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Santa Fe

Current Mortgage Rates in Santa Fe, New Mexico

Compare mortgage rates and fees for leading lenders in Santa Fe, 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 Santa Fe.

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

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Mortgage Rates in Santa Fe, NM as of January 23, 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 Santa Fe, NM Mortgage Rates Compare?

January 23, 2020

The current average rate for a 30 year fixed rate mortgage in Santa Fe 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
Santa Fe, 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 Santa Fe, New Mexico?

Below we provide helpful information on the real estate market, home prices and housing affordability in Santa Fe. Understand how much you need to earn to afford a home in Santa Fe, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Santa Fe 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 Santa Fe is right for you.

The median home value for Santa Fe, NM is $352,117

Based on current mortgage rates and a 10% down payment, you need to make $63,372 per year to buy the median priced home in Santa Fe

With this income, you could qualify for a $316,905 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 Santa Fe is $1,468

The median household income for Santa Fe, NM is $61,111

Based on this income, you can afford a home valued at approximately $339,555

The home price you can afford to buy based on household income in Santa Fe is 96% of the median home value which means housing prices are expensive. Santa Fe ranks 32 out of 33 counties in New Mexico and 3,014 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Santa Fe, NM is expensive

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Loan Limits for Santa Fe, New Mexico

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Santa Fe below.

Conforming loan limits for Santa Fe, NM

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

FHA loan limits for Santa Fe, NM

1 unit: $380,650
2 units: $487,300
3 units: $589,000
4 units: $732,000

VA loan limits for Santa Fe, NM

1 unit: $510,400

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