mortgage market. Please read below for more important information about current VA mortgage rates. The loan rates and APR calculations also assume certain facts according to the type of loan described. State. » MORE: What is APR and how does it affect your mortgage? generally lower with a VA home loan than a conventional mortgage. It is important to understand the difference between your interest rate and the Annual Percentage FIXED RATES as low as. NerdWallet’s mortgage rate tool can help you find competitive, customized VA mortgage rates. » MORE: See VA loans vs. conventional loans. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Home; Current Mortgage Rates Today; Today's Mortgage Rates. Here are some benefits and one drawback to VA loans: Buy with zero down: Qualified VA borrowers may buy without making a down payment. These rates do not include taxes, fees, and insurance. Find today's current mortgage refinance rates for fixed-rate and adjustable-rate mortgages to see if you could lower your monthly mortgage payment. work to keep the market stable. Skip to content. If credit is a concern, Veterans United offers a no obligation credit consulting It’s that easy. This rate was 2.97% yesterday and 2.92% last week. if your credit report isn't in perfect shape, you may still have an easier time qualifying for a low rate due to the How to use the VA IRRRL calculator. of Veterans Affairs or any government agency. These Refinance loan rates assume a loan-to-value ratio lower than 90%. market forces beyond the lender's control - including inflation, job growth, and the secondary For VA homeowners, this means it’s a great time to take advantage of IRRRLs and all-time low interest rates. VA refinance rates today As of September 2020, mortgage rates overall have dropped to record-breaking rates in reaction to the COVID-19 pandemic. Or, you may be able to make the new loan at an interest rate high enough so your lender can pay the costs. For one thing, lenders who offer VA home loans cannot require private mortgage insurance, or PMI. When you’ve decided that you’re finally ready to take out a loan, speak with a loan officer. 65203. A rate lock guarantees a set interest rate for a specific amount of time - typically ranging from 30 The monthly payment schedule would be: payments of $ at an interest rate of ; 1 payment of $ at an interest rate … VA Rate Advantage. From there, you can start the process of getting approved for your VA home loan. purchasing your first home with a VA Loan. For instance, today’s average rate for 30-year VA refinance is 2% (2.169% APR) , according to our lender network*. 1.99% | 2.145% APR Find out More Get a FREE Quote in Minutes! Rates are unique to each borrower's financial situation. Looking for the best and lowest interest rates today? You, the borrower, pay for it. 30-year Fixed-Rate VA Loan: Rate is fixed. 2.375% (2.673% APR) with 0.625 discount points on a 60-day lock period for a 15-Year Streamline (IRRRL), and Buy A Home; Refinance; Learning Center; Rates; Español (888) 452-8179 . Your lender determines the rate on your VA loan VA refinance rates are typically some of the lowest interest rates on the market. 1. Rate (APR). Search Rates. However, even No mortgage insurance: Even with a 0% down payment, VA borrowers don’t pay mortgage insurance. VA loans include other costs, too. Answer a few questions below to speak with a specialist about what your military service has earned you. VA loan rates vary depending on many factors including loan-to-value (LTV) ratio, mortgage type, loan term and lender. in CY 2016, 2017, 2018, and 2019. For another, interest rates for VA loans are extremely competitive when … rates. The Benefits. APR is a tool that can help you each loan against default. APR can take into consideration the following items: APR is typically higher than your base VA loan interest rate. The type of VA refinance The 30-year fixed-rate mortgage is 4 basis points lower than one week ago and 92 basis points lower than one year ago. Data source: ©Zillow, Inc. 2006 – 2020. 30-year fixed-rate mortgage: 2.92%: 2.95%: 15-year fixed-rate mortgage: 2.39%: 2.45%: 30-year fixed-rate jumbo mortgage: 2.95%: 3.01%: 5/1 ARM: 3.01%: … But understand that lenders may calculate APR differently. Unpredictable events can affect all of those factors. Here are today's mortgage rates. It only takes about 30 seconds to see that IRRRL rates are seriously lower than any other loan out there almost 100 percent of the time. Compare that to 2.625% (2.625% APR) for a conventional loan. VA loan rates vary depending on many factors including loan-to-value (LTV) ratio, mortgage type, loan term and lender. The market makes rates fluctuate up and down every day, week, and month, but VA IRRRL interest rates trends have gone down overall. VA refinance rates. There's no obligation, and you'll be one step closer to owning your brand new home. When you make lenders compete, you can compare loan offers and determine which has the best combination of rate and fees. Mortgage interest rates remain at historic lows this week. However, this does not influence our evaluations. Displaying rates for Mortgage Refinance in CA for $200,000. Rate locks are an essential part of the mortgage process, as mortgage rates often to 60 days. loan, the borrower's credit score, the loan-to-value ratio, and other factors can all play a role in Disclaimer. A VA loan is a mortgage that requires no down payment, no mortgage insurance and is available to active-duty military, veterans, certain military spouses, reservists and National Guard members. The VA loan program, backed by the U.S. Department of Veterans Affairs, aims to help service members and veterans enjoy the benefits of homeownership. All financial products, shopping products and services are presented without warranty. The terms advertised here are not offers and do not bind any lender. VA Jumbo Loan Interest Rates There are a number of variables that will affect the interest rate you are offered on a VA Jumbo Loan. CLICK HERE for today’s California VA Loan Rates. This may influence which products we write about and where and how the product appears on a page. Instead, they pay a one-time funding fee. Borrowers have the option to buy down their interest rate by purchasing discount points. The Fed Funds Rate (that is, the interest rate at which depository institutions lend money to each other overnight) is set by the Federal Reserve Board. Your rate … Use our VA loan for new home purchases, home refinancing. of anyone in 2019. Our opinions are our own. Current Texas Veteran Loan Rates. Buyers have to be under contract in order to be eligible for a rate lock. start your VA Home Loan quote With an IRRRL, you can include these costs in the new loan so you don’t have to pay up front. Your lender will also charge interest on the loan in addition to closing fees. See the below VA Loan interest rate comparison tables, showing how much you would pay each month for a 15-year or 30-year VA Loan. As noted previously, the interest rates for VA home loans are generally quite a bit lower than for traditional mortgage products. who understands your needs and the forces that shape VA loan interest rates. Interest rates. There are several factors that determine what your VA mortgage rate will be, so we need to help you pre-qualify first and at that point will be able to quote you a rate based on the current market conditions. This sort of mortgage prevails in the UK, specifically when linked with a normal financial investment plan. VA loan rates change daily based on market conditions. NMLS ID #1907 (www.nmlsconsumeraccess.org), † #1 VA Lender: The short-term prediction is that VA mortgage interest rates will decrease by a small percent, but they are at near record lows right now, so it is up to you if you want to risk it and wait longer. The 5/1 ARM mortgage for VA is now at 4.56%. Lenient loan qualifying standards: The VA has no minimum credit score requirement, although lenders often require credit scores of 620 or higher. So the bigger your down payment and the higher your credit score, generally the lower your mortgage rate. A fixed rate mortgage can be fixed for 30, 25, 20, 15, and with some banks and lenders evern 10 years. Speak to a Veterans United home loan Alaska, California and Hawaii loans have special timeline can vary depending on a host of factors, including the type of loan, the overall economic This rate has a big impact on the interest rates lenders charge. Borrower Details. The average APR on a 15-year fixed-rate mortgage rose 7 basis points to 2.650% and the average APR for a 5/1 adjustable-rate mortgage (ARM) remained at 2.994%, according to rates provided to NerdWallet by Zillow. VA Loan Interest Rates Assumptions: $250,000 Purchase Price; 15-year & 30-year Mortgage; No Downpayment; No PMI; Property Tax $2,400 / year ($200/mo) Homeowners Insurance $1,200 / year ($100/mo) No HOA fees; Interest Rates; 3.5%, 4.0%, 4.5%, 5.0%; … The payment on a $204,601, 30-year fixed-rate loan at 2.375% and 76.63% loan-to-value (LTV) is $795.19 with 2.125 Points due at closing. Do I qualify for a VA mortgage loan? All rates assume a single-family primary residence not including manufactured homes, 720 credit score, with All rate availability will depend upon an individual's credit score and details of the loan transaction. Get your true budget and find a home with ease. Plus you can now borrow up to $453,100 with $0 down. considerations for what qualifies as jumbo and may be priced separately. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Search for: Mortgages . Current advertised rates: It's fast, free, and anonymous. Compare current interest rates on home loans, refinancing, cd rates, savings accounts, credit problems and auto loan rates. Points are generally more advantageous to borrowers who plan to own the home for a longer period of See mortgage rates today and compare current mortgage rates including 30-year mortgage rates, VA mortgage rates and more. online. There’s incredible value in VA loans. Get matched with a top agent in your area. Purchase Refinance. For purchase loans with a zero-down payment, the VA funding fee is 2.3% of the loan amount if this is your first VA loan. Review current VA mortgage rates for December 21, 2020. It can be lower for some refinances and can be waived for disabled veterans and some surviving spouses. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Today’s rate will most likely NOT be the rate you’d end up getting. Your VA mortgage rate will affect the overall cost of borrowing. By speaking with a Veterans United including the interest rate and fees associated with getting the mortgage. Rates will vary depending on several factors. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. VA 15 Year Fixed: 2.125%*. Rates on 30-year IRRRL streamline jumbo loans start at 3.815%, while current VA refinance rates for 15-year IRRRL streamline loans are at 3.013%. 15 Year Fixed Mortgage Rate Explained. Interest rates can jump from one day to the next and it can depend on the loan amount, so be sure to check these resources too: Best VA Rates for $200,000 to $275,000 Mortgage; Best VA Rates for $300,000 to $375,000 Mortgage; Best VA Rates for $400,000 to $500,000 Mortgage; Here are samples of current VA interest rates you might find: Use is subject to the Terms of Use. The best way to find out if you’re being quoted a good VA mortgage rate is to apply with multiple lenders. ), Other fees dependent on the specific transaction. Current VA mortgage rates hover around 3.25 percent for a 30-year fixed-rate VA mortgage loan and around 3 percent for a 15-year fixed-rate VA mortgage. What Are Today’s VA Loan Rates? The most common type of VA interest rate is the 30-year-fixed interest rate. qualify for. A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. Customers with questions regarding our loan officers and their licensing may visit the Current VA mortgage rates hover around 3.25 percent for a 30-year fixed-rate VA mortgage loan and around 3 percent for a 15-year fixed-rate VA mortgage. Talk To Us ; Sign In . The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. See competitive VA refinance rates. Interest rates are a function of the risk associated with a mortgage. The property is an existing single family home and will be used as a primary residence. Locking in your interest rate at the right time is key, which means it's essential to find a lender View and compare current mortgage rates in Virginia. How to read our rates. Not all loan types are available in every state. Delinquencies … VA loans require 0 down payment. Get free, secure, & anonymous VA home loan quotes from Virginia mortgage lenders. Some lenders try to entice borrowers with unbelievably low rates that are nearly impossible to Veterans United works to simplify the process through education and At SoCal VA Homes, our lowest current VA mortgage loan rates today are always much LOWER than 2.84%, the average VA rate posted below. When assessing affordability, the VA looks at how much money is left over after the borrower’s monthly expenses. The Columbia, Beyond market conditions, VA loan rates are determined by your: VA loan rates can change frequently - sometimes multiple times a day. These Refinance loan rates assume that the property will be owner-occupied. On Wednesday, December 23rd, 2020, the average APR on a 30-year fixed-rate mortgage rose 5 basis points to 2.924%. The VA Streamline is designed to let you refinance your current VA loan and save money. specialist at 1-800-884-5560 to start your rate quote. Last Week's Rate. A fixed rate mortgage is normally the safest option for veterans who plan on living in their home for an extended period of time or perhaps forever. Check out current VA mortgage rates for 30 & 15 years mortgage & compare Today's VA rates from lenders in your area to get the lowest rates. means your loan must be greater than $510,400 to qualify as jumbo. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. VA Guaranty. Va Loan Interest Rate. Are you a first-time homebuyer? When evaluating offers, please review the financial institution’s Terms and Conditions. VA interest rates are not set by the Department of Veterans Affairs (the VA) but by each VA approved lender individually. Home loan interest rates at U.S. Bank come in all shapes and sizes, from three-year ARMs to 30-year fixed FHA and 15-year fixed jumbo loans. An IRRRL can help a VA borrower reduce their monthly payments by refinancing at a lower interest rate. The Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a “Streamline” loan, is a product for existing VA borrowers interested in taking advantage of lower interest rates. regular (non-reserves) military service with no service-related disabilities or previous use of a VA Loan. It’s the big question. A VA approved lender; Not endorsed or sponsored by the Dept. Credit Score. You’ll also be responsible for other closing costs, such as appraisals and inspections. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. The Department of Veterans Affairs (VA) doesn't set interest rates. For people with poor credit, especially, the low interest rates offered through the VA home loan program are very enticing. Locking in a low mortgage rate today can save you thousands over the life of your loan. Interest rates vary depending on the type of mortgage you choose. does not reflect fees you may incur to get the loan. VA Loans- Annual Percentage Rate (APR) calculation assumes a $179,026 loan ($175,001 base amount plus $4,025 VA Funding Fee for first time use) with no down payment and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable. (844) 912-1620. Pre-qualified offers are not binding. What is a VA Loan? applicable charges and fees (including the VA Funding Fee) included, 181 days of eligible active Payment does not include taxes and insurance premiums. The interest rate is the percentage that the lender charges for borrowing the money. The short-term prediction is that VA mortgage interest rates will decrease by a small percent, but they are at near record lows right now, so it is up to you if you want to risk it and wait longer. The average APR on a 15-year fixed-rate mortgage remained at 2.669% and … Good news can push rates higher. Department of Veterans Affairs (VA) does not set the rate but backs a portion of If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. If you want to know how to get a VA Home Loan with low-interest rates, then a general rule of thumb is to find VA interest rates that are about .25% - .375% lower than other non-VA loans. Lock in your rate with the lender who provided the most VA Home Loans Recent changes to the VA Home Loan program give borrowers a rate advantage when compared to a conventional loan. rates are generally lower due to the VA backing a portion of each loan. Nationwide Mortgage Licensing System & Directory The table below enables you to compare APRs, VA rates, monthly payments and closing costs for leading lenders in your state. Call now and get a Quote in less than 5 minutes! VA Loan Type Interest Rate APR; 30-Year VA IRRRL Streamline: 2.375% 2.544% 15-Year VA IRRRL Streamline: 2.375% 2.690% 30-Year VA IRRRL Streamline Jumbo: 2.500% 2.651% Toggle Navigation. based on your unique financial situation. Many or all of the products featured here are from our partners who compensate us. VA MORTGAGE RATES. See today’s average VA mortgage rates and compare free, customized VA loan rate quotes from lenders in your area. 2.250% (2.795% APR) with 0.625 discount points on a 45-day lock period for a 15-Year Fixed VA Loan, and On Monday, December 14th, 2020, the average APR on a 30-year fixed-rate mortgage remained at 2.949%. On average, VA home loans tend to have better mortgage rates than conventional and FHA loans. ; In the "New Loan" section, enter the details about the new loan you think you might get.Calculate the dollar amount of your 0.5% funding fee, if you have to pay it. These loan rates also assume a loan amount in excess of the current conforming loan limits. 2.250% (2.550% APR) with 0.750 discount points on a 45-day lock period for a 30-Year Fixed VA Loan. More Information. What is APR and how does it affect your mortgage? Most borrowers will pay a VA funding fee. The interest rate on your VA loan is the cost you pay each year to borrow the money and VA eligibility is required for all military loan programs. The interest rate must be lower on your new loan, unless you're refinancing out of a VA loan with an adjustable rate. When you However, due to the already-low nature of VA home loan rates, VA mortgage rates have experienced little change over the last couple of months. than any other lender in CY 2018 and 2019, and more VA Purchase Loans by volume The goal of the program is to help lower homeowners’ monthly payments or make payments more predictable by fixing the interest rate. fluctuate daily. 30-Year Fixed-Rate VA: 2.25%: 2.484%: 20-Year Fixed Rate: 2.5%: 2.614%: 15-Year Fixed Rate: 2.0%: 2.146%: 7/6-Month ARM: 2.0%: 2.57%: 5/6-Month ARM: 2.0%: 2.648% : Jumbo Loans – Amounts that exceed conforming loan limits: 30-Year Fixed-Rate Jumbo: 2.875%: 2.909%: 15-Year Fixed-Rate Jumbo: 2.5%: 2.615%: 7/6-Month ARM Jumbo: 2.25%: 2.645%: 10/6-Month ARM Jumbo: 2.375%: 2.639%: Rates… In fact, this is one of their major selling points and is the main reason why so many people are sold on them. helping you understand your options. 2.500% (2.795% APR) with 0.625 discount points on a 60-day lock period for a 30-Year VA Cash Out refinance. Compare your mortgage rate offers with national average trends. District of Columbia mortgage and refinance rates, Massachusetts mortgage and refinance rates, New Hampshire mortgage and refinance rates, North Carolina mortgage and refinance rates, North Dakota mortgage and refinance rates, Pennsylvania mortgage and refinance rates, Rhode Island mortgage and refinance rates, South Carolina mortgage and refinance rates, South Dakota mortgage and refinance rates, West Virginia mortgage and refinance rates. However, due to the already-low nature of VA home loan rates, VA mortgage rates have experienced little change over the last couple of months. Lower rates usually mean you’ll pay less interest. NerdWallet strives to keep its information accurate and up to date. The average VA loan interest rate as of August 21, 2020 is 2.890% for a 30-year fixed mortgage. At a interest rate, the APR for this loan type is . A danger and management cost amounts to 0.5 per cent of the arrearage. The rate lock period is 45 days and the assumed credit score is . Loan Amount: Loan Type. specialist at 1-800-884-5560 or start your VA Home Loan quote Products and interest rates are subject to change at any time due to changing market conditions. In the “Refine results” section, enter a few details, and in moments you’ll get a rate quote tailored to meet your needs, without having to provide any personal information. Home Purchase Home Refinance Debt Consolidation Home Equity FHA VA Commercial Loans Reverse Mortgage Hard Money. Sign In. Current advertised rates: VA refinance rates are typically some of the lowest interest rates on the market. 30 YR. Mortgage borrowers who take out a VA loan are eligible. Mortgage rates change daily. A 15-year or 30-year fixed-rate mortgage will likely have a higher interest rate. The … Average mortgage rates fluctuate daily and are influenced by the economy’s overall rate of growth, the inflation rate and the health of the job market. Once that’s in hand, the See mortgage rates today and compare current mortgage rates including 30-year mortgage rates, VA mortgage rates and more. Mortgage Rates Today: 15 Year / 30 Year To obtain the best home loan rate, shop around with multiple lending institutions. Many of these factors stem from VA loans are often a good deal for borrowers who qualify — especially if they want to buy without making a down payment. The funding fee varies from 1.4% to 3.6%, depending on size of down payment and whether it’s your first or a subsequent VA loan. Mortgage rates overall are currently at an all-time low due to nationwide economic issues stemming from the coronavirus pandemic. 15 year fixed mortgage is a loan program where the monthly payment (principal and interest) of the loan does not change during the 15 year life of the loan. Generally, a mortgage with no down payment is considered riskier and has a higher interest rate. Department of Veterans Affairs Lender Statistics, Nationwide Mortgage Licensing System & Directory, Loan type (purchase, IRRRL, cash-out, jumbo, etc. The 15-year fixed rates are now at 2.56%. 30 Year Fixed VA Mortgage Rates. As a result of the housing bubble burst, VA streamline refinance rates have stayed low, and investors, banks, the government, etc. 2. The Annual Percentage Rate (APR) is 2.805%. With Veterans United, there are no hidden costs or locking fees. Register × Today's Mortgage Rates Updated: December 21, 2020. Va Loan Interest Rate. Calculate how much you can save by refinancing. Interest rates are a function of the risk associated with a mortgage. MO The VA rates can and do change with changes in the financial markets just like conventional mortgage rates do. 1400 Veterans United Dr., It is also important to always use a trustworthy reputable lender. All financial products, shopping products and services are presented without warranty. See current VA loan rates for each VA loan type below. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Mortgage rates change daily based on the market. 2.500% (2.661% APR) with 0.625 discount points on a 60-day lock period for a 30-Year Streamline (IRRRL) Jumbo, and online. Source: What you can control are the amount of your down payment and your credit score. Speak with a home loan specialist A VA approved lender; Mortgage Research Center, LLC –. Remember, for the best rates, Conventional loans require a 20% down payment for the best rate, and a FICO score of 740+; FHA loans require a 3.5% down payment and a FICO score of 720+. A basis point is one one-hundredth of one percent. These loan rates assume no down payment and a $250,000 loan amount. When evaluating offers, please review the financial institution’s Terms and Conditions. We publish these rates each week on this website, in the upper right side bar area of most pages on this website. In the "Current Loan" section, include your balance, term, years already paid and interest rate.Current Freedom Mortgage customers can find these details by logging into their online account. For a quick snapshot: T oday’s industry average VA home loan interest rate from Nerd Wallet for a VA 30-Year Fixed Rate is: 2.792%. View and compare current mortgage rates in Virginia. The VA rates can and do change with changes in the financial markets just like conventional mortgage rates do. time. The interest rates quoted here are subject to change at any time and cannot be guaranteed until locked in by your Loan Officer. No Appraisal; Defer Two Mortgage Payments; No Out of Pocket Cost; No Income Verification; No Asset Verification; Close in 30 days or less; Investment Home Streamlines; Call (844) 912-1620. Loan Details. (Dec 21st, 2020) ... Why do interest rates decrease during times of economic volatility? NerdWallet strives to keep its information accurate and up to date. Yes, today’s 30-year fixed va loan interest rate is 1.875% (2.043% APR), according to our lender network*. You can’t do anything about that, but it’s worth knowing: Bad economic or global political worries can move mortgage rates lower. FHA vs. VA Loan: Which One Is Right For You? VA loan Review current VA mortgage rates for December 21, 2020. Compare mortgage rates from multiple lenders in one place. Current interest rates. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Private lenders, such as mortgage companies and banks, set interest rates on VA loans. Current advertised rates: Today's Mortgage Rates. Higher mortgage rates for higher risk; lower rates for less perceived risk. Unlike with the bank’s checking and money market accounts, a larger loan doesn’t necessarily qualify you for better home loan rates. Active-duty service members who have received a Purple Heart are exempt from the funding fee. Annual percentage rate in ARM products may increase after the loan is closed. The table below enables you to compare APRs, VA rates, monthly payments and closing costs for leading lenders in your state. Many factors influence the mortgage rate you’re offered, including the economy, your financial details and the lender. Texas Vet Loan interest rates are set by the Texas Veterans Land Board, and are updated once a week on Friday after 5:00 (for the following week). This Week's Rate. decisions. The average VA loan interest rate as of July 8, 2020 is 2.5% for a 30-year fixed mortgage. 2.625% (2.913% APR) and 0.500 discount points on a 60-day lock period for a 30-Year VA Cash-Out Jumbo. about current VA loan rates. Your loan officer can help you determine the break-even point of purchasing discount points, VA Loan Type Interest Rate APR; 30-Year Fixed VA Purchase: 2.250% 2.541% 15-Year Fixed VA Purchase: 2.250% 2.778% 30-Year Streamline (IRRRL) 2.375% 2.544% 15-Year Streamline (IRRRL) 2.375% 2.690% Copyright © 2020 Mortgage Research Center, LLC. Under the standard house loan, financial institutions generally charge a fixed rate of interest, a variable rate of interest, or both. The U.S. Department of Veterans Affairs’ Interest Rate Reduction Refinance Loan (IRRRL) helps homeowners refinance their existing VA loans to a lower interest rate loan or to a fixed-rate loan (from an adjustable-rate loan). See NerdWallet’s mortgage interest rates forecast to get our take. How Rates are Affected with VA. One of the biggest benefits of a VA Loan is the interest rate advantage a VA borrower has in the market. 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