You are wondering what the latest average of the VA mortgage rates for 2022 is. The national standard will help you determine if now is the best time to apply for a VA mortgage. The rates are up from last week today, October 10, 2022. The 30-year VA refinance APR (annual percentage rate) is up from last week’s 6.49% to 6.70%, while the national average of the 30-year VA mortgage APR is at 6.64% from last week’s 6.40%.
How are the APRs calculated?
APRs are determined by comparing the rate of the largest refinance companies in the US. As the market is volatile and rates change constantly, the averaging is done at the close of the business day so that consumers are given the most up-to-date rates.
What are the rates for a house purchase or refinance?
Suppose you want to buy a house; the 30-year fixed-rate VA interest rate averages at 6.51%, while the APR is at 6.64%. On the other hand, the 30-year fixed-rate VA for a house refinancing is at 6.48% with a 6.70% APR.
What is a VA loan, and who qualifies?
VA home mortgages are backed by the US Department of Veterans Affairs or VA. If you currently serve in the military, are a veteran, or are a surviving spouse, you can qualify for a VA loan. This is an attractive option for qualified borrowers who have difficulty coming up with a downpayment because a VA loan doesn’t require a down payment or mortgage insurance.
Another good thing about VA loans is that the VA mortgage rates, in terms of interest, are significantly lower than a conventional mortgage. At the same time, VA loans don’t require a high credit score, but it would be a good thing to have a credit score in the 600s. You must shoulder the VA funding fee, which amounts to 1%-3% of the amount borrowed. Contact us to know more about the latest VA mortgage rates for 2022.