What Are Today’s Mortgage Rates in Virginia?
For Sunday, July 03, 2022, here are the current mortgage rates in Virginia. The average 30-year fixed mortgage rate is 5.600%. The average 30-year fixed mortgage refinance rate is 5.580%. Today, the average 15-year fixed mortgage rate is 4.860%.
Looking at variable rate loans, the average 5/1 adjustable-rate mortgage (ARM) rate is %.
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 | 5.600% |
| 15-year Fixed | 4.860% |
| 5/1 ARM | % |
| 30-Year Refi | 5.580% |
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 that 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 a 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 2022 CONFORMING LOAN LIMITS BY COUNTY
| County | Single-family Property |
| Accomack | $647,200 |
| Albemarle | $647,200 |
| Alleghany | $647,200 |
| Amelia | $647,200 |
| Amherst | $647,200 |
| Appomattox | $647,200 |
| Arlington | $970,800 |
| Augusta | $647,200 |
| Bath | $647,200 |
| Bedford | $647,200 |
| Bland | $647,200 |
| Botetourt | $647,200 |
| Brunswick | $647,200 |
| Buchanan | $647,200 |
| Buckingham | $647,200 |
| Campbell | $647,200 |
| Caroline | $647,200 |
| Carroll | $647,200 |
| Charles City | $647,200 |
| Charlotte | $647,200 |
| Chesterfield | $647,200 |
| Clarke | $970,800 |
| Craig | $647,200 |
| Culpeper | $822,375 |
| Cumberland | $647,200 |
| Dickenson | $647,200 |
| Dinwiddie | $647,200 |
| Essex | $647,200 |
| Fairfax | $970,800 |
| Fauquier | $970,800 |
| Floyd | $647,200 |
| Fluvanna | $647,200 |
| Franklin | $647,200 |
| Frederick | $647,200 |
| Giles | $647,200 |
| Gloucester | $647,200 |
| Goochland | $647,200 |
| Grayson | $647,200 |
| Greene | $647,200 |
| Greensville | $647,200 |
| Halifax | $647,200 |
| Hanover | $647,200 |
| Henrico | $647,200 |
| Henry | $647,200 |
| Highland | $647,200 |
| Isle Of Wight | $647,200 |
| James City | $647,200 |
| King and Queen | $647,200 |
| King George | $647,200 |
| King William | $647,200 |
| Lancaster | $647,200 |
| Lee | $647,200 |
| Loudoun | $970,800 |
| Louisa | $647,200 |
| Lunenburg | $647,200 |
| Madison | $970,800 |
| Manassas | $970,800 |
| Mathews | $647,200 |
| Mecklenburg | $647,200 |
| Middlesex | $647,200 |
| Montgomery | $647,200 |
| Nelson | $647,200 |
| New Kent | $647,200 |
| Northampton | $647,200 |
| Northumberland | $647,200 |
| Nottoway | $647,200 |
| Orange | $647,200 |
| Page | $647,200 |
| Patrick | $647,200 |
| Pittsylvania | $647,200 |
| Powhatan | $647,200 |
| Prince Edward | $647,200 |
| Prince George | $647,200 |
| Prince William | $822,375 |
| Pulaski | $647,200 |
| Rappahannock | $822,375 |
| Richmond | $647,200 |
| Roanoke | $647,200 |
| Rockbridge | $647,200 |
| Rockingham | $647,200 |
| Russell | $647,200 |
| Scott | $647,200 |
| Shenandoah | $647,200 |
| Smyth | $647,200 |
| Southampton | $647,200 |
| Spotsylvania | $822,375 |
| Stafford | $822,375 |
| Surry | $647,200 |
| Sussex | $647,200 |
| Tazewell | $647,200 |
| Warren | $822,375 |
| Washington | $647,200 |
| Westmoreland | $647,200 |
| Wise | $647,200 |
| Wythe | $647,200 |
| York | $647,200 |
| Alexandria City | $822,375 |
| Bristol | $647,200 |
| Buena Vista | $647,200 |
| Charlottesville | $647,200 |
| Chesapeake | $647,200 |
| Colonial Height | $647,200 |
| Covington | $647,200 |
| Danville | $647,200 |
| Emporia | $647,200 |
| Fairfax Ind | $822,375 |
| Falls Church | $822,375 |
| Franklin Ind | $647,200 |
| Fredericksburg | $822,375 |
| Galax | $647,200 |
| Hampton | $647,200 |
| Harrisonburg | $647,200 |
| Hopewell | $647,200 |
| Lexington | $647,200 |
| Lynchburg | $647,200 |
| Manassas Park | $822,375 |
| Martinsville | $647,200 |
| Newport News | $647,200 |
| Norfolk | $647,200 |
| Norton | $647,200 |
| Petersburg | $647,200 |
| Poquoson | $647,200 |
| Portsmouth | $647,200 |
| Radford | $647,200 |
| Richmond Ind | $647,200 |
| Roanoke Ind | $647,200 |
| Salem | $647,200 |
| Staunton | $647,200 |
| Suffolk | $647,200 |
| Virginia Beach | $647,200 |
| Waynesboro | $647,200 |
| Williamsburg | $647,200 |
| Winchester | $647,200 |
| Kimble | $647,200 |
| King | $647,200 |
| Kinney | $647,200 |
| Kleberg | $647,200 |
| Knox | $647,200 |
| Lamar | $647,200 |
| Lamb | $647,200 |
| Lampasas | $647,200 |
| La Salle | $647,200 |
| Lavaca | $647,200 |
| Lee | $647,200 |
| Leon | $647,200 |
| Liberty | $647,200 |
| Limestone | $647,200 |
| Lipscomb | $647,200 |
| Live Oak | $647,200 |
| Llano | $647,200 |
| Loving | $647,200 |
| Lubbock | $647,200 |
| Lynn | $647,200 |
| Mcculloch | $647,200 |
| Mclennan | $647,200 |
| Mcmullen | $647,200 |
| Madison | $647,200 |
| Marion | $647,200 |
| Martin | $647,200 |
| Mason | $647,200 |
| Matagorda | $647,200 |
| Maverick | $647,200 |
| Medina | $647,200 |
| Menard | $647,200 |
| Midland | $647,200 |
| Milam | $647,200 |
| Mills | $647,200 |
| Mitchell | $647,200 |
| Montague | $647,200 |
| Montgomery | $647,200 |
| Moore | $647,200 |
| Morris | $647,200 |
| Motley | $647,200 |
| Nacogdoches | $647,200 |
| Navarro | $647,200 |
| Newton | $647,200 |
| Nolan | $647,200 |
| Nueces | $647,200 |
| Ochiltree | $647,200 |
| Oldham | $647,200 |
| Orange | $647,200 |
| Palo Pinto | $647,200 |
| Panola | $647,200 |
| Parker | $647,200 |
| Parmer | $647,200 |
| Pecos | $647,200 |
| Polk | $647,200 |
| Potter | $647,200 |
| Presidio | $647,200 |
| Rains | $647,200 |
| Randall | $647,200 |
| Reagan | $647,200 |
| Real | $647,200 |
| Red River | $647,200 |
| Reeves | $647,200 |
| Refugio | $647,200 |
| Roberts | $647,200 |
| Robertson | $647,200 |
| Rockwall | $647,200 |
| Runnels | $647,200 |
| Rusk | $647,200 |
| Sabine | $647,200 |
| San Augustine | $647,200 |
| San Jacinto | $647,200 |
| San Patricio | $647,200 |
| San Saba | $647,200 |
| Schleicher | $647,200 |
| Scurry | $647,200 |
| Shackelford | $647,200 |
| Shelby | $647,200 |
| Sherman | $647,200 |
| Smith | $647,200 |
| Somervell | $647,200 |
| Starr | $647,200 |
| Stephens | $647,200 |
| Sterling | $647,200 |
| Stonewall | $647,200 |
| Sutton | $647,200 |
| Swisher | $647,200 |
| Tarrant | $647,200 |
| Taylor | $647,200 |
| Terrell | $647,200 |
| Terry | $647,200 |
| Throckmorton | $647,200 |
| Titus | $647,200 |
| Tom Green | $647,200 |
| Travis | $647,200 |
| Trinity | $647,200 |
| Tyler | $647,200 |
| Upshur | $647,200 |
| Upton | $647,200 |
| Uvalde | $647,200 |
| Val Verde | $647,200 |
| Van Zandt | $647,200 |
| Victoria | $647,200 |
| Walker | $647,200 |
| Waller | $647,200 |
| Ward | $647,200 |
| Washington | $647,200 |
| Webb | $647,200 |
| Wharton | $647,200 |
| Wheeler | $647,200 |
| Wichita | $647,200 |
| Wilbarger | $647,200 |
| Willacy | $647,200 |
| Williamson | $647,200 |
| Wilson | $647,200 |
| Winkler | $647,200 |
| Wise | $647,200 |
| Wood | $647,200 |
| Yoakum | $647,200 |
| Young | $647,200 |
| Zapata | $647,200 |
| Zavala | $647,200 |
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 home prices of the surrounding area.
The 2022 FHA loan limits for Virginia are:
VIRGINIA 2022 FHA LOAN LIMITS BY COUNTY
| County | FHA 1-unit limit |
| Accomack | $420,680 |
| Albemarle | $420,680 |
| Alleghany | $420,680 |
| Amelia | $647,200 |
| Amherst | $420,680 |
| Appomattox | $420,680 |
| Arlington | $970,800 |
| Augusta | $420,680 |
| Bath | $420,680 |
| Bedford | $420,680 |
| Bland | $420,680 |
| Botetourt | $420,680 |
| Brunswick | $420,680 |
| Buchanan | $420,680 |
| Buckingham | $420,680 |
| Campbell | $420,680 |
| Caroline | $420,680 |
| Carroll | $420,680 |
| Charles City | $420,680 |
| Charlotte | $420,680 |
| Chesterfield | $647,200 |
| Clarke | $970,800 |
| Craig | $420,680 |
| Culpeper | $822,375 |
| Cumberland | $420,680 |
| Dickenson | $420,680 |
| Dinwiddie | $420,680 |
| Essex | $420,680 |
| Fairfax | $970,800 |
| Fauquier | $970,800 |
| Floyd | $420,680 |
| Fluvanna | $437,000 |
| Franklin | $420,680 |
| Frederick | $420,680 |
| Giles | $420,680 |
| Gloucester | $458,850 |
| Goochland | $647,200 |
| Grayson | $420,680 |
| Greene | $420,680 |
| Greensville | $420,680 |
| Halifax | $420,680 |
| Hanover | $647,200 |
| Henrico | $647,200 |
| Henry | $420,680 |
| Highland | $420,680 |
| Isle Of Wight | $420,680 |
| James City | $458,850 |
| King and Queen | $420,680 |
| King George | $420,680 |
| King William | $420,680 |
| Lancaster | $420,680 |
| Lee | $420,680 |
| Loudoun | $970,800 |
| Louisa | $420,680 |
| Lunenburg | $420,680 |
| Madison | $970,800 |
| Manassas | $970,800 |
| Mathews | $458,850 |
| Mecklenburg | $420,680 |
| Middlesex | $420,680 |
| Montgomery | $420,680 |
| Nelson | $437,000 |
| New Kent | $647,200 |
| Northampton | $420,680 |
| Northumberland | $420,680 |
| Nottoway | $420,680 |
| Orange | $420,680 |
| Page | $420,680 |
| Patrick | $420,680 |
| Pittsylvania | $420,680 |
| Powhatan | $647,200 |
| Prince Edward | $420,680 |
| Prince George | $647,200 |
| Prince William | $822,375 |
| Pulaski | $420,680 |
| Rappahannock | $822,375 |
| Richmond | $420,680 |
| Roanoke | $420,680 |
| Rockbridge | $420,680 |
| Rockingham | $420,680 |
| Russell | $420,680 |
| Scott | $420,680 |
| Shenandoah | $420,680 |
| Smyth | $420,680 |
| Southampton | $458,850 |
| Spotsylvania | $822,375 |
| Stafford | $822,375 |
| Surry | $420,680 |
| Sussex | $420,680 |
| Tazewell | $420,680 |
| Warren | $822,375 |
| Washington | $420,680 |
| Westmoreland | $420,680 |
| Wise | $420,680 |
| Wythe | $420,680 |
| York | $420,680 |
| Alexandria City | $822,375 |
| Bristol | $420,680 |
| Buena Vista | $420,680 |
| Charlottesville | $437,000 |
| Chesapeake | $420,680 |
| Colonial Height | $420,680 |
| Covington | $420,680 |
| Danville | $420,680 |
| Emporia | $420,680 |
| Fairfax Ind | $822,375 |
| Falls Church | $822,375 |
| Franklin Ind | $420,680 |
| Fredericksburg | $822,375 |
| Galax | $420,680 |
| Hampton | $458,850 |
| Harrisonburg | $420,680 |
| Hopewell | $420,680 |
| Lexington | $420,680 |
| Lynchburg | $420,680 |
| Manassas Park | $822,375 |
| Martinsville | $420,680 |
| Newport News | $420,680 |
| Norfolk | $458,850 |
| Norton | $420,680 |
| Petersburg | $420,680 |
| Poquoson | $420,680 |
| Portsmouth | $420,680 |
| Radford | $420,680 |
| Richmond Ind | $420,680 |
| Roanoke Ind | $420,680 |
| Salem | $420,680 |
| Staunton | $420,680 |
| Suffolk | $420,680 |
| Virginia Beach | $420,680 |
| Waynesboro | $420,680 |
| Williamsburg | $420,680 |
| Winchester | $420,680 |
| Kimble | $420,680 |
| King | $420,680 |
| Kinney | $420,680 |
| Kleberg | $420,680 |
| Knox | $420,680 |
| Lamar | $420,680 |
| Lamb | $420,680 |
| Lampasas | $420,680 |
| La Salle | $420,680 |
| Lavaca | $420,680 |
| Lee | $420,680 |
| Leon | $420,680 |
| Liberty | $420,680 |
| Limestone | $420,680 |
| Lipscomb | $420,680 |
| Live Oak | $420,680 |
| Llano | $420,680 |
| Loving | $420,680 |
| Lubbock | $420,680 |
| Lynn | $420,680 |
| Mcculloch | $420,680 |
| Mclennan | $420,680 |
| Mcmullen | $420,680 |
| Madison | $420,680 |
| Marion | $420,680 |
| Martin | $341,550 |
| Mason | $420,680 |
| Matagorda | $420,680 |
| Maverick | $420,680 |
| Medina | $393,300 |
| Menard | $420,680 |
| Midland | $420,680 |
| Milam | $420,680 |
| Mills | $420,680 |
| Mitchell | $420,680 |
| Montague | $420,680 |
| Montgomery | $420,680 |
| Moore | $420,680 |
| Morris | $420,680 |
| Motley | $420,680 |
| Nacogdoches | $420,680 |
| Navarro | $420,680 |
| Newton | $420,680 |
| Nolan | $420,680 |
| Nueces | $420,680 |
| Ochiltree | $420,680 |
| Oldham | $420,680 |
| Orange | $420,680 |
| Palo Pinto | $420,680 |
| Panola | $420,680 |
| Parker | $404,800 |
| Parmer | $420,680 |
| Pecos | $420,680 |
| Polk | $420,680 |
| Potter | $420,680 |
| Presidio | $420,680 |
| Rains | $420,680 |
| Randall | $420,680 |
| Reagan | $420,680 |
| Real | $420,680 |
| Red River | $420,680 |
| Reeves | $420,680 |
| Refugio | $420,680 |
| Roberts | $420,680 |
| Robertson | $420,680 |
| Rockwall | $404,800 |
| Runnels | $420,680 |
| Rusk | $420,680 |
| Sabine | $420,680 |
| San Augustine | $420,680 |
| San Jacinto | $420,680 |
| San Patricio | $420,680 |
| San Saba | $420,680 |
| Schleicher | $420,680 |
| Scurry | $420,680 |
| Shackelford | $420,680 |
| Shelby | $420,680 |
| Sherman | $420,680 |
| Smith | $420,680 |
| Somervell | $420,680 |
| Starr | $420,680 |
| Stephens | $420,680 |
| Sterling | $420,680 |
| Stonewall | $420,680 |
| Sutton | $420,680 |
| Swisher | $420,680 |
| Tarrant | $404,800 |
| Taylor | $420,680 |
| Terrell | $420,680 |
| Terry | $420,680 |
| Throckmorton | $420,680 |
| Titus | $420,680 |
| Tom Green | $420,680 |
| Travis | $389,850 |
| Trinity | $420,680 |
| Tyler | $420,680 |
| Upshur | $420,680 |
| Upton | $420,680 |
| Uvalde | $420,680 |
| Val Verde | $420,680 |
| Van Zandt | $420,680 |
| Victoria | $420,680 |
| Walker | $420,680 |
| Waller | $420,680 |
| Ward | $420,680 |
| Washington | $420,680 |
| Webb | $420,680 |
| Wharton | $420,680 |
| Wheeler | $420,680 |
| Wichita | $420,680 |
| Wilbarger | $420,680 |
| Willacy | $420,680 |
| Williamson | $404,800 |
| Wilson | $393,300 |
| Winkler | $420,680 |
| Wise | $404,800 |
| Wood | $420,680 |
| Yoakum | $420,680 |
| Young | $420,680 |
| Zapata | $420,680 |
| Zavala | $420,680 |
