Compare mortgage rates and fees for leading lenders in Reno, 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 Reno.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Reno. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Reno 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 Reno, NV (Washoe County) is $386,179
The median household income for Reno, NV (Washoe County) is $60,386
Based on current mortgage rates and a 10% down payment, you need to make $71,648 per year to buy the median priced home in Reno
The home price you can afford to buy based on household income in Reno is 84% of the median home value which means housing prices are expensive
Reno (Washoe County) ranks 17 out of 17 counties in Nevada and 3,077 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Reno, NV is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Reno (Washoe County) below.
Conforming loan limits for Reno, NV
FHA loan limits for Reno, NV
VA loan limits for Reno, 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