Current 30-year fixed mortgage refinance rates are averaging: 7.31%
The current average rate for a 15-year fixed mortgage refinance is: 6.76%
See whether refinancing makes sense for you using our mortgage refinance calculator.The current mortgage rates forecast is for rates to remain relatively high compared to where they sat before the pandemic. However, rates have dropped since the summer of 2023, when they climbed into the 7% range, and are expected to continue to drop as the year progresses. LendingTree’s senior economist Jacob Channel wouldn’t be surprised to see rates near or even below 6% in 2024, but doesn’t expect them to reach that milestone until the second half of the year.
There are many factors determining mortgage rates that are out of your control, but don’t let that discourage you — a targeted effort to change the factors that are within your control can have a big effect.
Here are a few steps you can take to get the best mortgage rate possible:
When should I lock in my mortgage rate?Once you’ve found a house you love and been approved for a mortgage, you should request a mortgage rate lock from your lender. This ensures that the interest rate presented in your loan estimate will still be there waiting when you make it to the closing table.
The Nevada Housing Division (NHD) offers several programs for first-time homebuyers, and a special program for teachers who work in Nevada’s public schools.
People who have never owned a home
People who haven’t owned real estate in the last three years
This program gives first-time homebuyers access to up to 4% of their first mortgage amount in down payment assistance. The funds can also be used to cover closing costs, and must be repaid in monthly installments over a 30-year term.
Borrowers must:
Be a first-time homebuyer
Have at least a 640 credit score
Earn within the program’s income limits for your county and household size
Purchase a home within the program’s price limits for your county
Take a homebuyer education course
Use a participating lender
First-time homebuyers across the state of Nevada may qualify for a 30-year fixed-rate mortgage and an additional $15,000 to help boost their down payment (these funds can’t be used for closing costs). The additional money is forgivable, which means you won’t have to repay it as long as you stay in the home for at least three years.
Borrowers must:
Be a first-time homebuyer
Have lived in Nevada for at least six months
Have a minimum 640 credit score (680 for manufactured homes)
Earn within the program’s income limits, which range from $45,180 for a one-person household to $158,160 for an eight-person household*
Buy a home for $570,000 or less
Complete a homebuyer education course
*These limits apply to FHA, VA and USDA loans. Conventional loans may come with additional income requirements.
Public school teachers in Nevada — even those who aren’t first-time homebuyers — can access a special version of the Home Is Possible program. Qualifying teachers can get both a purchase mortgage with a below-market interest rate, as well as $7,500 in funds to help cover their closing costs or down payment.
Borrowers must:
Be a full-time K-12 teacher in a Nevada public school
Earn no more than $140,000 per year
Purchase a home for $766,550 or less
Not own another property by the time they close on a home through the program
Complete a homebuyer education course
→ Nevada conventional loans. Conventional loans are a very traditional and popular choice, but you’ll have to meet their somewhat stringent minimum requirements — including a minimum 620 credit score.
→ Nevada FHA loans. FHA loans can be easier to access, since FHA loan requirements are more flexible and only require a minimum 500 credit score. In order to qualify with a score that low, you’ll need at least a 10% down payment, but borrowers with at least a 580 score can put down as little as 3.5%.
→ Nevada VA loans. VA loan requirements are designed to be forgiving, and the VA doesn’t set a minimum credit score (many lenders, however, may enforce a 620 credit score cutoff). Qualified military borrowers with full VA entitlement can access zero-down loans and avoid having to pay for mortgage insurance.
→ Nevada streamline refinances offer a fast and easy option for borrowers who want to refinance with less hassle. FHA streamline refinance loans and VA interest rate reduction refinance loan (IRRRLs) are currently the only “streamline” options, and to qualify you must refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan.
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