Nevada Mortgage and Refinance Rates

Current mortgage rates in Nevada

As of Thursday, November 21, 2024, current interest rates in Nevada are 0.00% for a 30-year fixed mortgage and 0.00% for a 15-year fixed mortgage.

The median home sale price in the state was $460,000 as of June 2024. That’s a small 0.7 percent year-over-year increase, according to ATTOM. As prices have leveled off, the pace of home sales has been slowing, too. In June, 5,362 properties sold — a 13.7 percent drop from the year before.

Refinance rates in Nevada

Refinance rates are on the decline nationally, which might look appealing if you locked in a mortgage rate in the 7 to 8 percent range. The number of Nevada homeowners refinancing their mortgages has been on the rise, up 2.5 percent year-over-year in June 2024 and 43 percent year-over-year in May, according to ATTOM. 

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

If you’re waiting for mortgage rates to dip back down to the sub-3 percent range of early 2021, don’t hold your breath. Forecasts call for rates to remain in the 6 percent range through the end of the year. But still, declining mortgage rates might spur more homebuying activity in Nevada, with sidelined homebuyers and sellers getting back on the market.

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, June 2024: Esmeralda, Lincoln, Mineral, White Pine
• Median home sales price, June 2024: $460,000
• Median down payment, June 2024: $82,500
• Homeownership rate, Q4 2023: 61.2%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Nevada

More than 31,000 homes have been sold in Nevada for the first half of 2024, according to ATTOM. For buyers who didn’t pay in all cash for the property, here are some of the most common loan options they likely used to borrow the funds:

• 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. 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. 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

• 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.
• 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.

Read more from Andrew Dehan

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. 

Read more from Laurie Richards