Nevada Mortgage and Refinance Rates

Current mortgage rates in Nevada

As of Tuesday, May 14, 2024, current interest rates in Nevada are 7.29% for a 30-year fixed mortgage and 6.60% for a 15-year fixed mortgage.

The median home sale price in the state stayed flat year-over-year as of December 2023, according to ATTOM. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Nevada

While mortgage refinance rates have more than doubled since the pandemic, many Nevada homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

Nevada mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Nevada.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Mortgage statistics for Nevada

Known for its culture and nightlife, Nevada has seen recent growth that’s expected to continue. In fact, Clark County (home to Las Vegas) is expected to grow by more than half a million residents by 2040, according to the University of Nevada Las Vegas. If you’re looking to own a home in Nevada, here are some more helpful stats to know:

• Most affordable counties, Dec. 2023: Esmeralda, Eureka, Lincoln, Mineral
• Median home sales price, Dec. 2023: $449,999
• Median down payment, Dec. 2023: $72,725
• Homeownership rate, Q4 2023: 62%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Nevada

There’s a variety of mortgage options available to homebuyers in Nevada. Here are some of the most common:

• Nevada conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
• Nevada FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
• Nevada VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.
• Nevada USDA loans: If you’re buying a rural property in Nevada, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.
• Nevada jumbo loans: Jumbo mortgages are home loans in amounts higher than FHFA borrowing limits. Jumbo loans are more common in higher-cost areas.

Learn more: Types of home loans

First-time homebuyer programs in Nevada

The Nevada Housing Division (NHD) administers several programs to help low- and moderate-income buyers purchase homes, including:

• Home Is Possible program: This program provides a loan of up to 4 percent of the mortgage to use for a down payment or closing costs. The loan is forgiven after seven years if you stay in the home. There’s a minimum credit score of 640 to qualify, and you’ll need to take a homebuyer education course.
• Home First down payment assistance: This is a down payment assistance loan of up to $15,000 that’s forgivable after three years spent in the home. You’ll need a credit score of 640, six months of Nevada residency and to meet household income limits to qualify.

Learn more: Nevada first-time homebuyer assistance programs

How to find the best mortgage rate in Nevada

• Step 1: Strengthen your credit score - Review your credit report and take steps to improve your score before applying with a lender.
• Step 2: Determine your budget - Know how much house you can afford before you start looking at houses.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Compare offers from at least three different lenders. Consider their different rates, terms and upfront fees.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your situation. When it’s time to put an offer in on a home, the seller will know you’re serious if you’re preapproved.

Learn more: How to get a mortgage

Additional Nevada mortgage resources

• Nevada first-time homebuyer resources: Get more help becoming a homeowner.
• Nevada loan limits by county: Learn the conforming loan limit for your city or town.
• Nevada mortgage lenders: Explore mortgage lenders in your state.
• How to buy a house in Nevada: Get set up for a successful house hunt with this guide.
• Homeowners insurance in Nevada: Compare policies from a variety of providers.

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita