Today's Mortgage Rates in New Mexico

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Updated: July 24, 2024

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Today's 30-year mortgage rate in New Mexico sits at 6.72%, slightly below the national average of 6.90% for the same type of mortgage. In New Mexico, homebuyers can access programs such as FirstHome and FirstDown, which may help in lowering the costs of a mortgage.

We'll help you explore the average 30-year mortgage rates in New Mexico, ensuring you have a comprehensive grasp of various loan options and how different credit scores can affect your rates. Gaining insight into the structure of mortgage rates and acquainting yourself with the lending institutions will help you make well-informed decisions regarding home financing.

MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for New Mexico. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in New Mexico

In New Mexico, the average APR for a 30-year fixed mortgage is 6.72% as of July 2024, slightly up from 6.61% the previous month. This movement may seem small, but it can influence the total cost of your loan.

Considering a $250,000 loan with a 20% down payment, a rate increase of just 0.11% translates to an additional $5,247 in interest over the loan term, not including property taxes or HOA fees. Our line chart shows how the current mortgage rate has adjusted in recent months.

Current Mortgage Rates in New Mexico (Jan to May)

Understanding the current mortgage rate in New Mexico can help you budget and plan effectively for a future home purchase. Daily changes in rates are driven by economic data releases and central bank actions.

Who Needs to Know Current Mortgage Rates in New Mexico?

Understanding today's mortgage interest rates in New Mexico is beneficial for both first-time homebuyers and existing homeowners looking to refinance, with the housing market dynamics in mind:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in New Mexico can benefit by comparing current mortgage rates to gauge what they might be offered.

    homeowner icon

    Homeowners with mortgages

    New Mexico homeowners can use knowledge of current rates to decide on a mortgage refinance when rates drop.

Purchase rates and refinance rates can impact your mortgage differently. If you're looking at the current mortgage rate in New Mexico for a 30-year fixed mortgage, you'll see an average APR of 6.72% for new home purchases — refinancing comes in at a higher 7.89%.

Current Mortgage Rates in New Mexico by Loan Type

A 30-year fixed-rate mortgage in New Mexico usually has a higher interest rate than a 15-year fixed-rate mortgage. Lenders charge more for longer loans since they're taking a chance on interest rates changing and possible defaults over 30 years compared to 15.

When you dive into the mortgage loan types in New Mexico, you'll see a range of rates. To see what your monthly payments might look like, plug your loan details into a mortgage calculator — this tool can give you a close estimate of your potential costs.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.72%APR5.90%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage represents the annual cost to you for borrowing money. In New Mexico, the average mortgage interest rate for a 30-year fixed mortgage is 6.65%.

APR or annual percentage rate captures the mortgage interest rate and any mortgage points or other charges associated with your loan. The average APR for a 30-year fixed rate mortgage in New Mexico stands at 6.72%, providing a broader picture of your yearly expenses.

Current Mortgage Rates in New Mexico by Credit Score

In New Mexico, if your credit score is 740 or higher and you're putting down 5% to 20%, you can expect an average APR of 7.06% for a 30-year fixed-rate mortgage. On the other side, with a credit score below 680, the average APR rises to 8.18%.

Your credit score directly affects the mortgage rates you might qualify for in New Mexico. Check out the interactive table to see how different credit scores and down payments can influence your rate options:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR6.33%
15-year FixedAPR6.23%
20-year FixedAPR6.91%
30-year FixedAPR7.14%
5-year ARMAPR7.80%
7-year ARMAPR7.63%

Mortgage Types in New Mexico

In July 2024, 30-Year Fixed Rate VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.53% in New Mexico. Knowing the different mortgage rates helps you make better choices for your financial future. Here's a straightforward look at the various mortgage loan types available in New Mexico.

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in New Mexico

Conventional Loans

A conventional loan is not insured by government agencies and is available in New Mexico.

Credit score and down payment size can influence the rates offered for conventional loans.

6.72%

FHA Loans

An FHA loan is a government-backed mortgage designed for lower credit scores in New Mexico.

FHA loans typically have lower eligibility requirements, which can translate to higher rates.

7.17%

VA Loans

A VA loan is a mortgage for veterans and military members in New Mexico, backed by the VA.

VA loans offer competitive rates due to government backing and no down payment requirement.

6.53%

USDA Loans

A USDA loan is a zero-down payment mortgage for rural and suburban homeowners in New Mexico.

USDA loans offer low rates for eligible rural and suburban homebuyers due to government support.

currently unavailable

Jumbo Loans

A jumbo loan exceeds conforming loan limits set by FHFA in New Mexico.

Jumbo loans often have higher rates due to the larger loan amounts and increased risk.

6.89%

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MORTGAGE RATE STRUCTURES IN NEW MEXICO

Mortgage rates in New Mexico come in two types: fixed and adjustable.

  • A fixed mortgage rate offers stability, keeping your monthly mortgage payments the same over the loan's duration. You'll benefit from predictable budgeting.
  • An adjustable mortgage rate can start with lower rates, potentially reducing your initial monthly mortgage payments before adjusting to the market.

As of July 2024, the rate in New Mexico averages 6.72% for a 30-year fixed mortgage and 7.56% for a 7-year adjustable rate mortgage.

Mortgage Lenders in New Mexico

U.S. Bank, New American, and Better stand out as solid options for you if you're looking to secure a mortgage in New Mexico. They're not only available in your state but also have the backing of the Better Business Bureau and offer homeowner assistance programs. Remember, this list isn't exhaustive, and there are more lenders in New Mexico to consider.

The mortgage rate you receive in New Mexico can differ depending on the lender you choose. Lenders have various mortgage products with distinct loan terms, influencing the rate you end up with. By comparing rates from multiple lenders in New Mexico, you can make sure you find the best possible deal to suit your needs.


  • U.S. Bank
    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank offers a range of mortgage products for New Mexico borrowers. Prospective homeowners can pick from conventional, FHA, VA, jumbo loans, investment property loans and construction loans. The minimum credit score requirements for these products are 660 for ARM and jumbo loans and 640 for FHA loans.

    Down payments can be as low as 3% for conventional loans and 3.5% for FHA loans. Meanwhile, VA loans offer no down payment options. With such a broad range of offerings, finding a suitable mortgage can be simpler.

    U.S. Bank offers extended customer service hours, from 7 a.m. to 8 p.m. CT on weekdays and 8 a.m. to 2 p.m. CT on Saturdays. Support channels include video chats, phone conversations and in-person meetings. U.S. Bank is the top HELOC lender for bad credit in most states. Additionally, it provides homeowners assistance programs that include forbearance, repayment plans, loan modification and payment deferral.

    Pros

    • Prequalification available online
    • Unique loans like investment or construction
    • Mortgage calculator with amortization details

    Cons

    • BBB rating not available
    • Limited branch availability in 27 states
    U.S. Bank

  • Better
    • 4Number of Mortgage Options
    • YesOnline Application
    • B+BBB Rating
    • Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours

    Better is known for its digital efficiency and array of mortgage products in New Mexico. You can access its services exclusively online. It offers fixed-rate, adjustable-rate and FHA loans.. A minimum credit score of 700 is expected for jumbo loan applicants. Conventional loan seekers can start with scores as low as 620, and if an FHA loan seems a fit, you can apply with a score of 580.

    Better customer service is available from 8 a.m. to 9 p.m. ET on weekdays and weekends. The lender is also connected to the Better Real Estate Discount, an assistance program that supports homeownership.

    Pros

    • Loan officers not incentivized by commission
    • Provides fast loan commitment letters
    • Open customer support on Sundays

    Cons

    • No VA or USDA mortgages offered
    • Operates only online, no branches
    • BBB rating at B+ only
    Better

  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    New American is a mortgage lender available to borrowers in New Mexico, offering a wide range of mortgage options. You can choose from conventional loans with as little as 3% down or FHA loans, which might require you to put down between 3.5% to 10%. The minimum credit score to qualify for an FHA loan is 580, and for a jumbo loan, you'll need at least 680. It offers good customer service, with hours extending from 8 a.m. to 9 p.m. CT during the week and availability on Saturdays from 10 a.m. to 2 p.m. CT.

    This lender has loan assistance solutions. Contact options include both phone and email, ensuring that help is readily available. Plus, with a strong BBB rating, it stands out as a reliable choice for securing a mortgage in New Mexico.

    Pros

    • Extensive mortgage options
    • Downloadable management app
    • 14-day close guarantee on purchases

    Cons

    • Online prequalification is not offered
    • Missing branches in 11 states
    New American

Mortgage Programs in New Mexico

Owning a home brings hidden costs beyond the monthly mortgage. In New Mexico, you can get help from the New Mexico Mortgage Finance Authority (MFA) — they offer different mortgage programs.

Program
Description

FirstHome and FirstDown

New Mexico’s FirstHome caters to modest-income first-time buyers, with mortgages at competitive rates. Eligible if you haven't owned in three years, pair it with FirstDown for down payment and closing cost help. Meet county-specific income, price limits. Credit score of 620 or no-credit options available. Must occupy within 60 days and complete homebuyer education.

FirstDownPlus

FirstDownPlus offers additional down payment assistance as a third mortgage DPA loan with no monthly payments, offering $15,000 at a 0% interest rate, forgiven after 10 years of residency. Available in conjunction with FirstHome. DPA capped at $35,000.

HomeNow

Designed for lower-income, first-time or eligible returning buyers, HomeNow provides a forgivable second mortgage. Single-family homes statewide qualify, occupancy required within 60 days, with homebuyer counseling. Forgivable if the property remains the primary residence for a decade without sale, refinancing or vacancy.

HomeForward

HomeForward is for homebuyers struggling with down payments. It offers a mortgage and down payment aid of 3% of the house's price. Requires occupancy within 60 days, a 620 credit score or alternative qualifications. Homebuyer counseling is mandatory, assisting buyers in navigating New Mexico's mortgage landscape.

FAQ: Mortgage Rates in New Mexico

Understanding today's mortgage rates in New Mexico can raise many questions for prospective homebuyers. We've addressed the most commonly asked questions borrowers have, helping you make informed decisions as you secure a mortgage.

What are the current mortgage rates in New Mexico?
How do mortgage rates in New Mexico compare to national rates?
How does my credit score impact the mortgage rates I get in New Mexico?
Are there any special mortgage programs in New Mexico to help homebuyers?
How can I get the best possible mortgage rate in New Mexico?
What are today's mortgage refinance rates in New Mexico?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

sources
  • New Mexico Mortgage Finance Authority (MFA). "FirstHome and FirstDown." Accessed July 13, 2024.
  • New Mexico Mortgage Finance Authority (MFA). "FirstDownPlus." Accessed July 13, 2024.
  • New Mexico Mortgage Finance Authority (MFA). "HomeNow." Accessed July 13, 2024.
  • New Mexico Mortgage Finance Authority (MFA). "HomeForward." Accessed July 13, 2024.
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