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Mortgage rates in New Mexico

Rates that fly a bit higher than the national average.


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Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

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New Mexico’s mortgage rates average 4.805% and are likely to remain around the 4% level throughout the year.

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

Based on data from

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.

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
Las Cruces4.793%$175,000$920
Santa Fe4.799%$275,000$1,440

Based on data from

How to get the best mortgage rate in New Mexico

A few tips to help you get a better rate on your home loan:

  1. 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.
  2. 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.
  3. 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.

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