See the latest New Mexico mortgage rates for fixed rates: 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 years. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in New Mexico could be easier with today’s mortgage rates.
New Mexico Mortgage Rates –
The table below shows today’s home purchase mortgage rates for New Mexico, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.31% | 6.36% | 6.41% | |
| New Mexico | 6.35% | 6.40% | 6.45% | |
| Credit Unions | 5.95% | 6.00% | 6.15% | 9.4/10 |
| Online lenders | 6.05% | 6.10% | 6.25% | 8.3/10 |
| Banks | 6.35% | 6.40% | 6.45% | 8.4/10 |
| 30 year fixed | 6.35% | 6.40% | 6.45% | |
| 30 year fixed FHA | 6.80% | 6.85% | 6.90% | |
| 30 year fixed VA | 5.95% | 6.00% | 6.05% | |
| 30 year fixed Jumbo | 6.58% | 6.96% | 7.15% | |
| 20 year fixed | 6.37% | 6.42% | 6.47% | |
| 15 year fixed | 5.82% | 5.87% | 5.92% | |
| 10 year fixed | 5.74% | 5.79% | 5.84% | |
| 3 year ARM | 4.27% | 4.32% | 4.37% | |
| 5 year ARM | 6.31% | 6.36% | 6.41% | |
| 7 year ARM | 6.32% | 6.37% | 6.42% | |
| 10 year ARM | 6.37% | 6.42% | 6.47% | |
| Satisfaction | 9.4/10 | 7.8/10 | 8.4/10 |
Source: MFP’s Community Home Purchase Rates Survey from New Mexico members the last 30 days.
How New Mexico Compares to National Averages
- New Mexico mortgage rates (6.35% for best credit scores) are in line with national averages (national average: 6.31%).
- Credit unions are more competitive: In New Mexico, credit unions offer 5.95%, banks 6.35%, online lenders 6.05%.
Mortgage Options in New Mexico
- 30 year fixed: 6.35% - most popular long-term option for predictable payments
- 20 year fixed: 6.37% - balance between payment size and interest savings
- 15 year fixed: 5.82% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.74% - shortest fixed-term option with competitive rates
- 10 year variable: 4.27% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.31% - A mid-term variable option...
- 5 year variable: 6.32% - Shorter-term variable mortgage...
- 3 year variable: 6.37% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Albuquerque | 6.10% | 5.78% |
| Las Cruces | 6.14% | 5.82% |
| Santa Fe | 6.11% | 5.79% |
| Rio Rancho | 6.09% | 5.77% |
| Roswell | 6.15% | 5.83% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Compare Lenders Rated by New Mexico Homeowners
New Mexico homeowners rated their mortgage lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Lenders in New Mexico
FAQs – New Mexico Mortgage Rates
Are home purchase rates higher in New Mexico than the U.S. average?
No, New Mexico mortgage rates are currently below the national average.
What credit score is best for buying a home in New Mexico?
A credit score of 720 or higher typically secures the most favorable mortgage rates in New Mexico.
Is it better to choose a fixed-rate or ARM in New Mexico?
Fixed-rate mortgages are generally recommended for long-term stability in New Mexico’s housing market.
More New Mexico Home Information:
New Mexico Best Mortgage Lenders
New Mexico Best Home Insurance from Community Recommendations & Insurance Costs
More Resources for New Mexico Homeowners.