Today's 30-year mortgage rate in New Mexico averages 6.49%, lower than the national average of 7.15%. Homebuyers can access programs such as FirstHome and FirstDown, FirstDownPlus, and HomeNow, which may help lower mortgage costs.
Mortgage
Today's Mortgage Rates in New Mexico (November 2024)
Updated: November 11, 2024
Advertising & Editorial Disclosure
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).
This data was last updated in November 2024.
Current Mortgage Rates in New Mexico
In New Mexico, the average APR for a 30-year fixed mortgage is 6.49% as of November 2024 — an increase from 5.98% the previous month. For a $250,000 loan with a 20% down payment, this increase would add about $26,251 to the total interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rates in New Mexico can help you budget and plan effectively for a future home purchase.
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:
First-time homebuyers
First-time homebuyers in New Mexico can benefit by comparing current mortgage rates to gauge what they might be offered.
Homeowners with mortgages
New Mexico homeowners can use knowledge of current rates to decide on a mortgage refinance when rates drop.
The current mortgage rate in New Mexico for a 30-year fixed loan averages 6.49% for new purchases and 6.92% for refinancing. This difference can affect the total cost of your mortgage.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in New Mexico by Loan Type
In New Mexico, 30-year fixed-rate mortgages typically carry higher interest rates than 15-year options. Lenders charge more for longer terms due to greater risks from potential rate changes and defaults over 30 years.
When you look at the mortgage types in New Mexico, you'll see a range of rates. Enter your loan details into a mortgage calculator for a quick estimate of your monthly payments.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.51% | 5.73% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage represents your annual cost of borrowing money. In New Mexico, the average mortgage interest rate for a 30-year fixed mortgage is 6.43%.
The APR (annual percentage rate) captures the 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 is 6.49%, 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%, expect an average APR of 7.41% for a 30-year fixed-rate mortgage. With a credit score below 680, the average APR rises to 7.99%.
Your credit score directly affects the mortgage rates you might qualify for in New Mexico. Check out the 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:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 5.43% |
| 15-year Fixed | 6.34% |
| 20-year Fixed | 6.73% |
| 30-year Fixed | 7.41% |
| 5-year ARM | 8.23% |
Mortgage Types in New Mexico
In November 2024, 30-year fixed-rate VA loans in New Mexico have the lowest average APR for 30-year fixed-rate mortgages at 6.36%. Knowing your loan options can lead to better financial decisions and savings when you're ready to secure a mortgage. Here's a detailed look at the mortgage types in New Mexico.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in New Mexico |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by government agencies. | Conventional loan rates are based on credit score and down payment. | 6.49% |
FHA loans | FHA loans are backed by the Federal Housing Administration. | FHA loan rates can be lower due to government backing, attracting first-time buyers. | 7.56% |
VA loans | VA loans are backed by the Department of Veterans Affairs. | VA loan rates are typically lower, reflecting the government guarantee. | 6.36% |
USDA loans | USDA loans are for rural property buyers and backed by the government. | USDA loan rates can be below market since they are government-backed. | currently unavailable |
Jumbo loans | Jumbo loans exceed the conforming loan limits set by Freddie Mac and Fannie Mae. | Jumbo loan rates might be higher because of the larger loan amounts and increased risk. | 6.75% |
MORTGAGE RATE STRUCTURES IN NEW MEXICO
Mortgage rates in New Mexico come in two types: fixed and adjustable.
- A fixed mortgage rate keeps 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 November 2024, the rate in New Mexico averages 6.49% for a 30-year fixed mortgage and 7.27% for a seven-year adjustable-rate mortgage.
Mortgage Lenders in New Mexico
U.S. Bank, Better and New American are reputable mortgage lenders in New Mexico that offer homeowner assistance programs and are accredited by the Better Business Bureau (BBB). However, these aren’t your only options.
Mortgage rates vary by lender, so comparing offers across multiple lenders can help you secure the best rate and terms for 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 various mortgage products for borrowers, including conventional, FHA, VA, jumbo, investment property and construction loans. Minimum credit scores are 660 for ARM and jumbo loans and 640 for FHA loans. Down payments start at 3% for conventional and 3.5% for FHA loans, with VA loans requiring no down payment.
Customer service is available weekdays from 7 a.m. to 8 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT, with video chat, phone and in-person support. U.S. Bank also provides homeowner assistance options like forbearance, repayment plans, loan modification and payment deferral. It's a leading HELOC lender for those with lower credit.
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
- 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 offers a streamlined online experience for borrowers, with mortgage products including fixed-rate, adjustable-rate and FHA loans. A credit score of 700 is required for jumbo loans, while conventional loans are available starting at 620 and FHA loans at 580.
Customer service is available daily from 8 a.m. to 9 p.m. ET. The lender also offers the Better Real Estate Discount program to assist homebuyers.
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
- 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 offers various mortgage options, including conventional loans with as little as 3% down and FHA loans requiring 3.5% to 10% down. The minimum credit score for an FHA loan is 580, and for jumbo loans, it's 680.
Customer service is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays.
Pros
- Extensive mortgage options
- Downloadable management app
- 14-day close guarantee on purchases
Cons
- Online prequalification unavailable
- Missing branches in 11 states
Mortgage Programs in New Mexico
Owning a home has hidden costs beyond the monthly mortgage. In New Mexico, you can get help from the New Mexico Mortgage Finance Authority (MFA) — it offers different mortgage programs.
Program | Description |
|---|---|
Offers competitive mortgages for modest-income first-time buyers. You must not have owned a home in the past three years to qualify. It can be combined with FirstDown to assist with down payments and closing costs. Eligibility depends on county-specific income and price limits, with a minimum credit score of 620 or no-credit options available. Buyers must occupy the home within 60 days and complete homebuyer education. | |
Gives 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. | |
Offers a forgivable second mortgage for lower-income first-time or eligible returning buyers. It applies to single-family homes statewide, with occupancy required within 60 days and completion of homebuyer counseling. The mortgage is forgivable if the property remains the primary residence for 10 years without sale, refinancing or vacancy. | |
Assists homebuyers with down payments by offering a mortgage and 3% of the home's price for down payment aid. To qualify, you must occupy the property within 60 days, have a credit score of 620 or meet alternative qualifications and complete mandatory homebuyer counseling. |
FAQ: Mortgage Rates in New Mexico
Understanding today's mortgage rates in New Mexico can raise many questions for prospective homebuyers. We addressed the most common questions, helping you make informed decisions as you secure a mortgage.
What are the current mortgage rates in New Mexico?
Current average APRs in New Mexico vary by loan type and other factors. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.49%, while a five-year adjustable-rate mortgage (ARM) jumbo has an average APR of 7.29%.
How do mortgage rates in New Mexico compare to national rates?
In New Mexico, the average APR for a five-year ARM is 7.33%, whereas the national average is 7.97%. For a 30-year fixed-rate mortgage, the state average APR is 6.49% compared to the national average of 7.15%.
How does my credit score impact the mortgage rates I get in New Mexico?
Your credit score plays a significant role in setting your rates. Higher scores often secure low mortgage rates, reflecting a lower risk to lenders.
Are there any special mortgage programs in New Mexico to help homebuyers?
Several mortgage programs, such as FirstHome and FirstDown, FirstDownPlus, and HomeNow, assist homebuyers in New Mexico.
How can I get the best possible mortgage rate in New Mexico?
To secure the best mortgage rate in New Mexico, consider making a larger down payment, improving your credit score and comparing rates from multiple lenders.
What are today's mortgage refinance rates in New Mexico?
Today's refinance rates in New Mexico as of November 2024 average 6.21% for a 15-year fixed and 6.92% for a 30-year fixed loan.
How do I calculate my mortgage payments?
Calculate your mortgage payments with a mortgage calculator for New Mexico, which will help you estimate your monthly payments based on the loan amount, interest rate and other factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- New Mexico Mortgage Finance Authority (MFA). "FirstDownPlus." Accessed November 11, 2024.
- New Mexico Mortgage Finance Authority (MFA). "FirstHome and FirstDown." Accessed November 11, 2024.
- New Mexico Mortgage Finance Authority (MFA). "HomeForward." Accessed November 11, 2024.
- New Mexico Mortgage Finance Authority (MFA). "HomeNow." Accessed November 11, 2024.