Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Mortgage rates in New Mexico
Rates that fly a bit higher than the national average.
Mortgage Guides
Compare mortgage rates in your area
How To:
Loan Types
Term Length
New Mexico’s mortgage rates average 4.805% and are likely to remain around the 4% level throughout the year.
Compare mortgage lenders and brokers
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.How much do New Mexico rates vary?
In 2018, the average rates for a 30-year fixed mortgage in New Mexico ranged from 4.604% to 4.968%. One aspect that goes into establishing your rate is the type of loan program. For instance, government-backed loans typically come with lower rates and more borrower and property stipulations than conventional mortgages.
2018 average rates in New Mexico by loan type
Loan type15-year average rate30-year average rate
| Conventional | 4.404% | 4.968% |
| FHA | 4.455% | 4.867% |
| VA | 4.001% | 4.604% |
| USDA | N/A | 4.779% |
Based on data from ffiec.cfpb.gov.
Say you applied for a 30-year FHA loan for $175,000 at the 2018 average rate of 4.867%. This loan program might have a monthly payment of $930, excluding any fees or taxes specific to your loan. On the other hand, if you chose a conventional mortgage with the same amount and term at the 2018 average rate of 4.968%, you might have a monthly payment of around $940.
Even though the payment is only a $10 difference, you could save $3,870 over the life of the loan if you qualified for and accepted the FHA loan.
Which way are rates trending in New Mexico?
Rates in the Land of Enchantment are likely to float around the 4% mark in 2020.
Mortgage rates in New Mexico are typically a bit higher than the national average. 30-year fixed-rate loans have averaged 0.11% higher than the rest of the country since 2014. Greg Mcbride, Bankrate Chief Financial Analyst, expects rates to remain relatively stable at 4% in 2020. Nationwide US housing organizations predict rates to stay below 4% through 2020. New Mexico mortgage rates should come in just over these levels.
Compare mortgage rates throughout New Mexico
There are several metropolitan areas in New Mexico, each with slightly different mortgage rates and loan amounts. That means your monthly payment may be higher or lower depending on where the property is in New Mexico.
We looked through data from the Home Mortgage Disclosure Act to estimate the monthly cost of a 30-year fixed mortgage in various metropolitan areas in New Mexico. These projections do not include any taxes or fees specific to your mortgage.
Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
| Albuquerque MSA (Bernalillo, Sandoval, Torrance, Valencia Counties) | 4.901% | $175,000 | $930 |
| Farmington | 4.971% | $165,000 | $880 |
| Las Cruces | 4.793% | $175,000 | $920 |
| Santa Fe | 4.799% | $275,000 | $1,440 |
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in New Mexico
A few tips to help you get a better rate on your home loan:
- Compare loan types. Loan programs come with different rates and eligibility criteria. Find out what loan programs and interest rates you qualify for, then carefully weigh your options.
- Take charge of your credit. Pay off as much debt as you can to increase your credit score before you apply for a loan. Doing this can make you a more attractive borrower to prospective lenders.
- Research closing costs. Closing costs in New Mexico are typically between 0.97% and 1.45% of the final purchase price. Lenders might offer lower interest rates but jack up the closing costs for your mortgage. Include closing costs in your lender research to fully understand the cost of your loan.
Historical mortgage interest rates in New Mexico
Bottom line
Mortgage rates in The Land of Enchantment are slightly higher than the national average. You can expect New Mexico mortgage rates to hover above the 4% mark in 2020. Comparing loans and lenders can help you find the right lender and the most competitive rates.
More guides on Finder
-
Does a car loan affect your mortgage application?
Find out how to increase your borrowing power and get approved for a mortgage even if you have a car loan.
-
Rising Bank High Yield Savings Account review
Rising Bank offers competitive interest rates on it’s savings accounts— 7 times higher than the national average. But it’s not compounded.
-
Startup business lines of credit
A business line of credit is a useful tool. But as a startup, you may not qualify for the best interest rates with most lenders. Explore your options — and alternatives — for flexible funding as a new business.
-
Best and worst states for women in the US
How states compare on employment, earnings, poverty, education, health and wellbeing.
-
Black unemployment rates by state
Finder analyzes which states have the highest and lowest rates of employment for Black and African Americans.
-
How to get life insurance after a DUI or driving offense
A poor driving record may result in higher rates on your life insurance, with some insurers turning you away altogether.
-
How President Biden’s administration can affect mortgage rates
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
-
Is the low-rate mortgage window closing?
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
-
Electric vehicles in 2021: How new models, insurance rates and tax breaks affect their cost to own
See average EV insurance rates for 2021 based on Finder’s car model research, plus new models on the horizon.
-
How to get rid of Private Mortgage Insurance (PMI)
Smart strategies that homeowners can use to get rid of Private Mortgage Insurance (PMI).
Ask an Expert
