Compare Current Elko, Nevada Mortgage Rates

Compare Elko, NV mortgage rates and fees from top lenders. 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 lowest 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.

Elko, NV Mortgage Rates as of May 25, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Elko, NV Mortgage Rates

May 25, 2024

Current mortgage rates in Elko, NV are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Elko, NV Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Elko, Nevada?

Below we provide helpful information on the real estate market, home prices and housing affordability in Elko. Understand how much you need to earn to afford a home in Elko, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Elko fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Elko is right for you.

The median home value for Elko, NV is $263,277

Based on current mortgage rates and a 10% down payment, you need to make $54,924 per year to buy the median priced home in Elko

With this income, you could qualify for a $236,949 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Elko is $1,272

The median household income for Elko, NV is $83,666

Based on this income, you can afford a home valued at approximately $401,052

The home price you can afford to buy based on household income in Elko is 152% of the median home value which means housing prices are average. Elko ranks 8 out of 17 counties in Nevada and 1,814 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


Loan Limits for Elko, Nevada

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

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Elko, NV

1 unit: $472,030
2 units: $604,400
3 units: $730,525
4 units: $907,900

VA loan limits for Elko, NV

1 unit: $726,200

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