Buying a home in New Mexico is a major financial commitment. Before deciding to purchase, you should check rates and loan terms with several mortgage lenders. This will enable you to find the best mortgage rate. When borrowing for a large purchase such as a home, even a small difference in interest has a big impact on monthly payments and total costs. So make sure you keep track of today's mortgage rates in New Mexico.
Here you'll find current rates in New Mexico that you may be able to qualify for, and discover some of the state's most affordable cities and towns.
|Product||Interest Rate||Average Points/Credits|
|Fixed 30 Year||2.903%||0.029|
|Fixed 15 Year||2.234%||0.447|
|Fixed 30 Year - FHA||2.794%||0.397|
|Fixed 30 Year - VA||2.647%||0.038|
|Fixed 30 Year||3.029%||0.394|
|Fixed 20 Year||2.940%||0.441|
|Fixed 15 Year||2.522%||0.393|
|Fixed 30 Year - FHA||2.634%||1.333|
|Fixed 30 Year - VA||2.417%||0.667|
The cost of living can vary from one place to the next in New Mexico. Here are five locations recognized as being among the most affordable.
Las Cruces is the most affordable city in New Mexico, according to Niche. It has also been recognized as one of the best cities in which to retire, and one of the healthiest cities in America. More than 53% of residents own their homes, and prices fall below the national average of $184,700 at $150,200. In Dona Ana County, residents also benefit from some of the lowest property taxes in the U.S., averaging just 0.57% of assessed fair market value, according to Tax-Rates.org.
Albuquerque isn't as affordable as Las Cruces, but has the second lowest cost of living among cities in New Mexico. It's also recognized as a healthy city and as a great place for outdoor activities. Sandia Peak Tramway and the ABQ BioPark are just a few of the many outdoor attractions residents can enjoy here. Median home value is higher here at $193,000, but 60% of residents own their homes. Property taxes are also higher here, with an average of 0.81% of assessed fair market value.
Lovington is a large town of just over 11,500 that presents an affordable alternative to urban life. It comes in 9th out of 105 locales in New Mexico ranked for lowest cost of living, and is also the sixth best place in the state to buy a house. An impressive 71% of residents own their own homes here, with a median value of $111,300. Residents benefit from even lower property taxes here than in other cities on our list -- Lea County has average rate of just 0.44% of assessed fair market value.
Hobbs is a town like Lovington, but is much larger, with a population of more than 38,000. Hobbs is the 12th-best place to buy a home in New Mexico, and is also identified for its diversity and for being a great place for young professionals. Median home value is a bit higher here at $131,700, but that didn't stop 62% of residents from becoming homeowners. Like Lovington, Hobbs is in Lea County, so residents benefit from the same low property tax rate, averaging just 0.44% of assessed fair market value.
Roswell is the largest of the towns on the list, with a population topping 48,000. It's number 27 on the list of places in New Mexico with the lowest cost of living, and is the 29th-best place in the state to buy a house. Perhaps best known for its connection to UFO lore, Roswell is home to the International UFO Museum and Research Center. But there are also plenty of other kinds of attractions for residents to enjoy, including the Roswell Museum and Art Center and the Bitter Lake National Wildlife Refuge. Median home values are $105,700, and 66% of residents are owners rather than renters. Chaves County has average property taxes of 0.59% of assessed fair market value.
Buying a home is a big commitment. By looking at the cost of living in the place where you plan to purchase and shopping for the best mortgage rates in New Mexico, you can make a financially responsible choice that should help you stay happy with your home for a long time to come. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
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