Today’s Nevada Mortgage Rates: What to Know Before Making a Nevada Home Purchase

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With the average interest rate on a 30-year mortgage having doubled since the beginning of 2022, it has become more difficult for buyers to afford a home. As a result, many areas throughout the U.S. have seen a drop in prices due to falling demand. 

Unfortunately for potential buyers, home prices in Nevada are still higher than they were a year ago. Market data from the Sierra Nevada Realtors Association, for instance, shows that the median sales price for a home in October was up 4.8% compared to 12 months prior. 

Between the rise in housing prices and interest rates, first-time homebuyer programs can help you more easily afford homeownership. Assistance with closing costs and any down payment requirements are two common items you can expect to find, although the specific eligibility criteria can vary depending on the program. 

What Are Today’s Mortgage Rates in Nevada?

For Monday, December 05, 2022, here are the current mortgage rates in Nevada. The average 30-year fixed mortgage rate is 6.610%. The average 30-year fixed mortgage refinance rate is 6.600%. Today, the average 15-year fixed mortgage rate is 5.850%.

This information is from Bankrate’s latest survey of the nation’s largest mortgage lenders.

Current Mortgage Rates in Nevada

Loan TypeRate
30-year Fixed6.610%
15-year Fixed5.850%
30-Year Refi6.600%

How Much Mortgage You Need to Buy a Home in Nevada

Unless you have enough funds to buy a home with cash, you’ll need to get a mortgage loan. The size of the mortgage you’ll need is typically calculated as the purchase price of the home minus your down payment. 

The minimum down payment amount will depend on the loan program, but can be as little as 3% for a conventional loan and 3.5% for an FHA loan. VA loans require no down payment, but you’ll need to meet certain eligibility criteria, which typically involves having some form of qualifying military service. 

Here are a few examples of typical home values along with the corresponding down payment:

Metro AreaTypical Home Value3.5%10%20%
Las Vegas$439,751$15,391.29$43,975.10$87,950.20
Carson City$485,144$16,980.04$48,514.40$97,028.80
Source: Zillow Home Value Index, September 2022

Types of Home Loans Available in Nevada 

Nevada has no shortage of mortgage lenders. You can take your pick from online lenders, credit unions, banks, and mortgage brokers. You’ll also have a choice from several different types of loans, such as conventional loans, FHA loans, and VA loans. Before making any final decisions, shop a few lenders to be sure you’re going with the best available loan program. 

Choosing the right lender and loan program can save you thousands of dollars over the life of the loan, says Minnus Lieu, a real estate loan underwriter at SchoolsFirst Federal Credit Union. Different lenders can offer their own specific deals consumers. SchoolsFirst Federal Credit Union, for example, offers a program where members do not have to pay mortgage insurance even with less than 20% equity in the home, something that can result in hundreds of dollars of savings per month.  


If you’re looking to purchase a home and you have good credit and income, conventional loans can offer the most competitive interest rates and closing costs. You’ll generally need at least 3% for a down payment, a credit score of at least 620, and a debt-to-income ratio below 45%. 

While the minimum down payment for a conventional loan can be as low as 3%, you’ll need at least 20% if you want to avoid the added monthly cost of private mortgage insurance (PMI). 


FHA loans are insured by the Federal Housing Administration. A big advantage of an FHA mortgage is the increased flexibility to qualify for a loan if you have blemishes on your credit. With a 10% down payment, you can have a credit score as low as 500 and still be eligible for a loan. Otherwise, you can still qualify with a 3.5% down payment and a credit score of 580.  

One of the tradeoffs with FHA loans is that they tend to be more expensive than conventional loans. Closing costs tend to be higher, and also require the payment of both an upfront mortgage insurance premium and ongoing monthly mortgage insurance premiums. 


VA loans, insured by the Department of Veterans Affairs, require no down payment. There is also no requirement for mortgage insurance. 

To get a VA loan, you’ll need to meet the criteria set forth by the Department of Veterans Affairs as well as any lender requirements for the loan itself. Each lender can have different requirements for a VA loan, so if you are denied, try other lenders.  

First Time Home Buyer Programs in Nevada

First-time homebuyer programs can reduce the financial burden of homeownership. If you qualify, the funds you receive can be used for things like the down payment and closing costs. Some first-time homebuyer programs also offer reduced interest rates, with grants or loans that can be forgiven after a certain period of time. 

Homebuyers in Nevada can look into the following programs, but because programs can also vary by location, you should also check with a local real estate agent to see if additional programs are available in the area you’re looking to buy:

  • Mortgage Credit Certificate Program (MCC): Qualified veterans and first-time homebuyers can qualify for a federal tax credit of up to 30% of the mortgage interest paid on a mortgage each year. 
  • Home Is Possible for First-Time Homebuyers: This program offered through the Nevada Housing Division provides funds that can be used to cover both down payment and closing costs. You can get up to 4% of the loan amount in assistance, which can be forgiven if you occupy the home for at least three years. The program is available only through participating lenders, and to be eligible, you must be a first-time homebuyer, meet your county’s purchase price and income limits, have a minimum credit score of 660, and occupy the home as your primary residence. You must also complete a homebuyer education course and meet the lender’s requirements for the loan. 
  • Home Is Possible For Heroes: An additional program offered by the Nevada Housing Division is the Home Is Possible for Heroes program. Through this program, veterans and active military personnel can obtain a below-market fixed interest rate on a mortgage. This program is only available through participating lenders. 
  • Home Is Possible For Teachers: The Nevada Housing Division also offers a program for teachers. Licensed K-12 teachers in Nevada can receive $7,500 which can be used towards the down payment and closing costs for a loan. This program is also only available through participating lenders.