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.
July 3, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Reno. Understand how much you need to earn to afford a home in Reno, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Reno 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 Reno is right for you.
The median home value for Reno, NV (Washoe County) is $413,212
Based on current mortgage rates and a 10% down payment, you need to make $74,367 per year to buy the median priced home in Reno
With this income, you could qualify for a $371,891 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 Reno is $1,722
The median household income for Reno, NV (Washoe County) is $61,797
Based on this income, you can afford a home valued at approximately $343,364
The home price you can afford to buy based on household income in Reno is 83% of the median home value which means housing prices are expensive. Reno (Washoe County) ranks 17 out of 17 counties in Nevada and 3,075 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