Get Your Mortgage Rates for Home Loans

Magnolia Bank
Magnolia Bank
2.836%
APR
2.625%
INTEREST RATE
$803
PER MONTH
Magnolia Bank
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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.

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New Mexico Mortgage Rates

Comparing New Mexico Mortgage Rates with National Rates

In order to help you see how New Mexico mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in New Mexico

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New Mexico

In order to qualify for the best mortgage rates in New Mexico it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for New Mexico

New Mexico is the thirty sixth most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.0 million residents, which represents 0.6% of the US population.

According to Wikipedia "Oil and gas production, tourism, and federal government spending are important drivers of the state economy...New Mexico is the third leading crude oil and natural gas producer in the United States…. Federal government spending is a major driver of the New Mexico economy.Many of the federal jobs relate to the military; the state hosts three air force bases (Kirtland Air Force Base, Holloman Air Force Base, and Cannon Air Force Base); a testing range (White Sands Missile Range); and an army proving ground and maneuver range (Fort Bliss – McGregor Range). Other federal installations include the technology labs of Los Alamos National Laboratory and Sandia National Laboratories."

According to the Glassman-ACS report for 2015, New Mexico had the second highest poverty level, with 20.4% percent of people below the poverty level in 2015. The median household economy in 2015 was approximately $45,382 considerably lower than the national average of $55,775.

Based on 2015 HMDA data, New Mexico compared to National loan program distribution, had a slightly higher percentage of purchase loans (53% vs 51% national) and smaller share of refinance loans (44% vs 46% nationally).Conventional loans were a much smaller share 57% vs 69% nationally, whereas FHA loans (26% vs 20% nationally) and VA loans (17% vs 10% nationally) were much higher.

Here are some outside resources that can help you understand the New Mexico mortgage environment:

  1. FHA loan amounts in New Mexico: (note:set the table to New Mexico). There are 33 counties in the state of New Mexico. None of the single family units meet the Highest loan limit, currently at $636,150. Most, 88% of the counties are at the Standard loan limit, currently at $275,665. The remaining 12% are between those limits
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for New Mexico and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100 all of the counties are within this limit.
  3. New Mexico Mortgage Programs: The New Mexico Mortgage Finance Authority (MFA) seeks to be a leader in affordable housing.  The MFA offers various mortgage programs including a first mortgage, a second mortgage and a Next Home Program (for non-first time buyers). The mortgage programs have credit, income and property requirements.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for New Mexico

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between New Mexico and the US:

  • Mortgage Rates for Conventional Loans in New Mexico
  • Mortgage Fees for Conventional Loans in New Mexico
  • Loan Amount for Conventional Loans in New Mexico

 

Mortgage Rates for Conventional Loans in New Mexico vs USA

 

Mortgage Fees for Conventional Loans in New Mexico

 

Purchase Price for Conventional Loans in New Mexico vs USA

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