Today's Refinance Rates4.7%5.0% APR Fixed Mortgage
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New Mexico Mortgage Rates
Anyone attracted to warm weather and wide open spaces will want to have New Mexico near the top of their list of ideal destinations. In addition, the average price of a home in New Mexico is significantly lower than the national average. It’s easy to see why “The Land of Enchantment” is such a popular retirement destination. When you factor in the reasonable cost of living, the idea of buying a home in this stunningly beautiful Southwestern state gets even better.
Common New Mexico Loan Types:
- New Mexico conventional mortgages: As the most common loan option in New Mexico, conventional mortgages are available with a wide range of options, including different lengths and fixed or variable interest rates. Use FreeRateUpdate.com to find a lender today.
- New Mexico FHA loans: An FHA loan can be the best option for buyers with little cash for a downpayment or a lower credit score. The United States Federal Housing Administration insures these types of mortgages helping borrowers who cannot get a conventional mortgage. There is a Mortgage Insurance Premium (MIP) that must be factored into the total cost of the loan.
- New Mexico VA loans: Active and retired military members also can explore a VA Loan, which typically comes with even better terms than a standard FHA loan. In some cases, this can mean no down payment and the lowest interest rate available on the market.
New Mexico Mortgage Rates Compared to National Averages
Mortgage interest rates in New Mexico typically fall slightly below the national average, which can add up to tremendous savings. Combine the savings with a low cost of living and New Mexico becomes a very attractive option for homebuyers.