VA loan rates change daily based on a number of factors, the first being the market conditions, and on top of these – VA loans have the backing of the federal government, so lenders are able to slap on competitive interest rates for the borrowers.
One thing that seems to be true for most recipients, is that the VA Home Loan rate is typically lower than their conventional option.
How Is My VA Loan Interest Rate Determined?
There are 4 main categories considered in your VA Loan Rate:
Current Market Conditions
Lower credit scores generally result in lower rates on loans; however, thanks to the VA Guaranty, even if your credit score isn’t stellar, you still have a chance at a very low rate.