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New Mexico Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of New Mexico Mortgages

With its rugged mountains, national monuments and rich history, New Mexico certainly has a lot to offer those who choose to call the state home. Historical New Mexico mortgage rates are a bit higher than national average rates. The state counties’ conforming loan and FHA limits stick to the standards, with only a few exceptions.

Today's Mortgage Rates in New Mexico

Product Today Last Week Change
30 year fixed 5.08% 5.13% -0.04
15 year fixed 4.50% 4.38% +0.13
5/1 ARM 4.79% 5.25% -0.46
30 yr fixed mtg refi 5.16% 5.21% -0.05
15 yr fixed mtg refi 4.62% 4.53% +0.09
7/1 ARM refi 4.99% 5.44% -0.45
15 yr jumbo fixed mtg refi 3.08% 3.13% -0.04

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in New Mexico

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New Mexico Mortgage Rates Quick Facts

  • Median Home Value: $180,900 (U.S. Census Bureau)
  • Loan Funding Rate: 53.87% (CFPB)
  • Homeownership Rate: 70.3% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,280 (U.S. Census Bureau)

It’s little wonder that New Mexico is known as the Land of Enchantment. From the Sangre de Cristo Mountains to the Chihuahuan desert and the Santa Fe arts community, New Mexico is a vibrant, ethereal place to call home. It’s also one of the five largest states in the country.

New Mexico mortgage rates are, on average, a bit higher than the national average.

A financial advisor in New Mexico can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

New Mexico Historic Mortgage Rates*

YearNew Mexico RateU.S. Rate

*The FHFA stopped reporting new data in 2018.

New Mexico Mortgages Overview

Whether you are looking to become a homeowner in Albuquerque or Santa Fe, it is a good idea to set a budget before you begin your search so you have a realistic idea of what you can afford.

The conforming limits for New Mexico counties are steady at the standard $647,200. This is an indication of the mostly average home prices in the state. The FHA loan limits have a bit more variation. Most of the counties are at the baseline limit of $420,680. However, Taos, Los Alamos and Santa Fe counties are all listed above that limit.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Bernalillo$647,200 $420,680
De Baca$647,200$420,680
Dona Ana$647,200$420,680
Los Alamos$647,200$530,150
Rio Arriba$647,200$420,680
San Juan$647,200$420,680
San Miguel$647,200$420,680
Santa Fe$647,200$468,050

In New Mexico, you will most likely get a deed of trust document instead of a mortgage document. The most important thing to know about deeds of trust is that they allow the lender to foreclose on a home when a buyer has fallen behind on payments without having to go to court. The power of sale clause included in most deeds of trust allows the lender to initiate foreclosure by hiring a third party to auction the home.

New Mexican sellers are required by law to disclose certain information when selling a home. Many sellers use the New Mexico Residential Real Estate Disclosure Statement. This statement addresses items like water issues, soil and drainage, systems and fixtures, structural condition and environmental hazards. While this protects buyers, a quality home inspection is still always a wise idea.

30-Year Fixed Mortgage Rates in New Mexico

If you’re planning to stay put in your new home for a long time, a fixed-rate mortgage may be the best choice for you. The interest rate stays the same for the duration of the mortgage’s term which makes it easier for homeowners to budget their monthly payments. The most popular mortgage is the 30-year fixed-rate mortgage. With this loan, buyers have three decades for pay off their home and as the years pass more of your payments go toward equity and less goes to the interest.

The average New Mexico rate for a fixed 30-year mortgage is 3.42% (Zillow, Jan. 2022).

New Mexico Jumbo Loan Rates

Every New Mexico county has a conforming loan limit of $647,200. If you need to take out a loan that exceeds that figure to pay for your home here, you will have what’s known as a jumbo loan. It is worth noting that jumbo loans have higher interest rates because they are considered riskier for lenders, as larger sums of money are on the line as compared to a conforming loan (one that’s $647,200 or less in New Mexico). However, jumbo loan rates are currently lower than fixed rates.

The average 30-year fixed umbo loan rate in New Mexico is 3.32% (Zillow, Jan. 2022).

New Mexico ARM Loan Rates

Another loan option for homebuyers is an adjustable-rate mortgage (ARM). These loans offer a lower interest rate initially as compared to fixed-rate loans. That low rate is given for an introductory period somewhere between one and 10 years (the exact time frame depends on the loan’s terms). When that period ends, the interest rate can increase or decrease, but will generally increase. If you’re planning on selling the home within the fixed-interest initial period, this might be a good option for you.

One of the most important things to remember with ARMs is that the interest rate is capped at a certain level which is laid out in the loan’s terms. This means that you technically know what you are getting right from the beginning and the interest rate shouldn’t suddenly jump to something that you absolutely can’t afford. That said, this safeguard only works if you assess it before deciding on an ARM, and make sure that it is something that you can comfortably pay.

The average rate for a 5/1 ARM in New Mexico is 2.75% (Zillow, Jan. 2022).

New Mexico Mortgage Resources

The Land of Enchantment has a lot to offer its residents, and that includes resources for the homebuying process.

The New Mexico Mortgage Finance Authority offers down payment and closing cost assistance, as well as programs with varying purchase price and income limits. A statewide network of lenders participates in these programs.

Available Resources

ResourceProblem or IssueWho Qualifies
New Mexico Mortgage Finance AuthorityOffers mortgage programs to provide homebuyers with competitive interest-rate mortgage loans and assistance with down payment and closing costsAny homebuyer who qualifies for the income limits.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

The United States Department of Agriculture Rural Development offers programs for developing rural communities by helping residents obtain affordable housing. Loans and grants are available for qualifying people who are in the market for a new home in rural New Mexico.

New Mexico Mortgage Taxes

Homeowners in the state who itemize deductions on their federal taxes are allowed to deduct the mortgage interest they pay throughout the year from their taxable income. Since New Mexico’s rules for itemized deductions are similar to the federal guidelines, homeowners there can also deduct mortgage interest from their income when filing state taxes.

There are no real estate transfer taxes in New Mexico.

New Mexico Mortgage Refinance

Homeowners who want to refinance can look into the High Loan-to-Value Refinance Option from Fannie Mae. This is around because the Home Affordable Refinance Program (HARP), which offered access to interest and principal payment reductions and low closing costs, has now been retired.

Remember, you can also work with the lender who issued your current mortgage and compare those rates with other refinance lenders to find lower interest rates or better terms.