The table below shows Tupelo's current 30-year mortgage refinance rates. You can use the menus to select other loan durations and modify the loan amount. The rates shown above are the current rates for the purchase of a single-family primary residence based on a 45-day lockdown period. Looking back another decade to the early 1980s, most mortgages had interest rates higher than 14%, making homeownership difficult for many Virginians.
Setting the interest rate at the right time is key, which means it's essential to find a lender who understands your needs and the forces that determine interest rates on VA loans. Alternate between the three rates on the graph and compare the current rates with what they looked like from the past few days. If you're thinking about refinancing, use Bankrate's mortgage calculator to determine what your monthly payments would be and how much you could save by reinstating your mortgage. Also check Virginia rates every day before purchasing a loan to make sure you get the lowest possible rate.
Mortgage points, or discount points, are a form of prepaid interest that you can choose to pay in advance in exchange for a lower interest rate and a monthly payment. The more you know about mortgage rates in Virginia, the better prepared you are to find the best home for your budget and evaluate potential refinancing options. Both mortgage and refinance rates in Virginia are nearly on par with the national average, but the median home price is higher than in other states, according to data from the U.S. UU.
The above rates assume that you have a down payment of at least 25% for a conventional fixed-rate loan, an adjustable rate mortgage (ARM) loan, or a jumbo loan, at least 3.5% for an FHA loan and 0% for a VA loan. Current mortgage rates in Virginia are nearly on par with the national average, but homeownership in Virginia is above the national benchmark. The table below is updated daily with Virginia mortgage rates for the most common types of home loans. Below, we've compiled some of the most common questions about mortgage rates so you can make more informed decisions.
If you already have a mortgage and are considering refinancing it, get rates tailored to your unique circumstances. A rate lock guarantees a fixed interest rate for a specific period of time, which usually ranges from 30 to 60 days. Eligible veterans and military service members consider that rates are generally lower with a VA home loan than with a conventional mortgage.
