Richmond, VA Mortgage Rates Today

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Loan Type	Rate	APR	Points	Est. Monthly Payment
FHA 30-Year Fixed	6.875%	7.699%	1.918	$2,903
VA 30-Year Fixed	6.750%	7.145%	1.887	$2,862
Conventional 15-Year Fixed	6.625%	7.105%	2.164	$3,637
Conventional 30-Year Fixed	7.250%	7.511%	1.710	$2,951
Jumbo 30-Year Fixed	7.125%	7.347%	2.050	$7,607

Loan Type	Rate	APR	Points	Est. Monthly Payment
FHA 30-Year Refinance	7.000%	7.865%	2.435	$2,933
VA 30-Year Refinance	7.000%	7.301%	2.422	$2,904
Conventional 15-Year Refinance	6.875%	7.362%	2.359	$3,685
Conventional 30-Year Refinance	7.375%	7.685%	2.367	$2,981
Jumbo 30-Year Refinance	7.250%	7.502%	2.250	$7,687

Loan Type	Rate	APR	Points	Est. Monthly Payment

FHA 30-Year Fixed: Interest rate offered based on $356,125 loan amount with 7.699% APR and $2,903 monthly payment at 70% loan-to-value (LTV) and 1.918 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 12, 2026.

VA 30-Year Fixed: Interest rate offered based on $354,375 loan amount with 7.145% APR and $2,862 monthly payment at 70% loan-to-value (LTV) and 1.887 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 9, 2026.

Conventional 15-Year Fixed: Interest rate offered based on $350,000 loan amount with 7.105% APR and $3,637 monthly payment at 70% loan-to-value (LTV) and 2.164 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 9, 2026.

Conventional 30-Year Fixed: Interest rate offered based on $350,000 loan amount with 7.511% APR and $2,951 monthly payment at 70% loan-to-value (LTV) and 1.710 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 9, 2026.

Jumbo 30-Year Fixed: Interest rate offered based on $950,001 loan amount with 7.347% APR and $7,607 monthly payment at 70% loan-to-value (LTV) and 2.050 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 1, 2026.

Estimated property taxes are based on a 0.90% effective rate for Richmond city, Virginia, applied to the property value for each scenario shown. Rate is median real estate tax paid by households with a mortgage divided by median home value, per the American Community Survey 2020–2024. Taxes shown are an estimate only and vary by property.

Estimated homeowners insurance is based on an average annual premium of $2,270 for Richmond, VA, divided by twelve. That average covers existing homes of all values in the area, not the property value shown. Insurance shown is an estimate only and varies by property, coverage and carrier.

FHA 30-Year Refinance: Interest rate offered based on $356,125 loan amount with 7.865% APR and $2,933 monthly payment at 70% loan-to-value (LTV) and 2.435 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 12, 2026.

VA 30-Year Refinance: Interest rate offered based on $351,750 loan amount with 7.301% APR and $2,904 monthly payment at 70% loan-to-value (LTV) and 2.422 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 9, 2026.

Conventional 15-Year Refinance: Interest rate offered based on $350,000 loan amount with 7.362% APR and $3,685 monthly payment at 70% loan-to-value (LTV) and 2.359 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 12, 2026.

Conventional 30-Year Refinance: Interest rate offered based on $350,000 loan amount with 7.685% APR and $2,981 monthly payment at 70% loan-to-value (LTV) and 2.367 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 9, 2026.

Jumbo 30-Year Refinance: Interest rate offered based on $950,001 loan amount with 7.502% APR and $7,687 monthly payment at 70% loan-to-value (LTV) and 2.250 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 1, 2026.

Estimated monthly payment includes principal, interest, estimated Richmond, VA property taxes, and estimated homeowners insurance.

Richmond housing market at a glance

September 2026 data

In Richmond, homes are selling in about 36 days (1 faster than a year ago), sales are up 4.4% from last year, and about 21% of listings have had a price cut.

Median sale price

$365,000

$228 per sq. ft.

Homes sold

1,277

▲ 4.4% vs. 1,223 last year

Days on market

vs. 37 days last year

Homes for sale

1,294

119 new listings

Listings with a price cut

21%

277 of 1,294 listings

Source: Movoto Richmond, VA market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Richmond

Monthly payments on Richmond's median home price of $365,000 (September 2026), at today's rates.

20% down · Conventional

$2,455/mo

Down payment: $73,000
Loan amount: $292,000
Rate: 7.250%
Principal & interest: $1,992
Est. property tax: $274
Est. homeowners insurance: $189

5% down · Conventional

$2,828/mo

Down payment: $18,250
Loan amount: $346,750
Rate: 7.250%
Principal & interest: $2,365
Est. property tax: $274
Est. homeowners insurance: $189

3.5% down · FHA

$2,817/mo

Down payment: $12,775
Loan amount: $358,389
Rate: 6.875%
Principal & interest: $2,354
Est. property tax: $274
Est. homeowners insurance: $189

Payments include principal, interest, estimated Richmond property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Richmond?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Richmond property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Richmond's $365,000 median home:

20% down · Conventional$2,455/mo payment $105,212/yrabout $8,768/mo before taxes

5% down · Conventional$2,828/mo payment $121,218/yrabout $10,102/mo before taxes

3.5% down · FHA$2,817/mo payment $120,743/yrabout $10,062/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $292,000 loan (the Richmond median price with 20% down). Every 0.25% is worth about $49/mo.

Rate	6.25%	6.50%	6.75%	7.00%	7.25% today	7.50%
Monthly P&I	$1,798	$1,846	$1,894	$1,943	$1,992	$2,042

Ways to make a Richmond home more affordable

Negotiate on price. About 21% of Richmond listings have had a price cut, so many sellers are open to offers.
Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $98 a month.
Compare loan types. FHA rates are at 6.875% vs. 7.250% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Richmond mortgage and home buying FAQs

What are mortgage rates in Richmond today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Richmond is 7.250% (7.511% APR), and the 30-year FHA rate is 6.875% (7.699% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Richmond?

On Richmond’s $365,000 median home price (September 2026), a 30-year conventional loan with 20% down at 7.250% comes to about $2,455 a month, including principal, interest, estimated Richmond property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $2,817 a month before monthly mortgage insurance.

How much income do I need to buy a house in Richmond?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $105,212 a year to buy Richmond’s $365,000 median home with 20% down, or about $120,743 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Richmond?

On the $365,000 median home, 20% down is $73,000, 5% down is $18,250, and the FHA minimum of 3.5% is $12,775. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Richmond right now?

In September 2026, Richmond homes sold in about 36 days, 1 days faster than a year earlier. 1277 homes sold, up from 1223 the year before, and about 21% of the 1294 homes for sale have had a price cut.

How much does a quarter-point rate change affect payments in Richmond?

On a $292,000 loan (the median Richmond home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $49 a month, or about $591 a year.

How much are property taxes in Richmond?

Lower estimates Richmond property taxes at about 0.90% of a home’s value per year. On the $365,000 median home, that’s roughly $3,285 a year, or $274 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Richmond from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

5.0

Doug was extremely knowledgeable, friendly and easy to talk to. He guided us through the whole process step by step with great detail and made everything very easy for us to understand. Doug was able to work with our unique situation of being r…etired and military veterans and and helped us get the best possible rates and results. We would absolutely recommend Doug and lower mortgage to anybody that is buying a home! 10 out of 10 wonderful experience. Thank you so much Doug and the team!

Jackie R.

Verified Customer

August 26, 2026

5.0

Overall the process from start to finish was uncomplicated . The app helped things move smoothly & the communication flow was very pleasant

Rita S.

Verified Customer

August 11, 2026

5.0

Laura was very communicative and always kept us informed on where we were during the process of purchasing our home. She always answered our questions in a timely and professional manner. We could not recommend Laura and the Lower Mortgage team… more!

Jason R.

Verified Customer

August 27, 2026

5.0

Working with Doug was an outstanding experience from start to finish. I was in a difficult situation, and they remained patient, professional, and supportive throughout the entire process. They took the time to explain every step, answered all …of my questions, and helped me clearly articulate my financial situation so everything was presented accurately and effectively. Their knowledge, attention to detail, and willingness to go the extra mile gave me confidence during what could have been a very stressful experience. Thanks to their guidance and dedication, I was able to secure my home loan. I truly appreciate their hard work and would highly recommend them to anyone looking for a knowledgeable, compassionate, and dependable loan officer.

Nikolas L.

Verified Customer

August 1, 2026

5.0

Jake was extremely responsive every time I made contact. He was professional, yet personable. Jake guided me through the unknown to me process of buying my first home without ever sounding condecending in the slightest. Him and his team were ve…ry quick, yet diligent.

Nathan I.

Verified Customer

August 5, 2026

5.0

They were quick to respond to my questions.And I felt like they run a very tight ship.Things went quickly and smoothly.

Brian F.

Verified Customer

August 20, 2026

Jackie R. rated Doug Bills 5.0 stars: Doug was extremely knowledgeable, friendly and easy to talk to. He guided us through the whole process step by step with great detail and made everything very easy for us to understand. Doug was able to work with our unique situation of being retired and military veterans and and helped us get the best possible rates and results. We would absolutely recommend Doug and lower mortgage to anybody that is buying a home! 10 out of 10 wonderful experience. Thank you so much Doug and the team! Rita S. rated Jake Adler 5.0 stars: Overall the process from start to finish was uncomplicated . The app helped things move smoothly & the communication flow was very pleasant Jason R. rated Laura Kurtz 5.0 stars: Laura was very communicative and always kept us informed on where we were during the process of purchasing our home. She always answered our questions in a timely and professional manner. We could not recommend Laura and the Lower Mortgage team more! Nikolas L. rated Doug Bills 5.0 stars: Working with Doug was an outstanding experience from start to finish. I was in a difficult situation, and they remained patient, professional, and supportive throughout the entire process. They took the time to explain every step, answered all of my questions, and helped me clearly articulate my financial situation so everything was presented accurately and effectively. Their knowledge, attention to detail, and willingness to go the extra mile gave me confidence during what could have been a very stressful experience. Thanks to their guidance and dedication, I was able to secure my home loan. I truly appreciate their hard work and would highly recommend them to anyone looking for a knowledgeable, compassionate, and dependable loan officer. Nathan I. rated Jake Adler 5.0 stars: Jake was extremely responsive every time I made contact. He was professional, yet personable. Jake guided me through the unknown to me process of buying my first home without ever sounding condecending in the slightest. Him and his team were very quick, yet diligent. Brian F. rated Doug Bills 5.0 stars: They were quick to respond to my questions.And I felt like they run a very tight ship.Things went quickly and smoothly.

Richmond, VA Mortgage Rates Today

Current Mortgage Rates in Richmond, VA

Richmond housing market at a glance

What it costs to buy a home in Richmond

How much income do you need to buy a home in Richmond?

How rates change your payment

Ways to make a Richmond home more affordable

Richmond mortgage and home buying FAQs

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