Do you want to know Virginia mortgage rates for October 2020? If yes, don’t worry, you will get it in this article. Many home buyers need a mortgage but it is often hard to know if a quote is competitive or not. You have to know the exact rate of your home loan so that you can compare prices and choose from them. To lighten this burden for home buyers, we monitor mortgage rates by loan type, lender, and location across the Old Dominion. I hope you get value from this.
Best Mortgage Rates in Virginia
Before discussing mortgage rates, it is important to know a lot of factors that affect it. These factors include:
- First, the lender and his business objective.
- Secondly, the underwriter’s assessment of your risk as a borrower.
- Also, your loan type as well as the location.
At present, the average mortgage rate in Virginia is 3.25% while the 15-year mortgage rate is as low as 2.72%. Also, the average initial rate (ARMs) for a 5/1 adjustable-rate mortgage starts from 2.75%. However, these numbers are dependent on a mortgage balance of $200,000 with a loan-to-value ratio of 80%.