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Virginia Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Virginia Mortgages

Virginia’s mortgage rates have fluctuated over time. Some years they are higher than the national average and other years they are slightly lower. Virginia counties’ conforming and FHA loan limits vary widely. That means your monthly mortgage payment will depend on where you buy, current rates, down payment size and more.

Today's Mortgage Rates in Virginia

Product Today Last Week Change
30 year fixed 4.58% 4.51% +0.07
15 year fixed 4.08% 4.05% +0.04
5/1 ARM 4.21% 4.11% +0.10
30 yr fixed mtg refi 4.48% 4.47% +0.01
15 yr fixed mtg refi 3.99% 3.98% +0.01
7/1 ARM refi 4.27% 4.20% +0.07
15 yr jumbo fixed mtg refi 3.25% 3.25% 0.00

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Virginia Mortgage Rates Quick Facts
  • Median Home Value: $251,300 (Zillow)
  • Loan Funding Rate: 63.2% (CFPB)
  • Average Mortgage Rate: 4.01% (Freddie Mac)
  • Homeownership Rate: 65.3% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,706 (U.S. Census Bureau)

Historical Mortgage Rates in Virginia

Historically, Virginia mortgage rates have sometimes been right in line with the national average, other years they have been higher or lower.

Virginia Historic Mortgage Rates

YearVirginia RateU.S. Rate
198214.2814.73
198312.1112.26
198411.6611.99
198510.5911.17
19869.669.79
19879.048.95
19888.858.98
19899.529.81
19909.639.74
19918.759.07
19927.837.83
19936.906.93
19947.367.31
19957.617.69
19967.467.58
19977.457.52
19986.916.97
19997.177.14
20008.037.86
20017.026.94
20026.546.44
20035.825.67
20045.705.68
20055.935.85
20066.546.54
20076.416.42
20086.026.06
20094.975.05
20104.714.81
20114.524.56
20123.673.65
20133.863.84
20144.164.13
20153.963.88
20163.773.73

Virginia Mortgages Overview

Virginia, the oldest of the 13 colonies, is steeped in American history. Its capital, Richmond, is one of the oldest cities in the nation, and it’s famous for its urban rapids, breweries and amazing food. If you are looking to settle down here, know that homes are on the expensive side. The median sale price in the state is $252,000, as compared to the U.S. average of $228,000, according to Zillow.

The conforming loan limits for Virginia range widely from the standard $453,100 up to $679,650. The FHA loan limits are similar, ranging from $294,515 to $679,650. This is a reflection of the high costs of homes in many parts of the state.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Accomack$453,100$294,515
Albemarle$453,100$437,000
Alleghany$453,100$294,515
Amelia$535,900$535,900
Amherst$453,100$294,515
Appomattox$453,100$294,515
Arlington$679,650$679,650
Augusta$453,100$294,515
Bath$453,100$294,515
Bedford$453,100$294,515
Bland$453,100$294,515
Botetourt$453,100$294,515
Brunswick$453,100$294,515
Buchanan$453,100$294,515
Buckingham$453,100$437,000
Campbell$453,100$294,515
Caroline$535,900$535,900
Carroll$453,100$294,515
Charles City$535,900$535,900
Charlotte$453,100$294,515
Chesterfield$535,900$535,900
Clarke$679,650$679,650
Craig$453,100$294,515
Culpeper$679,650$679,650
Cumberland$535,900$294,515
Dickenson$453,100$294,515
Dinwiddie$535,900$535,900
Essex$453,100$294,515
Fairfax$679,650$679,650
Fauquier$679,650$679,650
Floyd$453,100$294,515
Fluvanna$453,100$437,000
Franklin$453,100$294,515
Frederick$453,100$294,515
Giles$453,100$294,515
Gloucester$458,850$458,850
Goochland$535,900$535,900
Grayson$453,100$294,515
Greene$453,100$437,000
Greensville$453,100$294,515
Halifax$453,100$294,515
Hanover$535,900$535,900
Henrico$535,900$535,900
Henry$453,100$294,515
Highland$453,100$294,515
Isle Of Wight$458,850$458,850
James City$458,850$458,850
King And Queen$535,900$294,515
King George$453,100$350,750
King William$535,900$535,900
Lancaster$453,100$442,750
Lee$453,100$294,515
Loudoun$679,650$679,650
Louisa$535,900$294,515
Lunenburg$453,100$294,515
Madison$453,100$294,515
Mathews$458,850$458,850
Mecklenburg$453,100$294,515
Middlesex$453,100$294,515
Montgomery$453,100$294,515
Nelson$453,100$437,000
New Kent$535,900$535,900
Northampton$453,100$294,515
Northumberland$453,100$318,550
Nottoway$453,100$294,515
Orange$453,100$294,515
Page$453,100$294,515
Patrick$453,100$294,515
Pittsylvania$453,100$294,515
Powhatan$535,900$535,900
Prince Edward$453,100$294,515
Prince George$535,900$535,900
Prince William$679,650$679,650
Pulaski$453,100$294,515
Rappahannock$679,650$679,650
Richmond$453,100$294,515
Roanoke$453,100$294,515
Rockbridge$453,100$294,515
Rockingham$453,100$294,515
Russell$453,100$294,515
Scott$453,100$294,515
Shenandoah$453,100$294,515
Smyth$453,100$294,515
Southampton$453,100$294,515
Spotsylvania$679,650$679,650
Stafford$679,650$679,650
Surry$458,850$294,515
Sussex$535,900$535,900
Tazewell$453,100$294,515
Warren$679,650$679,650
Washington$453,100$294,515
Westmoreland$453,100$294,515
Wise$453,100$294,515
Wythe$453,100$294,515
York$458,850$458,850
Alexandria$679,650$679,650
Bedford Ind$453,100$294,515
Bristol$453,100$294,515
Buena Vista$453,100$294,515
Charlottesville$453,100$437,000
Chesapeake$458,850$458,850
Colonial Height$535,900$535,900
Covington$453,100$294,515
Danville$453,100$294,515
Emporia$453,100$294,515
Fairfax Ind$679,650$679,650
Falls Church$679,650$679,650
Franklin Ind$453,100$294,515
Fredericksburg$679,650$679,650
Galax$453,100$294,515
Hampton$458,850$458,850
Harrisonburg$453,100$294,515
Hopewell$535,900$535,900
Lexington$453,100$307,050
Lynchburg$453,100$294,515
Manassas$679,650$679,650
Manassas Park$679,650$679,650
Martinsville$453,100$294,515
Newport News$458,850$458,850
Norfolk$458,850$458,850
Norton$453,100$294,515
Petersburg$535,900$535,900
Poquoson$458,850$458,850
Portsmouth$458,850$458,850
Radford$453,100$294,515
Richmond Ind$535,900$535,900
Roanoke Ind$453,100$294,515
Salem$453,100$294,515
Staunton$453,100$294,515
Suffolk$458,850$458,850
Virginia Beach$458,850$458,850
Waynesboro$453,100$294,515
Williamsburg$458,850$458,850
Winchester$453,100$294,515
Accomack$453,100$294,515

If you’re buying property in Virginia you should be aware you will likely get what is known as a deed of trust, not a mortgage. This is important to note because if you were to miss mortgage payments in the future, your lender does not need to get a court order to foreclose on your home. Deeds of trust contain “power of sale” clauses which allow lenders to hire a third party to auction the home they want to foreclose, skipping the hassle of going to court entirely.

Also of importance to buyers, Virginia is a caveat emptor or “buyer beware” state. This means that sellers are not required to disclose property defects to potential buyers. As such, a quality home inspection is an incredibly valuable tool to verify that the property is up to mark. Purchasing a home sans inspection usually means the buyer is accepting the property as-is.

30-Year Fixed Mortgage Rates in Virginia

A 30-year fixed-rate mortgage is a solid home loan option, particularly for buyers who intend to stay in their property long term. A fixed-rate mortgage, as its name indicates, is accompanied by an interest rate that remains the same for the duration of the loan. This is the most common home loan among buyers, as it offers a long time to pay off the loan (30 years) and the monthly payments do not change (unless the buyer decides to refinance). You can also choose a fixed-rate mortgage with a 15-year term and pay off your loan in half the time, but your monthly payments will be higher.

The average Virginia mortgage rate for fixed-rate 30-year mortgages is 4.6%.

Virginia Jumbo Loan Rates

The conforming loan limits throughout the state of Virginia vary widely from county to county. The conforming loan limit in a particular area is the maximum home loan that you can take out in that area and have the loan be subject to normal interest rates. If you need to take out a mortgage that exceeds that limit, you will be taking on what is considered a “jumbo loan.”

Jumbo loans are viewed as riskier for lenders as more money is on the line. Be aware that jumbo loans are accompanied by higher interest rates to make up for the additional risk.

The average jumbo loan rate in Virginia is 4.4%.

Virginia ARM Loan Rates

If you are purchasing a starter home or plan to flip the property, an adjustable-rate mortgage might be an attractive option for you. Unlike a fixed-rate loan, an ARM has an interest rate that changes over the course of the loan’s life. An ARM will offer a lower interest rate for a specific period of time lasting from somewhere between one and 10 years. When that introductory period has ended, the rate can go up or down (it usually goes up). The low introductory rate makes it clear why an ARM could be a good option for someone who plans to stay in their new home for a short period of time.

While an ARM’s interest rate is free to change, there are specific parameters laid out in the loan’s terms that control how many times the rate can change as well as the highest possible level that it can reach. Even if you plan on being out of the home well before in the introductory period ends, it is crucial that you check the interest rate cap before signing the loan, and make sure that it is something you would be able to afford to pay in case your plans change unexpectedly.

The average rate for an ARM in Virginia is 4.2%.

Virginia Mortgage Resources

Virginia buyers can work with state and national programs to help reduce the financial load of buying a house.

The Virginia Housing Development Authority is an all-inclusive resource offering valuable programs to buyers in the Old Dominion. It offers free homebuying courses, housing counselors, home loans, mortgage credit certificates and down payment assistance to eligible buyers.

The Virginia Department of Housing and Community Development provides a down payment assistance program for first-time homebuyers below a specified income level. This program offers up to 10 percent of the purchase price in down payment assistance and up to $2,500 in closing costs.

Available Resources

Resource Problem or Issue Who Qualifies Website
Virginia Housing Development Authority Provides homeownership education, housing counseling, mortgage credit certificates and down payment assistance. Eligible first-time homebuyers who complete a homebuyer education course. http://www.vhda.com/Homebuyers/Pages/homebuyers.aspx#.V5qQjpMrJ2Y
Virginia Department of Housing and Community Development Provides downpayment assistance (of up to 10 percent of the purchase price) and up to $2,500 in closing cost assistance.Eligible homebuyers who complete a homeownership education course. http://www.dhcd.virginia.gov/index.php/housing-programs-and-assistance/68-down-payment-assistance-dpa.html
USDA Rural Development - Single family loans Offers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs. http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance Program Refinancing. Single-family homes and condos that fit within lending loan limits. http://www.harp.gov/

Virginia is also eligible for the United States Department of Agriculture Rural Development program. Through the USDA, loans and grants are available for qualifying residents in rural areas who are looking to buy a home.

Virginia Mortgage Taxes

Virginia charges taxes on real estate transfers, so be prepared for that when buying or selling a home. The transfer tax is $0.50/$500 or 0.1%. There is also a mortgage tax of $0.25/$100 up to $10 million value, and more beyond that price. The local option allows for one-third more of state recordation tax. Additionally, there is a $20 fee on every deed collected.

The Northern Virginia Transportation Authority and the Hampton Roads Transportation Authority are also able to charge a realty grantor’s fee of $0.40 per $100. In Virginia, the buyer pays the state/local grantee tax, while the seller covers the grantor tax.

Virginia homeowners should also be aware that they can deduct the mortgage interest that they pay throughout the year from their taxable income when they file both federal and state income taxes.

Virginia Mortgage Refinance

When you refinance, you can work with the lender who issued your original mortgage to come up with a new plan that fits better with your current situation. Alternatively you are free to shop around and compare the rates of other lenders to find something more competitive.

A good resource is Virginia’s Home Affordable Refinance Program. HARP works with lenders across the state to provide qualifying homeowners with low closing costs and payment reductions.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset