Interest Rate
6.575%
APR*
6.665%
Average home price
$301.753

If you’re looking to buy a home in Nevada, you’ll want to ascertain that you are getting the best mortgage rate possible. Your mortgage rate will depend on a number of factors, including your debt-to-income ratio, the amount you can put down for a down payment, your credit score, and your current income level.

How can you help yourself find the best mortgage rate in Nevada? Have all of your documentation ready, and always check your credit for mistakes before you apply for a home loan. It’s also essential that you get preapproved by a reputable mortgage lender.

Here’s a quick look at current Nevada mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.575% 6.665% +0.07%
Conventional 20 year fixed 5.754% 5.855% Unchanged
Conventional 15 year fixed 5.793% 5.978% +0.21%
Conventional 10 year fixed 5.312% 5.694% Unchanged
Conventional 7 year ARM 5.62% 5.458% Unchanged
Conventional 5 year ARM 5.733% 5.542% +0.07%
FHA 30 year fixed 5.667% 6.52% Unchanged
VA 30 year fixed 5.775% 6.075% Unchanged
VA 15 year fixed 4.812% 5.369% Unchanged
VA 5 year ARM 4.75% 5.78% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Nevada

Ready to buy a home in Nevada? This could be the right time to find your dream home in the Silver State. Here’s all you need to know:
The first step: choosing where you want to live. Nevada’s capital is Carson City. The Sagebrush State has a total population of nearly 2.8 million happy dwellers, and almost half of these live in the state’s five most crowded cities:

  • Las Vegas
  • Henderson
  • Reno
  • North Las Vegas
  • Paradise

The next step is to determine how much home you can afford. Nevada ranks 12th in US homes for sale at average price, and 23rd for homes over $1,000,000. Getting preapproved helps you estimate your budget before going house hunting.

First-time Homebuyers

When it comes to buying a first home, the Nevada Housing Division (NHD) can help low- and moderate-income families and individuals with first-time homebuyer loan programs.
NHD’s “Home Is Possible” programs provide mortgage and down payment and closing cost assistance of up to 4% of the total loan amount. This is given as a second mortgage, which is forgivable after three years as long as you stay living in the home.

Borrower requirements include:

  • 660 minimum credit score
  • Maximum 45% debt-to-income ratio
  • Must complete free homebuyer education course
  • Must meet NHD income limits
  • Must pay one-time fee of $755, due at closing

Refinancing in Nevada

It is possible to refinance a home in Nevada to take advantage of favorable Nevada mortgage rates. You can do any of the following:

  • Refinance to get a lower interest rate
  • Refinance to get a longer term
  • Refinance to get cash-out equity
  • Refinance to eliminate a private mortgage insurance (PMI) requirement

You should find out if you qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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