Nevada Mortgage and Refinance Rates

Current mortgage interest rates in Nevada

As of Friday, December 8, 2023, current interest rates in Nevada are 7.54% for a 30-year fixed mortgage and 6.70% for a 15-year fixed mortgage.

Refinance rates in Nevada

Refinance rates in Nevada are slightly higher. While interest rates are no longer at historic lows, you might still consider a cash-out refinance to pay for renovations or consolidate higher-interest debt. Use Bankrate’s mortgage refinance calculator to run the numbers. 

Nevada mortgage rate trends

Homebuyers in Nevada have found some relief as mortgage rates began pulling back as of November 2023. However, rates are still higher than what we saw throughout 2022, and nowhere near the historic lows of 2021. These high rates have increased the challenge of buying a home in Nevada.

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:

• Median home value (as of Oct. 2023): $418,964 (Zillow)
• Homeownership rate (as of Dec. 2022): 60.3% (Census Bureau)
• Loan funding rate in 2022: 50% (Home Mortgage Disclosure Act)
• Average mortgage loan size in 2022: $405,550 (Home Mortgage Disclosure Act)

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.

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.

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.

How to find the best mortgage rate in Nevada for you

• 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 about how to get a mortgage.