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New Mexico

Current New Mexico Mortgage Rates

Compare New Mexico mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in New Mexico.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in New Mexico. Plus, shopping lenders is free and there is no obligation.

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New Mexico Mortgage Rates as of April 12, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's New Mexico Mortgage Rates

April 12, 2024

Current mortgage rates in New Mexico are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
New Mexico Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
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6.250%

How Affordable is Housing in New Mexico?

Below we offer valuable insights on the housing market and real estate prices in New Mexico. Understand how much you need to make to buy a house in New Mexico, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in New Mexico is affordable for you. We provide this helpful information to help you decide if living in New Mexico is right for you.

The median home value for New Mexico is $233,680

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in New Mexico is $48,749

With this income, you could qualify for a $210,312 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in New Mexico is $1,129

The median household income for New Mexico is $55,842

Based on this income, you can afford a home valued at approximately $267,678

The home price you can afford to buy based on household income in New Mexico is 115% of the median home value which means housing prices are average. New Mexico ranks 24 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in New Mexico is average

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Additional Mortgage Resources for New Mexico Residents

Mortgage Rates for New Mexico Cities

Albuquerque Mortgage Rates

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Farmington Mortgage Rates

Las Cruces Mortgage Rates

Santa Fe Mortgage Rates