The current mortgage refinance rates in Nevada show that a 15-year fixed mortgage refinance averages 5.23%, while a 30-year fixed mortgage refinance averages 5.92%. In comparison, the national averages stand at 5.38% for a 15-year fixed and 6.45% for a 30-year fixed mortgage refinance. These figures provide a snapshot of Nevada's position relative to the broader national context.
Our page is designed to empower you with the knowledge needed to navigate the refinancing landscape in Nevada. From today's rates to understanding trends and timing your refinance, we offer comprehensive insights tailored to your needs. Whether you're exploring options by credit score or loan type, we have you covered.
Current Mortgage Refinance Rates in Nevada (December 2024)
Current mortgage refinance rates in Nevada show a 30-year fixed APR at 5.92% and a 15-year fixed at 5.23%. Refinancing can lower your monthly payments, making it a beneficial move for many homeowners.
Updated: January 13, 2025
Advertising & Editorial Disclosure
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Refinance Rates in Nevada
The current 30-year refinance rate in Nevada is 5.92%. According to Experian, the average mortgage debt in Nevada is $286,563 as of September 2023.
Refinancing your mortgage can be a strategic way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the loan's life. If your current mortgage rate is higher than 5.92%, refinancing could be particularly beneficial. Below are the current refinance rates in Nevada to explore your options.
15-Year Fixed | 5.86% | 5.97% |
30-Year Fixed | 6.58% | 6.64% |
Mortgage Refinance Rate Trends in Nevada
In December, refinance rate trends in Nevada showed a downward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year rates decreased to 5.97%, while the 30-year rates fell to 6.64%.
These trends suggest a favorable environment for refinancing in Nevada, as both 15-year and 30-year fixed-rate loans have experienced a decrease in rates. This could be an opportune time for homeowners to consider refinancing their mortgages.
Interest rates rise due to factors like US Federal Reserve's monetary policy and economic conditions. These changes influence refinance rate trends in Nevada, affecting homeowners looking to refinance. Understanding these dynamics can help you stay informed about the financial landscape.
How to Refinance a Mortgage in Nevada
Refinancing your mortgage in Nevada can offer financial benefits like lower monthly payments or interest rates. Understanding the process is key to making informed decisions. Let's explore the steps to help you achieve your financial goals with confidence and clarity.
- 1
Check Your Credit Score
Credit scores impact the rates you qualify for. If your score is below Nevada's average of 702, improve it by paying down debt or disputing errors. Better scores unlock lower rates, saving you money in the long run.
- 2
Determine When to Refinance a Mortgage
Compare your current mortgage terms with Nevada's 5.23% for 15-year and 5.92% for 30-year rates. If these are lower, refinancing might be wise. Consider how long you’ll stay in your home to ensure it’s beneficial.
- 3
Gather Necessary Documents
Organize documents like tax returns, pay stubs, and bank statements for your original mortgage. This streamlines the process, ensuring lenders have all they need to assess your application efficiently.
- 4
Shop Around for Lenders
Explore different lenders to find the best terms. Look for competitive rates, low fees, and good customer service. Comparing options ensures you secure the most favorable refinancing deal available.
- 5
Understand the Costs Involved
Be aware of closing costs, appraisal fees, and other expenses. In Nevada, average closing costs are $4,939, according to the National Association of Realtors. Knowing these helps you budget effectively.
- 6
Apply for the Loan
Submit your application with chosen lender, providing all necessary documents. Keeping a checklist of required paperwork can simplify this step, ensuring nothing is overlooked and the process moves smoothly.
- 7
Lock in Your Interest Rate
Secure your rate to protect against market fluctuations. A mortgage rate lock ensures you get the agreed rate at closing. Monitoring rate trends can help you decide the best time to lock in.
- 8
Close on Your New Loan
Finalize the refinance by signing documents and paying any due costs. Reviewing all paperwork beforehand can make this process quicker and ensure you understand all terms before committing.
- 9
Start Making Payments on Your New Loan
Begin payments as scheduled to avoid penalties. Setting up automatic payments can help you stay on track and manage your new loan efficiently, ensuring timely payments every month.
- 10
Reevaluate When to Refinance a Mortgage
Periodically assess your mortgage to see if refinancing could be beneficial again. Staying informed about market rates and your financial situation can help you seize future opportunities to save.
In Nevada, how soon you can refinance a mortgage depends on the type of loan. Conventional loans allow immediate refinancing, though a cash-out refinance requires a six-month wait. USDA loans, however, typically need a 12-month period before refinancing. This ensures the property still meets USDA guidelines.
The average refinance rate in October is 5.92%, which is lower than in previous months, making it a good example of when to refinance if rates are lower. However, refinancing comes with additional closing costs that can take years to recover. While you could refinance a mortgage within a year, it's often not worth it unless there's a drastic reduction in interest rates.
When to Refinance a Mortgage
Refinancing your mortgage in Nevada may lower monthly payments by reducing interest rates. But watch out for closing costs that could offset savings. Knowing when to refinance a mortgage in Nevada is vital for financial gain. Let's look at scenarios where refinancing makes sense.
Lower Interest Rates
Refinancing when interest rates drop can lower monthly payments. Consult local banks or credit unions for competitive rates. They often offer personalized service and may provide better deals than larger institutions.
Increased Home Value
Higher home values boost home equity, making refinancing appealing. Simple upgrades like landscaping can enhance value. With Nevada's average home value at $445,357, tapping into increased equity can offer financial flexibility.
Improved Credit Score
A better credit score can secure lower interest rates. Paying bills on time and reducing debt can boost your score. This improvement makes refinancing more attractive, potentially reducing your mortgage costs.
Shorter Loan Term
Refinancing to a shorter term can save on interest and build equity faster. A 15-year loan often has lower rates, reducing overall interest paid and accelerating loan payoff.
Switch Loan Type
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate loan offers stability. Fixed rates protect against market fluctuations, ensuring predictable payments and aiding long-term financial planning.
Mortgage Refinancing in Nevada: Is It Right for You?
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Mortgage Refinance Calculator
Make sure refinancing your existing home loan will save you money.
Calculation Results
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Today's Mortgage Refinance Rates in Nevada by Credit Score
Your credit score can affect the rates you qualify for in Nevada. For example, the current average refinance rates in Nevada for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.99% for scores between 680 and 740, compared to 6.64% for scores above 740. Explore the table below for more details.
5.83% | 6.31% |
Mortgage Refinance Rates in Nevada by Loan Type
The loan type you choose can impact the rates you qualify for in Nevada. For example, the current average refinance rates in Nevada are 6.64% for a 30-year fixed rate loan and 7.50% for a 30-year FHA fixed rate. See the table below for average APRs by loan type in Nevada.
6.10% | 6.37% |
FAQ: Today's Mortgage Refinance Rates in Nevada
With market conditions constantly changing, it's natural for Nevada homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most common questions about refinance rates in Nevada, providing you with clear and factual information.
Should you refinance your mortgage?
Refinancing your mortgage may be beneficial if it results in lower interest rates or reduced monthly payments. However, consider the closing costs and whether extending the loan term aligns with your financial goals.
How to get the best mortgage refinance rate?
To get the best mortgage refinance rate, focus on improving your credit score by following practical steps like managing debt and making timely payments. Additionally, paying down your mortgage can improve your loan-to-value ratio, potentially leading to better rates.
What are the pros and cons of a mortgage refinance?
The pros of refinancing include potentially lower interest rates and reduced monthly payments. On the downside, refinancing can incur closing costs and may extend the duration of your loan, impacting long-term financial planning.
How much does it cost to refinance a mortgage?
Refinancing a mortgage typically costs between 2% and 5% of the loan amount. These costs can include application fees, appraisal fees, and closing costs, which should be weighed against the potential savings from a lower interest rate.
What is the mortgage refinance rate in Las Vegas?
As of October 2024, the average refinance rates in Nevada are 5.23% for a 15-year fixed loan and 5.92% for a 30-year fixed loan. Rates in Las Vegas are likely to mirror these state averages, though individual rates may vary based on factors such as credit score and loan-to-value ratio.
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.
sources
- Experian. "Average U.S. Mortgage Debt Increases to $244,498 in 2023." Accessed January 13, 2025.
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed January 13, 2025.
- National Association of Realtors. "States Where Closing Costs Are Highest, Lowest." Accessed January 13, 2025.