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Virginia Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders 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 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 7.06% 7.25% -0.19
15 year fixed 6.88% 6.75% +0.13
5/1 ARM 7.75% 7.38% +0.38
30 yr fixed mtg refi 7.00% 6.81% +0.19
15 yr fixed mtg refi 5.88% 6.06% -0.18
7/1 ARM refi 7.63% 7.50% +0.13
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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Historical Mortgage Rates in Virginia

Photo Credit: ©iStock.com/Joe_Potato

Virginia Mortgage Rates Quick Facts

  • Median Home Value: $330,600 (U.S. Census Bureau)
  • Loan Funding Rate: 57.22% (CFPB)
  • Homeownership Rate: 68.00% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,891 (U.S. Census Bureau)

From beautiful coastlines to stunning mountain ranges, Virginia has it all. Historically, Virginia mortgage rates have sometimes been right in line with the national average, whereas in other years they have been higher or lower.

A financial advisor in Virginia can help you plan for the homebuying process. Financial advisors can also help with investing and financial planning - including tax, retirement and estate planning - to make sure you are preparing for the future.

Virginia Historic Mortgage Rates*

YearVirginia RateU.S. Rate
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
20174.104.03
20184.594.56

*The FHFA stopped reporting new data in 2018.

Virginia Mortgages Overview

Virginia, the oldest of the original 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 delectable food. If you are looking to settle down here, know that homes are on the expensive side. The statewide median home value is about $50,000 above the national mark.

The conforming loan limits across Virginia's counties range widely from the standard $726,200 up to $1,089,300. FHA loan limits work similarly, ranging from $472,030 to $1,089,300. 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 $726,200$472,030
Albemarle $726,200$507,150
Alexandria City$726,200$1,089,300
Alleghany $726,200$472,030
Amelia $726,200$546,250
Amherst $726,200$472,030
Appomattox $1,089,300$472,030
Arlington $726,200$1,089,300
Augusta $726,200$472,030
Bath $726,200$472,030
Bedford $726,200$472,030
Bland $726,200$472,030
Botetourt $726,200$472,030
Bristol City$726,200$472,030
Brunswick $726,200$472,030
Buchanan $726,200$472,030
Buckingham $726,200$472,030
Buena Vista City$726,200$472,030
Campbell $726,200$472,030
Caroline $726,200$472,030
Carroll $726,200$472,030
Charles City $1,089,300$546,250
Charlotte $726,200$472,030
Charlottesville City$1,089,300$507,150
Chesapeake City$726,200$507,150
Chesterfield $726,200$546,250
Clarke $726,200$1,089,300
Colonial Heights City$726,200$546,250
Covington City$1,089,300$472,030
Craig $1,089,300$472,030
Culpeper $726,200$1,089,300
Cumberland $726,200$472,030
Danville City$726,200$472,030
Dickenson $726,200$472,030
Dinwiddie $726,200$546,250
Emporia City$726,200$472,030
Essex $726,200$472,030
Fairfax City$726,200$1,089,300
Fairfax $726,200$1,089,300
Falls Church City$726,200$1,089,300
Fauquier $726,200$1,089,300
Floyd $726,200$472,030
Fluvanna $726,200$507,150
Franklin City$726,200$507,150
Franklin $726,200$472,030
Frederick $726,200$472,030
Fredericksburg City$726,200$1,089,300
Galax City$726,200$472,030
Giles $726,200$472,030
Gloucester $726,200$507,150
Goochland $726,200$546,250
Grayson $726,200$472,030
Greene $1,089,300$507,150
Greensville $726,200$472,030
Halifax $726,200$472,030
Hampton City$1,089,300$507,150
Hanover $726,200$546,250
Harrisonburg City$726,200$472,030
Henrico $726,200$546,250
Henry $726,200$472,030
Highland $726,200$472,030
Hopewell City$726,200$546,250
Isle Of Wight $726,200$507,150
James City $726,200$507,150
King And Queen $726,200$546,250
King George $726,200$472,030
King William $726,200$546,250
Lancaster $726,200$472,030
Lee $726,200$472,030
Lexington City$726,200$472,030
Loudoun $726,200$1,089,300
Louisa $726,200$472,030
Lunenburg $1,089,300$472,030
Lynchburg City$726,200$472,030
Madison $1,089,300$1,089,300
Manassas City$726,200$1,089,300
Manassas Park City$726,200$1,089,300
Martinsville City$726,200$472,030
Mathews $726,200$507,150
Mecklenburg $726,200$472,030
Middlesex $726,200$472,030
Montgomery $726,200$472,030
Nelson $726,200$507,150
New Kent $726,200$546,250
Newport News City$1,089,300$507,150
Norfolk City$1,089,300$507,150
Northampton $726,200$472,030
Northumberland $726,200$472,030
Norton City$726,200$472,030
Nottoway $1,089,300$472,030
Orange $726,200$472,030
Page $726,200$472,030
Patrick $726,200$472,030
Petersburg City$726,200$546,250
Pittsylvania $726,200$472,030
Poquoson City$1,089,300$507,150
Portsmouth City$726,200$507,150
Powhatan $726,200$546,250
Prince Edward $726,200$472,030
Prince George $726,200$546,250
Prince William $726,200$1,089,300
Pulaski $726,200$472,030
Radford City$726,200$472,030
Rappahannock $726,200$1,089,300
Richmond City$1,089,300$546,250
Richmond $1,089,300$472,030
Roanoke City$726,200$472,030
Roanoke $1,089,300$472,030
Rockbridge $726,200$472,030
Rockingham $726,200$472,030
Russell $726,200$472,030
Salem City$726,200$472,030
Scott $726,200$472,030
Shenandoah $726,200$472,030
Smyth $1,089,300$472,030
Southampton $1,089,300$507,150
Spotsylvania $726,200$1,089,300
Stafford $726,200$1,089,300
Staunton City$726,200$472,030
Suffolk City$726,200$507,150
Surry $726,200$472,030
Sussex $726,200$546,250
Tazewell $726,200$472,030
Virginia Beach City$726,200$507,150
Warren $726,200$1,089,300
Washington $726,200$472,030
Waynesboro City$726,200$472,030
Westmoreland $726,200$472,030
Williamsburg City$726,200$507,150
Winchester City$726,200$472,030
Wise $726,200$472,030
Wythe $726,200$472,030
York $726,200$507,150

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 rate for a fixed 30-year mortgage is 5.85% (Zillow, Jan. 2023).

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 30-year fixed jumbo loan rate in Virginia is 6.37% (Zillow, Jan 2023).

Virginia ARM Loan Rates

If you are purchasing a starter home or plan to flip the property, an adjustable-rate mortgage (ARM) 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 a 5/1 ARM in Virginia is 5.66% (Zillow, Jan. 2023).

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% of the purchase price in down payment assistance and up to $2,500 in closing costs.

Available Resources

ResourceProblem or IssueWho Qualifies
Virginia Housing Development AuthorityProvides homeownership education, housing counseling, mortgage credit certificates and down payment assistance.Eligible first-time homebuyers who complete a homebuyer education course.
Virginia Department of Housing and Community DevelopmentProvides 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.
USDA Rural Development - Single family loansOffers 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.

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 $0.25 per $100 of the sale price and is to be paid by the buyer. Furthermore, the grantor pays $0.50 per $500, or 0.1%. There is also a state recordation tax on deeds of trust and mortgages of $0.25 per $100. An optional local recordation tax is equal to one-third more of the 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 refinance rates of other lenders to find something more competitive.

A good resource is the High Loan-to-Value Refinance Option from Fannie Mae. The Home Affordable Refinance Program, or HARP, was cancelled in 2018, so these are essentially replacements.