The Federal Reserve held its rate at 3.50 to 3.75 percent on July 29, but the vote was 9 to 3, and all three no votes wanted to raise rates, not cut them. It was the first time since 2016 that three members pushed the same direction. The market is now pricing a September hike, not a cut. Read the Special Feature for what that means for you.
Rates climbed again last week. Four weeks in a row.
The 30-year fixed averaged 6.66 percent for the week ending July 30, up from 6.58 percent the week before. That is the fourth straight weekly increase. Daily lender pricing was already running higher.
Source: Freddie Mac Primary Mortgage Market Survey, week ending July 30, 2026. A year ago the 30-year averaged 6.72%. Daily lender pricing (Mortgage News Daily) sat at 6.77% on July 30, near a one-year high.
The latest national numbers
The most recent existing-home sales report still shows a record median price and more homes on the market than a year ago. The next update lands August 11.
Source: National Association of Realtors Existing-Home Sales, June 2026 (released July 9, 2026). Next release August 11, 2026.
Source: Las Vegas REALTORS, June 2026 report. Prices are holding at record highs while inventory rises, giving Southern Nevada buyers more room than a year ago.
Source: Northern Nevada Regional MLS, June 2026. Northern Nevada is a very different market than Las Vegas: prices are climbing, supply is under two months, and well-priced homes sell in about two weeks.
Vet Corner
Purple Heart Day is August 7
On August 7, 1782, George Washington created the Badge of Military Merit, the award we now call the Purple Heart. It is the oldest military honor still given today, and it goes to those wounded or killed in service.
The VA home loan runs on the same principle. It is not a giveaway. It is a benefit earned through service, and it is one of the strongest loan options in Nevada: no down payment required, no monthly mortgage insurance, and competitive rates.
If you served, or you love someone who did, this is a good week to use what was earned. Ask me what your VA benefit looks like in today's market.
Buyer Tip
Know which Nevada you are buying in
Nevada is not one market right now. In Las Vegas, inventory is rising and record prices are holding, so a prepared buyer has room to ask for concessions or a rate buydown.
In Reno, Sparks, and around Tahoe, supply is under two months and homes sell in about two weeks. There you win by being fully pre-approved and ready to move the day the right home lists.
Either way, the move is the same first step: a full pre-approval, so you know your real budget and your real payment before you make an offer.
Four things worth knowing
- 1The Fed held, but three members voted to hikeOn July 29 the Fed kept its rate at 3.50 to 3.75 percent for the fifth straight meeting. The vote was 9 to 3, and all three dissenters, the presidents of the Cleveland, Minneapolis, and Dallas Fed banks, wanted to raise rates by a quarter point. It was the first time since 2016 that three members dissented in the same direction. No one voted to cut.
- 2The market now expects a hike in SeptemberAfter the meeting, futures pricing tracked by CME FedWatch put the odds of a quarter-point September hike near 72 percent, with the odds of a cut close to zero. By this week some readings pushed those odds above 80 percent. The next Fed move is priced as up, not down.
- 3The economy cooled and inflation eased, but not enoughSecond-quarter growth slowed to a 1.5 percent annual pace, down from 2.1 percent. Core PCE, the Fed's preferred inflation gauge, eased to 3.3 percent. That is progress, but it is still well above the 2 percent target, which is why the committee is leaning toward higher rates, not lower ones.
- 4Mortgage rates hit a one-year highThe 30-year survey rate rose to 6.66 percent, its fourth straight weekly gain, while daily pricing reached 6.77 percent, its highest in about a year. The 10-year Treasury, which mortgage rates track, climbed to about 4.67 percent. The move up happened even though the Fed did not hike.
Las Vegas Valley to Reno-Tahoe
Event dates per host listings and Visit Reno Tahoe. Confirm details before you go.
The Fed didn't cut. It debated hiking. Here is what waiting costs in Nevada.
On July 29 the Federal Open Market Committee voted 9 to 3 to hold the federal funds rate at 3.50 to 3.75 percent. Read that vote again. The three no votes did not want a cut. They wanted a hike. Chair Kevin Warsh, in only his second meeting, has called inflation a choice and told Congress the Fed has no tolerance for it staying high. This is not a committee getting ready to lower your rate.
So why are so many Nevada buyers still waiting for one? Because the story from last year, that cuts were coming, has not caught up to this year, where the market now prices a September hike at better than 7-in-10 odds. Waiting used to be a bet on relief. Today it is a bet against the whole market, and in this state, you know how betting against the house tends to go.
A hike at the Fed does not add a quarter point to your mortgage the next morning. But it tells you which way the wind is blowing, and the wind is not at your back.
Here is the part that trips people up. The Fed funds rate is not your mortgage rate. Your mortgage rate tracks the 10-year Treasury and the bond market, which move ahead of the Fed. A lot of that expected September hike is already baked into today's pricing. That is why rates climbed to a one-year high last week even though the Fed did not move. The market already voted.
So look at the math on a Nevada loan. This is what each quarter-point costs on a 450,000 dollar loan, 30-year fixed, principal and interest only. These are examples, not quotes.
| Rate | Monthly payment | Cost of waiting |
|---|---|---|
| 6.75% | $2,919 | baseline |
| 7.00% | $2,994 | +$75/mo (about $900/yr) |
| 7.25% | $3,070 | +$151/mo (about $1,800/yr) |
Now flip it. Here is what a fixed 2,900 dollar monthly budget buys as the rate climbs.
| Rate | What $2,900/mo buys | Lost buying power |
|---|---|---|
| 6.75% | $447,100 loan | baseline |
| 7.00% | $435,900 loan | -$11,200 |
| 7.25% | $425,100 loan | -$22,000 |
Every quarter-point higher costs about 75 dollars a month on a typical Nevada loan, or roughly 11,000 dollars in buying power on the same payment. In Reno that matters because homes sell in two weeks. In Las Vegas it matters because you finally have room to negotiate. The next Fed meeting is September 16. Do not watch the calendar. Watch the bond market, and watch what waiting costs you.
You are not just getting a loan. You are getting a team.
A mortgage is one piece of the move. Over the years I have built a network of pros I trust and refer clients to across Nevada, so you are never guessing who to call next.
Your market, your numbers
Las Vegas and Reno are two different markets, and averages are a starting line, not your answer. Tell me where you are looking and I will pull the real numbers for you.
Find my marketNeed a great agent in your corner?
Buying or selling works better with the right people around you. I work with vetted real estate pros across Nevada, in both the Las Vegas Valley and the Reno-Tahoe region. Ask me for an introduction and I will connect you with someone I trust.
Ask for an introduction
In a state built on odds, here is one worth knowing. The market now puts better than 7-in-10 odds on the Fed raising rates in September, and close to zero on a cut. If you have been waiting for a rate cut to buy, you are betting against the house, and you know how that usually ends.
Here is what I want you to hear from me, not from a headline. Waiting is not free. On a typical 450,000 dollar loan, every quarter-point costs about 75 dollars a month, or roughly 11,000 dollars in buying power. That cost is real today, and it does not care what the Fed does next.
Nevada is really two markets right now. Vegas is giving buyers room. Reno and Tahoe are moving fast. Whichever one you are in, the winning move is the same: know your real numbers before you need them.
If you have been on the fence, let's run yours. Your loan amount, your city, your situation. No pressure and no sales pitch. Just the real math so you can make the call with clear eyes.
Ready when you are
Book a quick call or start your application online. Both take just a few minutes.
Book a call Apply online