With mortgage rates near their highest level in more than 20 years, even veterans who often get more favorable loan terms are feeling the pinch. VA home loans, provided by private lenders but backed by the U.S. Department of Veterans Affairs, tend to have lower rates than conventional mortgages but in today's environment, those rates are also higher than they've been in years. For Jeremy Green with the National Association of Realtors® (NAR), rising interest rates have underscored the value of other VA loan benefits. VA loans don't require a downpayment or private mortgage insurance. They also tend to have lower origination costs. "Now more than ever, the Department of Veterans Affairs home loan products are increasingly becoming more important," said Green, the policy representative for federal housing with the NAR. VA loans are also assumable, Green pointed out, which could help veterans who are looking to sell as mortgage demand falls to its lowest level since 1995.