The average mortgage rate in West Virginia is currently 8.35% for the 30-year fixed loan term.
Here are the interest rates offered to West Virginia residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 8.35%
- 30-year refi purchase: 6.29%
Powered by Bankrate
The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
The West Virginia Housing Development Fund offers a few options to assist West Virginia homebuyers. Benefits of these programs include breaks on mortgage insurance and down payment and closing cost assistance.
- Available to: Income-eligible West Virginia homebuyers.
- Income limits: Vary by household size (see income limits).
- First-time homebuyers only? No.
- Benefits: Access to down payment and closing cost assistance of up to $5,000 or $8,000, depending on the loan-to-value-ratio, in the form of a 15-year fixed-rate loan with a 2% interest rate.
- Available to: Income-eligible West Virginia homebuyers.
- Income limits: Limited to 80% of area median income (see income limits).
- First-time homebuyers only? No.
- Benefits: Access to down payment and closing cost assistance of up to $5,000 or $8,000, depending on the loan-to-value-ratio, in the form of a 15-year fixed-rate loan with a 2% interest rate. This program has a reduced interest rate and lower private mortgage insurance compared to the regular Movin’ Up program.
- Available to: Eligible West Virginia homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 100% financing and access to down payment and closing cost assistance of up to $7,500 or $10,000, depending on the loan-to-value-ratio, in the form of a 30-year fixed-rate mortgage.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
