VA Loan Rates Today: October 2026 Rates & Calculator
As of October 16, 2026, Mortgage News Daily's 30-year fixed VA mortgage rate index was 7.01%. This is a market benchmark, not a personal rate quote. Your actual interest rate and APR depend on your lender, credit profile, loan purpose, discount points, and rate-lock terms. Use the calculator below to estimate payments, then compare written Loan Estimates from multiple VA lenders.
Next step: Check Your VA Loan Eligibility
Market Benchmark
- 30-yr VA index: 7.01% as of October 16, 2026, per Mortgage News Daily's daily survey of lenders.
- Recent trend: The index moved from 7.18% on October 8 to 7.01% on October 16—a modest easing.
- Not a quote: A market index reflects average reported pricing across multiple lenders, not a personal offer.
What Moves Your Rate
- Credit profile: Higher scores typically earn lower rates; most VA lenders set overlays at 580–620 minimum.
- Discount points: Paying upfront points lowers the rate; 1 point = 1% of the loan amount paid at closing.
- Loan purpose: Purchase, IRRRL, and cash-out refinance carry different pricing and eligibility rules.
VA vs Conventional
- No PMI: VA loans carry no private mortgage insurance regardless of down payment, saving $100–$300+/month on typical balances.
- Funding fee: First-use purchase fee is 2.15% with <5% down; exempt Veterans pay $0.
- Rate comparison: VA rates often run below comparable conventional rates, but total cost depends on points, fees, and funding fee.
How To Compare Offers
- Loan Estimate: Every lender must provide a standardized 3-page Loan Estimate within 3 business days of application.
- APR on page 3: The lender-calculated APR accounts for rate, points, and certain fees—use it to compare total cost.
- Same-day quotes: Rates change daily; compare Loan Estimates pulled on the same day with the same lock period.
Top Questions About VA Rates
What is the current VA loan interest rate?
Are VA loan rates lower than conventional rates?
What is the difference between interest rate and APR?
Hypothetical payment estimates — not current lender offers. Enter any rate and loan amount to see monthly principal & interest.
Enter values from each lender's Loan Estimate. The APR comes from page 3 of the Loan Estimate — enter it as provided, do not compute it.
| Lender A | Lender B | Lender C | |
|---|---|---|---|
| Lender name | |||
| Note rate (%) | |||
| APR (from LE page 3) | |||
| Points (%) | |||
| Fees & origination ($) | |||
| Lender credits ($) | |||
| Monthly P&I | — | — | — |
| Upfront cost (net) | — | — | — |
| 5-year interest | — | — | — |
| 5-year total cost | — | — | — |
The Bottom Line Up Front
As of October 16, 2026, Mortgage News Daily reported a 7.01% average for 30-year fixed VA loans. That is a market benchmark—not a rate anyone is guaranteed. The rate on your Loan Estimate will depend on your credit, the lender, discount points, and the type of VA loan you are applying for.
The only number that matters is the one on your Loan Estimate. Market indexes tell you where pricing sits today. Your job is to get written quotes from multiple VA lenders on the same day and compare them using the APR on page 3 and the total cost breakdown on page 2. The calculator and three-lender worksheet above are built for exactly that comparison.
- 30-year VA index: 7.01% (Mortgage News Daily, October 16, 2026)
- Recent move: Down from 7.18% on October 8—a 17-basis-point easing in 8 days
- What to compare: Note rate, APR, origination charges, lender credits, and cash to close
- Funding fee: 2.15% first-use purchase (<5% down); 0.50% IRRRL; exempt if VA-disabled
What Determines Your VA Loan Rate
Your VA rate is not set by the VA. Every VA lender prices its own rates daily based on secondary-market conditions and its own risk appetite. Two Veterans with identical credit files can get different rates from two different lenders on the same morning.
The variables that drive your specific rate:
| Factor | How it affects your rate |
|---|---|
| Credit score | Higher scores generally earn lower pricing. Most VA lenders set minimum overlays between 580 and 620. Borrowers above 740 typically see the best available pricing from a given lender on a given day. |
| Loan purpose | Purchase rates, IRRRL rates, and cash-out refinance rates differ. Cash-out typically carries a premium because of the added equity risk. |
| Discount points | Paying upfront points (1 point = 1% of the loan amount) lowers your rate. Whether points save money depends on how long you keep the loan. The break-even period varies by lender. |
| Loan amount | Jumbo VA loans (above the conforming limit in your county) may carry a rate premium depending on the lender. |
| Rate-lock period | Longer locks (60 days vs 30 days) generally cost more. Lock early enough to close on time, but not so early that you pay an unnecessary premium. |
| Lender | Lender margins, overlays, and operational costs differ. This is why you shop. Two lenders quoting from the same secondary market can be 0.25–0.50% apart on the same day. |
Deal Math
A 0.25% rate difference on a $400,000 30-year loan changes your monthly principal and interest by about $66. Over five years, that is roughly $3,960 in additional interest—before accounting for any points you paid to get the lower rate. Always run the break-even math against the upfront cost.
VA Rate and Payment Calculator
The calculator above shows monthly principal and interest for any loan amount, rate, and term you enter. These are hypothetical illustrations—not rate quotes or lending offers.
How to use it:
- Enter the loan amount from your pre-approval or the purchase price minus your down payment.
- Enter the interest rate from a lender quote, or use the quick-select buttons to see how different rates change the payment.
- Select 30, 20, or 15-year terms. Shorter terms have higher monthly payments but far less total interest.
- The payment shown is principal and interest only. It does not include property taxes, homeowners insurance, or VA funding fee.
| Loan amount | Rate | Term | Monthly P&I | Total interest* |
|---|---|---|---|---|
| $300,000 | 6.00% | 30 yr | $1,798.65 | $347,515 |
| $300,000 | 6.50% | 30 yr | $1,896.20 | $382,633 |
| $300,000 | 7.00% | 30 yr | $1,995.91 | $418,527 |
| $400,000 | 6.50% | 30 yr | $2,528.27 | — |
| $400,000 | 6.75% | 30 yr | $2,594.39 | — |
*Scheduled interest at constant note rate, 360 monthly payments, no prepayment. Excludes funding fee, taxes, insurance, and lender fees.
How To Compare 3 VA Loan Estimates
The three-lender worksheet above organizes the numbers that matter. The goal is simple: get Loan Estimates from at least three VA lenders, pull the same day with the same lock period, and compare them side by side.
What to enter from each Loan Estimate:
- Note rate: Page 1 of the Loan Estimate. This is the interest rate that determines your monthly payment.
- APR: Page 3, “Comparisons” section. The lender calculates this using a standardized formula. Enter it as provided—do not try to compute it yourself.
- Points and origination: Page 2, “Loan Costs” section A. Includes origination charges and any discount points.
- Lender credits: Page 2, Section J. Credits reduce your upfront cost but typically mean a higher rate.
- Fees: Page 2, third-party and other costs that are not lender credits or points.
Lender Reality Check
A lower rate with 1.5 points costs $4,500 upfront on a $300,000 loan. A higher rate with zero points and a $2,000 lender credit puts cash back in your pocket at closing. The “better deal” depends on how long you plan to keep the loan. If you sell or refinance within 3–4 years, paying points rarely pays off.
Are VA Rates Lower Than Conventional?
Generally yes, but the total financing cost comparison is not as simple as comparing note rates. VA loans carry no private mortgage insurance, which can save $100–$300+ per month on a conventional loan with less than 20% equity. But VA loans have a funding fee that conventional loans do not.
| Feature | VA loan | Conventional (<20% down) |
|---|---|---|
| PMI | None | Required until 20% equity |
| Funding fee | 2.15% first use (<5% down); waived if VA-disabled | None |
| Down payment | $0 minimum | 3–5% minimum (most programs) |
| Rate range | Typically below conventional for comparable credit profiles | Varies by LTV, credit, PMI tier |
| Jumbo | No loan limit with full entitlement | Conforming limits apply; jumbo rates vary |
The right comparison: take the VA Loan Estimate and a conventional Loan Estimate for the same property, both pulled on the same day, and compare the total monthly payment (including PMI for conventional) and the five-year total cost from the Comparisons section on page 3.
How To Get a Better VA Mortgage Rate
You control more than you think. The lender sets the rate sheet, but you choose which lender, how many points, and when to lock.
- Shop at least three lenders on the same day. Rates change daily. Same-day quotes are the only apples-to-apples comparison.
- Ask for the zero-point rate and the one-point rate. This gives you the break-even math on buying down.
- Lock when you are ready to commit. A 30-day lock is standard. If your close is 45+ days out, ask about extended lock pricing.
- Clean up credit before you apply. Disputes, collections, and high utilization can all affect pricing. Address these before your first application.
File Guidance
Multiple mortgage applications may create separate hard inquiries on your credit report. However, credit-scoring models commonly group mortgage inquiries made within a 14- to 45-day shopping period as a single event for scoring, depending on the model. Certain models also ignore qualifying mortgage inquiries from the preceding 30 days when calculating a score.
IRRRL and Cash-Out Refinance: Rate Considerations
If you already have a VA loan, a rate-and-term refinance (IRRRL) and a cash-out refinance are your two primary options. They have different pricing, different eligibility rules, and different VA requirements.
| Feature | VA IRRRL | VA cash-out refinance |
|---|---|---|
| Purpose | Lower the rate or convert ARM to fixed on an existing VA loan | Tap equity; can refinance non-VA into VA |
| Funding fee | 0.50% | 2.15% first use / 3.30% subsequent |
| Appraisal | Generally not required | Required |
| Loan amount | Existing VA balance plus VA-permitted charges and financing; subject to lender and applicable VA requirements. Not a cash-out equity line. | Up to 100% of appraised value (lender terms apply) |
| Net tangible benefit | Required—see below | Not required in the same way |
IRRRL Net Tangible Benefit and Recoupment
The VA requires lenders to demonstrate a net tangible benefit before originating an IRRRL. This is not one test—it is three separate tests that must all be satisfied.
| Test | Requirement |
|---|---|
| Seasoning | At least 210 days since the first payment on the existing VA loan, and at least 6 payments made |
| Rate reduction | Fixed-to-fixed IRRRL: must generally lower the note rate by at least 0.50 percentage points. Fixed-to-ARM and ARM-to-fixed have distinct tests (2.00-point and separate criteria, respectively). A favorable payback period alone does not satisfy the rate test. |
| 36-month recoupment | Specified borrower-incurred fees and closing expenses must be recoverable through lower regular monthly payments within 36 months. The calculation excludes the VA funding fee, escrows, and certain taxes. Financing eligible costs reduces cash due at closing but does not make them disappear from the recoupment calculation. Ask for the lender’s required old-versus-new loan comparison. |
Detailed IRRRL eligibility, rate requirements, and worked examples are on the dedicated IRRRL guide at /va-irrrl-rates-today/. For cash-out refinance specifics, see the cash-out refinance guide.
The Bottom Line
The 30-year VA rate index sat at 7.01% on October 16, 2026. That benchmark tells you where the market is—not what you will pay. Your rate depends on your lender, your credit, your loan type, and whether you buy down with points. Get at least three Loan Estimates on the same day, compare the APR and total cost on page 3, and use the worksheet above to put the numbers side by side. The best rate is the one you verify in writing.
Frequently Asked Questions
What is a good VA loan rate right now?
Should I pay discount points to get a lower rate?
When should I lock my VA loan rate?
Why does my quoted rate differ from the market index?
Do VA IRRRL rates differ from purchase rates?
How do VA rates compare to FHA and conventional rates?
Will VA rates go down in 2026?
Resources Used
- Mortgage News Daily: 30-Year VA Mortgage Rate Index — October 16, 2026 daily survey
- CFPB: Compare Loan Estimates — APR, fees, credits, and five-year cost comparison guidance
- CFPB: Credit Inquiry Shopping Windows — inquiry grouping and scoring guidance
- VA: Funding Fee and Closing Costs — current fee schedule
- 38 U.S.C. §3709 — federal refinancing requirements, IRRRL recoupment and benefit tests
- VA Circular 26-20-25 — IRRRL seasoning, recoupment, and net tangible benefit
- CFPB Regulation Z §1026.24 — mortgage advertising requirements