VA Current Mortgage Loan Rates
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
How are VA mortgage rates determined?
The VA does not set the rates on any home loans.
VA mortgage rates, like most mortgage interest rates, change often. The VA and FHA loan interest rates typically move up and down along with conventional loan rates, and borrowers can expect VA home loan rates to be close to average conventional rates. What's important to understand is that mortgage rates for VA home loans are determined by the market. They are not set by the U.S. Department of Veterans Affairs, although the Federal Government's actions can, of course, affect mortgage rates. Most lenders have a current rate sheet that their loan officers work from that tells them which rates they can offer, and the cost of each rate. The rate options discussed with a borrower often depend on the borrower's priorities, which might be the lowest possible payment, or keeping the cost of the loan low. The amount of time the borrower intends to stay in the home can also be an important factor in deciding which rate option to choose.
A VA home loan professional can provide you with information about present rates, and help guide you through your options.
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