Compare mortgage rates and closing costs for leading lenders in New Mexico. Review free, personalized mortgage rates for New Mexico based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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.
October 23, 2019
The current average rate for a 30 year fixed rate mortgage in New Mexico is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for New Mexico is $181,643
The median household income for New Mexico is $49,017
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in New Mexico is $33,701
The home price you can afford to buy based on household income in New Mexico is 145% of the median home value which means housing prices are average. New Mexico ranks 26 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in New Mexico is average
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index