Today’s VA Loan Rates: Updated Rate Snapshot + Scenario Tool
Rates move daily and pricing is driven by points/credits, lock term, and lender overlays. Below you’ll see the updated rate snapshot you provided (Purchase + IRRRL), then you can run scenarios and compare Loan Estimates apples-to-apples.
What the snapshot shows
- Purchase and IRRRL rates for $300,000 and 680 FICO.
- Points shown are “at cost” for the posted note rate.
- Points dollars scale with your loan amount.
- Other fees still apply (use Loan Estimates).
How to compare lenders correctly
- Match the same term, lock period, and points/credits.
- Compare APR, total cash-to-close, and five-year cost, not rate alone.
- Confirm taxes/insurance escrows are handled the same way.
- Use written Loan Estimates for each quote.
What moves VA pricing
- Credit score band and recent payment history.
- Loan purpose: purchase vs IRRRL vs cash-out.
- Lock length + intra-day reprices.
- Points vs lender credits tradeoff.
Fast checklist
- Same loan amount, term, and occupancy.
- Same lock period and rate-lock status.
- Same points/credits and lender fees.
- Compare APR and cash-to-close.
- Use the worksheet to standardize five-year cost.
Updated VA Rate Snapshot (Purchase + IRRRL)
Updated using the numbers you provided: $300,000 loan amount and 680 FICO. “At cost” means borrower-paid points for that note rate.
Purchase — $300,000 · 680 FICO
| Term | Rate | Points (at cost) | Est. points $ |
|---|---|---|---|
| 30-year fixed | 5.75% | 0.284 | $852 |
| 20-year fixed | 5.75% | 0.374 | $1,122 |
| 15-year fixed | 5.625% | 0.538 | $1,614 |
These points dollars are estimated as (points % × loan amount). Other fees are not included.
IRRRL — $300,000 · 680 FICO
| Term | Rate | Points (at cost) | Est. points $ |
|---|---|---|---|
| 30-year fixed | 5.75% | 0.284 | $852 |
| 20-year fixed | 5.75% | 0.374 | $1,122 |
| 15-year fixed | 5.625% | 0.538 | $1,614 |
IRRRL eligibility and net-tangible-benefit rules apply. Confirm final pricing with Loan Estimates.
Important
This snapshot is a pricing reference for the stated scenario. It does not include taxes/insurance, HOA, VA funding fee impacts, or lender-specific origination/third-party fees. Your final APR depends on the complete Loan Estimate.
VA Rate Scenario Tool
Default mode uses your updated posted snapshot (Purchase / IRRRL, $300,000, 680 FICO). Switch to “Model estimate” if you want to explore different credit bands, cash-out, or different point strategies. Payment shown is principal & interest only (no taxes, insurance, HOA, or VA funding fee).
1. Build your scenario
Limitations
Planning tool only. Payment is principal & interest. It does not include taxes, insurance, HOA, the VA funding fee, or lender-specific overlays. Use it to understand mechanics, then confirm with written Loan Estimates.
2. Estimated rate, APR, and payment
Enter details to see a sample VA payment.
How this rate was built
- Mode—
- Base—
- Credit band—
- Purpose / refi type—
- Down payment / equity—
- Points—
Payment and interest snapshot
- Monthly P&I
- —
- Interest paid in first 5 years
- —
- Total interest over full term
- —
Effect of a 0.50% rate change
- If rate drops 0.50%
- —
- If rate rises 0.50%
- —
- Monthly difference
- —
How to Read Your VA Rate Scenario
Your scenario does not tell you whether a specific lender will approve you. It helps you understand where you may land and what typically improves outcomes.
1. Green — Competitive Range
Many VA lenders can price competitively in this range, especially with clean recent credit history.
- Credit in the mid-600s or higher with clean 12-month history.
- Purchase or IRRRL, not high-LTV cash-out.
- 0–1 points and normal closing costs.
- Payment fits your budget and common lender overlays.
2. Yellow — Still Possible, Shop Hard
Pricing spreads can widen. Small differences in rate, fees, and points matter more, and some lenders will decline.
- Credit in the low-600s or high-500s but improving.
- Cash-out refinance or DTI near common overlays.
- Considering points to buy down rate into approval range.
- Compensating factors may matter more (reserves, stability, etc.).
3. Red — Focus on Repair Plan
In this zone, many lenders either price very high or decline the file. Use the numbers to design a plan.
- Scores under the high-500s, or major recent credit events.
- Very high DTI or unstable income patterns.
- Max cash-out combined with weaker credit.
- Best next step is a credit + budget plan with a VA lender.
VA Rate Quote Comparison Worksheet
Once you have actual Loan Estimates, use this worksheet to compare up to three lenders. Enter note rate, points, and fees. The worksheet estimates APR, payment, and five-year cost (interest + upfront costs).
What counts as “fees” here?
Include lender origination charges, underwriting fees, discount points, and third-party closing costs that are not government taxes. Do not include the VA funding fee or prepaid taxes/insurance when comparing APR or five-year cost.
| Lender | Rate % | Discount points % | Other fees $ | Est. APR % | P&I payment | 5-year cost (interest + fees) |
|---|---|---|---|---|---|---|
| Lender 1 | — | — | — | |||
| Lender 2 | — | — | — | |||
| Lender 3 | — | — | — |
Tip: the highlighted row is the lowest estimated five-year cost based on your current loan amount and term.
Example VA Rate Table (Relative to Your Current Baseline)
This table is a quick “what-if” view anchored to your current baseline (snapshot or model). It is not a live quote.
| Scenario | Estimated rate | Estimated APR | P&I payment |
|---|---|---|---|
| Baseline scenario (current mode) | — | — | — |
| Same term · rate -0.25% | — | — | — |
| Same term · rate +0.25% | — | — | — |
| Same rate · fees +0.50% | — | — | — |
How to use this example table
- Rates are shown relative to your current baseline.
- APR includes your “fees %” setting and points.
- The VA funding fee is not included; it affects loan amount, not note rate.
VA Rate Basics, Rules, and FAQs
VA guarantees part of the loan but does not set your interest rate. Individual lenders price VA loans based on markets, credit risk, and their own margin.
What are the pros and cons of a VA loan?
VA loans can offer zero down, no monthly mortgage insurance, and flexible approval standards for eligible Veterans. The tradeoffs are that the property must meet VA appraisal standards and you must occupy it as a primary residence. Some sellers are unfamiliar with VA timelines, so clear communication and strong documentation matter.
How do discount points work on a VA loan?
Discount points are optional upfront costs you pay to buy a lower interest rate. They can make sense if you plan to keep the loan long enough to break even on the added cash-to-close. Always compare a zero-point quote to a points quote, then calculate the monthly savings and break-even timing.
How does a rate lock work for VA loans?
A rate lock is a written agreement that holds your interest rate for a set number of days while your loan closes. Confirm the lock expiration date and any extension fees in writing.
Who actually sets VA mortgage rates?
The Department of Veterans Affairs guarantees part of the loan but does not set the interest rate or APR on VA mortgages. Individual lenders set rates based on market pricing, credit risk, and their own cost structure.
Why are VA rates often different between lenders on the same day?
Each VA lender uses its own pricing engine, cost structure, and appetite for VA loans. Some price aggressively and make up the difference with volume. Others add overlays for lower credit scores, cash-out, or condos.
Are VA rates usually lower than conventional rates?
Often, yes, because VA’s guaranty can reduce lender risk. The bigger advantage is that VA doesn’t require monthly mortgage insurance.
How often do VA rates change?
Lenders can reprice multiple times per day when bond markets move quickly. Quotes can change until you are locked.
What is the difference between the note rate and APR on a VA loan?
The note rate is used to calculate your monthly principal-and-interest payment. APR folds certain upfront costs into an equivalent annual percentage rate.
How do VA IRRRL (streamline refinance) rates work?
An IRRRL is a streamlined VA-to-VA refinance that can require less documentation than a purchase or cash-out loan. Overlays still apply and you must meet VA net-tangible-benefit tests.
What is the best way to shop VA rates without hurting my credit?
Gather several quotes within a short shopping window so mortgage inquiries are grouped. Use written Loan Estimates, confirm the same lock period and points/credits, then compare APR and total cash-to-close.
Next steps: compare VA loan offers, review VA funding fee rates, or check VA income and DTI requirements.
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