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.
January 24, 2020
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%
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 $194,462
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in New Mexico is $34,998
With this income, you could qualify for a $175,016 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 $810
The median household income for New Mexico is $50,162
Based on this income, you can afford a home valued at approximately $278,719
The home price you can afford to buy based on household income in New Mexico is 143% of the median home value which means housing prices are average. New Mexico ranks 27 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in New Mexico is average