New Mexico Mortgage Rates

Compare New Mexico mortgage rates and choose the best option for your needs.

By Myfin Team
Updated April 16, 2024
Loan Type
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Purchase Price
Down payment
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
More options
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
Showing 6 mortgages
Includes 0.125 Points ($400)
30-Year Fixed;
On partner's site
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Includes 0.46 Points ($1,472)
30-Year Fixed;
On partner's site
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Includes 0.295 Points ($944)
30-Year Fixed;
On partner's site
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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  • $0 down payment for Veterans homebuying with a VA Loan
  • Secure preapproval quickly with 24/7 access
  • Tap into a network of 9,000+ Veteran-friendly real estate agents
  • 350,000+ verified customer reviews, 4.8/5 average rating
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NMLS#Not a Lender
  • Premier resource for one-stop lender shopping
  • Get personalized purchase & refinance options
  • Find out what you're eligible for fast
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Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Mortgage in New Mexico: Top Lenders in 2024

Willing to buy a home in New Mexico State? Utilizing a mortgage loan is often the most convenient method, regardless of whether you're eyeing a cozy residential estate or a modern apartment. However, it's essential to recognize that the terms of home loans can differ significantly among various mortgage lenders (use our mortgage calculator to estimate your future expenses). In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.

NM Mortgage Lenders Comparison

Each of the lenders under review boasts a reputation for trustworthiness, offering competitive rates and demonstrating consistent reliability over time. To equip you with comprehensive insights, we will conduct a thorough comparison across various essential criteria, including APR, minimum down payment, eligibility requirements, and more. This meticulous analysis will empower you to make an informed decision tailored to your specific needs and financial circumstances.

Quicken Loans Mortgage

Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. Under this brand transition, clients continue to enjoy identical options, terms, and services. These encompass a diverse array of financial products, ranging from straightforward conventional mortgages featuring both fixed and adjustable rates, to specialized offerings such as jumbo loans, home equity lines of credit (HELOCs), and federal-insured programs such as FHA and VA loans, catering to both home purchases and refinancing needs.

For conventional loans, a minimum credit score of 620 is required. The advertised APR for a 30-year fixed-rate mortgage currently stands at 7.199%, which is relatively higher compared to similar offerings in the market. Notably, Rocket Mortgage operates across all states in the US, including Washington D.C., ensuring accessibility to its services nationwide.

Pros: Cons:
High availability. No construction loans.
Easy application process. Rates above the market average.
Plethora of experience.


Paddio® is a reputable mortgage lender with its headquarters based in Springfield, Missouri. The company provides a range of financial solutions, including purchase, refinance, FHA, VA, and USDA loans. With Paddio®, you have the flexibility of a down payment as low as 3.5% for specialized loan programs like Home Ready, Home Possible, or FHA loans. For conventional loans, which are widely chosen for financing, down payment requirements typically range from 3 to 20%.

It's important to note that while Paddio® extends its mortgage services to numerous states, it does not operate in New York (NY), Nevada (NV), New Jersey (NJ), or Utah (UT).

Pros: Cons:
Low down payment options. Not available nationwide.
Variety of loan types offered.

Rocket Mortgage

Since its founding in 1985, Rocket Mortgage has established itself as the single most popular mortgage lender (and most successful lender overall) in the United States. Formerly recognized as Quicken Loans, a name it still proudly upholds, Rocket Mortgage was among the pioneering centralized lenders to offer nationwide online services. Despite its rebranding, the company's commitment to innovation and customer satisfaction remains unwavering.

However, it's worth noting that Rocket Mortgage's rates tend to surpass the industry average. For instance, even under near-optimal conditions, the APR for a fixed-rate 30-year mortgage can climb to 7.199%, making it essential for prospective borrowers to carefully weigh their options.

Nevertheless, Rocket Mortgage provides a diverse range of mortgage solutions, including adjustable-rate mortgages, refinancing options, and government-backed plans such as FHA and VA loans. Like all reputable lenders, Rocket Mortgage enforces certain eligibility criteria for borrowers, with a minimum credit score requirement typically set at 620 (or 580 for FHA loans), ensuring responsible lending practices.

Pros: Cons:
Available nationwide. Relatively high rates.
Abundance of third-party information. Lack of USDA loans.

Average Mortgage Rate in New Mexico from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in New Mexico.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in New Mexico

Criteria Amount, $
The median home value in New Mexico $229,931
The income required to buy the median priced home in New Mexico $37,673
The monthly mortgage payment required to buy the median priced home in New Mexico $872
The median household income for New Mexico $57,973

Things to Consider When Choosing a Mortgage Lender

Securing a mortgage loan entails a significant commitment spanning anywhere from 15 to 30 years, underscoring the importance of careful consideration before finalizing an agreement with any lender. When evaluating potential lending entities, several fundamental aspects merit close attention.

Type of Lender

Essentially, two primary options exist: traditional banks and online mortgage lenders. Banks often present appealing interest rates, albeit accompanied by rigorous credit checks. However, their approval processes are typically lengthier, and meeting eligibility criteria can prove challenging. Conversely, online lenders operate with greater efficiency, boasting faster processing times and more lenient requirements for prospective homebuyers.

APR and Fees

Every mortgage loan incurs costs beyond just the interest rate. These additional expenses encompass various fees such as origination fees, mortgage insurance fees, closing costs, and more. As of the current writing, in New Mexico, the average mortgage rate for a fixed-rate 30-year loan stands at 6.58%.

Terms and Conditions

It's crucial to take into account the minimum down payment requirement, which can range from 0% to 20% depending on factors such as the loan type and your current status (e.g., military, employed, self-employed, etc.). Additionally, the lifespan of the loan, representing its total duration, is another significant parameter to consider. Typical choices include 15-year and 30-year terms.

What Mortgage Lender is the Number One in New Mexico?

The array of trustworthy mortgage lenders in NM is extensive, making it challenging to provide a definitive answer to this question. It largely depends on individual preferences and circumstances. For instance, Rocket Mortgage stands out as an industry leader, boasting a significant loan volume of $11.5 billion in 2021. To make an informed choice, we recommend consulting our list of recommended lenders.

First-Time Homebuyer Programs in New Mexico

Navigating the process of purchasing a first home can indeed present challenges. Fortunately, residents of New Mexico can tap into various governmental programs aimed at enhancing mortgage affordability.

  • The Federal Housing Administration (FHA) loan program provides buyers with insurance from the federal government. This insurance fee is rolled into the overall loan cost, offering buyers significant benefits such as a low interest rate and minimal credit requirements. With the FHA program, individuals with a FICO score as low as 500 and a debt-to-income ratio of just 50% can qualify for a mortgage.
  • Another option is the USDA loan program, designed for individuals residing in rural areas. Participants in this program have the opportunity to secure a mortgage loan with no down payment required. However, eligibility hinges on ensuring that their annual income does not exceed 115% of the average income in their region.
  • Furthermore, the VA loan programs, backed by the Department of Veterans Affairs, cater to former military personnel or their spouses. These mortgage options offer unique advantages and support to those who have served in the military, helping them achieve homeownership with favorable terms and conditions.

Pre-Approval: What Does It Mean?

A preliminary approval serves as a validation of a prospective homebuyer's financial credibility, signaling to home sellers that lenders are prepared to greenlight a mortgage loan for the buyer. To obtain pre-approval, individuals must furnish documentary evidence showcasing their ability to make payments. Typically, this entails providing earning statements, account statements, a W2 form, or alternative proof of income spanning at least two years. Moreover, completing the Uniform Residential Loan Application form is essential to initiate the pre-approval process.


Whether I Qualify for a Mortgage in New Mexico or Not?

Qualification requirements for mortgage borrowers can slightly vary in different lending entities, but in most cases, they include a credit score of 620 and higher, and a debt-to-income ratio of at least 50%. Also, you need to provide evidence of your paying capacity and credibility: tax and account statements, employment status, credit reports, etc. Finally, you must be able to make the required down payment.

What is the maximum mortgage duration in NM?

The maximum length of a mortgage loan in the US is 30 years. There can be some exceptions with unqualified mortgages where the term can reach 40 years. However, these cases are very rare, and the terms of such loans are far from being favorable.

What is the mortgage rate right now in New Mexico?

There is no simple answer to this question, as the final APR is defined individually for each borrower. However, there are average values for every US state. In New Mexico, the current average mortgage rate for a 30-year period is 6.58%. For the term of 15 years, it is 5.98%.