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Compare mortgage refinance rates in Nevada.
Key Points
• Mortgage refinance rates in Nevada are influenced by economic factors such as the bond market and housing inventory.
• Even a 1% drop in the mortgage refinance rate can trim monthly payments and save a significant sum in the long run.
• Even a 1% drop in the mortgage refinance rate can trim monthly payments and save a significant sum in the long run.
• In Nevada, homeowners have a variety of mortgage refi options to choose from: conventional, 15-year, adjustable-rate, cash-out, FHA, and VA mortgages, each with their own set of perks and things to consider.
• To lock in the best Nevada mortgage refinance rates, it helps to have a good credit score and low debt-to-income ratio.
• Closing costs for refinancing generally fall between 2% and 5% of the loan amount.
Introduction to Mortgage Refinance Rates
Taking out a mortgage refinance loan means you’re getting a new mortgage to replace your old one, and that means a new set of terms and a new interest rate that’s based on current mortgage rates. Whether you’re looking to lower your monthly payments, shorten your loan term, or cash out some home equity, it’s important to understand how mortgage refinance rates work and how to get the best one. This guide is here to help. The first step is understanding what drives the ups and downs of mortgage refinance rates in Nevada.
💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Refi Interest Rates Come From?
The refinance rate you’ll be offered on your new home loan is a product of a complex interplay between the nation’s economic landscape, your area’s housing market, and your personal financial picture. Economic factors, and especially the price of the 10-year Treasury Note, can often signal what direction mortgage rates are headed. When the rates on the T note rise, mortgage interest rates tend to rise too.
When the market cools and more homes are available than there are buyers, lenders may lower rates to keep attracting customers. Then there is the overall economy: A strong jobs market and economic growth can lead interest rates to rise, while a recession usually means lower interest rates.
How Interest Rates Affect Home Affordability
It’s no secret that interest rates play a major role in the affordability of your mortgage refinance. Your monthly payment is a product of your loan amount, the term over which you repay it, and the mortgage refinance rate.
Let’s break it down: A $300,000 refinance loan with a 6.00% rate and a 30-year repayment term would mean a $1,799 monthly payment. But if that rate were to jump to 7.00%, you’d be looking at a $1,996 monthly payment. Over the life of the loan, that’s more than $60,000 in potential savings. If you can afford the larger monthly payments that come with a shorter payment term (as shown below), you can trim your interest costs even more.
| Interest Rate | Loan Term | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.00% | 30-year | $1,799 | $347,515 |
| 6.00% | 15-year | $2,532 | $155,683 |
| 7.00% | 30-year | $1,996 | $418,527 |
| 7.00% | 15-year | $2,697 | $185,367 |
Why Refinance in Nevada?
Refinancing your mortgage can be a smart money move, but it requires careful thought. If current rates are lower than the one you locked in, it might be a good time to refinance. But there are other motivations to refinance as well.
Common Reasons to Refinance a Mortgage
• You qualify for a lower mortgage refinance rate because of an improved credit score.
• You want to adjust your repayment term to pay off your loan more swiftly, or reduce your monthly payments and stretch out the time you have to pay off your loan.
• You’re looking to tap into your home equity for big bills such as those associated with education or home improvements.
• Your adjustable-rate mortgage is about to change, and you want a fixed-rate loan.
• You have an FHA loan (backed by the Federal Housing Administration) and 20% equity in your home, and you want to stop paying the FHA mortgage insurance premium.
• You need to remove a cosigner from the loan (although it is sometimes possible to do this without refinancing).
How to Get the Best Available Mortgage Refi Rate
Even if you’re just starting to think about how to refinance a mortgage, there are steps you should take immediately that could help you secure a competitive mortgage refinance rate in Nevada:
• Maintain a good credit score by being punctual with payments and steering clear of new debt.
• Aim to keep your debt-to-income (DTI) ratio under 36%. (Your DTI is your monthly debts, divided by your gross monthly income, multiplied by 100).
• Examine whether you have some cash on hand that you could use to buy discount points to lower your rate. Each point typically costs 1% of your principal amount.
• Look closely at your monthly budget to see if you might have the ability to cover the cost of a higher monthly payment, in which case you might choose a shorter mortgage term. (Remember, though the payment may be higher with a shorter term, you would pay less interest over the long haul.)
Understand Trends in Nevada Mortgage Interest Rates
If you’re waiting for an interst rate drop before refinancing, having a sense of the trends in mortgage interest in your home state may help you decide whether or not to refinance or continue to wait it out.
Historical U.S. Mortgage Interest Rates
The graph below showing mortgage rates over a long span of time — more than 50 years — will give you a sense of what might be realistic in terms of your expectations. In early 2021, the average 30-year fixed refinance rate hit a record low of 3.15%. By 2023, the rate had risen to 7.00%. By keeping an eye on market forces, you can make an informed decision about when to refinance your mortgage.
Historical Interest Rates in Nevada
Mortgage refinance rates in Nevada tend to follow national trends, and are often slightly above the national average as shown in the chart below. (The Federal Housing Finance Agency stopped tracking state rates after 2018.) As you can see, it’s unusual for the average rate to change by more than a percentage point from year to year.
| Year | Nevada Rate | National Rate |
|---|---|---|
| 2000 | 7.99 | 8.14 |
| 2001 | 6.98 | 7.03 |
| 2002 | 6.44 | 6.62 |
| 2003 | 5.74 | 5.83 |
| 2004 | 5.66 | 5.95 |
| 2005 | 5.82 | 6.00 |
| 2006 | 6.56 | 6.60 |
| 2007 | 6.51 | 6.44 |
| 2008 | 6.09 | 6.09 |
| 2009 | 5.19 | 5.06 |
| 2010 | 4.93 | 4.84 |
| 2011 | 4.75 | 4.66 |
| 2012 | 3.90 | 3.74 |
| 2013 | 3.97 | 3.92 |
| 2014 | 4.32 | 4.24 |
| 2015 | 4.00 | 3.91 |
| 2016 | 3.83 | 3.72 |
| 2017 | 4.15 | 4.03 |
| 2018 | 4.70 | 4.57 |
Choose the Right Mortgage Refi Type
Knowing what qualifies as a “good” rate is part of your refinance equation. But refinance rates in Nevada differ based on the type of refinance you’re considering, so it’s helpful to understand the more common kinds of refinancing. Each option has its own unique features and advantages:
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, is a popular choice for homeowners seeking to adjust their interest rate, loan term, or both. Typically, these refis come with slightly higher mortgage refinance rates than government-backed loans. Nevertheless, they offer increased flexibility and are a great fit for homeowners with strong credit and ample equity. Two common forms of refinancing a conventional loan are the 15-year refi and the adjustable-rate refi.
15-Year Mortgage Refi
As noted above, by refinancing to a 15-year mortgage, you could be looking at a substantial cut in the total interest paid over the loan’s lifetime, although you may have higher monthly payments. Some people refinance into a shorter loan term because they want to finish paying their mortgage before a child goes to college or before they face retirement. Of course, other borrowers prefer to refinance into a 30-year loan because they want to stretch out their payments and keep them low.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) often start with a lower interest rate than fixed-rate loans, so some borrowers like the idea of getting into an ARM. If you know you’re going to move before the ARM’s low introductory rate changes, you might consider refinancing from a traditional 30-year fixed-rate mortgage to an ARM. (It’s also possible that a homeowner wants to refinance out of an ARM and into a fixed-rate loan because a more predictable, constant rate is desirable.)
Cash-Out Refi
A cash-out refinance is a way to leverage the equity you have in your home to access a lump sum that can be used for home improvements, debt consolidation, or any purpose. Although the rate for this type of refinance is typically a tad higher than the one for a traditional refinance, it will very likely be lower than the interest rate on a personal loan.
FHA Refi
Borrowers with an FHA loan, insured by the Federal Housing Administration, benefit from refi rates that are lower than the refi rate for a conventional loan. Homeowners who currently have an FHA loan can use an FHA Simple Refinance or FHA Streamline Refinance. Homeowners without a FHA loan can still benefit from an FHA cash-out refinance or FHA 203(k) refinance, which can be used for home improvements.
VA Refi
U.S. Department of Veterans Affairs loans are known for their competitive mortgage refinance rates. To qualify for a VA loan refinance, specifically an interest rate reduction refinance loan (IRRRL), you must have an existing VA loan. This type of refinance can significantly lower your monthly payments and save you a lot of money on interest over the life of the loan.
Compare Mortgage Refi Interest Rates
To compare mortgage refinance rates, it pays to shop around and check what rate you are offered by multiple lenders. Don’t just make your choice based on interest rate: Consider the annual percentage rate (APR) and trade-offs between rates and fees.
Evaluate the new payoff date, closing costs, and daily rate changes to secure a favorable rate. Note that some lenders will offer a no-closing-cost refinance, but costs may be rolled into the principal on your loan or reflected in a higher interest rate. An online calculator will help you see how different loans might fit into your budget.
Use an Online Refinance Calculator
An online refinance calculator is incredibly useful when you want to get a detailed look at what your new monthly payments might be. You’ll want to get a picture of the total mortgage refinancing costs, not only the interest you’ll pay on your loan. They are designed to help you compare different refinance options side by side, so you can make the best financial decision for your long-term goals. By entering your current loan details and looking at different refinance terms, you can see how much you might save on interest and monthly payments. This can help you make a more informed decision about what might work best for your financial situation.
Run the numbers on your home loan.
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Home affordability calculator
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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can be a savvy financial move that offers a range of potential benefits, from lowering the monthly cost of your loan to freeing up extra cash. But before you take the plunge, it’s important to weigh the costs and potential long-term effects. Spend some time thinking about your financial goals, shop around for the best rates and terms, and use an online calculator to see if refinancing makes sense for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Are refinance rates expected to go down?
The future of mortgage refinance rates is never certain. But you can look at key indicators to try to get a sense of where rates might be headed. If the 10-year Treasury Note rate is rising, the housing market is hot, or the economy is generally strong, it’s unlikely that you will see rates falling in the near term. You’ll need to weigh your desire for a refinance against the current rates and also look at whether a switch either results in lower monthly payments, less interest paid overall, cash out that you can use for a big expense, or some combination of these.
Can you refinance when rates go down?
When mortgage refinance rates drop, you can take advantage of the lower rate. But you should also consider the costs associated with refinancing. Refinancing can come with application fees, appraisal fees, and closing costs. These fees can add up and may not make refinancing worth it. To figure out if refinancing makes sense for you, calculate your break-even point. This is the point at which the amount you save on mortgage payments each month equals the cost of refinancing.
Can I get a lower interest rate without refinancing?
If you’ve got some savings and are keen to find a way to cut down your monthly mortgage payment, a mortgage recast might be just the ticket. If you make a substantial payment toward your loan’s principal, you can request that your lender “recast” your remaining payments. While this won’t alter your mortgage interest rate, it’s less costly than a refinance (a recast usually costs $100 to $500) and could save you a bundle on interest over the life of the loan.
Can I get equity out of my house without refinancing?
You can access the equity in your home without changing your existing mortgage by getting a home equity line of credit (HELOC) or a home equity loan. These options allow you to tap into the equity you’ve built up without refinancing. By choosing one of these options, you can access the value you’ve built in your home while keeping the terms of your current mortgage the same.
Do I have to pay closing costs again when I refinance?
It’s important to note that when you refinance your mortgage, you’ll typically have to pay closing costs again. These costs can range from 2% to 5% of your loan amount and are necessary to process your new mortgage refinance rate and loan terms. You’ll want to make sure you factor these costs into your financial calculations to ensure the potential savings are worth the cost.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee. Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-183
More refinance resources.
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