Average market rates for April 30, 2026 are 5.80% for 30-year fixed VA refinance and 5.38% for 15-year fixed VA refinance
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Va Refinance | 5.80% | 5.94% |
| 15-year Fixed Va Refinance | 5.38% | 5.60% |
How we source rates and rate trends
VA Interest Rate Trends
Like all mortgage rates, VA rates skyrocketed in early 2022. Fortunately, they’ve been falling since. Someone who purchased a home since mid-2022 could potentially save with a refinance.
Plus, VA loan rates are typically lower than other loan types. If you have a conventional or FHA loan but have served in the military, it’s worth exploring whether you can lower your rate and eliminate monthly mortgage insurance by switching to a VA loan.
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Va Refinance | 5.80% | 5.94% |
| 30-year Fixed Fha Refinance | 5.70% | 6.91% |
| 30-year Fixed Refinance | 6.46% | 6.49% |
Will VA Refinance Rates Fall?
Mortgage rates are inherently unpredictable — they can rise or fall at any time. That said, market consensus has generally favored gradual rate declines as broader economic conditions evolve. While projections aren’t always reliable, it’s worth monitoring rate trends to know when the timing may be right for a refinance.
What Impacts VA Interest Rates?
The biggest driver of VA rates is what’s happening in the broader market. Mortgage rates move up and down daily, much like stock prices, in response to economic news and data.
Mortgage rates might go up if:
- Inflation is high
- The economy is strong
- Unemployment is low
- The Federal Reserve hikes its federal funds rate to cool the economy
Mortgage rates might drop if:
- The economy enters a recession
- Job losses are greater than expected
- Geopolitical uncertainty increases
- The Fed cuts rates to stimulate the economy
In general, stronger economic conditions push rates higher; a slower economy tends to pull them lower.
More VA Refinance Information
Types of VA Refinances
There are two types of VA refinances.
VA Streamline Refinance (IRRRL): This program allows current VA loan holders to refinance into a lower rate with minimal documentation — no pay stubs, tax returns, W-2s, or bank statements required. An appraisal is generally not required either, resulting in a faster, easier, and often cheaper refinance.
VA Cash-Out Refinance: Tap into your home’s equity for a remodel, debt consolidation, or any other purpose. You can also use this option to convert a conventional or FHA loan to a VA loan, which can eliminate mortgage insurance, lower your rate, or both.
Reasons to Refinance
Homeowners refinance for many reasons. The most common include:
- Reducing their rate to lower their monthly payment and total interest paid
- Shortening their loan term from 30 years to 15 years
- Getting cash for renovations or debt consolidation
- Consolidating a HELOC, home equity loan, or other lien
- Switching mortgage programs (such as FHA to VA)
- Eliminating mortgage insurance payments
- Taking cash out as part of a divorce settlement
That said, refinancing isn’t always the right move. If you plan to sell in the next few years, you may not recoup the closing costs. And it’s generally not advisable to tap home equity for depreciating assets like a car or vacation.
How Soon Can You Refinance?
Seasoning: The VA requires 210 days to pass after the first payment on the existing loan before you can use a VA Streamline Refinance.
Net Tangible Benefit: To qualify for a VA refinance, the loan must benefit you — typically by reducing your rate by at least 0.50% on a fixed-rate loan, converting an adjustable rate to a fixed rate, providing cash out, or delivering another approved benefit.
Break-Even Point: Your monthly savings must justify the closing costs. For VA loans, you must generally recoup closing costs within 36 months to be eligible.
The Costs of Refinancing
Refinancing isn’t free — it can cost thousands of dollars even when rolled into the new loan. VA refinance costs can include:
- Origination fee of up to 1%
- VA funding fee (typically wrapped into the new loan)
- Title report
- Credit report
- Flood zone determination report
- Surveys
- Appraisal (if required)
VA borrowers are not permitted to pay:
- Application or processing fees
- Escrow or notary fees
- Tax service fees
- Document preparation fees
- Settlement fees
Some lenders can offer a slightly above-market rate — which may still be lower than your current rate — in exchange for covering some or all of your closing costs.
Shop Multiple Lenders
There’s no single rate for all VA loans. Lenders set rates based on their own business goals — some actively pursue VA loan volume and drop rates to attract borrowers, while others pull back and raise them. The only way to find who’s offering the most competitive rate is to contact at least three lenders on the same day and request a Loan Estimate from each.
Is It Time to Refinance Your VA Loan?
As a veteran, you have access to some of the most competitive mortgage rates available. If you’re curious whether you can lower your monthly payment or tap equity to fund upcoming goals, a VA refinance is worth exploring.
Start your VA refinance application with Refi.com today.
