Over 1.2 million VA home loans have been issued in the last fiscal year. The VA loan program creates homeownership opportunities for Veterans, service members, and eligible surviving spouses. These VA mortgages can cover purchasing, building, repairing, and retaining houses for a veteran’s tenancy.
If you are a Veteran or active military member that’s considering buying a home in Colorado Springs, you’ll want to stay informed about mortgage rates. Take a look at this quick update on VA mortgage rates in Colorado Springs.
Status of VA Mortgage Rates in Colorado Springs
VA mortgages offer a myriad of benefits to veterans. This guide elaborates on the advantages of VA mortgages, the current rates in Colorado Springs, and the factors influencing mortgage rates.
What Benefits Does a VA Mortgage Offer?
VA mortgages are created to help veterans find affordable homeownership opportunities. With this type of loan, eligible individuals can apply for a loan without a down payment. Moreover, these loans come with relatively low interest rates, as well as reduced closing costs.
What Are the Current VA Mortgage Rates in Colorado Springs?
The VA mortgage rates can fluctuate depending on the market’s condition. Currently, as of September 2021, the national average for a 30-year fixed-VA mortgage rate is 2.5%, with the average APR being about 2.8%. Similarly, the 30-Year Streamline (IRRRL) mortgage rate is 2.75 %, with about a 2.9% APR on average.
The 30-Year VA Cash-Out mortgage rate is 2.75% with an average 3% APR. In contrast, the 30-Year Fixed VA Jumbo mortgage rate is 2.5% with a 2.8% average APR.
However, these rates can change depending on the market’s conditions.
What Factors Affect VA Loan Rates?
VA rates can vary from individual to individual. The interest rate can depend on the market conditions, as well as the state of your finances. Some of the factors that influence VA loan rates are as follows:
- Credit score: If you have a good credit score, you can benefit from a low interest rate.
- Loan type: Different loan types have different rates. You have the option to choose from purchase loans, IRRRL loans, cash-out loans, and jumbo loans.
- Duration: The loan duration can also affect the rate.
The Bottom Line
VA loans offer several benefits to veterans. If you are applying for a VA loan, check the updated mortgage rate in your city or reach out and ask one of our experts for help.
Learn More about VA Mortgage Rates
If you want to learn more about VA mortgage rates in Colorado Springs, or you wish to check your eligibility, schedule a consultation with Mortgage Solutions Financials now!