See current New Mexico Refinance fixed rates (30 Year, 20, 15, 10, FHA, VA and Jumbo), variable rates (10 year, 7, 5, 3), Cash Out rates, plus comparisons with national averages and lender types. Refinancing in New Mexico can help lower your monthly payment, shorten your loan term, or tap into equity with a cash-out refinance.
New Mexico Refinance Rates –
Find community reported rates by New Mexico homeowners (rates are average APR).
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.54% | 6.59% | 6.64% | |
| New Mexico | 6.58% | 6.63% | 6.68% | |
| Credit Unions | 6.17% | 6.22% | 6.38% | 9.0/10 |
| Online lenders | 6.28% | 6.33% | 6.48% | 8.1/10 |
| Banks | 6.58% | 6.63% | 6.68% | 7.4/10 |
| 30 year fixed | 6.58% | 6.63% | 6.68% | |
| 30 year fixed FHA | 6.95% | 7.00% | 7.05% | |
| 30 year fixed VA | 6.10% | 6.15% | 6.20% | |
| 30 year fixed Jumbo | 6.69% | 6.93% | 7.12% | |
| 20 year fixed | 6.57% | 6.62% | 6.67% | |
| 15 year fixed | 5.95% | 6.00% | 6.04% | |
| 10 year fixed | 5.84% | 5.89% | 5.94% | |
| 3 year ARM | 4.37% | 4.42% | 4.47% | |
| 5 year ARM | 6.41% | 6.46% | 6.51% | |
| 7 year ARM | 6.42% | 6.47% | 6.52% | |
| 10 year ARM | 6.47% | 6.52% | 6.57% | |
| Satisfaction | 8.5/10 | 8.1/10 | 8.5/10 |
Source: MFP’s Community Home Refinance Rates Survey of New Mexico homeowners members in the last 30 days.
Cash Out Refinance Rates in New Mexico –
Find community reported cash-out refinance rates by New Mexico homeowners (rates are average APR).
| Credit Score | |||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Nationally | 6.66% | 6.79% | 6.91% |
| New Mexico | 6.70% | 6.83% | 6.95% |
| Credit Unions | 6.30% | 6.42% | 6.65% |
| Online lenders | 6.40% | 6.53% | 6.75% |
| Banks | 6.70% | 6.83% | 6.95% |
| 30 year fixed | 6.70% | 6.83% | 6.95% |
| 30 year fixed FHA | 7.08% | 7.20% | 7.33% |
| 30 year fixed VA | 6.22% | 6.35% | 6.48% |
| 30 year fixed Jumbo | 6.81% | 6.94% | 7.06% |
| 20 year fixed | 6.70% | 6.82% | 6.95% |
| 15 year fixed | 6.07% | 6.20% | 6.32% |
| 10 year fixed | 5.96% | 6.09% | 6.21% |
| 3 year ARM | 4.50% | 4.62% | 4.75% |
| 5 year ARM | 6.54% | 6.66% | 6.79% |
| 7 year ARM | 6.55% | 6.67% | 6.80% |
| 10 year ARM | 6.60% | 6.72% | 6.85% |
Source: MFP’s Community Home Refinance Rates Survey of New Mexico members in the last 30 days.
How New Mexico Compares to National Averages
- New Mexico refinance rates (6.58% for best credit scores) are in line with national averages (national average: 6.54%).
- Credit unions are more competitive: In New Mexico, credit unions offer 6.42%, banks 6.67%, online lenders 6.53%.
- Borrower satisfaction: Credit unions 8.7/10, Online lenders 8.4/10, Banks 8.1/10.
Refinance Options in New Mexico
- 30-year Fixed: At 6.58% APR for excellent credit, New Mexico's most popular choice for stable long-term payments with predictable monthly costs
- 30-year Fixed FHA: At 6.95% APR for excellent credit, government-backed programs with competitive terms and flexible qualification requirements
- 30-year Fixed VA: At 6.10% APR for excellent credit, exclusive to eligible veterans and military members, featuring New Mexico's most competitive rates
- 30-year Fixed Jumbo: At 6.69% APR for excellent credit, for high-value homes with competitive jumbo mortgage terms
- 20-year Fixed: At 6.57% APR for excellent credit, a balanced option between shorter and longer terms with moderate payments
- 15-year Fixed: At 5.95% APR for excellent credit, lower interest rates but higher monthly payments, ideal for building equity faster
- 10-year Fixed: At 5.84% APR for excellent credit, the shortest fixed-term option with competitive rates for rapid equity building
- Adjustable-rate mortgages (ARMs): Various terms including 3-year (4.37% APR), 5-year (6.41% APR), 7-year (6.42% APR), and 10-year (6.47% APR) options that start lower but may adjust upward after initial fixed period
Metro Area Rates
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Albuquerque | 6.35% | 5.94% |
| Las Cruces | 6.34% | 5.94% |
| Santa Fe | 6.33% | 5.93% |
| Rio Rancho | 6.33% | 5.92% |
| Online lenders | 6.04% | 5.92% |
* APR Rates shown are for borrowers with the best credit scores. Click the city name to see community recommended lenders and ratings
Compare Lenders Rated by New Mexico Homeowners
Looking beyond rates, New Mexico homeowners rated their refinance lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Refinance Lenders in New Mexico
FAQs – New Mexico Refinance Rates
Are refinance rates lower in New Mexico than the U.S. average?
They’re slightly higher. New Mexico averages about 0.16% below the national benchmark for top credit scores (6.34% vs. 6.60%).
What’s the best credit score for refinancing in New Mexico?
Borrowers with scores above 720 typically access the lowest rates (around 6.34% for 30-year fixed).
Which lenders have the highest satisfaction in New Mexico?
Credit unions lead in borrower satisfaction at 8.6/10, followed by online lenders (8.1/10) and banks (7.8/10).
More Info for New Mexico Homeowners:
New Mexico Best Refinance Lenders from Community recommendations
New Mexico Home Equity Loan & New Mexico HELOC Rates
Loans Comparison Calculator: Calculate Heloc, Cash-Out, Home Equity, Renovation Loan.
New Mexico Best Home Insurance from Community recommendations & Costs
More Resources for New Mexico Homeowners.