Last updated March 9, 2026 · Next update expected early April
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.
March 2026 — ICE Mortgage Monitor data
5.4 million homeowners could save by refinancing.
Are you one of them?
When 30-year rates dipped below 6% in late February 2026, the refinance-eligible population hit a 4-year high. Veterans with rates above 6.25% should evaluate whether a VA IRRRL could reduce their monthly payment.
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
FHA and VA loans had the strongest servicer retention of any loan type in Q4 2025 at 39%. An estimated 95% of recent rate-and-term refinances involved loans originated in 2023–2025, with the average refinancer cutting their rate by nearly a full percentage point and saving about $200/month. The VA IRRRL (streamline refinance) requires a minimum 0.5% rate reduction for fixed-to-fixed refinances and must pass a 36-month recoupment test.
Refinances as a share of total mortgage lending
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 (March 2026 and December 2025), 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 March 2026 and December 2025 ICE Mortgage Monitor reports.
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 5.75% target rate reflects current VA IRRRL pricing as of mid-March 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 April 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.