Compare mortgage rates and fees for leading lenders in Elko, NV. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Elko.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Elko. Plus, shopping lenders is free and there is no obligation.
October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Elko is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Elko, NV is $227,815
The median household income for Elko, NV is $78,507
Based on current mortgage rates and a 10% down payment, you need to make $42,267 per year to buy the median priced home in Elko
The home price you can afford to buy based on household income in Elko is 186% of the median home value which means housing prices are average
Elko ranks 9 out of 17 counties in Nevada and 1,863 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elko, NV is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elko below.
Conforming loan limits for Elko, NV
FHA loan limits for Elko, NV
VA loan limits for Elko, NV
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index