Current Mortgage Rates and Condo Prices in Las Vegas

Current mortgage rates in Las Vegas and across the county are so right now. Rates are lower than they have been in a very long time. Current conforming 30 year rates can be found as low as 4.50percent with two mortgage points for a loan on a condo in Las Vegas. Current jumbo mortgage rates are a little higher than conforming rates. Today’s 30 year jumbo mortgage rates can be found around 5.25 percent for a condo loan.

Interest rates have come down considerably since the real estate bubble brust three years ago. Back in 2008 mortgage rates and refinance rates on 30 year conforming mortgages were around 7.00 percent. Jumbo mortgage loan rates and jumbo refinance rates were around 8.00 percent.

The glut of home building and high rise condo building in Las Vegas during the boom has caused prices to collapse. Single family home prices have declined more than 50 percent since the peak of prices back in 2007/2008. Condo prices have declined even more than single family home prices and will take longer to recover.

Will we ever see the peak prices of a few years ago? Yes, eventually, but it will probably be 15 to 20 years before we get back to the high prices of the boom years.

Should I buy a home or condo in Las Vegas now? Yes, if want to buy a home or condo now is the time. There are so many short sales and foreclosures on the market driving all home prices down. Even if you don’t want to hasle with a short sale or foreclosures you can get a really good deal right now.

Another reason to buy or refinance now is mortgage rates are so low making homes cheaper and more affordable. Yes, mortgage rates currently are low but interest rates will be going up the next couple of years. Both mortgage rates and home/condo prices will be going higher so now is the time to act.