NEW YORK, NY — VA loan borrowers are seeing a 30-year fixed-rate average of 6.75% today, according to data from Optimal Blue. That is a bit higher than Thursday’s level and reflects the rates lenders locked during the previous weekday across a large share of the mortgage market.
The figure matters because VA loans are one of the most flexible mortgage options for eligible veterans, active-duty service members and some surviving spouses. The program is designed to support homeownership with no down payment, lower rates than many conventional loans and no private mortgage insurance when a buyer puts less than 20% down.
How Optimal Blue’s rate snapshot is built
Optimal Blue’s Mortgage Market Indices are not a single lender’s quote. Instead, they track average locked rates from the prior weekday and draw from roughly one-third of mortgage providers in the United States.
That makes the number a useful market snapshot, but not a guarantee of what any one borrower will be offered. Credit score, debt levels, property type and the lender’s own pricing all affect the final rate, even for borrowers using the same VA program.
For that reason, a slightly higher benchmark does not mean every applicant will see the same move. Borrowers who compare several lenders may still find meaningful differences in fees, closing costs and the rate they are offered.
Why VA loans remain appealing to eligible buyers
VA mortgages are built to help people who have served the country become homeowners with fewer upfront barriers. The zero-down option can make the program especially valuable for buyers who have not had time to save a large down payment.
Another benefit is the lack of private mortgage insurance for borrowers who put down less than 20%, which can keep monthly housing costs lower than they would be on many conventional loans. CNBC Select described the program as a strong fit for service members and veterans who want flexibility and lower cash-to-close requirements.
Because the loan guarantee comes from the U.S. Department of Veterans Affairs, lenders can extend favorable terms while still managing risk. That is part of why VA loans often compare well with other mortgage products available to qualified borrowers.
Veterans United stands out for customer service
CNBC Select names Veterans United as the best choice for borrowers who care most about service. The lender regularly earns strong marks from J.D. Power and the Better Business Bureau, and it offers a 24/7 phone line for borrowers who want help outside standard business hours.
The company also extends beyond the mortgage application itself. It provides free credit counseling that can help applicants improve their profile before applying, which may support a better mortgage rate. Veterans United also has a foundation that raises money for organizations supporting military families.
For borrowers who value guidance as much as pricing, that combination of customer support and education can make the process feel less intimidating. The lender offers multiple loan types, including VA, conventional, FHA, USDA and jumbo loans, along with refinancing and home equity products.
Navy Federal focuses on rate savings and a lower-cost option
For borrowers who are most focused on pricing, CNBC Select points to Navy Federal Credit Union. The credit union’s VA loan rates are described as consistently below the industry average, and in some cases even more competitive than other lenders with already low pricing.
Navy Federal also offers another 0% down payment route for military members. That can be especially helpful for buyers who qualify for a home loan but want to preserve savings for moving costs, reserves or future repairs.
One feature that may appeal to existing homeowners is its rate-reduction option. For a $250 fee, borrowers can lower their mortgage rate without refinancing, which could matter for people who bought when borrowing costs were much higher.
Rocket Mortgage appeals to borrowers who want to do more online
Rocket Mortgage is CNBC Select’s pick for borrowers who want to apply and manage their loan digitally. The company is known for a strong website, an easy-to-use app and solid customer service ratings.
Rocket also lets borrowers complete part of the closing process remotely, which can save time and reduce the number of in-person steps. That flexibility may appeal to people who want a smoother, more tech-driven mortgage experience.
The lender offers VA loans, conventional loans, FHA loans, jumbo loans and low-down-payment products. It also advertises closing credits for borrowers who use partner real estate agents at Redfin, giving some homebuyers another way to offset upfront costs.
What borrowers should compare before choosing a lender
CNBC Select’s rankings show that the “best” VA lender depends on what matters most to the borrower. Some people will care most about customer support and counseling, while others will prioritize the lowest possible rate or the ability to handle everything online.
That is why veterans and service members should compare the rate, the annual percentage rate, fees and the lender’s closing process before they lock in a mortgage. Even within the VA program, lenders can differ on how they price loans and what kinds of support they provide.
Borrowers may also want to consider whether a lender can help them improve their credit before applying, whether it offers tools to manage the loan after closing and whether any fee-based rate options make sense for their plans. Those details can matter as much as the headline rate itself.
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