Mortgage rates drop below 6% for the first time since 2022
Conventional rates ended February at 5.98%. Homes under contract jumped almost 40% in a single month. Small moves in rate move this market faster than almost anything else.
Conventional rate
5.98%
Lowest since spring 2022
Homes under contract
2,240
Up 39.74% from January
Median days on market
32
Down from 39 in January
At the end of January, conventional mortgage rates were sitting around 6.11%. Through February they moved closer to 5.98%, with FHA and VA loans landing in the mid fives.
That does not sound like much. In real estate it is plenty. Everything below compares February 2026 to January 2026.
The same house, $275 a month apart
That is a $500,000 purchase with 3.5% down, comparing the average rate this time last year to where February closed. Principal and interest only — taxes, insurance and any HOA sit on top of both numbers equally.
If you are carrying a mortgage a full point or more above today's rate, a refinance may be worth running. It is not automatic. There are costs to refinancing and you reset the clock on your loan, so the numbers have to be run against your actual balance and how long you plan to stay.
Activity responded immediately
| January | February | Change | |
|---|---|---|---|
| Homes on the market | 5,771 | 5,781 | +0.17% |
| Homes under contract | 1,603 | 2,240 | +39.74% |
| Homes sold | 1,319 | 1,465 | +11.07% |
| Median list price | $475,000 | $485,000 | +2.11% |
| Median sale price | $470,000 | $478,000 | +1.70% |
| Median price per sq ft | $250.37 | $256.99 | +2.64% |
| Median days on market | 39 | 32 | −17.95% |
| Average days on market | 54 | 53 | −1.85% |
| Price reductions | 2,214 | 2,229 | +0.68% |
| Conventional rate, end of month | 6.11% | 5.98% | −2.13% |
The pending number is the one to watch. Homes under contract tell you what is happening right now; closings tell you what happened a month ago. February's 1,465 closings mostly went under contract in January. The 2,240 currently pending is a forecast, and it points to strong March numbers.
Inventory barely moved — 5,771 to 5,781. Every bit of the change came from demand, not supply.
Price reductions went flat, and that matters
Reductions held almost perfectly steady, 2,214 to 2,229. After January's 68% jump, flat is meaningful.
A lot of sellers who pulled listings over the holidays came back in with more realistic asking prices instead of listing high and cutting every two weeks. Median days on market falling from 39 to 32 is the same story from the other direction. Price it right at launch and the market responds.
Read the February report for where that correction started.
Fourteen offers on a half-finished renovation
We listed a home in the Silverado Ranch and St. Rose area in February. The seller had started a renovation and run out of time to finish it — the kitchen still needed work, the flooring was incomplete. A half-done project, priced accordingly.
Fourteen offers in the first week.
Buyers are hunting for value-add. Homes needing work are drawing more interest than finished ones, because that is where instant equity lives.
The logic is straightforward. Prices are high and rates, even at 5.98%, are not cheap by historical standards. A buyer who purchases below market, does the work, and chooses their own finishes ends up in a better equity position than one who paid full price for someone else's taste.
If your home has good bones, a good layout and a good location but needs updating, this market wants it — provided the price reflects the work required.
Summerlin snapped back hard
| Area | Median sale price | Change | Median DOM |
|---|---|---|---|
| Summerlin | $869,000 | +6.63% | 28 |
| Henderson | $731,500 | +4.50% | 40 |
| Northwest | $499,450 | −0.11% | 36 |
| Southwest | $500,000 | −1.96% | 49 |
| North Las Vegas | $435,500 | +2.47% | 19 |
Summerlin reversed completely. Last month it had the sharpest price drop in the valley and 50 days on market. In February the median sale price rose 6.63% and days on market fell to 28. That is the clearest evidence anywhere in this data that the rate move pulled buyers off the fence — the most rate-sensitive price tier moved first.
North Las Vegas hit 19 median days on market, the fastest anywhere in the valley and down from 29 in January. Affordability plus a lower rate is a powerful combination at that price point.
Southwest was the outlier. Days on market held flat at 49 and the median sale price slipped 1.96%, even as sales volume jumped 33%. More homes trading, at slightly softer prices.
Henderson posted a 4.50% price gain but price per square foot fell 6.50%, which usually means the mix shifted toward larger homes rather than every home appreciating.
What this does not change
A sub-6% rate brought buyers back. It did not create a frenzy. Inventory held steady at roughly 5,700 homes, price reductions kept happening at the same pace, and buyers stayed selective about what they were willing to pay for.
Distressed inventory remains minimal — 25 bank-owned listings, 41 short sales and 35 foreclosures commenced as of the end of February. Nothing there suggests stress in the market.
Sellers who withdrew in February had been on the market a median of 172 cumulative days first. Nearly six months. That number keeps climbing, and it is the cost of testing an unrealistic price.
Las Vegas market FAQ
What are mortgage rates in Las Vegas right now?
Conventional 30-year rates ended February 2026 at approximately 5.98%, down from 6.11% at the end of January. This was the first time rates fell below 6% since spring 2022. FHA and VA loans were pricing lower still, in the mid 5% range.
How much does a lower mortgage rate actually save per month?
On a $500,000 Las Vegas home with 3.5% down, the monthly principal and interest payment at 6.85% was about $3,162. At 5.98% it is about $2,887 — roughly $275 per month, or $3,300 a year. Taxes, insurance and HOA dues are additional and unaffected by the rate.
Should I refinance my Las Vegas mortgage?
It depends on your specific numbers. If your current rate is a full percentage point or more above today's, it is worth running the analysis. Refinancing carries closing costs and resets your loan term, so the monthly savings need to be weighed against those costs and how long you plan to stay in the home.
Are homes that need work selling in Las Vegas?
Yes, and often faster than move-in-ready homes. A partially renovated home listed in the Silverado Ranch area in February received 14 offers in its first week. Buyers are actively seeking value-add opportunities where they can build equity through renovation, provided the price reflects the work needed.
Did Summerlin home prices recover in February?
Yes. After falling 5.51% in January, the Summerlin median sale price rose 6.63% in February to $869,000, and median days on market dropped from 50 to 28. Summerlin responded most sharply to the sub-6% rate environment, which is typical for higher price tiers where financing costs weigh most heavily.
Talk through your own situation
Whether a rate move helps you depends on your price range, your down payment and your timeline. If you are weighing a purchase, a sale or a refinance, book a consultation and we will run your actual numbers.
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