Loading
Tap on the profile icon to edit
your financial details.

West Virginia Mortgage Rates

Your Details Done

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 West Virginia Mortgages

The Mountain State, with its Appalachian Mountain views, historical roots and logging industry, is a lovely state to settle down in. West Virginia mortgage rates have in the past mostly been higher than the national average rates. The state counties’ conforming loan limits and FHA limits stick to the standards.

Today's Mortgage Rates in West Virginia

Product Today Last Week Change

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Details
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Dismiss
Add your details
Location
Location
Enter your location Do this later
Dismiss
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Dismiss
Add your details
Down Payment
Down Payment
Enter down payment
$0
Do this later
Dismiss
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Dismiss
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Dismiss
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
Dismiss
Update your information here.
OK
Filter Results
FHA/VA Loans
Filter Results
Loan Type
Property Type
Points
15 yr Fixed... 30 yr Fixed... 3/1 ARM... 5/1 ARM... 7/1 ARM...
Property Type Single Family Condo Multi Unit
Points 0 points 1 or less 2 or less 3 or less 4 or less
FHA/VA Loans
Loan Type




Property Type


Points





Loan Type
APR
Payment
Get your real, customized rate in minutes
Get started today with Quicken Loans.
Advertisement
$0 Down VA Loan for Veterans
Find out if you qualify for this powerful homebuying benefit. Get a quote today!
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
Disclosure
Source: Bankrate.com
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
How helpful was this page in answering your question?
not helpful
very helpful
​If you could change one thing about ​this page what would it be?​
Thank you for your answer! Your feedback is very important to us.
We are working hard to improve our product and could use your help!
We pay $30 for 30 minutes on the phone to hear your thoughts on what we can do better.
Please enter your email if you'd like to be contacted to help.

Please enter your name
Photo Credit: ©iStock.com/Arpad Benedek
West Virginia Mortgage Rates Quick Facts
  • Average Home Value: $99,500 (zillow.com)
  • Loan Funding Rate: 58.5%
  • Average Mortgage Rate: 4.04%
  • Homeownership Rate: 74.9% (St. Louis Fed)
  • Average Annual Mortgage Payment: $4,583

Historical Mortgage Rates in West Virginia

In West Virginia, you typically find mortgage rates that are higher than the national average. But current 2016 mortgage rates below the average national mortgage rate.

West Virginia Historic Mortgage Rates

YearWest Virginia RateU.S. Rate
198215.6814.73
198312.7912.26
198412.1211.99
198511.6511.17
19869.979.79
19879.578.95
19889.688.98
198910.149.81
199010.429.74
19919.199.07
19927.837.83
19937.446.93
19947.797.31
19957.917.69
19967.647.58
19977.487.52
19987.046.97
19997.717.14
20008.317.86
20017.086.94
20026.656.44
20035.875.67
20045.845.68
20056.015.85
20066.536.54
20076.466.42
20086.026.06
20095.175.05
20104.864.81
20114.724.56
20123.823.65
20133.833.84
20144.244.13
20153.993.88

West Virginia Mortgages Overview

Single-family homes in West Virginia are significantly cheaper than the rest of the nation. The average home price in West Virginia is $119,200, which is well below the nation’s average of $236,450, according to Zillow.

West Virginia Mortgage Rates

Single-Family Homes
Percentage of Homes94.50%
Average Property Value$100,282.42
Condominiums
Percentage of Homes2.10%
Average Property Value$137,529.96
PUD Homes
Percentage of Homes1.60%
Average Property Value$90,627.66
Townhomes
Percentage of Homes1.90%
Average Property Value$86,022.16

The conforming limit for every West Virginia county, with the exception of Jefferson, is the standard $417,000. All but two counties have FHA loan limits at the normal $271,050. Hampshire County’s FHA limit is ever so slightly higher at 271,400, and both the conforming and FHA loan limits in Jefferson County are at $625,500. This is a reflection of how affordable homes are in the vast majority of the state.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Barbour$417,000$271,050
Berkeley$417,000$271,050
Boone$417,000$271,050
Braxton$417,000$271,050
Brooke$417,000$271,050
Cabell$417,000$271,050
Calhoun$417,000$271,050
Clay$417,000$271,050
Doddridge$417,000$271,050
Fayette$417,000$271,050
Gilmer$417,000$271,050
Grant$417,000$271,050
Greenbrier$417,000$271,050
Hampshire$417,000$271,400
Hancock$417,000$271,050
Hardy$417,000$271,050
Harrison$417,000$271,050
Jackson$417,000$271,050
Jefferson$625,500$625,500
Kanawha$417,000$271,050
Lewis$417,000$271,050
Lincoln$417,000$271,050
Logan$417,000$271,050
McDowell$417,000$271,050
Marion$417,000$271,050
Marshall$417,000$271,050
Mason$417,000$271,050
Mercer$417,000$271,050
Mineral$417,000$271,050
Mingo$417,000$271,050
Monongalia$417,000$271,050
Monroe$417,000$271,050
Morgan$417,000$271,050
Nicholas$417,000$271,050
Ohio$417,000$271,050
Pendleton$417,000$271,050
Pleasants$417,000$271,050
Pocahontas$417,000$271,050
Preston$417,000$271,050
Putnam$417,000$271,050
Raleigh$417,000$271,050
Randolph$417,000$271,050
Ritchie$417,000$271,050
Roane$417,000$271,050
Summers$417,000$271,050
Taylor$417,000$271,050
Tucker$417,000$271,050
Tyler$417,000$271,050
Upshur$417,000$271,050
Wayne$417,000$271,050
Webster$417,000$271,050
Wetzel$417,000$271,050
Wirt$417,000$271,050
Wood$417,000$271,050
Wyoming$417,000$271,050

In West Virginia, homebuyers are going to come across “deeds of trust” as opposed to actual mortgages.

This becomes especially important if the home were to go into foreclosure. When lenders who issues deeds of trust want to foreclose on a home, they are not required to get a court order to do so. Because of the “power of sale” clause in the deed of trust, the lender can hire a third party to auction the house and skip the expense of going to court.

West Virginians are buying homes in a “caveat emptor” state, also known as “buyer beware.” So for a buyer, it is particularly important that they uncover any defects with the property prior to purchasing. In this case, property inspections are an incredibly valuable tool to verify that a property is at a level of quality with which the buyer is comfortable. Home inspections are crucial for buyers to feel secure with their major purchase.

30-Year Fixed Mortgage Rates in West Virginia

A 30-year fixed-rate mortgage is the most common home mortgage among buyers, which makes sense, considering it offers a long time to pay off the loan during which the interest rate will remain the same (unless the owner decides to refinance.)

Another option is a fixed-rate mortgage with a 15-year term. The monthly payments for this loan are more expensive than with a 30-year mortgage as you are paying off the same amount of money in half the time, but you will pay less interest.

The average West Virginia mortgage rate for fixed-rate 30-year mortgages is 4.19%.

West Virginia Jumbo Loan Rates

There are conforming loan limits in each state to help set a limit for lenders to determine risk. If a home loan goes beyond that limit, the stakes are higher for the lender as there is more money on the line. Home loans in a particular county that exceed the county’s conforming loan limits are known as “jumbo loans.” Jumbo loans have higher interest rates to compensate for the additional risk.

West Virginia county conforming loan limits are all steady at $417,000, except for Jefferson which is $625,500. This means that if you buy a home anywhere in the state other than Jefferson County, and you get a loan for $417,000 or less, you will have a conforming loan which is eligible for normal interest rates. If you decide to buy a home in Jefferson, you have a little more leeway to take out a bigger loan before it is considered “jumbo” and is subject to higher interest.

The average jumbo loan rate in West Virginia is 4%.

West Virginia ARM Loan Rates

Adjustable-rate mortgages are sometimes preferred to a fixed-rate loan because they offer a lower interest rate upfront. Usually, that lower rate is only available for an introductory period. So after a set amount of time (anywhere from one to 10 years) that interest rate can “adjust,” and that typically means it’s going to rise.

When that adjustment happens, it doesn’t mean the interest rate is going to skyrocket. The rate is capped at a certain level so that you’re aware upfront of how high it could go. However, the loan rate may still adjust to a level that you can’t afford. Before deciding on an ARM, it’s best to assess the potential maximum interest rate listed in the terms to see if it’s something you would be comfortable paying.

The average rate for an ARM in West Virginia is 2.88%.

West Virginia Mortgage Resources

Need assistance buying a house in the Mountain State? There are resources can help you achieve your dream of buying a home.

The West Virginia Housing Development Fund has a variety of programs for buyers at every step of the process:

  • Homeownership program - Qualifying first-time homebuyers are eligible for affordable 30-year fixed-rate loans. Homebuying education and counseling are also available.
  • Down payment/closing cost assistance - Down payment and closing cost assistance may be combined with the Homeownership Program or Movin’ Up Program to help reduce initial homebuying costs.
  • Movin’ Up program - This is an affordable loan option for repeat buyers who fall under certain income limits.

Available Resources

ResourceProblem or IssueWho QualifiesWebsite
West Virginia Housing Development FundDown payment, closing cost and affordable home loan options for WV residents.Eligible buyers who fit the county income limit and house price limit; open to first-time and repeat homebuyers.https://www.wvhdf.com/home-buyers
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.http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.http://www.harp.gov/

The United States Department of Agriculture Rural Development offers a program in rural West Virginia communities that helps residents obtain housing. Loans and grants are available from the USDA for buyers looking to secure a new home and for existing homeowners who need to repair their current house.

West Virginia Mortgage Taxes

West Virginia transfer taxes are $1.65/$500 ($1.10 per state, $0.55 per county) or 0.33%. There is also a $20 flat fee on all transfers.

A reminder: Homeowners who itemize deductions on their federal income taxes are allowed to deduct the mortgage interest they pay throughout the year from their taxable income. West Virginia does not allow itemized deductions, so unfortunately residents cannot make this deduction on their state taxes.

West Virginia Mortgage Refinance

When it comes to refinancing, West Virginia residents can look to their state Home Affordable Refinance Program which works with various lenders to provide access to interest and principal payment reductions and low closing costs.

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 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset