Best Mortgage Rates in Virginia

See Mortgage Rate Quotes for Your Home

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While the best mortgage rates in Virginia tend to be found online at direct mortgage lenders, some brick-and-mortar banks also offer competitive rates. We collected purchase and refinancing estimates from some of Virginia's largest mortgage lenders to find which ones provided the best rates. Read more about which lenders and cities had the best rates or enter your details above to find more specific quotes.

Best Virginia Mortgage Rates for Purchasing

For first-purchase mortgages, our survey was based on a home price of $260,000 with a 20% down payment and a credit score of 740. We also stayed as close as possible to zero mortgage points purchased for each quote.

Lowest Mortgage Rates Online for Virginia

The best purchase mortgage rates in Virginia can be found online, the preferred channel for nonbank direct lenders.

LenderAPRMonthly PaymentLoan Fees
Citibank, N. A.4.847%$834.64$1787Inquire Now
ConsumerDirect Mortgage, a division of First Bank4.356%$787.1$1995Inquire Now

Information based on a home purchase of $200,000 in Virginia with 20% down payment and credit score of 740.

The mortgage rates that our hypothetical borrower obtained online were lower overall than quotes at most bank lenders given the same parameters. However, we found that the minimum floor for possible rates was more or less the same for the two groups. For all three mortgage types we examined, the lowest direct lender mortgage rates were matched or undercut by the lowest bank lender rates.

Mortgage Rates at Virginia's Largest Lenders

Navy Federal Credit Union had a clear lead over major banks when it came to conventional mortgage rates. Its rate estimates were the lowest for both fixed rate and adjustable rate mortgages (ARMs), and compared well even against direct lender quotes. However, Navy Federal limits membership to military servicemembers and their families, making it a less viable option if you aren't part of that group.

30-year fixed15-year fixed5/1 ARM
Navy Federal3.63%2.88%2.63%
Bank of America3.88%3.00%2.75%
BB&T4.00%3.13%3.25%
Wells Fargo4.00%3.38%3.50%
Quicken4.50%-3.75%

Bank of America quoted rates in each category about a dozen basis points behind Navy Federal's estimates. Other large banks like BB&T and Wells Fargo tended to land on the higher end, especially in the area of 30-year fixed rate mortgages.

Best Refinancing Rates in Virginia

Virginia's mortgage refinancing rates followed a similar pattern to the purchase rates we found: offers from direct lenders slightly outperformed those from big banks. We based refinance quotes on a present value of $260,000 (the state median so far in 2017) and an outstanding loan balance of $188,000. We based this figure on a calculation of principal and interest payments over five years on a 4% fixed rate loan.

Best Online Mortgage Refinance Rates for Virginia

Information based on a mortgage balance of $200,000 in Virginia with 75% loan to value ratio and credit score of 740.

Mortgage Refinance Rates Among Top Virginia Lenders

Though they fell behind direct lenders, mortgage rates from Virginia's largest banks were more competitive when it came to refinancing as opposed to purchasing a home. Refinance rates were actually even lower at Navy Federal Credit Union than any direct lender we encountered. However, the restrictive membership rules of NFCU mean that not everyone can take advantage of its low mortgage rates.

30-year fixed15-year fixed5/1 ARM
Navy Federal3.63%2.88%2.63%
Bank of America3.88%3.13%2.88%
BB&T4.00%3.25%
Wells Fargo4.13%3.50%3.50%
Quicken4.50%-3.75%

Virginia Mortgage Rates by City

Although we collected a series of quotes using different zip codes in Virginia, changes in location had very little to do with changes in mortgage rates. After adjusting our parameters to cover different banks, cities and mortgage types, we found that most lenders establish the same rates throughout the whole state.

CityLender30-Year Fixed15-Year Fixed5/1 ARM
FairfaxWells Fargo4.00%3.38%3.50%
Navy Federal3.63%2.88%2.63%
BB&T4.00%3.13%3.25%
Bank of America3.88%3.00%2.75%
Online Lenders3.63%2.88%2.88%
NorfolkWells Fargo3.88%3.38%3.50%
Navy Federal3.63%2.88%2.63%
BB&T4.00%3.13%3.25%
Bank of America3.88%3.00%2.75%
Online Lenders3.75%2.99%2.74%
RichmondWells Fargo4.00%3.38%3.50%
Navy Federal3.63%2.88%2.63%
BB&T4.00%3.13%3.25%
Bank of America3.88%3.00%2.75%
Online Lenders3.75%2.99%2.74%
RoanokeWells Fargo4.00%3.38%3.50%
Navy Federal3.63%2.88%2.63%
BB&T4.00%3.13%3.25%
Bank of America3.88%3.00%2.75%
Online Lenders3.75%2.99%2.74%

The only rate change we observed was at Wells Fargo, which quoted a lower 30-year fixed rate for mortgages in Norfolk. Navy Federal, BB&T and Bank of America all maintained the same rates regardless of mortgage type or geography. To provide additional context, we also looked at the best rates from direct lenders in each of the four cities we covered.

Fairfax, VA

  • Average 30-Year Rate at Top 5 Lenders: 3.83%
  • 2017 Average Mortgage Amount: $437,796

This DC suburb reported an average mortgage amount that was $100,000 over the Virginia average, but there was little difference in mortgage rates relative to other places in the state. Navy Federal's mortgage rates matched or beat even the best online mortgage rates for Fairfax. Among direct lenders, Fairfax was quoted lower fixed rates than other Virginia cities but higher 5/1 ARM rates.

Norfolk, VA

  • Average 30-Year Rate at Top 5 Lenders: 3.83%
  • 2017 Average Mortgage Amount: $230,718

Norfolk's average mortgage was about one-third smaller than the state average, but like Fairfax this difference in amount had no real impact on local mortgage rates. Wells Fargo made its one and only rate change here, dropping the estimated rate on 30-year mortgages by a dozen percentage points. Otherwise, we saw no difference in quoted rates for either banks or direct lenders in Norfolk.

Richmond, VA

  • Average 30-Year Rate at Top 5 Lenders: 3.85%
  • 2017 Average Mortgage Amount: $325,395

Mortgage rates in Richmond were very close to the averages for Virginia as a whole. Aside from Navy Federal, Bank of America came closest to matching direct lender rates, making it the most affordable brick-and-mortar option for non-military families. In particular, Bank of America's rates on 15-year fixed rate mortgages and 5/1 ARMs were barely shy of the lowest rates we obtained online.

Roanoke, VA

  • Average 30-Year Rate at Top 5 Lenders: 3.85%
  • 2017 Average Mortgage Amount: $431,383

Rate estimates for Roanoke followed the pattern we saw in other Virginia cities: 30-year rates were 4.00% or lower while 15-year fixed rates and 5/1 ARMs were mostly between 2.60% and 3.40%. We observed more variation for adjustable rate mortgages than fixed rates, with a spread of 0.76 percentage points between the lowest and highest offer.

Staying informed about the latest mortgage rates is good practice for both current and prospective homeowners. However, a truly efficient purchase or refinancing decision requires you to look at the direction of movement in interest rates as well. One easy method of approaching that question is to review historical data from government sources.

line graph showing average U.S. rate on 30-year fixed rate mortgages between 2012 and 2017

According to the Federal Reserve, the 30-year fixed rate mortgage average has stayed somewhere between 3.5% and 4.5% for the past half-decade. If you're considering an adjustable rate mortgage, you'll need to pay particular attention to the index rates that lenders use to determine the actual rate on an ARM. Adjustable mortgages generally track a popular funds index like the LIBOR or US Treasury's 1-Year CMT, and add a fixed margin on top to ensure the lender's profit. Studying the movement of these indexes can help you decide whether an adjustable mortgage refinance represents opportunity or danger.

Most ARMs allow an initial period of fixed rate payments, which some consumers rely on as a grace period to refinance before the rate starts to move up. However, there's no guarantee that your personal finances or property value will leave you in a good place to refinance before that point. This is part of the reason homeowners who plan on paying off their full mortgage will often sidestep the problem of tracking interest rates by locking in a fixed rate.

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