The 30-year fixed figure you see in the news is a weekly national average published by Freddie Mac, not a Henrico County rate, and the number on its Primary Mortgage Market Survey page is the right starting point for current mortgage rates for Henrico County, VA buyers. Your own rate depends on loan program, credit, down payment, property type and which wholesale lenders are quoting the loan. That is why the same week can produce different quotes for neighbors a few miles apart.
This guide explains how to read the benchmark, what moves a Henrico quote up or down, and what a small rate difference costs in real dollars. It also covers how to compare quotes without a hard inquiry on your credit. Duane Buziak, a Glen Allen-based mortgage broker, works with Henrico buyers from Short Pump to Tuckahoe.
Written by Duane Buziak, NMLS #1110647
Where the Benchmark Rate Comes From and Why Henrico Quotes Differ From It
Freddie Mac’s survey reports an average of rates offered to well-qualified borrowers, updated weekly. Check the page for the current figure and its date, because it changes every week and sometimes moves meaningfully between releases. Treat any rate you read, including one in this article, as a snapshot rather than an offer. Rates also move daily in the market itself, so a Thursday benchmark can be stale by the following Tuesday.
Mortgage rates are not set by county. A Henrico quote starts with national pricing for mortgage-backed securities, then adds adjustments for you and the loan. A buyer in Lakeside with a 760 credit score and 20% down will usually see a different rate than a buyer in Wyndham with a 680 score and 5% down, on the same day, with the same broker.
Rate, APR and the quote itself
The interest rate determines your principal and interest payment. The APR folds in certain fees and points to show a broader cost of borrowing over the loan’s life, so it is almost always higher than the rate. They are different numbers, and neither one is a substitute for the other.
A rate sheet is a lender’s published pricing grid. A personal quote is that pricing applied to your credit, down payment, property and lock period. The most common comparison mistake is setting an advertised “as low as” rate, which often assumes discount points and top-tier credit, beside a no-points quote built for your actual profile. Those two numbers are not measuring the same thing.
Six Factors That Move a Henrico Buyer’s Rate Up or Down
Credit score and loan-to-value
Pricing is tiered by credit score and loan-to-value (LTV), which is the loan amount divided by the home’s value. Conventional loans carry loan-level price adjustments: fees, usually folded into the rate, that rise as credit falls or LTV climbs. Fannie Mae publishes its loan-level price adjustment matrix, and it shows how a score band or a smaller down payment shifts cost. For a conventional cash-out refinance, the maximum LTV is 90%.
Points, credits and no-out-of-pocket closing options
A discount point costs 1% of the loan amount and lowers the rate. A lender credit works the other way: you accept a somewhat higher rate and the credit offsets closing costs. Duane Buziak structures no-out-of-pocket closing options this way, trading a slightly higher rate for less cash at the table. Neither direction is automatically better; it depends on how long you will keep the loan.
Lock length, occupancy and property type
A longer rate lock costs more because the broker’s wholesale partners carry the risk longer. Occupancy matters too: a primary residence prices better than a second home, and both usually price better than an investment property. Property type enters as well. A detached single-family home in Glen Allen, a Short Pump townhome and a condo near Innsbrook can each carry different adjustments, and condos often require extra project review.
Loan size and the conforming limit
FHFA set the 2026 baseline conforming limit at $806,500, and you can confirm Henrico’s figure on the FHFA conforming loan limit announcement. Loans above the county’s limit are jumbo loans and are priced on a different basis, with their own credit, reserve and documentation standards. That can matter for higher-priced purchases along the River Road corridor and in parts of Short Pump.
How FHA, VA, Conventional and USDA Pricing Compare for Henrico Buyers
Program rates move independently, so no single ranking holds from week to week. What you can compare reliably is the structure of each program.
- FHA: Backed by HUD’s FHA program, with a 3.5% minimum down payment for borrowers who meet its credit requirements. It carries mortgage insurance premiums, both upfront and annual, which are part of the true monthly cost.
- VA: Available to eligible veterans and service members through the VA home loan program, with no down payment required for eligible borrowers and no monthly mortgage insurance. A funding fee usually applies unless exempt. VA cash-out refinancing can go up to 100% LTV.
- Conventional: Some programs allow 3% to 5% down. Private mortgage insurance applies below 20% down, but unlike FHA premiums it can be removed once your equity reaches the required level.
USDA financing is worth checking only if the property qualifies. Some eastern Henrico locations may fall inside eligible zones, but eligibility is address-specific, so run the property through the USDA eligibility map before assuming anything.
Lowest rate is not always lowest cost
An FHA loan with a lower rate can still produce a higher monthly payment than a conventional loan once mortgage insurance is added. A VA loan’s funding fee changes the loan balance. Compare the full monthly payment and the cash needed to close, not the rate alone. Military-adjacent buyers are worth a specific mention: Defense Supply Center Richmond sits just south of Henrico in Chesterfield County, and some people who work there shop for homes in Henrico, so VA eligibility is often the first question to settle.
A Worked Example: What a Quarter-Point Difference Costs on a Henrico Home
These figures are an illustration, not a current quote. Suppose you buy a $500,000 home in Glen Allen with 10% down ($50,000), leaving a $450,000 30-year fixed loan.
- At an illustrative 6.50%, principal and interest is about $2,844 per month.
- At an illustrative 6.25%, it is about $2,771.
- The difference is roughly $74 per month, $883 per year and $4,415 over five years.
What that payment leaves out
Principal and interest is not your full payment. With 10% down on a conventional loan you would also pay private mortgage insurance, plus homeowners insurance and Henrico County real estate tax. The county’s rate has been 87 cents per $100 of assessed value in recent years, but confirm the current figure on Henrico County’s Department of Finance pages before you budget. At that rate, a $500,000 assessment would mean about $4,350 per year, or roughly $363 per month, as an illustration.
Is buying the rate down worth it?
Suppose one discount point costs $4,500 (1% of $450,000) and lowers the rate by that quarter point. Divide the cost by the monthly savings: $4,500 / $74 is about 61 months, just over five years. If you expect to sell or refinance sooner, the point does not pay for itself. If you plan to stay in the home for a decade, it likely does. Actual point pricing varies by day and by loan.
Comparing Henrico Rates Without a Hard Inquiry
Rate shopping does not have to damage your credit, but how you do it matters. The CFPB’s mortgage rate exploration tool and guidance encourages comparing offers. Scoring models generally treat multiple mortgage inquiries made within a short window as a single inquiry, though the length of that window varies by scoring model, so ask before you apply in several places.
Duane Buziak offers a NoTouch Credit Pull: a soft pull mortgage pre-approval path with no hard inquiry. It is a mortgage pre-approval without a hard pull, so you can see real options and compare them before you commit to a full application. A hard inquiry comes later, only if you choose to move forward.
Dare to Compare is a verifiable side-by-side check, not a promise of the lowest rate. Bring a written quote from anywhere, and Duane Buziak lines it up against his own, rate, points, credits and fees, so you can see the differences on paper.
| Feature | Duane Buziak | Single-shelf direct lender (generic) | Why It Matters |
|---|---|---|---|
| Pricing access | Hundreds of wholesale lenders | One rate sheet | More pricing sources means more chances that a program fits your credit, property and timeline. |
| Credit pull | NoTouch Credit Pull, a soft pull with no hard inquiry to start | Varies by company | A soft pull lets you compare options before any hard inquiry touches your score. |
| Quote verification | Dare to Compare: bring a written quote and it is checked side by side | Typically a single quote with no outside comparison | Rate, points, credits and fees only make sense when read together. |
| Local access | Glen Allen office at 4860 Cox Rd and a direct line to Duane | Often a call center or assigned loan officer | You can reach the person who prices your loan, in the same county as your new home. |
Henrico Mortgage Rate FAQ
What is the average mortgage rate in Henrico County today?
There is no official Henrico average. The closest benchmark is Freddie Mac’s weekly national 30-year fixed average on its PMMS page. Check it for the current figure and date. It is a starting point for well-qualified borrowers, not a personal quote, and your rate will differ.
Why is my Henrico quote different from the advertised rate?
Advertised rates often assume excellent credit, a large down payment and discount points. Your quote reflects your actual score, loan-to-value, property type, occupancy and lock period. Compare the same assumptions side by side, including points and fees, before concluding that one quote is lower than another.
Do Henrico mortgage rates differ by neighborhood such as Short Pump, Glen Allen or Tuckahoe?
Not by neighborhood itself. Rates are not priced by ZIP code. They differ because of loan size, property type, down payment and credit. A Short Pump purchase may be a larger loan, and a condo may carry different adjustments than a Tuckahoe single-family home.
Does rate shopping hurt my credit score?
Not necessarily. Scoring models generally group mortgage inquiries made within a short window into one, though the window varies by model. You can avoid the question at the start with a soft pull, which does not create a hard inquiry.
What is a soft pull mortgage pre-approval?
It is a pre-approval review that uses a soft credit check, which does not affect your score, instead of a hard inquiry. Duane Buziak’s NoTouch Credit Pull works this way. It shows your likely options so you can compare before deciding whether to submit a full application.
What is the difference between a mortgage broker and a bank for rates?
A bank prices from its own rate sheet. A mortgage broker like Duane Buziak can quote from hundreds of wholesale lenders and match your profile to the program that fits. More sources do not guarantee a lower rate, but they widen the comparison.
Are FHA or VA rates different from conventional?
Yes, each program is priced separately, and the order can change over time. The monthly cost also depends on mortgage insurance for FHA and conventional loans and the funding fee for VA. Compare the full payment and cash to close, not just the rate.
How do I get my personal Henrico rate quote?
Start with a NoTouch Credit Pull pre-approval or call Duane Buziak at 804-212-8663. You will need income, asset and property details. Helping families find their new homes since 2014, he can price your loan across programs and check any written quote you bring.
Start With the Benchmark, Finish With Your Own Number
The Freddie Mac figure tells you which way the market is leaning. Only a quote built on your credit, down payment and chosen home tells you what you will pay. Get that quote before you fall in love with a house in Wyndham or Innsbrook, and put any competing offer next to it with Dare to Compare.
Your dream home in Henrico County is closer than you think. Discover exactly what you can afford with our credit-safe pre-qualification process that protects your score while unlocking your options. Get pre-qualified today and take the first step toward homeownership with a local mortgage expert who understands your community. You can also call Duane Buziak at 804-212-8663 or start a NoTouch Credit Pull pre-approval through Henrico Mortgage by Duane Buziak.