Today's Mortgage Rates in Nevada (August 2024)
Updated: September 4, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Nevada averages 6.05%, while the national average for a 30-year fixed mortgage is 6.42%. Homebuyers can access Nevada's mortgage programs to lower their expenses, such as Home is Possible for First-Time Homebuyers and Home is Possible for Teachers.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Nevada. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on August 2024.
As of August 2024, the average APR for a 30-year fixed mortgage in Nevada has decreased to 6.05%, down from the previous month's 6.7%. For a $250,000 loan with a 20% down payment, the rate drop could mean a reduction in total interest cost by around $31,112 over the life of the loan, excluding additional costs like property taxes and HOA fees.
Rates fluctuate due to changes in the economy and Federal Reserve policies. The line chart below shows how these rates have trended over the past several months.
Even small changes in mortgage rates can significantly impact your finances. Understanding Nevada's current mortgage rates can help you create a realistic budget.
Both first-time homebuyers and seasoned investors benefit from understanding today's mortgage interest rates in Nevada:
First-time homebuyers
Knowing current mortgage rates helps Nevada's first-time homebuyers gauge the market and assess the competitiveness of offered rates.
Homeowners with mortgages
Nevada homeowners can use current rates to determine whether a mortgage refinance offers financial benefits compared to their existing rates.
The current purchase rate in Nevada for a 30-year fixed mortgage is 6.05%, while refinancing has an average APR of 7.66%. Consider these differences as you plan your homebuying or refinancing strategy.
The loan duration influences your rate. A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year one. The longer loan term presents more uncertainty and risk for lenders, including potential nonpayment and fluctuating rates.
Different mortgage loan types in Nevada impact your payments. Use a mortgage calculator to understand the impact of various rates on your monthly payments and overall loan cost.
| 5.74% | APR5.93% |
An interest rate is what you pay each year to borrow money for a mortgage. Nevada's average interest rate for a 30-year fixed-rate mortgage is 5.99%.
An APR (annual percentage rate) is the interest rate plus other costs like mortgage points and fees, giving you a broader view of your yearly loan costs. Nevada's average APR for a 30-year fixed-rate mortgage is 6.05%.
In Nevada, a credit score of 740 or higher with a 5% to 20% down payment typically results in a 6.72% APR for a 30-year fixed-rate mortgage. For scores below 680, the APR is 7.65%. Use the table below to explore rates based on your credit score and down payment:
| 10-year Fixed | APR5.93% |
| 15-year Fixed | APR5.35% |
| 20-year Fixed | APR6.00% |
| 30-year Fixed | APR6.31% |
| 5-year ARM | APR7.40% |
| 7-year ARM | APR7.11% |
In August 2024, 30-year fixed-rate VA loans offer Nevada's lowest average APR for 30-year fixed-rate mortgages at 5.70%. Knowing your mortgage options can lead to better financial decisions. Here are the mortgage loan types in Nevada:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Nevada |
|---|---|---|---|
Conventional Loans | A conventional loan is not insured by government agencies and is a common choice for borrowers in Nevada. | Rates on conventional loans in Nevada fluctuate with the market and borrower creditworthiness. | 6.05% |
FHA Loans | An FHA loan is backed by the Federal Housing Administration and is popular among first-time homebuyers in Nevada. | FHA loans in Nevada typically offer lower rates for borrowers with lower credit scores. | 6.48% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs and are available to service members and veterans in Nevada. | VA loans in Nevada often have competitive rates due to government backing and no required down payment. | 5.70% |
USDA Loans | USDA loans are backed by the US Department of Agriculture and are meant for rural home buyers in Nevada. | USDA loans in Nevada can offer low rates with no down payment but are limited to eligible rural areas. | currently unavailable |
Jumbo Loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac in Nevada. | Jumbo loans in Nevada may carry higher rates due to the larger loan amounts and risk involved. | 6.44% |
Mortgage rates in Nevada are either fixed or adjustable.
As of August 2024, Nevada has a 6.05% APR for a 30-year fixed mortgage and a 7.21% APR for a 7-year adjustable mortgage.
Better, U.S. Bank and LoanDepot are the top mortgage choices in Nevada. They meet key criteria: operating in the state, having Better Business Bureau accreditation and offering homeowner assistance programs. Rates vary by lender, so compare all options for the best deal on your Nevada home.
Better exclusively serves borrowers online, offering fixed-rate and adjustable-rate mortgages. A minimum credit score of 700 is required for jumbo loans, while conventional loans start at 620. FHA loans are available to those with a score of 580 and above. Down payments start at 3% but can reach 10% for a below 580 credit score or 25% for nonresident co-borrowers.
Customer service is available via phone or email from 8 a.m. to 9 p.m. ET on weekdays and 9 a.m. to 9 p.m. ET on weekends. Better also offers an exclusive homeowners assistance program called the Better Real Estate discount.
Pros
Cons
U.S. Bank offers various mortgages in Nevada, including conventional, FHA, VA and jumbo loans for new purchases and refinancing. Minimum credit scores range from 660 for ARMs and jumbo loans to 640 for FHA loans. Down payments start at 3% for conventional loans and 3.5% for FHA. VA loans require no down payment.
Video, phone and in-person customer support is available Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. U.S. Bank supports homeowners with forbearance, repayment plans, loan modifications and payment deferral options.
Pros
Cons
LoanDepot offers online and in-person mortgage options, including fixed-rate and adjustable-rate loans. The minimum credit score required for FHA loans is 580. Conventional loans start with a 5% down payment, while FHA loans offer 3.5% down with a 580+ credit score. VA and USDA loans don't require a down payment for eligible borrowers.
Customer support via phone and email is available Monday through Friday from 10 a.m. to 9 p.m. ET. LoanDepot also offers Loss Mitigation Assistance, ensuring comprehensive support for Nevada homeowners facing financial challenges.
Pros
Cons
Homeownership involves hidden costs that can affect your budget. The Nevada Housing Division offers various mortgage programs to assist homebuyers.
Program | Description |
|---|---|
Eases the financial burden for first-time homebuyers by offering up to 4% of the loan amount to help with down payment and closing costs, which are forgivable after seven years. Buyers must have a 640 credit score and meet county-specific income and price limits. | |
Offers up to 5% toward down payment or closing costs and a 30-year fixed-rate mortgage with no requirement for first-time buyers. It's available to buyers with income under $140,000, purchasing homes under $766,550 and with a minimum credit score of 640. | |
Offers K-12 public school teachers in Nevada $7,500 for down payment and closing costs, which is forgivable after five years, and a competitive 30-year fixed-rate mortgage. No first-time buyer status is required; the income cap is $135,000. |
Knowing today's mortgage rates in Nevada is crucial when buying a home. We've answered your questions to help you better understand the current rates and make well-informed decisions.
Current average APRs for various loan types reflect the diversity of options available in Nevada. For example, as of August 2024, a 30-year fixed conforming loan has an average APR of 6.05%, and a 30-year fixed-rate jumbo loan has an average APR of 6.44%.
Nevada's average APRs for certain mortgage types can differ from national averages. For instance, a 5-year adjustable-rate mortgage in Nevada has an average APR of 7.35% compared to the national average APR of 7.77% for the same period.
Your credit score plays a crucial role in determining low mortgage rates in Nevada. Higher credit scores typically yield lower mortgage rates, reflecting the borrower's reduced credit risk.
Nevada offers various mortgage programs to assist homebuyers, such as Home Is Possible for First-Time Homebuyers, Home Is Possible and Home Is Possible for Teachers.
To secure the best mortgage rate in Nevada, consider a larger down payment, maintain a strong credit score and compare offers from multiple lenders.
As of August 2024, today's refinance rates in Nevada are around 6.95% for a 15-year fixed loan in Nevada and 7.66% for a 30-year fixed loan.
To calculate your mortgage payments, use a mortgage calculator for Nevada. It can provide an estimate based on interest rates, loan amount and other factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
