How Do Current Mortgage Rates in Virginia Compare to the National Average?

If you're a homeowner or homebuyer in the Old Dominion, you've probably been keeping a close eye on [current mortgage rates in Virginia](https://www.duanebuziakmortgagemaestro.com/). Rates play a huge role in your monthly payment, overall affordability, and how far your dollar goes when it comes to real estate.

But how do Virginia’s mortgage rates stack up against what the rest of the country is seeing? Are they higher? Lower? About the same? Let’s dive into what’s affecting these numbers, how Virginia compares to national trends, and what it all means for you.

Understanding Mortgage Rates: A Quick Overview
Before we get into specifics, it helps to understand what mortgage rates are. Simply put, a mortgage rate is the interest charged on your home loan. It’s how lenders make money when they loan you funds to buy a home.

Mortgage rates fluctuate constantly and are influenced by a mix of economic factors, including:

Federal Reserve policy

Inflation and employment data

Housing market trends

Lender risk assessment

Borrower profile (credit score, down payment, income, etc.)

Rates typically vary slightly by state and region due to local economic health, competition among lenders, and real estate market conditions.

Current Mortgage Rates in Virginia (as of June 2025)
At the moment, current mortgage rates in Virginia hover around:

30-Year Fixed Mortgage: 6.45% – 6.65%

15-Year Fixed Mortgage: 5.75% – 5.95%

5/1 ARM (Adjustable-Rate Mortgage): 6.10% – 6.35%

These figures are just estimates and can shift daily, depending on market movements and lender offerings. Always check with multiple local lenders or use an online mortgage comparison tool to get the most accurate quote for your situation.

The National Picture: How Does Virginia Compare?
Nationally, mortgage rates are quite similar. Here's what borrowers across the U.S. are currently seeing:

30-Year Fixed Mortgage: 6.50% – 6.75%

15-Year Fixed Mortgage: 5.80% – 6.05%

5/1 ARM: 6.20% – 6.40%

So what does this tell us?

In general, Virginia's mortgage rates are slightly lower than the national average, especially for 30-year and 15-year fixed loans. While the differences may seem small, even a fraction of a percentage point can translate into thousands of dollars over the life of a mortgage.

For example, on a $350,000 home loan, a 0.20% difference in rate could mean a savings of over $13,000 in interest over 30 years.

Why Virginia's Mortgage Rates May Be Lower
Several factors may explain why Virginia sees marginally better mortgage rates than other states:

Strong Local Economy
With government, tech, education, and healthcare industries contributing to steady job growth, Virginia offers lenders a relatively stable borrower pool.

Competitive Lending Environment
Virginia has a healthy number of banks, credit unions, and mortgage brokers, especially in urban and suburban areas like Northern Virginia, Richmond, and Virginia Beach. More competition can mean better rates for consumers.

Home Values and Market Conditions
While property prices are rising, Virginia hasn’t experienced the same sharp spikes in home prices as places like California or Florida. A balanced market can contribute to more favorable rates.

What This Means for Homeowners and Buyers in Virginia
If you're considering buying a home, now might be a smart time to lock in a rate—particularly if you're seeing offers under the national average. Even if rates seem high compared to pandemic-era lows, keep in mind those years were an anomaly driven by emergency Federal Reserve actions.

If you're already a homeowner, and your current mortgage rate is significantly higher than what’s being offered today, you may want to consider refinancing. However, it’s crucial to weigh the costs and benefits. Refinancing usually makes sense if:

You plan to stay in your home for several more years

You can reduce your rate by at least 0.50%

You can cover or roll in the closing costs affordably

Tips for Getting the Best Mortgage Rate in Virginia
No matter where rates stand, there are steps you can take to improve your chances of securing a better deal:

Improve Your Credit Score
The higher your score, the better the rate. Pay down debt, avoid new credit inquiries, and fix any reporting errors.

Compare Multiple Lenders
Don’t settle for the first quote you get. Shop around with banks, credit unions, online lenders, and local brokers.

Consider Loan Types
A 15-year loan usually comes with a lower rate than a 30-year one—but higher monthly payments. Adjustable-rate mortgages (ARMs) may offer lower initial rates but come with risks if rates rise later.

Make a Larger Down Payment
The more equity you have upfront, the less risk for the lender—and the better the rate you’re likely to receive.

Lock in When You’re Ready
If you find a good rate, consider locking it in. Some lenders allow you to “float down” if rates drop before closing.

Looking Ahead: Will Mortgage Rates in Virginia Go Up or Down?
Forecasting rates is never an exact science. However, most analysts believe rates will gradually decline throughout 2025 if inflation continues to cool and the Federal Reserve eases interest rate policies. That said, global events and economic surprises could still push rates in either direction.

For now, Virginia homebuyers are slightly better positioned than those in many other parts of the country. If you’re financially ready and find a home you love, today's rates—though higher than a few years ago—are still manageable compared to historical averages.

Final Thoughts
When it comes to current mortgage rates in Virginia, the state is holding a slight advantage over the national average. For homeowners and potential buyers alike, this edge—even if modest—can mean real savings. As always, doing your research, staying informed, and acting strategically can help you make the most of today’s housing market.