Interest Rate
6.545%
APR*
6.643%
Average home price
$203.675

If you’re ready to buy a home in New Mexico, it’s time to start looking for the best mortgage rate possible. Your credit score, the size of your down payment, your debt-to-income ratio, and your level of income will all factor into your mortgage rate.

Help yourself secure the best mortgage in New Mexico by checking your credit before you apply for a home loan. After that, you can get all of your documentation in order so that you can get preapproved by a reputable mortgage lender.

Here’s a quick look at current New Mexico mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.545% 6.643% +0.21%
Conventional 20 year fixed 6.025% 6.117% Unchanged
Conventional 15 year fixed 5.553% 5.764% +0.03%
Conventional 10 year fixed 5.583% 5.756% Unchanged
Conventional 5 year ARM 5.822% 5.56% +0.25%
FHA 30 year fixed 5.667% 6.52% +0.43%
VA 30 year fixed 5.989% 6.286% Unchanged
VA 15 year fixed 5.25% 5.905% +0.89%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in New Mexico

Ready to find your dream home under the blue skies of the Land of Enchantment? Here’s what you need to know:

New Mexico currently boasts a total population of just over 2 million people, and nearly half of them live in one of the state’s six largest cities:

  • Albuquerque
  • Las Cruces
  • Rio Rancho
  • Santa Fe (state capital)
  • Roswell
  • Farmington

Next, find out how much home you can afford. New Mexico ranks 25th in US homes for sale at average price, and 30th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.

First-time Homebuyers

The state’s housing finance agency, the New Mexico Mortgage Finance Authority (known as MFA) helped nearly 2,900 families with first-time homebuyer loan programs in 2020. The most popular program is the MFA FIRSTHome loan, which can mean an extremely low down payment and closing costs.

Requirements for the MFA FIRSTHome loan include:

  • 620 minimum credit score.
  • At least $500 of your own money must be used to pay for the property.
  • Must complete pre-purchase homeowner counseling.
  • Household income limit: $91,000 statewide.
  • Purchase price limit: $340,000 (may vary based on location).

Refinancing in New Mexico

Taking advantage of favorable New Mexico mortgage rates and refinancing your home in New Mexico could be as easy as:

  • Refinancing for a lower interest rate
  • Refinancing for a longer term
  • Refinancing to cash-out equity
  • Refinancing to remove a private mortgage insurance (PMI) requirement

You may be able to get qualified for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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