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Today's Refinance Rates4.5%4.7% 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: New Mexico mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • New Mexico FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in New Mexico on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • New Mexico VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in New Mexico through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

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.