Is now a good time to buy a house in Las Vegas? Ask this mortgage adviser

With the Federal Reserve expected to deliver its first rate cut in nine months, likely 25 basis points, Las Vegas-area mortgage adviser Matt Hennessy explained that, although mortgage rates don’t move in lockstep with Fed decisions, they have been steadily trending lower in the second half of 2025.

“Mortgage rates are driven by longer-term bond yields like the 10-year Treasury, rather than directly by the fed funds rate,” he said. “Historically, if markets anticipate rate cuts or easing inflation, mortgage rates start trending lower before the Fed actually acts.”

Hennessy, a Las Vegas native, has etched out a career of more than 25 years as a certified mortgage and liability adviser with Benchmark Mortgage.

He spoke to the Review-Journal about mortgages, economic policy, interest rates and how he tries to bring clarity to homeowners in the valley during an uncertain time for the local housing market.

Q: Can you tell us a bit about your backstory, upbringing and how you got into the world of mortgages?

I was born and raised in Las Vegas, and my very first job was delivering newspapers for the Las Vegas Review-Journal. My father is a local tennis professional, so we grew up as a tennis family. I played for UNLV and graduated in 1997 with a degree in finance. While attending UNLV during the day, I worked nights as an entertainment manager for the MGM Grand Hotel. That experience taught me the importance of delivering a world-class level of customer service. I bought my first home at the age of 19, and the mortgage process left me with more questions than answers. That lack of financial literacy during such a major purchase stuck with me. Around that same time, I was chatting one evening with Jay Leno and his wife, Mavis. Jay saw one of my finance textbooks and joked, “So, when are you going to get a real job?” We all laughed, but looking back, that moment and the confusion I experienced in my first mortgage may have been the spark that led me into this industry.

Q: What is the biggest misconception or thing people don’t understand about mortgages and homeownership?

The biggest misconception is that the fastest path to financial security is to pay off your mortgage as quickly as possible. In reality, that often ties up your wealth in a place you can’t easily access and doesn’t earn a return. A mortgage is not just a debt, it’s a financial instrument. When used wisely, it can protect your liquidity, allow you to invest in potentially higher-return opportunities, and actually lower your risk over time. People often overlook that it’s not about how fast you pay your mortgage down, but how strategically you manage it alongside your other assets and liabilities.

Q: If I’m thinking of buying a house right now, what is the most important thing I should be focused on?

The most important focus should be: Does this purchase fit into your long- and short-term financial plan, not just today’s payment? While you can qualify for a loan, the right loan structured the right way makes the difference between being “house poor” and building lasting wealth. Think about how much cash you’ll have available after you close, how flexible the payment is, and how this mortgage will position you for the next five to 10 years. A home is both shelter and an investment. Don’t just buy the house but rather plan the mortgage as carefully as you plan the purchase.

Q: In a new age of elevated interest rates, what does this mean for consumers, and what advice would you have for the average Las Vegas resident right now?

Elevated interest rates mean two things for consumers: higher monthly payments and tighter affordability. But as a liability adviser, I encourage clients to look beyond just the rate itself and instead focus on how their debt is structured. For Las Vegas residents, my advice is threefold: think strategy, not just rate. Rates move in cycles, but the home you buy and the way you structure your mortgage can create lasting stability. Keep your cash flow flexible. In higher-rate environments, it’s more important than ever to avoid tying up all your money in home equity. Liquidity gives you options, whether it’s investing, handling emergencies, or refinancing when rates eventually shift. Don’t sit on the sidelines out of fear. Historically, housing in Las Vegas has proven to be a strong long-term investment, even through cycles of rising and falling rates. Waiting for the “perfect rate” often costs more in lost appreciation and rent payments than it saves.

Q: What would you say to people who think that homeownership is both not attainable for the average person anymore, and no longer a good investment?

I understand the frustration. Home prices and rates can make homeownership feel out of reach. Yet homeownership is still one of the most reliable long-term wealth builders. Even with ups and downs, housing has historically outpaced inflation and built generational wealth. The key shift is that people need to think differently: instead of seeing a house as a finish line, view it as a financial foundation. Renting means 100 percent of your payment is gone each month, while owning even with a mortgage gradually builds net worth. With the right liability strategy the mortgage can be structured to enhance your wealth, not drain it. Homeownership is still one of the most consistent ways families build wealth. Yes, affordability is challenging right now, but it has been at other times in history as well. Over the long run real estate has given families equity they can later use for retirement, education, or opportunities. Even starting small, the act of owning versus renting changes your financial trajectory. It may not feel easy, but it’s still one of the smartest investments most people will ever make.

Contact Patrick Blennerhassett at [email protected].

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