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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 3.33% 3.46% -0.13
15 year fixed 2.67% 2.75% -0.08
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 3.16% 3.42% -0.26
15 yr fixed mtg refi 2.66% 2.79% -0.13
7/1 ARM refi 3.13% 3.13% 0.00
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: $255,800 (U.S. Census Bureau)
  • Loan Funding Rate: 51.33% (CFPB)
  • Average Mortgage Rate: 4.59% (FHFA)
  • Homeownership Rate: 66% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,767 (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 plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

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
20174.104.03
20184.594.56

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 median sale price in the state is $269,900, as compared to the U.S. average of $237,000, according to Zillow data.

The conforming loan limits across Virginia's counties range widely from the standard $510,400 up to $765,600. FHA loan limits work similarly, ranging from $331,760 to $765,600. 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 $510,400$331,760
Albemarle $510,400$437,000
Alexandria City$765,600$765,600
Alleghany $510,400$331,760
Amelia $535,900$535,900
Amherst $510,400$331,760
Appomattox $510,400$331,760
Arlington $765,600$765,600
Augusta $510,400$331,760
Bath $510,400$331,760
Bedford City$484,350$331,760
Bedford $510,400$331,760
Bland $510,400$331,760
Botetourt $510,400$331,760
Bristol City$510,400$331,760
Brunswick $510,400$331,760
Buchanan $510,400$331,760
Buckingham $510,400$331,760
Buena Vista City$510,400$331,760
Campbell $510,400$331,760
Caroline $535,900$331,760
Carroll $510,400$331,760
Charles City $535,900$535,900
Charlotte $510,400$331,760
Charlottesville City$510,400$437,000
Chesapeake City$510,400$458,850
Chesterfield $535,900$535,900
Clarke $765,600$765,600
Colonial Heights City$535,900$535,900
Covington City$510,400$331,760
Craig $510,400$331,760
Culpeper $765,600$765,600
Cumberland $535,900$331,760
Danville City$510,400$331,760
Dickenson $510,400$331,760
Dinwiddie $535,900$535,900
Emporia City$510,400$331,760
Essex $510,400$331,760
Fairfax City$765,600$765,600
Fairfax $765,600$765,600
Falls Church City$765,600$765,600
Fauquier $765,600$765,600
Floyd $510,400$331,760
Fluvanna $510,400$437,000
Franklin City$510,400$458,850
Franklin $510,400$331,760
Frederick $510,400$331,760
Fredericksburg City$765,600$765,600
Galax City$510,400$331,760
Giles $510,400$331,760
Gloucester $510,400$458,850
Goochland $535,900$535,900
Grayson $510,400$331,760
Greene $510,400$437,000
Greensville $510,400$331,760
Halifax $510,400$331,760
Hampton City$510,400$458,850
Hanover $535,900$535,900
Harrisonburg City$510,400$331,760
Henrico $535,900$535,900
Henry $510,400$331,760
Highland $510,400$331,760
Hopewell City$535,900$535,900
Isle Of Wight $510,400$458,850
James City $510,400$458,850
King And Queen $535,900$535,900
King George $510,400$331,760
King William $535,900$535,900
Lancaster $510,400$331,760
Lee $510,400$331,760
Lexington City$510,400$331,760
Loudoun $765,600$765,600
Louisa $535,900$331,760
Lunenburg $510,400$331,760
Lynchburg City$510,400$331,760
Madison $765,600$765,600
Manassas City$765,600$765,600
Manassas Park City$765,600$765,600
Martinsville City$510,400$331,760
Mathews $510,400$458,850
Mecklenburg $510,400$331,760
Middlesex $510,400$331,760
Montgomery $510,400$331,760
Nelson $510,400$437,000
New Kent $535,900$535,900
Newport News City$510,400$458,850
Norfolk City$510,400$458,850
Northampton $510,400$331,760
Northumberland $510,400$331,760
Norton City$510,400$331,760
Nottoway $510,400$331,760
Orange $510,400$331,760
Page $510,400$331,760
Patrick $510,400$331,760
Petersburg City$535,900$535,900
Pittsylvania $510,400$331,760
Poquoson City$510,400$458,850
Portsmouth City$510,400$458,850
Powhatan $535,900$535,900
Prince Edward $510,400$331,760
Prince George $535,900$535,900
Prince William $765,600$765,600
Pulaski $510,400$331,760
Radford City$510,400$331,760
Rappahannock $765,600$765,600
Richmond City$535,900$535,900
Richmond $510,400$331,760
Roanoke City$510,400$331,760
Roanoke $510,400$331,760
Rockbridge $510,400$331,760
Rockingham $510,400$331,760
Russell $510,400$331,760
Salem City$510,400$331,760
Scott $510,400$331,760
Shenandoah $510,400$331,760
Smyth $510,400$331,760
Southampton $510,400$458,850
Spotsylvania $765,600$765,600
Stafford $765,600$765,600
Staunton City$510,400$331,760
Suffolk City$510,400$458,850
Surry $510,400$331,760
Sussex $535,900$535,900
Tazewell $510,400$331,760
Virginia Beach City$510,400$458,850
Warren $765,600$765,600
Washington $510,400$331,760
Waynesboro City$510,400$331,760
Westmoreland $510,400$331,760
Williamsburg City$510,400$458,850
Winchester City$510,400$331,760
Wise $510,400$331,760
Wythe $510,400$331,760
York $510,400$458,850

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 3.73%.

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 4.08%.

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 3.88%.

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

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 $0.50 per $500 or 0.1%. There is also a mortgage tax of $0.25 per $100 on up to $10 million in value, and more beyond that price. The local option allows for one-third more of a 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.

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 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset