you to buy a house in the state. The average 30-year fixed rate is currently 3.11% as of Aug. 24. You can get your mortgage for cheaper in the long run if you go for a 15-year fixed-rate loan. This will raise your monthly payment but will save you thousands of dollars in interest. The current rate for a 15-year fixed is 2.68% in the state.

If you already own a West Virginia residence but want to lock in a better interest rate and lower your monthly payment, this is a great time to refinance. You’ll likely pay closing costs for the new loan, but with refinance rates in West Virginia sitting at 3.32% average for a 30-year loan, you’ll save quite a bit of money on interest in the long run, allowing you to pay off your loan faster if you want.

Most and least expensive places to live in West Virginia

Home values in West Virginia — and subsequently, the cost of living — follow a pretty consistent pattern throughout the state. The most expensive counties are generally located along the northern borders of the state that flank Pennsylvania and Maryland, while the least expensive counties are remote, situated within the Appalachian Mountains in southern West Virginia.

5 most expensive 

  1.  Jefferson County has the highest median home value in the state at $240,600.
  2.  Monongalia County sits 70 miles south of Pittsburgh and has a median home value of $188,700.
  3.  Morgan County is in northeast West Virginia, with a median home value of $179,800. 
  4.  Berkeley County, in the West Virginia panhandle, has a median home value of $172,800.
  5.  Putnam County, in the west-central portion of the state, has a median home value of $163,800.

5 least expensive

  1. McDowell County is West Virginia’s least expensive county, with a median home value of only $33,800. 
  2. Wyoming County, in southern West Virginia, has a median home value of $67,200.
  3. Webster County is in the middle of the state, with a median home value of $67,200.
  4. Boone County is located to the south of Charleston, the state capital, and has a median home value of $69,900.
  5. Calhoun County, in northwest West Virginia, has a median home value of $73,500.

West Virginia state mortgage resources and intricacies

If you’re buying a house in West Virginia, you’ll have several resources available to help you get a mortgage at an affordable rate. The West Virginia Housing Development Fund (WVHDF) offers two loan programs — the Homeownership Program and the Movin’ Up Loan Program — for homebuyers.

The WVHDF Homeownership Program is for first-time homebuyers and offers a 30-year fixed-rate loan. Currently, the rate is 3.32%. West Virginia’s other program, Movin’ Up, is for people who already own a home but are ready to purchase a new one. If you participate in either program, you’ll be eligible for downpayment and closing cost assistance. This is a separate loan of up to $10,000 for the Homeownership Program and $8,000 for Movin’ Up with a 15-year term at a 2% interest rate. 

WVHDF also offers 30-year fixed-rate refinance loans for people who are already in one of these programs, which can be a simple way to refinance your house down the road.

The final word

Wild and wonderful West Virginia gives you plenty of opportunities to find your dream home. With mortgage rates in the state near all-time lows and home prices far below the national average, you can qualify for a great rate to help you keep your monthly payment low and pay off your home more quickly.

Trevor Wallis

Contributing Writer

Author Information: Trevor Wallis is a freelance content writer helping marketing and personal finance companies share their wealth of knowledge with the world. You can read his rants about cash and coffee on Twitter.