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Bernalillo

Current Mortgage Rates in Bernalillo, New Mexico

Compare mortgage rates and fees for leading lenders in Bernalillo, NM. 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 lender offering the best mortgage rates in Bernalillo.

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

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Mortgage Rates in Bernalillo, NM as of July 8, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Bernalillo, NM Mortgage Rates Compare?

July 8, 2020

The current average rate for a 30 year fixed rate mortgage in Bernalillo 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%

Mortgage Program
Today's
Bernalillo, NM Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Bernalillo, New Mexico?

Below we provide helpful information on the real estate market, home prices and housing affordability in Bernalillo. Understand how much you need to earn to afford a home in Bernalillo, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bernalillo fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bernalillo is right for you.

The median home value for Bernalillo, NM (Sandoval County) is $228,016

Based on current mortgage rates and a 10% down payment, you need to make $41,037 per year to buy the median priced home in Bernalillo

With this income, you could qualify for a $205,214 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 Bernalillo is $950

The median household income for Bernalillo, NM (Sandoval County) is $63,642

Based on this income, you can afford a home valued at approximately $353,619

The home price you can afford to buy based on household income in Bernalillo is 155% of the median home value which means housing prices are average. Bernalillo (Sandoval County) ranks 23 out of 33 counties in New Mexico and 2,446 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Bernalillo, NM is average

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Loan Limits for Bernalillo, New Mexico

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bernalillo (Sandoval County) below.

Conforming loan limits for Bernalillo, NM

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Bernalillo, NM

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Bernalillo, NM

1 unit: $510,400

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