Compare current VA refinance rates

Today’s VA refinance interest rates

For today, Wednesday, July 10, 2024, the national average 30-year VA refinance interest rate is 7.71%, up compared to last week’s rate of 7.70%. VA refinance rates have trended slightly downward since the fall of 2023, with rates expected to continue to drop in 2024. VA loans often carry lower rates when compared to their conventional counterparts.

The table below brings together a comprehensive national survey of mortgage lenders to help you learn the most competitive VA refinance loan rates. This table is updated daily to give you the most current interest rates and APRs when choosing a VA refinance loan.

National refinance rates by loan type

What is a VA mortgage refinance loan?

VA mortgage refinancing is an option available to eligible active-duty service members, veterans and surviving spouses. If you qualify, you can refinance an existing mortgage, either a conventional or another VA loan, into one of several types of VA refinance loans.

Types of VA refinance loans

There are two main ways to refinance a VA loan:

• VA streamline refinance: Also called an Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”), this type of VA refinance doesn’t require an appraisal or credit check. This can be a great option for VA borrowers who want to refinance to a lower rate.
• VA cash-out refinance: With a VA cash-out refinance, you can refinance your current mortgage — regardless whether it's a VA loan or conventional loan — and get cash by borrowing against your home’s equity.

Who qualifies for a VA refinance loan?

To qualify for any VA loan, you’ll need to meet specific military service requirements and have a VA certificate of eligibility (COE).

Depending on the type of VA refinance you’re after, there might be additional requirements. VA streamline refinances don’t require some underwriting verifications, but you do need to confirm that you live or lived in the property. VA cash-out refinances, on the other hand, are only allowed on a primary residence you currently live in, and impose credit and other underwriting criteria.

How to find the best VA refinance rate

Bankrate’s mortgage rate table shows estimated mortgage rates from different VA lenders, tailored to you. Different VA lenders charge different rates and fees, so it could pay to shop around. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you’ll get custom quotes and be on your way to getting a new mortgage. Keep in mind, this is an estimate; your actual rate will depend on a number of factors. Still, in a higher-rate environment, small changes in your VA refinance rate can make a big difference in your monthly payment, especially for larger loan amounts.

Additional VA refinance resources

• VA loan resources: Check out our guide to VA loans and more.
• How to refinance into a VA mortgage: Learn how to refinance your current mortgage into a VA home loan.
• Is a VA cash-out refinance for you?: See what you can do with a VA cash-out refinance, or explore alternatives.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita