Today’s VA IRRRL rates
A VA Interest Rate Reduction Refinance Loan (IRRRL), often called a VA streamline, replaces an existing VA loan with a new VA loan at a lower rate, usually with no appraisal.
Rates as of · updated each business day
| Loan | Rate | APR | Monthly principal & interest |
|---|---|---|---|
| VA IRRRL 30-year fixed | 6.866% | 6.937% | $2,638.44 |
| Conventional 30-year fixed | 7.418% | 7.451% | $2,774.43 |
| FHA Streamline 30-year fixed | 6.845% | 7.588% | $2,665.55 |
How these rates are set. Each rate is the average of what Go Direct Lenders’ wholesale lending partners offer that business day for one sample loan, with no discount points. Your own rate and APR depend on your credit, loan-to-value, property and the market on the day you lock. Payments are principal and interest only; taxes, insurance and any mortgage insurance make the actual payment higher.
VA IRRRL (Interest Rate Reduction Refinance Loan) 30-year fixed: 6.866% rate / 6.937% APR, based on a $400,000 refinance at 100% loan-to-value, a 720 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. Includes the 0.5% VA IRRRL funding fee financed into the loan ($402,000). 360 monthly principal-and-interest payments of $2,638.44. Estimated prepaid finance charges of $2,880 are included in the APR.
Conventional 30-year fixed rate/term refinance: 7.418% rate / 7.451% APR, based on a $400,000 refinance at 80% loan-to-value, a 760 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. 360 monthly principal-and-interest payments of $2,774.43. Estimated prepaid finance charges of $1,300 are included in the APR.
FHA Streamline 30-year fixed refinance: 6.845% rate / 7.588% APR, based on a $400,000 refinance at 96.5% loan-to-value, a 720 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. Includes the 1.75% FHA upfront mortgage insurance premium financed into the loan ($407,000) and monthly mortgage insurance. 360 monthly principal-and-interest payments of $2,665.55. Estimated prepaid finance charges of $7,922 are included in the APR.
VA IRRRL rules at a glance
- VA to VA only. An IRRRL can only refinance a VA loan you already have on the home.
- Seasoning: you must have made six consecutive monthly payments, and 210 days must have passed since the first payment was due.
- A lower rate: fixed to fixed, the new rate must be at least 0.50 percentage points lower.
- 36-month recoupment: your closing costs (not counting the funding fee, taxes, escrow and prepaids) must be paid back by the lower monthly payment within 36 months.
- Funding fee: 0.5% of the loan, which can be financed. Veterans receiving VA disability compensation, eligible surviving spouses and some others are exempt.
- Occupancy: you only need to certify that you lived in the home at some point.
- No cash out. VA doesn’t allow cash to the borrower from an IRRRL.
Check your numbers with our VA IRRRL calculator, or read the full VA IRRRL guide.
Other refinance rates
Conventional refinance rates
Rate-and-term refinance of a conventional loan.
FHA Streamline rates
Lower the rate on an existing FHA loan, usually without an appraisal.
Rates in your state
- Arizona
- California
- Colorado
- Florida
- Georgia
- Maryland
- Michigan
- Minnesota
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
Frequently asked questions
Does a VA IRRRL require an appraisal?
VA doesn’t require an appraisal or a credit underwriting package for an IRRRL, though a lender may have its own requirements.
Do I have to live in the home to get an IRRRL?
No. You only need to certify that you previously lived in it, so a former home that’s now a rental can qualify.
How often is this rate updated?
Every business day. We only show a rate when at least one lending partner priced it from that day’s rate sheet.
Sources
- 38 U.S.C. 3709 (refinancing of housing loans)
- VA Circular 26-19-22
- VA: Interest Rate Reduction Refinance Loan
- VA: Funding fee and closing costs
Go Direct Lenders, LLC (also doing business as Veterans Direct) is a private lender and is not affiliated with the Department of Veterans Affairs or any government agency.
Go Direct Lenders, LLC DBA Veterans Direct | NMLS ID 1028986 | Equal Housing Opportunity. Not affiliated with the Department of Veterans Affairs or any government agency. By refinancing an existing loan, the consumer’s finance charges may be higher over the life of the loan.