
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Rates for 30-year mortgages in Nevada average 4.843% and are expected to remain above 4% going into 2020.
Rates for the average 30-year fixed-rate mortgage in Nevada ranged from 4.638% to 5.027% in 2018. The type of loan, your creditworthiness and other factors go into determining the interest rate you’re ultimately approved for. Many Nevadans opt for conventional loans, which come with higher rates than government-backed loans but also more flexible borrower and property requirements.
Loan type | 15-year average rate | 30-year average rate |
---|---|---|
Conventional | 4.282% | 5.027% |
FHA | 4.125% | 4.959% |
VA | 3.936% | 4.638% |
USDA | Not available | 4.749% |
Based on data from ffiec.cfpb.gov
Even a small difference in your mortgage rate can affect how much you pay monthly and the total interest you pay over the life of your loan.
Suppose you borrow $255,000 with a 30-year conventional loan at an interest rate of 5.027%. That loan might run you $1,370 a month plus fees or costs specific to your mortgage. If you qualified for a VA loan with a rate of 4.638%, your monthly payments might come in at around $1,310.
Even though the monthly payment is only a difference of about $60, you could save nearly $21,620 in interest before paying off your loan.
Mortgage rates in the Silver State should hang above the 4% mark in 2020.
Mortgage rates in Nevada are historically above the national average — about 0.13% higher since 2006. Bankrate chief financial analyst Greg McBride predicts that US mortgage rates will remain stable at around 4%. At the same time, US housing authorities expect rates to average slightly below the 4% mark.
We crunched the numbers from the Home Mortgage Disclosure Act to see what you might pay for the average 30-year fixed-rate mortgage in metropolitan areas in Nevada. These projections don’t account for costs or fees specific to your loan program.
Metropolitan statistical area | Average mortgage rate | Median loan amount | Estimated monthly cost |
---|---|---|---|
Carson City | 4.969% | $255,000 | $1,360 |
Las Vegas-Henderson-Paradise | 4.963% | $255,000 | $1,360 |
Reno | 4.919% | $295,000 | $1,570 |
Based on data from ffiec.cfpb.gov
Follow three key steps to qualifying for a better rate on — and better prepare for — your next mortgage:
Average mortgage rates in Nevada are above the national average and expected to stay above the 4% mark in 2020. To make sure you get the best rate you and your new home qualify for, compare a range of loans and lenders.
How states compare on employment, earnings, poverty, education, health and wellbeing.
Finder analyzes which states have the highest and lowest rates of employment for Black and African Americans.
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
You only have until the end of March to get your next application in.
Finder analyzes the easiest and hardest states to get disability in America, rating the top 5 best and worst states for disability approval.
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
California’s licensing requirements make it easy to find a legit company. Here’s how.
State law may benefit you when you’re in debt.
The 10 metrics that help us rank the lenders we review.