Monroe, Virginia Mortgage Rates - October 2026
Brian McKay
Brian McKay
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Monroe, Virginia mortgage rates from lenders serving Virginia range from 4.99% to 8.25%, verified by MonitorBankRates as of October 14, 2026. Current 30-year fixed mortgage rates for Monroe, Virginia borrowers from lenders serving Virginia include Langley Federal Credit UnionLangley Federal Credit UnionA5.0 ★Texas Ratio: 10.20% at 6.375%, Beacon Credit Union IncorporatedBeacon Credit Union IncorporatedA+5.0 ★Texas Ratio: 1.80% at 6.515%, 1st Advantage Federal Credit Union1st Advantage Federal Credit UnionA+5.0 ★Texas Ratio: 1.89% at 6.50%, Virginia Credit UnionVirginia Credit UnionA5.0 ★Texas Ratio: 6.40% at 6.75%, and Baxter Credit UnionBaxter Credit UnionA5.0 ★Texas Ratio: 6.31% at 7.125%. Mortgage rates as of October 14, 2026 according to verified data from MonitorBankRates.
Monroe borrowers can compare 140 mortgage rates from 22 lenders serving the Virginia area, with mortgage rates as low as 6.375% from Langley Federal Credit Union. Use the tabs below to compare available loan types. Rates are continually updated, so we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to Virginia borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: October 14, 2026
Compare Mortgage Rates Today in Monroe, Virginia & the Surrounding Area
Monroe 30 Year Fixed Mortgage Rates
As Low As; Mortgage rates shown are subject to change
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
As Low As; Mortgage for medical professionals; min loan $100,000, max loan $1,500,000; up to 100% LTV for purchases
No additional details available.
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
No additional details available.
As Low As; Lock in peace of mind for the long haul. A 30-year mortgage means lower monthly payments and lasting security.
- Oct 14, 20267.13%▼ from 7.25%
- Oct 1, 20267.25%▲ from 7.13%
- Sep 27, 20267.13%▲ from 7.00%
- Sep 22, 20267.00%▲ from 6.88%
No additional details available.
- Oct 12, 20267.15%▼ from 7.20%
- Oct 8, 20267.20%▲ from 7.13%
- Oct 4, 20267.13%▼ from 7.19%
- Oct 2, 20267.19%▲ from 6.88%
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
Rates as of October 12, 2026; subject to credit approval; rates apply to loans up to the current FHFA conforming loan limit
No additional details available.
- Oct 8, 20267.25%▲ from 7.13%
- Oct 4, 20267.13%▼ from 7.19%
- Oct 2, 20267.19%▲ from 6.88%
- Sep 16, 20266.88%first recorded
Home loans up to $832,750; Rate effective date October 12, 2026
- Oct 13, 20267.35%▼ from 7.47%
- Oct 9, 20267.47%▲ from 7.35%
- Oct 5, 20267.35%▼ from 7.47%
- Oct 2, 20267.47%▲ from 7.35%
FHA Fixed Rate Mortgage section
Primary residences in North or South Carolina; APR includes 1% origination fee
- Oct 13, 20267.39%▲ from 6.58%
- Sep 14, 20266.58%first recorded
Additional APR listed for this product: 7.472%.
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
No additional details available.
- Oct 12, 20267.43%▼ from 7.53%
- Oct 8, 20267.53%▲ from 7.50%
- Oct 4, 20267.50%▼ from 7.54%
- Oct 2, 20267.54%▲ from 7.00%
As Low As; w/ 0.625 Points; Payment: 1,637.22
No additional details available.
No additional details available.
- Oct 12, 20267.50%▼ from 7.53%
- Oct 8, 20267.53%▲ from 7.50%
- Oct 4, 20267.50%▼ from 7.54%
- Oct 2, 20267.54%▲ from 7.00%
Additional APR listed for this product: 7.625%.
No additional details available.
- Oct 12, 20267.60%▼ from 7.73%
- Oct 8, 20267.73%▲ from 7.60%
- Oct 4, 20267.60%first recorded
Effective Date: October 13, 2026
- Oct 13, 20267.64%▼ from 7.75%
- Oct 9, 20267.75%▼ from 8.00%
- Oct 5, 20268.00%▲ from 7.91%
- Oct 1, 20267.91%▲ from 7.64%
Refinance; Based on $300,000 loan amount; Rates include 0.125% autopay and paperless discount
- Oct 14, 20267.72%▲ from 7.34%
- Sep 15, 20267.34%first recorded
FHA Fixed Rate Mortgage section
Standard rate (no automatic payment discount); purchase of primary residence, loan amount $250,000, LTV 80%, credit score 740; rates effective as of September 29, 2026
- Oct 14, 20267.78%▼ from 7.84%
- Oct 7, 20267.84%▲ from 7.78%
- Oct 1, 20267.78%▲ from 7.47%
- Sep 27, 20267.47%first recorded
Today's par rate (no discount points); Get Quote
- Sep 27, 20267.79%▲ from 7.41%
- Sep 22, 20267.41%▲ from 7.28%
- Sep 14, 20267.28%first recorded
Today's par rate (no discount points); Get Quote
- Oct 14, 20267.85%▲ from 7.34%
- Sep 22, 20267.34%▲ from 6.95%
- Sep 14, 20266.95%first recorded
Conforming mortgage; rates shown for New York counties only
- Oct 14, 20267.90%▼ from 7.90%
- Sep 27, 20267.90%first recorded
Rates shown for New York counties only (Bronx, Kings, New York, Orange, Queens, Richmond, Rockland, Westchester, Nassau, Suffolk, Erie); assumes 80% LTV, 740 credit score, 60-day lock
No additional details available.
- Oct 12, 20267.93%▼ from 8.18%
- Oct 8, 20268.18%first recorded
HSBC Deluxe Mortgage rates; Jumbo mortgage; Rates shown for New York only
- Oct 14, 20267.94%▲ from 7.88%
- Oct 7, 20267.88%▲ from 7.20%
- Sep 18, 20267.20%first recorded
Jumbo mortgage; based on 65% LTV, credit score 740, 60-day lock; rates shown for New York only
- Oct 14, 20267.94%▼ from 7.96%
- Oct 7, 20267.96%first recorded
Today's par rate (no discount points); Get Quote
- Oct 14, 20268.31%▲ from 7.80%
- Sep 22, 20267.80%▲ from 7.42%
- Sep 14, 20267.42%first recorded
Rates based on a purchase transaction with a 0% down payment; APR based on $100,000 loan amount for a 105% LTV purchase
- Oct 1, 20268.44%▲ from 8.18%
- Sep 27, 20268.18%▲ from 8.06%
- Sep 14, 20268.06%first recorded
No additional details available.
Monroe 15 Year Fixed Mortgage Rates
As Low As; Get peace of mind with predictable monthly payments. Both traditional and short-term options available.
- Sep 27, 20266.50%▲ from 6.25%
- Sep 18, 20266.25%▲ from 6.13%
- Sep 14, 20266.13%first recorded
No additional details available.
- Oct 12, 20266.54%▼ from 6.67%
- Oct 8, 20266.67%▲ from 6.50%
- Oct 4, 20266.50%▼ from 6.58%
- Oct 2, 20266.58%▲ from 6.38%
No additional details available.
- Oct 12, 20266.63%▼ from 6.67%
- Oct 8, 20266.67%▲ from 6.50%
- Oct 4, 20266.50%▼ from 6.58%
- Oct 2, 20266.58%▲ from 6.38%
No additional details available.
- Oct 12, 20266.65%▼ from 6.81%
- Oct 8, 20266.81%▲ from 6.63%
- Oct 4, 20266.63%▼ from 6.69%
- Oct 2, 20266.69%▲ from 6.50%
As Low As; Home loans as low as 6.75% APR; Rates as of 10/01/2026
No additional details available.
- Oct 12, 20266.75%▼ from 6.81%
- Oct 8, 20266.81%▲ from 6.63%
- Oct 4, 20266.63%▼ from 6.69%
- Oct 2, 20266.69%▲ from 6.50%
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
As Low As; w/ 0.875 Points; Payment: 2,090.66
Rates are based on a purchase transaction with a 20% down payment; APR is based on $100,000 loan amount for an 80% LTV purchase
No additional details available.
Refinance; Based on $300,000 loan amount; Rates include 0.125% autopay and paperless discount
No additional details available.
Primary residences in North or South Carolina; APR includes 1% origination fee
- Oct 13, 20266.97%▲ from 6.20%
- Sep 14, 20266.20%first recorded
Home loans up to $832,750; Rate effective date October 12, 2026
- Oct 5, 20267.03%▼ from 7.16%
- Sep 29, 20267.16%▲ from 7.03%
- Sep 25, 20267.03%▲ from 6.65%
- Sep 17, 20266.65%▲ from 6.53%
No additional details available.
No additional details available.
Rates based on loan amount $200,000.00; minimum 5% down payment, or 3% for first-time home buyers
No additional details available.
Effective Date: October 13, 2026
- Oct 13, 20267.46%▼ from 7.57%
- Oct 9, 20267.57%▼ from 7.72%
- Oct 5, 20267.72%▲ from 7.57%
- Oct 1, 20267.57%▼ from 7.70%
Conforming mortgage; rates shown for New York counties only
- Oct 14, 20267.50%▲ from 7.39%
- Sep 27, 20267.39%first recorded
Rates shown for New York counties only (Bronx, Kings, New York, Orange, Queens, Richmond, Rockland, Westchester, Nassau, Suffolk, Erie); assumes 80% LTV, 740 credit score, 60-day lock
No additional details available.
Monroe 5/1 ARM Mortgage Rates
As Low As; Enjoy a low initial rate that adjusts with the market. Various terms and options available.
- Oct 14, 20266.00%▼ from 6.13%
- Oct 1, 20266.13%▲ from 5.63%
- Sep 18, 20265.63%▲ from 5.50%
- Sep 14, 20265.50%first recorded
Rates are based on a purchase transaction with a 20% down payment; APR is based on $100,000 loan amount for an 80% LTV purchase and reflects any pre-paid finance charge
Today's Rates section; 5/1 adjustable-rate mortgage; rates as of October 12, 2026
Rates as of October 12, 2026; subject to credit approval; rates apply to loans up to the current FHFA conforming loan limit
- Oct 2, 20266.06%▲ from 5.81%
- Sep 14, 20265.81%first recorded
Adjustable Rate Mortgage
- Oct 13, 20266.25%▼ from 7.03%
- Oct 2, 20267.03%first recorded
Adjustable rate mortgage; 5/1 ARM; up to 95% LTV; no mortgage insurance required
Initial fixed period: 5 years; then adjusts annually; 95% LTV for purchases; no private mortgage insurance; maximum loan amount $832,750; credit score 710 or better; rate current as of August 28, 2026; rates table and footnote show 6.300% APR, while product card shows 6.390% APR
As Low As; Mortgage; 5/5 Adjustable Rate; rate and APR taken from the page text 'As Low As 6.000% (6.300% APR*)'
As Low As; Fixed for first 5 years, then adjusts up or down every 5 years; Minimum loan $50,000, maximum loan $832,750; Up to 100% LTV for purchases; First-time homebuyers only; Credit score 640 or better
As Low As; Mortgage for medical professionals; fixed 5 years then adjusts every 5 years; min loan $100,000, max loan $1,500,000; up to 100% LTV for purchases
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
Adjustable rate mortgage; rates based on $200,000 loan amount; effective 09/21/2026
As Low As; 5/5 ARM, rate fixed for first 5 years then adjusts every 5 years
- Oct 2, 20266.56%▲ from 6.31%
- Sep 25, 20266.31%▲ from 6.06%
- Sep 17, 20266.06%▲ from 5.93%
- Sep 14, 20265.93%first recorded
As Low As; Fixed for first 5 years, adjusts every 5 years; 30-year loan term; Minimum credit score of 720
- Oct 2, 20266.56%▲ from 6.31%
- Sep 25, 20266.31%▲ from 6.06%
- Sep 17, 20266.06%▲ from 5.93%
- Sep 14, 20265.93%first recorded
As Low As; 5/6 ARM is a variable rate loan; APR assumes 20% down payment, 30 day rate lock and $200,000 loan amount
Home loans up to $832,750; Rate effective date October 12, 2026
- Oct 13, 20266.79%▼ from 6.84%
- Oct 9, 20266.84%▲ from 6.57%
- Sep 14, 20266.57%first recorded
Conforming ARM
- Oct 12, 20266.82%▼ from 6.87%
- Oct 8, 20266.87%▲ from 6.77%
- Oct 4, 20266.77%▼ from 6.81%
- Oct 2, 20266.81%▲ from 6.63%
Jumbo mortgage; based on 65% LTV, credit score 740, 60-day lock; rates shown for New York only
- Oct 14, 20266.83%▲ from 6.76%
- Oct 7, 20266.76%▲ from 6.75%
- Oct 1, 20266.75%first recorded
Conforming ARM
- Oct 12, 20266.85%▼ from 6.87%
- Oct 8, 20266.87%▲ from 6.77%
- Oct 4, 20266.77%▼ from 6.81%
- Oct 2, 20266.81%▲ from 6.63%
Conforming ARM
- Oct 12, 20266.93%▼ from 7.03%
- Oct 8, 20267.03%▲ from 6.79%
- Oct 4, 20266.79%▼ from 6.84%
- Oct 2, 20266.84%▲ from 6.67%
Conforming ARM
- Oct 12, 20267.02%▼ from 7.03%
- Oct 8, 20267.03%▲ from 6.79%
- Oct 4, 20266.79%▼ from 6.84%
- Oct 2, 20266.84%▲ from 6.67%
No additional details available.
- Oct 8, 20267.17%▲ from 7.05%
- Oct 2, 20267.05%▲ from 6.99%
- Sep 25, 20266.99%▲ from 6.88%
- Sep 16, 20266.88%first recorded
Monroe 30-Year Jumbo Mortgage Rates
Home loans over $832,750; Link: Get Started
- Oct 13, 20266.80%▼ from 6.87%
- Oct 9, 20266.87%▲ from 6.80%
- Oct 5, 20266.80%▲ from 6.55%
- Sep 17, 20266.55%first recorded
Adjustable-rate mortgage loan; Rates as of Oct 13, 2026 ET
- Oct 6, 20266.87%▲ from 6.77%
- Sep 30, 20266.77%first recorded
No additional details available.
- Oct 2, 20266.88%▲ from 6.63%
- Sep 30, 20266.63%first recorded
Jumbo - Adjustable Rate Mortgage; payment example
- Oct 2, 20266.92%▲ from 6.82%
- Sep 30, 20266.82%first recorded
Jumbo - Adjustable Rate Mortgage; payment example
- Oct 2, 20266.93%▲ from 6.80%
- Sep 30, 20266.80%first recorded
Jumbo - Adjustable Rate Mortgage
Jumbo - Adjustable Rate Mortgage
Jumbo - Adjustable Rate Mortgage; payment example
- Oct 2, 20266.96%▲ from 6.83%
- Sep 30, 20266.83%first recorded
Jumbo - Adjustable Rate Mortgage; payment example
- Oct 2, 20266.98%▲ from 6.88%
- Sep 30, 20266.88%first recorded
Jumbo - Adjustable Rate Mortgage; payment example
- Oct 2, 20266.98%▲ from 6.88%
- Sep 30, 20266.88%first recorded
Jumbo mortgage adjustable rate mortgage; 65% LTV, credit score 740, 15 days prepaid interest, 60-day lock; rates shown for New York only
Jumbo - Adjustable Rate Mortgage; payment example
Jumbo - Adjustable Rate Mortgage
Jumbo - Adjustable Rate Mortgage
Jumbo - Adjustable Rate Mortgage
Jumbo - Adjustable Rate Mortgage
No additional details available.
- Oct 2, 20267.02%▲ from 6.77%
- Sep 30, 20266.77%first recorded
Jumbo mortgage adjustable rate mortgage; 65% LTV, credit score 740, 15 days prepaid interest, 60-day lock; rates shown for New York only
As Low As; Finance higher-priced homes without a large down payment or multiple mortgages.
- Oct 1, 20267.13%▲ from 6.88%
- Sep 18, 20266.88%▲ from 6.63%
- Sep 14, 20266.63%first recorded
Home loans over $832,750; Link: Get Started
- Oct 13, 20267.30%▼ from 7.43%
- Oct 9, 20267.43%▲ from 7.30%
- Oct 5, 20267.30%▼ from 7.43%
- Oct 2, 20267.43%▲ from 7.30%
Advertised rate: single-family primary residence, 720 FICO, 20% down; Rates as of Oct 13, 2026 ET
No additional details available.
- Oct 12, 20267.53%▼ from 8.05%
- Oct 8, 20268.05%▲ from 7.63%
- Oct 4, 20267.63%▼ from 8.03%
- Oct 2, 20268.03%▲ from 8.01%
No additional details available.
- Oct 12, 20267.63%▼ from 8.05%
- Oct 8, 20268.05%▲ from 7.63%
- Oct 4, 20267.63%▼ from 8.03%
- Oct 2, 20268.03%▲ from 8.01%
Jumbo
Jumbo mortgage; 65% LTV, credit score 740, 15 days prepaid interest, 60-day lock; rates shown for New York only
Monroe 15-Year Jumbo Mortgage Rates
No additional details available.
- Oct 2, 20266.62%▲ from 6.37%
- Sep 30, 20266.37%first recorded
No additional details available.
- Oct 2, 20266.82%▲ from 6.57%
- Sep 30, 20266.57%first recorded
No additional details available.
- Oct 12, 20266.92%▼ from 6.96%
- Oct 8, 20266.96%▲ from 6.75%
- Oct 4, 20266.75%▼ from 6.90%
- Oct 2, 20266.90%▲ from 6.75%
No additional details available.
- Oct 8, 20267.00%▲ from 6.75%
- Oct 4, 20266.75%▼ from 6.90%
- Oct 2, 20266.90%▲ from 6.75%
- Sep 25, 20266.75%▲ from 6.63%
Advertised rate: single-family primary residence, 720 FICO, 20% down; Rates as of Oct 13, 2026 ET
Jumbo
- Oct 13, 20267.23%▲ from 6.83%
- Sep 14, 20266.83%first recorded
Home loans over $832,750; Link: Get Started
- Oct 5, 20267.34%▼ from 7.46%
- Sep 29, 20267.46%▲ from 7.34%
- Sep 25, 20267.34%▲ from 6.96%
- Sep 17, 20266.96%▲ from 6.83%
Monroe 5/1 Jumbo ARM Mortgage Rates
Home loans over $832,750; Link: Get Started
- Oct 13, 20266.75%▼ from 6.80%
- Oct 9, 20266.80%▲ from 6.75%
- Oct 5, 20266.75%▲ from 6.53%
- Sep 17, 20266.53%first recorded
Adjustable-rate mortgage loan; Rates as of Oct 13, 2026 ET
- Oct 6, 20266.83%▲ from 6.75%
- Sep 30, 20266.75%first recorded
Jumbo mortgage adjustable rate mortgage; 65% LTV, credit score 740, 15 days prepaid interest, 60-day lock; rates shown for New York only
No additional details available.
- Oct 12, 20266.96%▼ from 6.99%
- Oct 8, 20266.99%▲ from 6.83%
- Oct 4, 20266.83%▼ from 6.85%
- Oct 2, 20266.85%▲ from 6.77%
No additional details available.
- Oct 8, 20267.00%▲ from 6.83%
- Oct 4, 20266.83%▼ from 6.85%
- Oct 2, 20266.85%▲ from 6.77%
- Sep 25, 20266.77%▲ from 6.63%
Monroe FHA Loan Rates
Origination Fee: $1595
Effective Date: October 13, 2026
- Oct 13, 20267.60%▼ from 7.61%
- Oct 9, 20267.61%▼ from 7.69%
- Oct 5, 20267.69%▲ from 7.58%
- Sep 26, 20267.58%first recorded
No additional details available.
- Oct 12, 20267.93%▼ from 8.18%
- Oct 8, 20268.18%first recorded
Today's par rate (no discount points); Get Quote
- Oct 14, 20268.31%▲ from 7.80%
- Sep 22, 20267.80%▲ from 7.42%
- Sep 14, 20267.42%first recorded
Monroe VA Loan Rates
VA mortgage loan (VA Loan Rates table); APR* = Annual Percentage Rate
Home loans over $832,750; Link: Get Started
- Oct 13, 20266.75%▼ from 6.80%
- Oct 9, 20266.80%▲ from 6.75%
- Oct 5, 20266.75%▲ from 6.53%
- Sep 17, 20266.53%first recorded
Home loans up to $832,750; Rate effective date October 12, 2026
- Oct 13, 20266.79%▼ from 6.84%
- Oct 9, 20266.84%▲ from 6.57%
- Sep 14, 20266.57%first recorded
Home loans over $832,750; Link: Get Started
- Oct 13, 20266.80%▼ from 6.87%
- Oct 9, 20266.87%▲ from 6.80%
- Oct 5, 20266.80%▲ from 6.55%
- Sep 17, 20266.55%first recorded
Home loans up to $832,750; Rate effective date October 12, 2026
- Oct 13, 20266.84%▼ from 6.91%
- Oct 9, 20266.91%▲ from 6.59%
- Sep 14, 20266.59%first recorded
Rates as of Oct 13, 2026 ET. Rates subject to change.
No additional details available.
Rates as of Oct 13, 2026 ET. Rates subject to change.
No additional details available.
Origination Fee: $0
Effective Date: October 13, 2026
- Oct 13, 20267.43%▼ from 7.45%
- Oct 9, 20267.45%▼ from 7.52%
- Oct 5, 20267.52%▲ from 7.42%
- Sep 26, 20267.42%▲ from 6.91%
No additional details available.
Today's par rate (no discount points); Get Quote
- Oct 14, 20267.85%▲ from 7.34%
- Sep 22, 20267.34%▲ from 6.95%
- Sep 14, 20266.95%first recorded
Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
Monroe, VA Mortgage Rate Trends
Compare local Monroe, VA mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes, updated every evening.
Virginia 30-year fixed rates fell 0.007 points over the past 7 days to 7.495%.
Virginia 15-year fixed rates rose 0.025 points over the past 7 days to 6.965%.
Virginia Mortgage Rate Forecast, Next 12 Months
Where are Virginia mortgage rates headed through October 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for Monroe, VA Home Buyers
Monthly principal & interest payment on Monroe, VA median home of $303,400 (20% down, 30-year fixed, city-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (VA avg) | 7.495% | $1,696 | 21.8% | |
| 6-Month Forecast | 7.495% (7.15, 7.80%) | $1,696 | +$0/mo | 21.8% |
| 12-Month Forecast | 7.745% (7.40, 8.05%) | $1,738 | +$42/mo | 22.4% |
Income column = annual mortgage payment as % of Monroe, VA median household income ($93,170). Above 30% is generally considered cost-burdened.
MonitorBankRates Housing Affordability Index (MBR-HAI)
A daily-updated affordability score for Monroe, Virginia , computed from local Census Bureau data combined with current Virginia mortgage rates. Based on Virginia statewide data for this location.
What This Score Means for Monroe, Virginia Home Buyers
With a score of 96.4, Monroe, Virginia is 0.6 points less affordable than the national average of 97.1. The area’s median home value of $383,700 against a median household income of $93,170 produces a price-to-income ratio of 4.1x , modestly above the national norm. At the current Virginia mortgage rate of 7.495%, a buyer purchasing the median-priced home with 20% down would carry a monthly payment of approximately $2,145 in principal and interest.
Beyond the mortgage payment, the median total monthly owner cost in this area is $1,559, covering mortgage, property taxes, insurance, and utilities. Property taxes alone average $286/month ($3,430/year). These ongoing costs factor directly into the MBR-HAI alongside the mortgage rate and income data.
Score computed from Virginia statewide U.S. Census Bureau ACS 5-Year Estimates (2024) and CPS/HVS Q4 2025 data, combined with the current Virginia live mortgage rate. Score of 100 = national average at 6.5% reference rate. Full methodology
How Mortgage Rates Impact Home Affordability in Monroe, Virginia
Monroe, Virginia Housing Market Overview
City-level home value data is not available for Monroe ; figures below reflect Virginia statewide data.
The Virginia statewide median owner-occupied home value is approximately $383,700, according to the U.S. Census Bureau. The 2026 FHFA conforming loan limit for this area is $832,750, meaning most buyers financing at 80% LTV will qualify for conforming loan pricing, making rate comparison across local lenders especially valuable.
Monroe, Virginia Homeownership Rate
The homeownership rate in Monroe, Virginia stands at 68.8%, near the national average of 65.7%. The homeowner vacancy rate of 1% signals a tight market with limited available inventory, making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for Monroe, Virginia Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $400,000 mortgage.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 6.995% | 30-year fixed | $2,660 | $557,552 |
| 7.495% Current Avg | 30-year fixed | $2,795 | $606,376 |
| 7.995% | 30-year fixed | $2,934 | $656,119 |
| 6.965% | 15-year fixed | $3,587 | $245,748 |
A 0.500% rate increase on a $400,000 loan adds roughly $138 per month and over $49,743 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders, using the rate table above, is one of the most impactful financial decisions a Monroe, Virginia buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only; taxes, insurance, and PMI not included.
Monroe, Virginia Income & Housing Affordability
City-level Census data is not available for Monroe ; figures below reflect Virginia statewide data.
At a price-to-income ratio of 4.1x, Virginia is a relatively affordable housing market compared to national averages. That ratio, median home value divided by median household income, is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for Virginia Buyers
With a median household income of $93,170 per year in Virginia statewide ($7,764/month) and a median home value of approximately $383,700, a buyer financing at 80% LTV at the current average rate would commit roughly 36% of gross monthly income to principal and interest alone. That places most buyers above the 30% threshold housing economists use to define "cost burdened", before taxes, insurance, HOA fees, or PMI are factored in.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in Monroe, Virginia
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home in Monroe, Virginia. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
In Monroe, Virginia, the median homeowner with a mortgage pays approximately $1,559/month in total housing costs, covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $1,579/month including utilities. In this market, owning costs less per month than renting, a compelling financial case for buyers who can qualify for financing. Property taxes alone account for $286/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
In Monroe, Virginia, 25% of homeowners with mortgages are cost burdened and 46.1% of renters are cost burdened. Renters face significantly higher burden rates than owners, a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. With an owner burden rate of 25% near the national average of 28.0%, this market reflects typical affordability conditions for mortgage holders.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Monroe, Virginia Mortgage Payment Calculator
See your estimated monthly principal & interest payment at today’s Monroe, Virginia rates. The home price is prefilled with the local median home value. Adjust anything, or click a current rate on the right to apply that loan type’s rate and term instantly.
Principal & interest only, excludes property taxes, homeowners insurance, PMI, and HOA dues. See the Full Cost of Homeownership section above for those figures. Estimates are for informational purposes only.
Run the Numbers on Your Monroe, Virginia Home Loan
Rates are only part of the equation. Use these calculators to translate current Monroe, Virginia mortgage rates and home loan rates into real numbers for your specific situation before you request quotes from mortgage lenders.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios: a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current Monroe, Virginia rates, so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point, the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path: mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment, to show which option builds more wealth over your intended time horizon in Monroe, Virginia.
CalculateTypes of Mortgages Available in Monroe, Virginia
Not every loan program is right for every buyer in Monroe, Virginia. Rates, down payment requirements, eligibility rules, and long-term costs vary significantly across products, and the right choice depends on your credit profile, how long you plan to stay, and whether you qualify for any government-backed programs.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term. Your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s Monroe, Virginia rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period, commonly 5, 7, or 10 years, after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down, and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15% to 0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment, given ongoing home price trends in Monroe, Virginia, FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with, and often better than, conventional loan rates.
A one-time funding fee applies, 2.15% of the loan for first-time VA borrowers with no down payment, which can be financed into the loan. In Monroe, Virginia, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
The 2026 FHFA conforming loan limit for Monroe, Virginia is $832,750. Mortgages above that amount are classified as jumbo loans and are not eligible for purchase by Fannie Mae or Freddie Mac, which means lenders carry the full risk and price that risk accordingly.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10 to 20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Monroe, Virginia mortgage rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for Monroe, Virginia directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in Monroe, Virginia. We feature a comprehensive mix of licensed NMLS financial institutions, from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in VA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data, including the Texas Ratio, ensuring you compare rates from secure, reliable lenders.
How a Mortgage Works in Monroe, Virginia
A mortgage is a loan used to buy a home in Monroe, Virginia, secured by the property itself as collateral. The borrower repays the amount over a set term, most commonly 30 or 15 years, in monthly installments that cover both principal and interest. Because the loan is secured, the lender can foreclose on the home if payments are not made, which is part of why mortgage rates are lower than rates on unsecured debt.
Fixed-Rate vs. Adjustable-Rate Mortgages for Monroe, Virginia Buyers
A fixed-rate mortgage keeps the same interest rate for the entire term, so a Monroe, Virginia homeowner’s principal-and-interest payment never changes. For example, Langley Federal Credit Union is listing a 30 Year Fixed Rate at 6.375%. An adjustable-rate mortgage (ARM) starts with a fixed period, often five, seven, or ten years, and then adjusts periodically based on a market index. ARMs usually open with a lower rate, but the payment can rise once the fixed period ends, so they tend to suit Monroe, Virginia borrowers who expect to move or refinance before that point. On the adjustable-rate side, Baxter Credit Union is listing a 5/1 Adjustable-Rate Mortgage (ARM) at 6.00%.
How Monroe, Virginia Mortgage Rates Are Set
Mortgage rates move with the broader bond market, particularly the yield on the 10-year Treasury, plus a spread that reflects lender costs and risk. On top of that national baseline, the rate a Virginia borrower is offered depends on individual factors: credit score, down payment size, loan amount, loan type, and the property itself. This is why the advertised rates above are a starting point, and a borrower’s final rate is set once an application is underwritten.
Points and Closing Costs in Monroe, Virginia
The interest rate is not the only cost of buying a home in Monroe, Virginia. Discount points are an optional upfront fee (one point equals one percent of the loan amount) paid to lower the rate over the life of the loan. Closing costs cover items such as origination fees, appraisal, title insurance, and recording, and typically run two to five percent of the loan. Comparing the annual percentage rate (APR) alongside the note rate helps Monroe, Virginia shoppers account for these costs when weighing lenders.
When Monroe, Virginia Homeowners Should Consider Refinancing
Refinancing replaces an existing mortgage with a new one, usually to secure a lower rate, change the term, or tap home equity. For Monroe, Virginia homeowners, the general guideline is that refinancing makes sense when the savings from a lower rate recoup the closing costs within the time the borrower plans to stay in the home, known as the break-even point. Borrowers also refinance to switch from an adjustable rate to a fixed rate, or to remove mortgage insurance once enough equity has built up. Current Monroe, Virginia refinance rates from local lenders are listed on our refinance page.
Frequently Asked Questions about Mortgage Rates in Monroe, Virginia
What are home loan rates in Monroe, VA today?
How does my credit score affect my rate in Virginia?
What is a 30-Year Fixed Mortgage?
What are closing costs in Virginia?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in Monroe, Virginia?
Do I need 20% down to buy a house in Virginia?
What is the difference between Interest Rate and APR?
How do I compare mortgage lenders in Monroe, Virginia?
How do I get mortgage quotes in Monroe, Virginia?
What is the homeownership rate in Monroe, Virginia?
What is the conforming loan limit in Monroe, Virginia?
What is the median monthly cost of homeownership in Monroe, Virginia?
What are the median property taxes in Monroe, Virginia?
What is the median rent in Monroe, Virginia?
What percentage of homeowners are cost burdened in Monroe, Virginia?
What percentage of renters are cost burdened in Monroe, Virginia?
What are the best Mortgage rates in Monroe, Virginia?
- Langley Federal Credit Union: 6.375% (30 Year Fixed Rate)
- Beacon Credit Union Incorporated: 6.515% (Adjustable Rate Mortgages - 5/1 ARM - 30 Year Fixed Refinance)
- 1st Advantage Federal Credit Union: 6.50% (30-Year Fixed)
- Virginia Credit Union: 6.75% (VA 30 Year Fixed Rate)
- Baxter Credit Union: 7.125% (30 Year Fixed Rate Mortgage)
Monroe, Virginia Rates & Resources
