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What Are Today’s Mortgage Rates in Virginia?

For Tuesday, May 25, 2021, here are the current mortgage rates in Virginia. The average 30-year fixed mortgage rate is 3.070%. The average 30-year fixed mortgage refinance rate is 3.130%. Today, the average 15-year fixed mortgage rate is 2.360%.

Looking at variable rate loans, the average 5/1 adjustable-rate mortgage (ARM) rate is 4.000%. 

This information is from Bankrate’s latest survey of the nation’s largest mortgage lenders.

Current Mortgage Rates in Virginia

Loan Type Rate
30-year Fixed 3.070%
15-year Fixed 2.360%
5/1 ARM 4.000%
30-Year Refi 3.130%

First-Time Homebuyer Programs in Virginia

Virginia has several programs available to first-time home buyers, or anyone who hasn’t owned a home in the past three years. If you fall under the household income limits you may be eligible for assistance with closing costs or your down payment. 

Down Payment Assistance Grant: You can receive 2% to 2.5% of the purchase price as a grant. This gift is available only for first-time homebuyers and has income limits which vary by county. 

Closing Cost Assistance Grant: If you’re taking out a VA loan or Virginia Rural Housing Services (RHS) loan you can qualify for closing cost assistance of 2% of the smaller of the purchase price or appraised value. These funds are also given to the homebuyer as grant.

VHDA Plus Second Mortgage: This assistance is a 30-year mortgage for 3% to 5% of the home’s purchase price. It can cover the entire down payment and may be paired with other types of homebuyer assistance. You’ll need to meet the income limits and be using an eligible Virginia Housing loan product.

HOMEownership Down Payment and Closing Cost Assistance program: Eligible homebuyers can receive 10% or 15% of the sale price as a grant for the down payment. In addition, you can get up to $2,500 to help pay for closing costs.

Virginia Mortgage Taxes

You are able to deduct your mortgage interest from your federal and state taxes if you live in Virginia. However, this only applies if you are itemizing your expenses instead of taking the standard deduction. And Virginia is in the middle when it comes to the average property taxes with an effective tax rate or 0.84%, according to the Tax Foundation.

If you are a first-time homebuyer, you may qualify for a Mortgage Credit Certificate (MCC). With an MCC you can get a credit for 10% of the yearly mortgage interest you pay. This credit is valid for the life of the loan, but you need to meet the household income and loan size limits to be eligible.

Virginia Mortgage Refinancing

Refinancing in Virginia is essentially the same as in other states, however there is a state law which could make it easier to refinance if you have a second mortgage. If you happen to have a second loan on your home, such as a home equity loan, a lender will want its loan to take priority over the secondary loan. The law allows a refinanced mortgage to keep its position ahead of other loans. This is less risky for the lender because then it would get paid first in the case of bankruptcy or default.

Any time you refinance a home loan you should also pay attention to the fees you’re paying, not just the refinance rate. Refinance closing costs can be 3% to 6% of the loan balance, so you need to ensure you’ll be staying in the home long enough for any monthly savings to outweigh the upfront costs. To calculate your break even point, just take the fees and divide them by your monthly savings. So if you paid $10,000 in fees and are saving $250 a month, it would take you 40 months (over three years) to break even.

Conforming and FHA Loan Limits by County

Every year the Federal Housing Finance Agency sets guidelines for what qualifies as a conforming loan. Conforming loans are less risky for lenders because they can be sold to Fannie Mae or Freddie Mac, two government-sponsored enterprises. So a conforming loan will typically have a more favorable rate than a non-conforming loan. Here are the conforming loan limits for each county in Virginia:

VIRGINIA 2021 CONFORMING LOAN LIMITS BY COUNTY

COUNTY ONE-UNIT TWO-UNIT THREE-UNIT FOUR-UNIT
ACCOMACK   $548,250 $702,000 $848,500 $1,054,500
ALBEMARLE   $548,250 $702,000 $848,500 $1,054,500
ALLEGHANY   $548,250 $702,000 $848,500 $1,054,500
AMELIA   $548,250 $702,000 $848,500 $1,054,500
AMHERST   $548,250 $702,000 $848,500 $1,054,500
APPOMATTOX   $548,250 $702,000 $848,500 $1,054,500
ARLINGTON   $822,375 $1,053,000 $1,272,750 $1,581,750
AUGUSTA   $548,250 $702,000 $848,500 $1,054,500
BATH   $548,250 $702,000 $848,500 $1,054,500
BEDFORD   $548,250 $702,000 $848,500 $1,054,500
BLAND   $548,250 $702,000 $848,500 $1,054,500
BOTETOURT   $548,250 $702,000 $848,500 $1,054,500
BRUNSWICK   $548,250 $702,000 $848,500 $1,054,500
BUCHANAN   $548,250 $702,000 $848,500 $1,054,500
BUCKINGHAM   $548,250 $702,000 $848,500 $1,054,500
CAMPBELL   $548,250 $702,000 $848,500 $1,054,500
CAROLINE   $548,250 $702,000 $848,500 $1,054,500
CARROLL   $548,250 $702,000 $848,500 $1,054,500
CHARLES CITY   $548,250 $702,000 $848,500 $1,054,500
CHARLOTTE   $548,250 $702,000 $848,500 $1,054,500
CHESTERFIELD   $548,250 $702,000 $848,500 $1,054,500
CLARKE   $822,375 $1,053,000 $1,272,750 $1,581,750
CRAIG   $548,250 $702,000 $848,500 $1,054,500
CULPEPER   $822,375 $1,053,000 $1,272,750 $1,581,750
CUMBERLAND   $548,250 $702,000 $848,500 $1,054,500
DICKENSON   $548,250 $702,000 $848,500 $1,054,500
DINWIDDIE   $548,250 $702,000 $848,500 $1,054,500
ESSEX   $548,250 $702,000 $848,500 $1,054,500
FAIRFAX   $822,375 $1,053,000 $1,272,750 $1,581,750
FAUQUIER   $822,375 $1,053,000 $1,272,750 $1,581,750
FLOYD   $548,250 $702,000 $848,500 $1,054,500
FLUVANNA   $548,250 $702,000 $848,500 $1,054,500
FRANKLIN   $548,250 $702,000 $848,500 $1,054,500
FREDERICK   $548,250 $702,000 $848,500 $1,054,500
GILES   $548,250 $702,000 $848,500 $1,054,500
GLOUCESTER   $548,250 $702,000 $848,500 $1,054,500
GOOCHLAND   $548,250 $702,000 $848,500 $1,054,500
GRAYSON   $548,250 $702,000 $848,500 $1,054,500
GREENE   $548,250 $702,000 $848,500 $1,054,500
GREENSVILLE   $548,250 $702,000 $848,500 $1,054,500
HALIFAX   $548,250 $702,000 $848,500 $1,054,500
HANOVER   $548,250 $702,000 $848,500 $1,054,500
HENRICO   $548,250 $702,000 $848,500 $1,054,500
HENRY   $548,250 $702,000 $848,500 $1,054,500
HIGHLAND   $548,250 $702,000 $848,500 $1,054,500
ISLE OF WIGHT   $548,250 $702,000 $848,500 $1,054,500
JAMES CITY   $548,250 $702,000 $848,500 $1,054,500
KING AND QUEEN   $548,250 $702,000 $848,500 $1,054,500
KING GEORGE   $548,250 $702,000 $848,500 $1,054,500
KING WILLIAM   $548,250 $702,000 $848,500 $1,054,500
LANCASTER   $548,250 $702,000 $848,500 $1,054,500
LEE   $548,250 $702,000 $848,500 $1,054,500
LOUDOUN   $822,375 $1,053,000 $1,272,750 $1,581,750
LOUISA   $548,250 $702,000 $848,500 $1,054,500
LUNENBURG   $548,250 $702,000 $848,500 $1,054,500
MADISON   $822,375 $1,053,000 $1,272,750 $1,581,750
MATHEWS   $548,250 $702,000 $848,500 $1,054,500
MECKLENBURG   $548,250 $702,000 $848,500 $1,054,500
MIDDLESEX   $548,250 $702,000 $848,500 $1,054,500
MONTGOMERY   $548,250 $702,000 $848,500 $1,054,500
NELSON   $548,250 $702,000 $848,500 $1,054,500
NEW KENT   $548,250 $702,000 $848,500 $1,054,500
NORTHAMPTON   $548,250 $702,000 $848,500 $1,054,500
NORTHUMBERLAND   $548,250 $702,000 $848,500 $1,054,500
NOTTOWAY   $548,250 $702,000 $848,500 $1,054,500
ORANGE   $548,250 $702,000 $848,500 $1,054,500
PAGE   $548,250 $702,000 $848,500 $1,054,500
PATRICK   $548,250 $702,000 $848,500 $1,054,500
PITTSYLVANIA   $548,250 $702,000 $848,500 $1,054,500
POWHATAN   $548,250 $702,000 $848,500 $1,054,500
PRINCE EDWARD   $548,250 $702,000 $848,500 $1,054,500
PRINCE GEORGE   $548,250 $702,000 $848,500 $1,054,500
PRINCE WILLIAM   $822,375 $1,053,000 $1,272,750 $1,581,750
PULASKI   $548,250 $702,000 $848,500 $1,054,500
RAPPAHANNOCK   $822,375 $1,053,000 $1,272,750 $1,581,750
RICHMOND   $548,250 $702,000 $848,500 $1,054,500
ROANOKE   $548,250 $702,000 $848,500 $1,054,500
ROCKBRIDGE   $548,250 $702,000 $848,500 $1,054,500
ROCKINGHAM   $548,250 $702,000 $848,500 $1,054,500
RUSSELL   $548,250 $702,000 $848,500 $1,054,500
SCOTT   $548,250 $702,000 $848,500 $1,054,500
SHENANDOAH   $548,250 $702,000 $848,500 $1,054,500
SMYTH   $548,250 $702,000 $848,500 $1,054,500
SOUTHAMPTON   $548,250 $702,000 $848,500 $1,054,500
SPOTSYLVANIA   $822,375 $1,053,000 $1,272,750 $1,581,750
STAFFORD   $822,375 $1,053,000 $1,272,750 $1,581,750
SURRY   $548,250 $702,000 $848,500 $1,054,500
SUSSEX   $548,250 $702,000 $848,500 $1,054,500
TAZEWELL   $548,250 $702,000 $848,500 $1,054,500
WARREN   $822,375 $1,053,000 $1,272,750 $1,581,750
WASHINGTON   $548,250 $702,000 $848,500 $1,054,500
WESTMORELAND   $548,250 $702,000 $848,500 $1,054,500
WISE   $548,250 $702,000 $848,500 $1,054,500
WYTHE   $548,250 $702,000 $848,500 $1,054,500
YORK   $548,250 $702,000 $848,500 $1,054,500
ALEXANDRIA CITY $822,375 $1,053,000 $1,272,750 $1,581,750
BRISTOL CITY $548,250 $702,000 $848,500 $1,054,500
BUENA VISTA CITY $548,250 $702,000 $848,500 $1,054,500
CHARLOTTESVILLE CITY $548,250 $702,000 $848,500 $1,054,500
CHESAPEAKE CITY $548,250 $702,000 $848,500 $1,054,500
COLONIAL HEIGHTS CITY $548,250 $702,000 $848,500 $1,054,500
COVINGTON CITY $548,250 $702,000 $848,500 $1,054,500
DANVILLE CITY $548,250 $702,000 $848,500 $1,054,500
EMPORIA CITY $548,250 $702,000 $848,500 $1,054,500
FAIRFAX CITY $822,375 $1,053,000 $1,272,750 $1,581,750
FALLS CHURCH CITY $822,375 $1,053,000 $1,272,750 $1,581,750
FRANKLIN CITY $548,250 $702,000 $848,500 $1,054,500
FREDERICKSBURG CITY $822,375 $1,053,000 $1,272,750 $1,581,750
GALAX CITY $548,250 $702,000 $848,500 $1,054,500
HAMPTON CITY $548,250 $702,000 $848,500 $1,054,500
HARRISONBURG CITY $548,250 $702,000 $848,500 $1,054,500
HOPEWELL CITY $548,250 $702,000 $848,500 $1,054,500
LEXINGTON CITY $548,250 $702,000 $848,500 $1,054,500
LYNCHBURG CITY $548,250 $702,000 $848,500 $1,054,500
MANASSAS CITY $822,375 $1,053,000 $1,272,750 $1,581,750
MANASSAS PARK CITY $822,375 $1,053,000 $1,272,750 $1,581,750
MARTINSVILLE CITY $548,250 $702,000 $848,500 $1,054,500
NEWPORT NEWS CITY $548,250 $702,000 $848,500 $1,054,500
NORFOLK CITY $548,250 $702,000 $848,500 $1,054,500
NORTON CITY $548,250 $702,000 $848,500 $1,054,500
PETERSBURG CITY $548,250 $702,000 $848,500 $1,054,500
POQUOSON CITY $548,250 $702,000 $848,500 $1,054,500
PORTSMOUTH CITY $548,250 $702,000 $848,500 $1,054,500
RADFORD CITY $548,250 $702,000 $848,500 $1,054,500
RICHMOND CITY $548,250 $702,000 $848,500 $1,054,500
ROANOKE CITY $548,250 $702,000 $848,500 $1,054,500
SALEM CITY $548,250 $702,000 $848,500 $1,054,500
STAUNTON CITY $548,250 $702,000 $848,500 $1,054,500
SUFFOLK CITY $548,250 $702,000 $848,500 $1,054,500
VIRGINIA BEACH CITY $548,250 $702,000 $848,500 $1,054,500
WAYNESBORO CITY $548,250 $702,000 $848,500 $1,054,500
WILLIAMSBURG CITY $548,250 $702,000 $848,500 $1,054,500
WINCHESTER CITY $548,250 $702,000 $848,500 $1,054,500

Some government-secured loans also have limits on the size of the mortgage. These caps differ from conforming loan limits and also vary depending on homes prices of the surrounding area.

The 2021 FHA loan limits for Virginia are:

VIRGINIA 2021 FHA LOAN LIMITS BY COUNTY

COUNTY ONE-UNIT TWO-UNIT THREE-UNIT FOUR-UNIT
ACCOMACK $356,362 $456,275 $551,500 $685,400
ALBEMARLE $437,000 $559,450 $676,200 $840,400
ALEXANDRIA CITY $822,375 $1,053,000 $1,272,750 $1,581,750
ALLEGHANY $356,362 $456,275 $551,500 $685,400
AMELIA $535,900 $686,050 $829,250 $1,030,600
AMHERST $356,362 $456,275 $551,500 $685,400
APPOMATTOX $356,362 $456,275 $551,500 $685,400
ARLINGTON $822,375 $1,053,000 $1,272,750 $1,581,750
AUGUSTA $356,362 $456,275 $551,500 $685,400
BATH $356,362 $456,275 $551,500 $685,400
BEDFORD $356,362 $456,275 $551,500 $685,400
BLAND $356,362 $456,275 $551,500 $685,400
BOTETOURT $356,362 $456,275 $551,500 $685,400
BRISTOL CITY $356,362 $456,275 $551,500 $685,400
BRUNSWICK $356,362 $456,275 $551,500 $685,400
BUCHANAN $356,362 $456,275 $551,500 $685,400
BUCKINGHAM $356,362 $456,275 $551,500 $685,400
BUENA VISTA CIT $356,362 $456,275 $551,500 $685,400
CAMPBELL $356,362 $456,275 $551,500 $685,400
CAROLINE $356,362 $456,275 $551,500 $685,400
CARROLL $356,362 $456,275 $551,500 $685,400
CHARLES CITY $535,900 $686,050 $829,250 $1,030,600
CHARLOTTE $356,362 $456,275 $551,500 $685,400
CHARLOTTESVILLE $437,000 $559,450 $676,200 $840,400
CHESAPEAKE CITY $458,850 $587,400 $710,050 $882,400
CHESTERFIELD $535,900 $686,050 $829,250 $1,030,600
CLARKE $822,375 $1,053,000 $1,272,750 $1,581,750
COLONIAL HEIGHT $535,900 $686,050 $829,250 $1,030,600
COVINGTON CITY $356,362 $456,275 $551,500 $685,400
CRAIG $356,362 $456,275 $551,500 $685,400
CULPEPER $822,375 $1,053,000 $1,272,750 $1,581,750
CUMBERLAND $356,362 $456,275 $551,500 $685,400
DANVILLE CITY $356,362 $456,275 $551,500 $685,400
DICKENSON $356,362 $456,275 $551,500 $685,400
DINWIDDIE $535,900 $686,050 $829,250 $1,030,600
EMPORIA CITY $356,362 $456,275 $551,500 $685,400
ESSEX $356,362 $456,275 $551,500 $685,400
FAIRFAX $822,375 $1,053,000 $1,272,750 $1,581,750
FAIRFAX CITY $822,375 $1,053,000 $1,272,750 $1,581,750
FALLS CHURCH $822,375 $1,053,000 $1,272,750 $1,581,750
FAUQUIER $822,375 $1,053,000 $1,272,750 $1,581,750
FLOYD $356,362 $456,275 $551,500 $685,400
FLUVANNA $437,000 $559,450 $676,200 $840,400
FRANKLIN $356,362 $456,275 $551,500 $685,400
FRANKLIN CITY $458,850 $587,400 $710,050 $882,400
FREDERICK $356,362 $456,275 $551,500 $685,400
FREDERICKSBURG $822,375 $1,053,000 $1,272,750 $1,581,750
GALAX CITY $356,362 $456,275 $551,500 $685,400
GILES $356,362 $456,275 $551,500 $685,400
GLOUCESTER $458,850 $587,400 $710,050 $882,400
GOOCHLAND   $535,900 $686,050 $829,250 $1,030,600
GRAYSON   $356,362 $456,275 $551,500 $685,400
GREENE   $437,000 $559,450 $676,200 $840,400
GREENSVILLE   $356,362 $456,275 $551,500 $685,400
HALIFAX   $356,362 $456,275 $551,500 $685,400
HAMPTON CITY   $458,850 $587,400 $710,050 $882,400
HANOVER   $535,900 $686,050 $829,250 $1,030,600
HARRISONBURG  $356,362 $456,275 $551,500 $685,400
HENRICO   $535,900 $686,050 $829,250 $1,030,600
HENRY   $356,362 $456,275 $551,500 $685,400
HIGHLAND   $356,362 $456,275 $551,500 $685,400
HOPEWELL CITY   $535,900 $686,050 $829,250 $1,030,600
ISLE OF WIGHT   $458,850 $587,400 $710,050 $882,400
JAMES CITY   $458,850 $587,400 $710,050 $882,400
KING AND QUEEN   $535,900 $686,050 $829,250 $1,030,600
KING GEORGE   $358,800 $459,300 $555,200 $690,000
KING WILLIAM   $535,900 $686,050 $829,250 $1,030,600
LANCASTER   $442,750 $566,800 $685,100 $851,450
LEE   $356,362 $456,275 $551,500 $685,400
LEXINGTON CITY   $356,362 $456,275 $551,500 $685,400
LOUDOUN   $822,375 $1,053,000 $1,272,750 $1,581,750
LOUISA   $356,362 $456,275 $551,500 $685,400
LUNENBURG   $356,362 $456,275 $551,500 $685,400
LYNCHBURG CITY   $356,362 $456,275 $551,500 $685,400
MADISON   $822,375 $1,053,000 $1,272,750 $1,581,750
MANASSAS CITY   $822,375 $1,053,000 $1,272,750 $1,581,750
MANASSAS PARK  $822,375 $1,053,000 $1,272,750 $1,581,750
MARTINSVILLE   $356,362 $456,275 $551,500 $685,400
MATHEWS   $458,850 $587,400 $710,050 $882,400
MECKLENBURG   $356,362 $456,275 $551,500 $685,400
MIDDLESEX   $356,362 $456,275 $551,500 $685,400
MONTGOMERY   $356,362 $456,275 $551,500 $685,400
NELSON   $437,000 $559,450 $676,200 $840,400
NEW KENT   $535,900 $686,050 $829,250 $1,030,600
NEWPORT NEWS  $458,850 $587,400 $710,050 $882,400
NORFOLK CITY   $458,850 $587,400 $710,050 $882,400
NORTHAMPTON   $356,362 $456,275 $551,500 $685,400
NORTHUMBERLAND   $356,362 $456,275 $551,500 $685,400
NORTON CITY   $356,362 $456,275 $551,500 $685,400
NOTTOWAY   $356,362 $456,275 $551,500 $685,400
ORANGE   $356,362 $456,275 $551,500 $685,400
PAGE   $356,362 $456,275 $551,500 $685,400
PATRICK   $356,362 $456,275 $551,500 $685,400
PETERSBURG CITY   $535,900 $686,050 $829,250 $1,030,600
PITTSYLVANIA   $356,362 $456,275 $551,500 $685,400
POQUOSON CITY   $458,850 $587,400 $710,050 $882,400
PORTSMOUTH CITY   $458,850 $587,400 $710,050 $882,400
POWHATAN   $535,900 $686,050 $829,250 $1,030,600
PRINCE EDWARD   $356,362 $456,275 $551,500 $685,400
PRINCE GEORGE   $535,900 $686,050 $829,250 $1,030,600
PRINCE WILLIAM   $822,375 $1,053,000 $1,272,750 $1,581,750
PULASKI   $356,362 $456,275 $551,500 $685,400
RADFORD CITY   $356,362 $456,275 $551,500 $685,400
RAPPAHANNOCK   $822,375 $1,053,000 $1,272,750 $1,581,750
RICHMOND   $356,362 $456,275 $551,500 $685,400
RICHMOND CITY   $535,900 $686,050 $829,250 $1,030,600
ROANOKE   $356,362 $456,275 $551,500 $685,400
ROANOKE CITY   $356,362 $456,275 $551,500 $685,400
ROCKBRIDGE   $356,362 $456,275 $551,500 $685,400
ROCKINGHAM   $356,362 $456,275 $551,500 $685,400
RUSSELL   $356,362 $456,275 $551,500 $685,400
SALEM CITY   $356,362 $456,275 $551,500 $685,400
SCOTT   $356,362 $456,275 $551,500 $685,400
SHENANDOAH   $356,362 $456,275 $551,500 $685,400
SMYTH   $356,362 $456,275 $551,500 $685,400
SOUTHAMPTON   $458,850 $587,400 $710,050 $882,400
SPOTSYLVANIA   $822,375 $1,053,000 $1,272,750 $1,581,750
STAFFORD   $822,375 $1,053,000 $1,272,750 $1,581,750
STAUNTON CITY   $356,362 $456,275 $551,500 $685,400
SUFFOLK CITY   $458,850 $587,400 $710,050 $882,400
SURRY   $356,362 $456,275 $551,500 $685,400
SUSSEX   $535,900 $686,050 $829,250 $1,030,600
TAZEWELL   $356,362 $456,275 $551,500 $685,400
VIRGINIA BEACH   $458,850 $587,400 $710,050 $882,400
WARREN   $822,375 $1,053,000 $1,272,750 $1,581,750
WASHINGTON   $356,362 $456,275 $551,500 $685,400
WAYNESBORO CITY   $356,362 $456,275 $551,500 $685,400
WESTMORELAND   $356,362 $456,275 $551,500 $685,400
WILLIAMSBURG $458,850 $587,400 $710,050 $882,400
WINCHESTER CITY   $356,362 $456,275 $551,500 $685,400
WISE   $356,362 $456,275 $551,500 $685,400
WYTHE   $356,362 $456,275 $551,500 $685,400
YORK   $458,850 $587,400 $710,050 $882,400



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