Home prices in Nevada vary dramatically from county to county. If you want to buy in one of the state’s cities, you’ll want to make sure you’re prequalified with a great mortgage rate so you’re ready to put in an offer.
Current Nevada Mortgage and Refinance Interest Rates
Compare today’s average mortgage rates in the state of Nevada, based on an aggregated pool of rates from multiple sources.
|Product||Rate||Rate Last Week|
|30-Year Fixed Rate||2.860%||2.920%|
|15-Year Fixed Rate||2.420%||2.450%|
|5/1 ARM Rate||2.500%||2.500%|
|30-Year Jumbo Mortgage Rate||3.060%||3.120%|
|30-Year Fixed Refinance Rate||2.950%||2.960%|
Rates data based on Las Vegas, Nevada as of 10/16/2020
Mortgage Rates Trends
In this graph:
On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.
Note: Not sure how much house you can afford? Use our mortgage calculator to find out.
Nevada is a beautiful state with lots to offer — whether it’s Lake Meade and Las Vegas or Reno and Lake Tahoe, or perhaps one of the other wide-open spaces throughout the rest of the state. If you’re considering buying a house in the western United States, Nevada is a great state to consider. Mortgage rates in Nevada are currently historically low, making it a great time for you to find your dream home.
Getting a mortgage in Nevada
If you’re buying a house in Nevada, you’ll probably have a much different experience from one place to the next, all depending on where you want to live. Real estate in and around cities like Reno and Las Vegas is selling faster and for more money than real estate in rural areas — and even other parts of the country.
According to market data from Guy Johnson, a Keller-Williams real estate agent in Reno, the median home in April 2020 in Reno sold for 10% more and was on the market for 13 fewer days than in April 2019. If you’re looking for your next home in this area, you’ll want to check the current mortgage rates in Nevada so you can prequalify for the best rate and put in an offer as soon as you find your dream home.
- Median home price: $242,400
- Average 30-year fixed rate: 3.83%
- Median monthly mortgage cost: $1,469
- Homeownership rate: 55.8%
Nevada state mortgage rate trends
As with most other states, the average mortgage rates in Nevada have been trending down since 2018, when the Federal Reserve began cutting its federal funds rate following several incremental increases. And, as with the trends across the entire country, rates have stayed low for in the years since the financial crisis of 2008.
According to Freddie Mac’s Primary Mortgage Market Survey, which analyzes mortgage rate data back to 1971, the average rates for a 30-year fixed-rate loan have been below 5% since February 2011, with certain periods seeing dramatic dips to 3.5% or lower. We’re currently in one of those dips, and the average rate in Nevada has dropped 1.1% since November 2018.
Nevada state current mortgage rates
That dip may be coming to an end soon. Current mortgage rates in Nevada are hovering near their all-time low, which means you might not be able to find rates this low again. Right now, the average rate for a 30-year fixed-rate mortgage in the Silver State is 3.83%. Of course, you’ll have the option to choose between different terms, like a 15-year fixed rate or a 5/1 adjustable-rate mortgage (ARM) to better fit your needs.
If you do decide to go with one of these other options, you’ll qualify for an even lower interest rate in Nevada. The average 15-year fixed-rate loan at the moment sits at 3.13% while a 5/1 ARM comes in at 3.06%.
If you already own a home in Nevada, now is a great time to think about refinancing. Refinance rates in Nevada are also extremely low right now at 4% for a 30-year refinance loan. Of course, your specific rate will depend on your credit history, down payment amount and current debt profile.
Most and least expensive places to live in Nevada
Nevada, like most states in the western United States, is full of wide-open, scarcely-populated spaces separated by a few large metropolitan areas. In Nevada, the two main population centers are Las Vegas to the south and Reno and Carson City to the west. The cost of living in Nevada closely follows the state’s population.
5 most expensive
- Douglas County, which includes the southeastern shore of Lake Tahoe — This area is popular for getaways in Nevada and the prices reflect that. In this county, the median home value is $346,500.
- Washoe County, which includes Reno, Nevada’s third-largest city — This area has a median home value of $299,400.
- Clark County, anchored by the Las Vegas metropolitan area — This area has a median home value of $238,300.
- Carson City — Carson City encompasses its own county in Nevada and has a median home value of $242,200.
- Storey County — This area is a small county northeast of Carson City with a median home value of $222,900.
5 least expensive
- Mineral County — This area is in west-central Nevada and has a median home value of $85,900.
- Eureka County — Eureka County is the state’s second-least populated county. It has a median home value of $84,400.
- Pershing County — Pershing County in northwest Nevada has a median home value of $100,800.
- Lincoln County — Lincoln County is just north of Las Vegas. Its median home value is $134,700.
- Nye County — Nye County extends from the area just west of Las Vegas and north into the center of the state. It has a median home value of $139,100.
Nevada state mortgage resources and intricacies
The Nevada Department of Business and Industry offers a mortgage assistance program for both first-time homebuyers and those who already own. There are stipulations, though, that include a rule saying you can’t own another home at the time of closing on your new property.
The Home is Possible Program offers a 30-year fixed-rate government loan (FHA, USDA and VA) for people who make less than $98,500 or conventional loans with income limits that vary by county. If you qualify, you can also receive up to 5% of your purchase price as down payment assistance. Teachers and veterans can qualify for additional benefits as part of the program as well.
You won’t find any state programs to help with refinancing your home, though. You’ll need to go through a conventional lender instead. You can compare refinance rates in Nevada below to help you find a loan that will save you money and help you pay off your mortgage quickly.
If you move to Nevada, you’ll also pay some of the lowest property taxes in the country, with an average of only 0.77% of the assessed property value. Nevada does, however, allow individual counties to set their own property tax rates, so the rate you actually pay will depend largely on where you buy your home.
The final word
Nevada is a great state to call home, with its beautiful terrain and bustling cities. With mortgage rates in Nevada as low as they currently are, now could be the perfect time to find your dream home.