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Nevada Mortgage Rates

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Nevada Mortgage Rates

Comparing Nevada Mortgage Rates with National Rates

In order to help you see how Arkansas mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Nevada

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Nevada

In order to qualify for the best mortgage rates in Nevada it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Nevada

Nevada is the thirty fourth most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.9 million residents, which represents 0.9% of the US population. According to Wikipedia "The economy of Nevada is tied to tourism (especially entertainment and gambling related), mining, and cattle ranching. Nevada's industrial outputs are tourism, mining, machinery, printing and publishing, food processing, and electronic equipment.".

Nevada was one of the hardest hit states during the 2008 Great Recession. Housing prices plummeted in many areas. According the May 2017 FHFA Refinance Report Nevada’s share of HARP loans was 1.9%. Over 41% of HARP loans in Nevada were over 125% (compared to a 6% national average). nahac.org The Nevada Affordable Housing Assistance Corporation (NAHAC) was runs the U.S. Treasury’s Hardest Hit Fund® with programs to help Nevada homeowners stay in their homes. Based on data from harp.gov https://harp.gov/Default.aspx?Page=363 Clark County had the fourth most HARP Eligible Loans with a Refinance Incentive.

Based on 2015 HMDA data, Nevada compared to National loan program distribution, had a similar percentage of purchase loans (52% vs 51% national) and a smaller share of refinance loans (45% vs 46% nationally).Conventional loans were a much smaller share (54% vs 69% nationally), wheras FHA loans (30% vs 20% nationally) and VA loans (15% vs 10% nationally) were much higher. .

Here are some outside resources that can help you understand the Nevada mortgage environment:

  1. FHA loan amounts in Nevada: (note:set the table to Nevada) There are 17 counties in the state of Nevada of which none of the single family units meet the Highest loan limit, currently at $636,150.Most, 79% of the counties are at the Standard loan limit, currently at $275,665. The remaining 21% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Nevada and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties fit this category.
  3. Nevada First Home Buyer Programs: The Nevada Housing Division (NHD) aims to provide affordable housing. The NHD offers grants through the Home is Possible program for down payment and closing costs. They have special programs for K-12 public school teachers, as well as a HERO program for veterans. They also offer a mortgage credit program. There are income, property and credit requirements for the various programs.
  4. Many programs require a homebuyer education class. For more information regarding programs in Nevada, check out the Hud’s website. 

Mortgage Trends and Statistics for Nevada

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Nevada:

  • Mortgage Rates for Conventional Loans in One MSA in Nevada
  • Mortgage Fees in One MSA in Nevada
  • Loan Amount in One MSA in Nevada
  • LTV over 90% in One MSA in Nevada

 

Mortgage Rates for Conventional Loans in One MSA in Nevada

 

Mortgage Fees in One MSA in Nevada

 

Loan Amount in Nevada for One MSA

 

LTV over 90% in One MSA in Nevada for One MSA

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