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.
