In November, for the 30th straight month, interest rates for VA loans were lower than rates for comparable mortgages from Fannie Mae, Freddie Mac or the FHA, according to The Mortgage Reports.
Since the data has been tracked by Ellie Mae, VA rates have beaten conventional rates by an average of 25 basis points — with gaps of up to 150 basis points for lower-credit borrowers, according to The Mortgage Reports.
And since rates have spiked in recent months, VA loans are even more attractive to eligible borrowers. VA loans are currently beating conventional loans by about 0.34%, according to Ellie Mae.
FHA mortgage rates, on the other hand, currently beat conventional rates by only 11 basis points.
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