Today’s Refinance Rates in New Mexico
Updated: January 18, 2024
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Current Refinance Rates in New Mexico
We gathered refinance rates from across the state to aid you in choosing the optimum loan type for your requirements. MoneyGeek provides the current refinance interest rates for New Mexico in the table below.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in New Mexico?
The current refinance rates in New Mexico lean toward lower figures than the national averages. Specifically, the fixed-rate mortgage (FRM) rates for 15-year and 30-year periods are 4.29% and 4.96%, respectively — lower than the national average rates of 4.92% and 5.81% for similar loan types. The 5/1 adjustable-rate mortgage (ARM), on the other hand, is higher in New Mexico compared to the national average, at 4.53% versus 4.41%.
It's crucial to understand that a "good" rate relates to a range of personal factors, including the size of your loan, your credit score and your income.
Always compare quotes from several lenders to get the best offer for your circumstances. Once you find a strong refinancing rate in New Mexico, keep in mind that they are still subject to quick changes.
Estimate Your New Monthly Mortgage Payment
Estimate your new monthly payment with the MoneyGeek mortgage calculator below. Use the average rates for New Mexico and enter your mortgage details, but remember that interest rates change daily and depend on individual criteria like credit score, mortgage length, loan size and debt-to-income ratio.
Frequently Asked Questions About Refinance Rates in New Mexico
We addressed some of the most frequently asked questions related to mortgage refinancing in New Mexico for you to make a more educated choice about the subject.
A "good" refinance rate depends on your circumstances and the state of the market. Good rates offer significant savings to justify refinancing.
A rate is bad when the advantages of refinancing are not met, especially when you have to pay a higher rate. Use the rates provided in the article and your initial rates to gauge if a figure is not desirable.
The average refinancing rate in Mexico is 4.96%. It might not be a good rate if it is higher than that.
You are on par with the average rate for a 15-year fixed-rate mortgage loan in New Mexico, with a rate of 4.29%. Therefore, similar or cheaper rates are usually good.
The average interest rate for a 5/1 adjustable-rate mortgage in New Mexico is 4.53%. This figure offers a good starting place when comparing rates.
sources
- Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 13, 2022.