Mortgage rates for home loans in Virginia are always very competitive with national 30-year fixed mortgage interest rates. With great rates, Virginia mortgage brokers report continued opportunity for mortgage refinancing. Typically, homeowners who can shave a percentage point off previous loans and plan to stay in their home or on their property are most appropriate for the loan modifications.

The Virginia Housing Development Authority offers 30-year fixed mortgages at rates below the state average backed up by Federal Housing Administration (FHA) guarantees. The Veterans Affairs (VA) Loan Programs and Rural Housing Services Guarantee loans also are available.

Federal guarantees for expensive mortgages guarantee lower than market rates for jumbo mortgages in areas with pricey housing values. Called "expanded conforming loans," these modified federal loans and rates affect a significant number of homes in the Virginia suburbs of Washington D.C. Home mortgage rates can vary greatly depending on housing availability, personal credit history, term and program.

Home mortgage rates can vary greatly depending on housing availability, personal credit history, term and program. Mortgage terms shorter than the standard 30 years require higher down payments and higher mortgage interest rates. However, a 15-year fixed rate helps retire the home loan quicker and establish greater equity. Adjustable rates typically feature lower interest rates for a short term, followed by rapidly rising rates. They typically come in five year adjustable mortgage rates and three years adjustable rates before they kick into much higher rates.

The Virginia Housing Development Authority and Federal Housing Administration have special loan categories with adjusted mortgage interest rates. The FHA Plus loan is great for home refinancing, allowing qualified Virginia homeowners to have lower fixed interest rate payments based on special approval criteria. Veterans Administration loans also are available for former military people with lower than market rate mortgage interest payments.

Virginia has been rated as one of the best places to live by Money Magazine. It has one of the most competitive home prices and mortgage interest rates in the nation. Those living in the beautiful rural areas of the state can qualify for Rural Housing Services Guarantee loans available in designated areas. These offer fixed-rate mortgage interest rates below standard state and national rates, sometimes with no money down. Some programs lower home loan interest rates for the developmentally disabled, while Virginia's Interest Only PLUS loan provides a 35-year term with adjusted payment schedules for five years.