Current Mortgage Refinance Rates in New Mexico (December 2024)

New Mexico's current mortgage refinance rates show a 5.31% rate for a 15-year fixed loan and a 5.91% rate for a 30-year fixed loan. In comparison, the national averages stand at 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan.

We provide you with comprehensive insights into current mortgage refinance rates in New Mexico, empowering you with the knowledge to make informed refinancing decisions. Our sections guide you through understanding local rate trends, the refinancing process, and how factors like credit scores and loan types can affect your options.

The current 30-year refinance rate in New Mexico is 5.91%. According to Experian, the average mortgage debt in New Mexico is $189,298 as of September 2023. Refinancing your mortgage can be a practical way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

For homeowners with a mortgage rate higher than 5.91%, refinancing could be particularly beneficial. It offers a chance to decrease monthly expenses and save money over time. Below are the current refinance rates in New Mexico to explore your options.

In December, refinance rate trends in New Mexico showed downward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates decreased to 5.91%, while the 30-year fixed rates fell to 6.62%.

Refinancing your mortgage in New Mexico can offer you a chance to lower your payments or adjust your loan terms. Understanding the process is key to making informed decisions that align with your financial goals. Let's explore the steps to refinancing, ensuring a smooth transition to a more manageable mortgage.

Refinancing your mortgage in New Mexico can reduce your monthly payments by lowering interest rates. However, watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in New Mexico ensures you capitalize on financial opportunities. Let's explore situations where refinancing could be advantageous.

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Your credit score affects the rates you qualify for in New Mexico. For example, the current average refinance rates in New Mexico for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.96% for scores between 680 and 740, compared to 6.62% for scores above 740. See the table below for more details.

Loan type is another factor that can affect the rates you qualify for in New Mexico. For example, the current average refinance rates in New Mexico for a 30-year fixed-rate loan are 6.62%. The table below shows average APRs for different loan types in New Mexico.

With market conditions constantly changing, it's natural for New Mexico homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most common questions about refinance rates in New Mexico, providing you with clear and factual information.