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Virginia Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Virginia Mortgages

As the oldest of the 13 colonies, Virginia boasts beautiful landscapes and a past steeped in American history that make the state a desirable place to own a home. Virginia’s mortgage rates have fluctuated over time. Some years they are higher than the national average and other years they are slightly lower. Virginia counties’ conforming and FHA loan limits vary widely.

Today's Mortgage Rates in Virginia

Product Today Last Week Change

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Virginia Mortgage Rates Quick Facts
  • Average Home Value: $234,800 (zillow.com)
  • Loan Funding Rate: 63.2%
  • Average Mortgage Rate: 4.01%
  • Homeownership Rate: 67.1% (St. Louis Fed)
  • Average Annual Mortgage Payment: $10,770

Historical Mortgage Rates in Virginia

Historically, Virginia mortgage rates have sometimes been right in line with the national average, other years they have been higher or lower. Current rates are a bit below the national average.

Virginia Historic Mortgage Rates

YearVirginia RateU.S. Rate
198214.2814.73
198312.1112.26
198411.6611.99
198510.5911.17
19869.669.79
19879.048.95
19888.858.98
19899.529.81
19909.639.74
19918.759.07
19927.837.83
19936.906.93
19947.367.31
19957.617.69
19967.467.58
19977.457.52
19986.916.97
19997.177.14
20008.037.86
20017.026.94
20026.546.44
20035.825.67
20045.705.68
20055.935.85
20066.546.54
20076.416.42
20086.026.06
20094.975.05
20104.714.81
20114.524.56
20123.673.65
20133.863.84
20144.164.13
20153.963.88

Virginia Mortgages Overview

Virginia, the oldest of the 13 colonies, is steeped in American history. Its capital, Richmond, is one of the oldest cities in the nation, and it’s famous for its urban rapids, breweries and amazing food. If you are looking to settle down here, know that homes are on the expensive side. The average sale price in the state is $300,992, as compared to the U.S. average of $236,450, according to Zillow.

Virginia Mortgage Rates

Single-Family Homes
Percentage of Homes81.20%
Average Property Value$236,321.26
Condominiums
Percentage of Homes9.80%
Average Property Value$213,836.12
PUD Homes
Percentage of Homes3.50%
Average Property Value$206,188.14
Townhomes
Percentage of Homes5.50%
Average Property Value$235,322.50

The conforming loan limits for Virginia range widely from the standard $417,000 up to $625,500. The FHA loan limits are similar, ranging from $217,050 to $625,500. This is a reflection of the high costs of homes in many parts of the state.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Accomack$417,000$271,050
Albemarle$437,000$437,000
Alexandria City$625,500$625,500
Alleghany$417,000$271,050
Amelia$535,900$535,900
Amherst$417,000$292,100
Appomattox$417,000$292,100
Arlington$625,500$625,500
Augusta$417,000$271,050
Bath$417,000$271,050
Bedford$417,000$292,100
Bedford City$417,000$292,100
Bland$417,000$271,050
Botetourt$417,000$271,050
Bristol City$417,000$271,050
Brunswick$417,000$271,050
Buchanan$417,000$271,050
Buckingham$437,000$437,000
Buena Vista City$417,000$271,050
Campbell$417,000$292,100
Caroline$535,900$535,900
Carroll$417,000$271,050
Charles City$535,900$535,900
Charlotte$417,000$271,050
Charlottesville City$437,000$437,000
Chesapeake City$458,850$458,850
Chesterfield$535,900$535,900
Clarke$625,500$625,500
Colonial Heights City$535,900$535,900
Covington City$417,000$271,050
Craig$417,000$271,050
Culpeper$625,500$625,500
Cumberland$535,900$271,050
Danville City$417,000$271,050
Dickenson$417,000$271,050
Dinwiddie$535,900$535,900
Emporia City$417,000$271,050
Essex$417,000$271,050
Fairfax$625,500$625,500
Fairfax City$625,500$625,500
Falls Church City$625,500$625,500
Fauquier$625,500$625,500
Floyd$417,000$292,100
Fluvanna$437,000$437,000
Franklin$417,000$271,050
Franklin City$417,000$271,050
Frederick$417,000$271,400
Fredericksburg City$625,500$625,500
Galax City$417,000$271,050
Giles$417,000$292,100
Gloucester$458,850$458,850
Goochland$535,900$535,900
Grayson$417,000$271,050
Greene$437,000$437,000
Greensville$417,000$271,050
Halifax$417,000$271,050
Hampton City$458,850$458,850
Hanover$535,900$535,900
Harrisonburg City$417,000$277,150
Henrico$535,900$535,900
Henry$417,000$271,050
Highland$417,000$271,050
Hopewell City$535,900$535,900
Isle of Wight$458,850$458,850
James City$458,850$458,850
King and Queen$535,900$271,050
King George$417,000$350,750
King William$535,900$535,900
Lancaster$442,750$442,750
Lee$417,000$271,050
Lexington City$417,000$290,950
Loudoun$625,500$625,500
Louisa$535,900$271,050
Lunenburg$417,000$271,050
Lynchburg City$417,000$292,100
Madison$417,000$271,050
Manassas City$625,500$625,500
Manassas Park City$625,500$625,500
Martinsville City$417,000$271,050
Mathews$458,850$458,850
Mecklenburg$417,000$271,050
Middlesex$417,000$271,050
Montgomery$417,000$292,100
Nelson$437,000$437,000
New Kent$535,900$535,900
Newport News City$458,850$458,850
Norfolk City$458,850$458,850
Northampton$417,000$271,050
Northumberland$417,000$318,550
Norton$417,000$271,050
Nottoway$417,000$271,050
Orange$417,000$271,050
Page$417,000$271,050
Patrick$417,000$271,050
Petersburg City$535,900$535,900
Pittsylvania$417,000$271,050
Poquoson City$458,850$458,850
Portsmouth City$458,850$458,850
Powhatan$535,900$535,900
Prince Edward$417,000$271,050
Prince George$535,900$535,900
Prince William$625,500$625,500
Pulaski$417,000$292,100
Radford City$417,000$292,100
Rappahannock$625,500$625,500
Richmond$417,000$271,050
Richmond City$535,900$535,900
Roanoke$417,000$271,050
Roanoke City$417,000$271,050
Rockbridge$417,000$271,050
Rockingham$417,000$277,150
Russell$417,000$271,050
Salem City$417,000$271,050
Scott$417,000$271,050
Shenandoah$417,000$271,050
Smyth$417,000$271,050
Southampton$417,000$271,050
Spotsylvania$625,500$625,500
Stafford$625,500$625,500
Staunton City$417,000$271,050
Suffolk City$458,850$458,850
Surry$458,850$271,050
Sussex$535,900$535,900
Tazewell$417,000$271,050
Virginia Beach City$458,850$458,850
Virginia Loan Limits$417,000$271,050
Warren$625,500$625,500
Washington$417,000$271,050
Waynesboro City$417,000$271,050
Westmoreland$417,000$271,050
Williamsburg City$458,850$458,850
Winchester City$417,000$271,400
Wise$417,000$271,050
Wythe$417,000$271,050
York$458,850$458,850

Anyone buying property in Virginia should be aware that they will likely get what is known as a “deed of trust,” not a mortgage. This is important to note because if you were to miss mortgage payments in the future, your lender does not need to get a court order to foreclose on your home. Deeds of trust contain “power of sale” clauses which allow lenders to hire a third party to auction the home they want to foreclose, skipping the hassle of going to court entirely.

Also of importance to buyers, Virginia is a “caveat emptor” or “buyer beware” state. This means that sellers are not required to disclose property defects to potential buyers. As such, a quality home inspection is an incredibly valuable tool to verify that the property is up to mark. Purchasing a home sans inspection usually means the buyer is accepting the property as-is.

30-Year Fixed Mortgage Rates in Virginia

A 30-year fixed-rate mortgage is a solid home loan option, particularly for buyers who intend to stay in their property long term. A fixed-rate mortgage, as its name indicates, is accompanied by an interest rate that remains the same for the duration of the loan. This is the most common home loan among buyers, as it offers a long time to pay off the loan (30 years) and the monthly payments do not change (unless the buyer decides to refinance). You can also choose a fixed-rate mortgage with a 15-year term and pay off your loan in half the time, but your monthly payments will be higher.

The average Virginia mortgage rate for fixed-rate 30-year mortgages is 3.97%.

Virginia Jumbo Loan Rates

The conforming loan limits throughout the state of Virginia vary widely from county to county. The conforming loan limit in a particular area is the maximum home loan that you can take out in that area and have the loan be subject to normal interest rates. If you need to take out a mortgage that exceeds that limit, you will be taking on what is considered a “jumbo loan.”

Jumbo loans are viewed as riskier for lenders as more money is on the line. Be aware that jumbo loans are accompanied by higher interest rates to make up for the additional risk.

The average jumbo loan rate in Virginia is 3.75%.

Virginia ARM Loan Rates

If you are purchasing a starter home or plan to flip the property, an adjustable-rate mortgage might be an attractive option for you. Unlike a fixed-rate loan, an ARM has an interest rate that changes over the course of the loan’s life. An ARM will offer a lower interest rate for a specific period of time lasting from somewhere between one and 10 years. When that introductory period has ended, the rate can go up or down (it usually goes up). The low introductory rate makes it clear why an ARM could be a good option for someone who plans to stay in their new home for a short period of time.

While an ARM’s interest rate is free to change, there are specific parameters laid out in the loan’s terms that control how many times the rate can change as well as the highest possible level that it can reach. Even if you plan on being out of the home well before in the introductory period ends, it is crucial that you check the interest rate cap before signing the loan, and make sure that it is something you would be able to afford to pay in case your plans change unexpectedly.

The average rate for an ARM in Virginia is 2.65%.

Virginia Mortgage Resources

Virginia buyers can work with state and national programs to help reduce the financial load of buying a house.

The Virginia Housing Development Authority is an all-inclusive resource offering valuable programs to buyers in the Old Dominion. It offers free homebuying courses, housing counselors, home loans, mortgage credit certificates and down payment assistance to eligible buyers.

The Virginia Department of Housing and Community Development provides a down payment assistance program for first-time homebuyers below a specified income level. This program offers up to 10 percent of the purchase price in down payment assistance and up to $2,500 in closing costs.

Available Resources

ResourceProblem or IssueWho QualifiesWebsite
Virginia Housing Development AuthorityProvides homeownership education, housing counseling, mortgage credit certificates and down payment assistance.Eligible first-time homebuyers who complete a homebuyer education course.http://www.vhda.com/Homebuyers/Pages/homebuyers.aspx#.V5qQjpMrJ2Y
Virginia Department of Housing and Community DevelopmentProvides downpayment assistance (of up to 10 percent of the purchase price) and up to $2,500 in closing cost assistance.Eligible homebuyers who complete a homeownership education course.http://www.dhcd.virginia.gov/index.php/housing-programs-and-assistance/68-down-payment-assistance-dpa.html
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.http://www.harp.gov/

Virginia is also eligible for the United States Department of Agriculture Rural Development program. Through the USDA, loans and grants are available for qualifying residents in rural areas who are looking to buy a home.

Virginia Mortgage Taxes

Virginia charges taxes on real estate transfers, so be prepared for that when buying or selling a home. The transfer tax is $0.50/$500 or 0.1%. There is also a mortgage tax of $0.25/$100 up to $10 million value, and more beyond that price. The local option allows for one-third more of state recordation tax. Additionally, there is a $20 fee on every deed collected.

The Northern Virginia Transportation Authority and the Hampton Roads Transportation Authority are also able to charge a realty grantor’s fee of $0.40 per $100.

In Virginia, the buyer pays the state/local grantee tax, while the seller covers the grantor tax.

Virginia homeowners should also be aware that they can deduct the mortgage interest that they pay throughout the year from their taxable income when they file both federal and state income taxes.

Virginia Mortgage Refinance

Are you planning on refinancing in Virginia? You can work with the lender who issued your original mortgage to come up with a new plan that fits better with your current situation. Alternatively you are free to shop around and compare the rates of other lenders to find something more competitive.

A good resource is Virginia’s Home Affordable Refinance Program. HARP works with lenders across the state to provide qualifying homeowners with low closing costs and payment reductions.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset