Last updated April 8, 2026 · Next update expected early May
VA refinance market snapshot
A monthly look at the refinance landscape for veterans and service members, built from publicly available ICE Mortgage Monitor data. We update this page each time a new report is released.
April 2026 — ICE Mortgage Monitor data
The refinance window narrowed —
but veterans with high rates still have real opportunity
Rates bottomed near 5.95% in late February before rebounding roughly 40 basis points to around 6.35%. The refinance-eligible population has fallen about 60% from its recent peak — but veterans who locked in at 6.50% or above should still evaluate whether a VA IRRRL makes sense at today's rates.
What could refinancing look like?
Based on a $350,000 loan balance (near the national VA loan average), 30-year fixed, principal and interest only.
VA borrowers are leading the refinance wave
The refinance window has narrowed since early 2026 as rates rebounded from their late-February lows, but the opportunity hasn't disappeared for veterans with higher rates. Rates fell below 6% briefly in late February — the first time since early 2023 — pushing the refinance-eligible population to 5.4 million, its highest level since 2022. Since then, 30-year rates have risen roughly 40 basis points to around 6.35%, and the number of borrowers in the money for a refinance has fallen about 60%. ICE data suggests the lock-in effect will ease gradually rather than in a single wave, as many homeowners — especially Baby Boomers — remain reluctant to move even as rates improve. Prepayment activity is still up nearly 80% year over year, driven by refinances triggered by lower rates in January reaching closing. For veterans carrying rates of 7% or above from 2023–2024 purchases, the math on a VA IRRRL still works at current rates — the 0.5% funding fee and minimal closing costs mean the break-even period remains short on a meaningful rate reduction.
Refinances as a share of total mortgage lending
Q1 2026 data is not yet available — it will be included in the next update (expected early May 2026).
Important disclaimers: The scenarios above are hypothetical illustrations using a $350,000 loan balance at a 30-year fixed term, showing principal and interest only. They do not include taxes, insurance, HOA dues, or the VA funding fee (0.5% for IRRRLs). Actual rates, payments, and savings vary based on individual credit profile, lender, loan amount, property type, and market conditions at the time of application. Rates change daily. A VA IRRRL requires meeting net tangible benefit and 36-month recoupment requirements. This is general educational information and is not a loan offer, rate quote, or financial advice. Consult a licensed loan officer for guidance specific to your situation.
Chart values for quarters prior to Q4 2025 are approximated from ICE Mortgage Monitor narrative descriptions. The Q4 2025 figure (~39%) and the general trajectory from the 2022 peak through the 2023 trough and 2025 recovery are accurate to the published reports; exact intermediate values are estimates.
Market data: ICE Mortgage Monitor (April 2026 and March 2026), ICE McDash loan-level data. Loan scenarios are illustrative calculations, not quotes.
About this data
This snapshot uses publicly available data from the ICE Mortgage Monitor, which tracks loan-level performance across the majority of the U.S. mortgage market. The primary sources are the April 2026 ICE Mortgage Monitor report (released April 6, 2026) and March 2026 ICE Mortgage Monitor.
The refinance scenarios use a $350,000 loan balance, which is near the national average VA loan amount of $361,000 (FY2023, U.S. Department of Veterans Affairs). The 6.00% target rate reflects VA IRRRL pricing as of early April 2026. Rates change daily.
We update this page when new ICE Mortgage Monitor reports are released, typically within a few days of publication. The next report is expected in early May 2026. Want to know if a refinance makes sense for your specific situation? Use our VA Refinance Decision Tool or explore our guide to the VA IRRRL.