Mortgage rates have dropped again this week for Las Vegas Real Estate and across the rest of the USA. Home mortgage rates fell for the third time in four weeks, with the 30-year fixed slipping to 5.59% from 5.7% the prior week, according to a report released on Friday.  The average 15-year mortgage rate also fell, dropping to 4.93% from 5.07%, according to the weekly national survey from Bankrate.com.

Mortgage Rates Declining Again for Las Vegas

Current rates remain much lower than last year’s levels, when the average 30-year fixed mortgage rate was 6.48%, according to Bankrate.com. At the current rate of 5.59%, the monthly payment on a $200,000 mortgage would be $1,146.51, or about $114 less than the monthly payment at last year’s rate of 6.48%.

ARMs were mixed, the report said, with the average 1-year ARM ticking up to 5.18% from 5.17% and the 5-year ARM falling to 5.05% from 5.17%.

Las Vegas Real Estate Affordability

When you couple these dropping mortgage rates for Las Vegas Real Estate with our levels of affordability, it is starting to heat up our market again, with investors and homeowners coming back into the market. We are not returning by any means to the hyper inflated market we’ve seen for much of the last 6-8 years but one that we believe will grow again at a healthy rate.

Filed under: Las Vegas Market