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Nevada Mortgage and Refinance Rates

As of Saturday, September 24, 2022, current rates in Nevada are 6.49% for a 30-year fixed and 5.68% for a 15-year fixed.

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Current mortgage rates in Nevada

Like many other parts of the country, the real estate market in Nevada has been impacted by steadily increasing mortgage rates over the course of the year. Higher mortgage interest rates have caused some buyers to step back from their home search. At the same time, a steady stream of Nevada homeowners have been listing their homes for sale in order to take advantage of the highly competitive market.

The Silver State has two distinct housing markets: In the northern part of the state, including Reno and Sparks, the median sale price for single-family homes was $615,000 as of May 2022, according to the Reno/Sparks Association of Realtors. Southern Nevada, including Greater Las Vegas, typically draws tourists for its gaming and entertainment industry. The median home sale price there was $482,000 as of May 2022, according to Las Vegas Realtors.

Refinance rates in Nevada

The Nevada Housing Division offers a variety of programs to help low- and moderate-income buyers purchase homes but it does not offer refinance programs. However, it is still possible to refinance through other lenders. Fannie Mae RefiNow is also available for low income homeowners in the state.

How to find the best mortgage rate in Nevada for you

Shopping around is the best way to get the most competitive mortgage loan. Comparing multiple offers from lenders can save thousands of dollars over the duration of a mortgage.

Mortgage options in Nevada

Nevada is attractive to many homebuyers thanks to its year-round sunny climate, affordable cost of living and low taxes. A variety of common types of mortgages are available in Nevada including:

  • Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
  • Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
  • FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
  • VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
  • USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
  • Jumbo loans: Jumbo mortgages are home loan products that fall outside FHFA borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.

First-time homebuyer programs in Nevada

The Nevada Housing Division (NHD) has a variety of programs to help low- and moderate-income buyers purchase homes.

Home Is Possible program

Available to first-time home buyers (who have not owned a home in the past three years) the Home is Possible program provides up to 4 percent of the total loan amount to use for the down payment or closing costs. Applicants must purchase the home as their primary residence. And the loan is forgiven after three years if you stay in the home. There is a $755 fee.

You’ll need a minimum credit score of 660 to qualify or 680 for manufactured homes. Maximum purchase price and income limits vary by county.

Home Is Possible for Heroes program

If you’re a veteran, active duty military member, in the National Guard or a surviving spouse, you may be eligible for a 30-year, fixed-rate VA or USDA mortgage with a below-market interest rate through the Home Is Possible for Heroes program. You don’t need to be a first-time homebuyer, but you may not own other property, and the home must be a primary residence.

The maximum home purchase price allowed is $647,200. The maximum income limit for a single borrower is $105,000 and for two or more borrowers the maximum income is $135,000. A minimum credit score of 640 is required or 680 for manufactured homes.

Home Is Possible for Teachers program

If you’re a licensed full-time teacher in a Nevada public school, you may be eligible for home buying assistance through the Home Is Possible for Teachers program. You need not be a first-time buyer. The program provides $7,500 toward a down payment or closing costs.

Your income must not exceed $105,000 for a single buyer and $135,000 for two or more borrowers. The minimum credit score required is 660 for an FHA loan, 640 for a VA or USDA loan. You cannot own another property at the time of closing.

The loan is a no-interest, no-payment loan that is forgivable after five years provided you still live in the home.

Nevada mortgage resources