07 January 2014
President’s Letter: Mortgage Interest Rates and You

Letter from Dallas Haun:

Despite rising home prices and mortgage rates, 2014 is a great time to buy a home in Nevada.  If you’re in the market for a home, or looking to refinance, don’t put it off.  Nevada State Bank is committed to offering mortgage solutions that can help you with all your home financing needs.

Mortgage interest rates for a 30-year fixed-rate mortgage have risen steadily after reaching a monthly low of 3.35% in December of 2012,1  and this trend seems likely to continue for the foreseeable future. Rising mortgage rates are a good sign because they signal that the economy and the housing market are finally starting to rebound.  Here at Nevada State Bank, we’re excited to see these welcome signs of economic recovery.

Nevada homebuilders are starting to pull more permits to build houses. According to Applied Analysis, permits for the 12 months ending in October 2013 were up almost 31% compared to the same period last year.2  Home prices in Nevada are also increasing rapidly, up more than 25% in Q3 2013 compared to Q3 2012.2 Building more homes is good news for the construction industry, which was so hard hit in the recession. Not only will demand for construction-related materials and services increase, but workers in homebuilding and related fields will be able to find employment, which will have a ripple effect on the entire Nevada economy.  

Rising rates usually mean higher monthly mortgage payments.  For example, an increase from 4.5% to 5.0% on a $200,000 30-year fixed mortgage would mean an increase of about $60.00 a month, adding an additional $22,000 over the life of the loan.3  Coupled with rising home prices, this is a good reason to buy a home now instead of waiting. Nevada State Bank offers a variety of mortgage types and terms, including down payment assistance to first-time homebuyers through the WISH program. 

We have staffed up our mortgage lending department to deal with the increased demand for mortgages, adding additional people and resources to better serve our clients in this changing market.  Senior vice president Mike Gould, who has managed mortgage groups for 13 years, heads up an experienced and responsive team focused not only on results, but also on providing exceptional service.   

I’d like to personally invite you to talk to one of our mortgage loan officers as soon as possible to find out your options, and choose a mortgage package that works for your individual situation. We’d love to help you achieve your dream of becoming a homeowner.





Click here to visit our mortgage page for more information.


  1. Click here for current mortgage rates at Nevada State Bank.
  2. Click here for Economic Briefing from Applied Analysis.
  3. Click here for a mortgage calculator. Example does not include taxes and insurance premiums; actual payment obligation will be greater


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