New VA Mortgage Rates For May 2024: Know Eligibility, Loan Interest Rates & Compare

The United States Department of Veterans Affairs backs VA loans for veterans and active duty military members use to purchase a home to live in as a primary residence. These loans are low-interest and require little or no down payment, as well as no private mortgage insurance. Spouses of veterans who died in duty or from a service-related disability, are missing in action, or are prisoners of war may be eligible for a VA loan if they did not marry before their 57th birthday or before December 16, 2003.

The New VA Mortgage Rates For May 2024 are cheap and come from reliable mortgage lenders who specialize in VA loans and understand the Programs, including VA loan May 2024 Eligibility. They provide faster VA loan May 2024 Application procedures and agents that are accessible to answer any queries you may have along the journey.

New VA Mortgage Rates For May 2024

Mortgage rates have remained below 7% in 2024, but not low enough to entice potential buyers or homeowners to refinance. Freddie Mac reported that the average 30-year fixed mortgage rate for last week was 6.82%. Despite persistently high mortgage rates, most housing market analysts expect them to fall by 2024, if the Federal Reserve follows through on its expected interest rate decreases. However, whether mortgage rates will fall sufficiently to cause a substantial shift in housing affordability is doubtful.

What is a VA Loan?

In some situations, present and former service members, as well as their surviving spouses, are eligible for a VA loan, that is government-backed. A VA loan can be used to buy or build a house, upgrade and repair an existing one, or refinance a mortgage. Significant advantages include lower credit score criteria, no private mortgage insurance, no down payment need, and cheap rates. You can apply for a VA loan more than once, but the financing cost goes up after the first time.

When you acquire a VA-guaranteed mortgage to buy or refinance your home, you will be charged a one-time financing fee. You will need a Certificate of Eligibility, which you may acquire on the VA website or have your lender provide. To obtain this certificate, you must provide service-related paperwork, that varies depending on whether you are active duty or a veteran.

New VA Mortgage Rates For April 2024: Know Eligibility, Loan Interest Rates & Compare

VA Loan May 2024 Eligibility

  • Active-duty service men who have completed 90 days of continuous service.
  • Veterans who have completed the required duration of duty (often 90 days in wartime and 181 days in peacetime).
  • Service personnel and veterans who have served 90 days on active duty or 6 creditable years in the Selected Reserve or National Guard.
  • Surviving wives of veterans who died in duty, had a service-related disability, went missing in action, or were imprisoned. Surviving spouses who have remarried are only eligible if the marriage occurred after age 57 or after December 16, 2003.

May 20 national VA mortgage interest rate trends

For today, Saturday, April 20, 2024, the national average 30-year VA mortgage interest rate is 7.28%, up from 7.17% the previous week. The national average 30-year VA refinancing interest rate is 7.77%, up from 7.68% the week before. While rate averages alter on a regular basis, they can assist you recognize market developments. The rate you receive is determined by a variety of criteria, including your personal credit and resources.

Current VA loan interest rates

VA loan rates are somewhat cheaper than other mortgage kinds, the 30-year VA loan rate was 6.87 %, while the conventional loan rate average was 6.96 %, according to experts. In general, rates have been bouncing about in a narrow range as the spring homebuying season approaches. Housing analysts predict that rates will fall if the Federal Reserve begins to decrease interest rates. According to Veterans United’s 2024 Veteran Homebuyer Report, half of those asked expect mortgage rates to remain constant or fall over the next year.

Compare the Best VA Loan Rates

CompanySIRLoan TermsMCSMLA
Veterans UnitedContact the company15 and 30 yearsContact the companyNone
PenFed Credit UnionContact the company15 and 30 yearsNot availableContact the company
Navy Federal Credit Union6.500%15 and 30 yearsNot availableContact the company
USAA6.865%10, 15, 20, or 30 yearsNot available$3 million
Lending TreeContact the companyContact for detailsContact the companyContact the company

Steps to get the best VA loan rate

  • Check out your credit score- While VA lenders are less stringent than other types of lenders, a score higher than 620 provides you the most alternatives.
  • Consider shopping around- Individual lenders provide mortgages, however all VA loans are VA-backed. Rates might vary by half a point or more from one lender to another.
  • Look at lender reviews- Some VA lenders have great reputations for customer service others, not so much.
  • Choose a shortened loan term- Lenders normally offer cheaper interest rates for shorter maturities, such as 15-year loans. And if you can afford a larger monthly payment, you can save thousands of dollars over the life of the loan.

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