A VA home loan can let an eligible veteran or service member buy a home with no down payment and no private mortgage insurance, and that is a big deal in San Diego. On this Veterans Day, I want to say thank you to everyone who has served, and make sure you know about one of the most valuable benefits you have earned.
What are VA loan rates right now? CNBC Select reported on October 23, 2026 that the average 30 year fixed rate for VA loans was 6.91%, according to Optimal Blue data. For comparison, Freddie Mac's survey of conventional loans showed a 7.24% average on October 29. The two surveys are measured differently, and rates change daily, but VA borrowers have been seeing competitive numbers.
Why does no down payment matter so much here? San Diego MLS data shows the county's median attached home, which includes condos and townhomes, sold for $670,000 in September 2026. A typical 20% down payment on that price would be $134,000. With a VA loan, an eligible buyer with full entitlement may not need a down payment at all, and VA says that with full entitlement there is no VA loan limit, as long as the lender approves you and the appraisal supports the price.
What does it cost? There is a one time VA funding fee instead of monthly mortgage insurance. For a first time user putting less than 5% down, the fee is 2.15% of the loan amount. It drops to 1.5% with 5% down and 1.25% with 10% down. It can be rolled into the loan, and it is waived for veterans who receive VA compensation for a service connected disability. VA also allows seller concessions of up to 4% of the home's reasonable value, which can help with costs at closing.
Can I use it more than once? Yes. VA calls it a lifetime benefit that can be used again and again. VA says more than 500,000 loans were guaranteed in fiscal year 2025, and veterans have received more than 29 million VA home loans since the program began. VA also notes there is no VA minimum credit score, though individual lenders set their own requirements.
Why San Diego? This is a military town through and through, and VA buyers here can look everywhere from condos in Mission Valley and Point Loma to single family homes in Santee, Chula Vista, and Oceanside. Building equity in your own home is one of the best ways to turn service into lasting wealth.
My advice? Request your Certificate of Eligibility, talk to a lender experienced with VA loans, and get preapproved before you start touring. Thank you for your service. I'm your realtor, let me know when you need me.
Quick answers
Do VA loans require a down payment? In most cases, no, for eligible borrowers with full entitlement.
Do VA loans have mortgage insurance? No monthly PMI. There is a one time funding fee, waived for veterans receiving service connected disability compensation.
What was the average VA rate recently? 6.91% for a 30 year fixed on October 23, 2026, per Optimal Blue data reported by CNBC Select.
Can I use my VA benefit again? Yes. VA describes it as a lifetime benefit.
Read the original article: https://www.cnbc.com/select/what-are-va-loan-rates-today-oct-23-2026/
Sources
U.S. Department of Veterans Affairs, "VA funding fee and loan closing costs"
U.S. Department of Veterans Affairs, "VA home loan entitlement and limits"
VA News, "VA-Guaranteed Home Loans: A trusted option for Veterans at every stage," May 21, 2026
Freddie Mac, "Mortgage Rates Decline Further to 7.24%," October 29, 2026
Image credit: Michael W. Kolton via Wikimedia Commons, CC BY-SA 3.0