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Nevada Mortgage and Refinance Rates
Current mortgage rates in Nevada
As of Thursday, February 6, 2025, current interest rates in Nevada are 6.93% for a 30-year fixed mortgage and 6.18% for a 15-year fixed mortgage.
Refinance rates in Nevada
Nevada refinance rates are not ideal for many homeowners in Nevada and nationally, as they're much higher than the historic lows seen during the pandemic. However, those who obtained a mortgage when rates peaked near 8 percent in 2023 might consider refinancing if prevailing rates drop enough in 2025.
If you’ve owned a home in Nevada for a long time, you may 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.
Nevada mortgage rate trends
After fluctuating between 6 and 7 percent for most of 2024, mortgage rates spiked above 7 percent as 2025 began. While it's difficult to say where mortgage rates will go, many housing economists predict that rates will settle in the 6 to 7 percent range for much of 2025. It's not likely that rates will dip much below 6 percent, if at all.
Along with high mortgage rates, increasing home prices compound the housing affordability problem occurring nationwide. Statewide, the median home sales price in Nevada was $470,948 as of October 2024, a 2.4 percent rise from the year prior, according to ATTOM data. Home prices are increasing even more in popular Nevada cities like Las Vegas as well, with the median sales price up 3 percent from one year ago to $470,000.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.96% | 7.01% |
| 15-Year Fixed Rate | 6.21% | 6.29% |
| 5-1 ARM | 6.27% | 6.81% |
| 30-Year Fixed Rate FHA | 6.85% | 6.90% |
| 30-Year Fixed Rate VA | 6.80% | 6.84% |
| 30-Year Fixed Rate Jumbo | 6.95% | 7.01% |
Rates as of Thursday, February 06, 2025 at 6:30 AM
Mortgage statistics for Nevada
If you’re looking to own a home in Nevada, here are some helpful stats that can inform your house-hunting journey:
- Most affordable counties, Oct. 2024: Esmeralda, Lander, Lincoln, Mineral, Pershing, White Pine
- Median home sales price, Oct. 2024: $470,948
- Median down payment, Oct. 2024: $76,250
- Homes with price drops, Dec. 2024: 18.4%
- Homeownership rate, Q3 2024: 59.6%
Sources: ATTOM, Redfin, U.S. Census Bureau
Mortgage options in Nevada
If you'll need to finance your home purchase in Nevada, here are some common mortgage types to consider:
- 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 of no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) 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 to 2.15 percent for first use.
- 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. These loans are more common in higher-cost areas.
First-time homebuyer programs in Nevada
The Nevada Housing Division (NHD) administers several programs to help low- and moderate-income buyers purchase homes. For first-time buyers, the main program is the Home Is Possible for First-Time Homebuyers program, which provides a 30-year loan of up to 4 percent of the mortgage to use for a down payment or closing costs. You'll need a minimum 640 credit score to qualify and must take a homebuyer education course. You must also have a debt-to-income ratio of no more than 50 percent.
How to find the best mortgage rate in Nevada
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Step 1: Strengthen your credit score
Review your credit report and take steps to improve your score before applying with a lender.
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Step 2: Determine your budget
Know how much house you can afford before you start looking at houses.
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Step 3: Know your mortgage options
There are a few different types of mortgages.
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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.
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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.
Additional Nevada mortgage resources
- Nevada first-time homebuyer resources: Get more help becoming a homeowner.
- Mortgage calculator: Estimate your monthly payment obligation based on your loan term, rate and down payment.
- 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.
Edited by: Laurie Richards, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.