Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • How My Costco Anywhere Visa Card Scores Me Major Cash Back on Essentials

    Credit Cards

    How My Costco Anywhere Visa Card Scores Me Major Cash Back on Essentials
  • 4 Signs It's Time Switch Brokerages in 2021

    Brokerages

    4 Signs It's Time Switch Brokerages in 2021
  • Weekly Mortgage News Roundup for Jan. 22, 2021

    Mortgages

    Weekly Mortgage News Roundup for Jan. 22, 2021
  • Stimulus Check Update: 7 Reasons a Third Stimulus Check Is Likely to Become a Reality

    Personal Finance

    Stimulus Check Update: 7 Reasons a Third Stimulus Check Is Likely to Become a Reality
  • The Ascent
  • Best Mortgage Lenders
  • Today's Mortgage Rates

Mortgage Rates in New Mexico

January 22, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

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.

Current Mortgage and Refinance Rates in New Mexico

Rates As of Jan 22, 2021
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 Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in New Mexico

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.

1. Las Cruces

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.

2. Albuquerque

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.

3. Lovington

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.

4. Hobbs

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.

5. Roswell

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.

Select the state you want to see mortgage rates for:

Alabama mortgage rates Alaska mortgage rates Arizona mortgage rates Arkansas mortgage rates California mortgage rates Colorado mortgage rates Connecticut mortgage rates Washington DC mortgage rates Delaware mortgage rates Florida mortgage rates Georgia mortgage rates Hawaii mortgage rates Idaho mortgage rates Illinois mortgage rates Indiana mortgage rates Iowa mortgage rates Kansas mortgage rates Kentucky mortgage rates Louisiana mortgage rates Maine mortgage rates Maryland mortgage rates Massachusetts mortgage rates Michigan mortgage rates Minnesota mortgage rates Mississippi mortgage rates Missouri mortgage rates Montana mortgage rates Nebraska mortgage rates Nevada mortgage rates New Hampshire mortgage rates New Jersey mortgage rates New Mexico mortgage rates New York mortgage rates North Carolina mortgage rates North Dakota mortgage rates Ohio mortgage rates Oklahoma mortgage rates Oregon mortgage rates Pennsylvania mortgage rates Rhode Island mortgage rates South Carolina mortgage rates South Dakota mortgage rates Tennessee mortgage rates Texas mortgage rates Utah mortgage rates Vermont mortgage rates Virginia mortgage rates Washington mortgage rates West Virginia mortgage rates Wisconsin mortgage rates Wyoming mortgage rates

Check out more mortgage rates:

15-year mortgage rates

20-year mortgage rates

30-year mortgage rates

Refinance mortgage rates

FHA mortgage rates

Jumbo mortgage rates

VA loan rates

5/1 ARM rates

7/1 ARM rates

Like this page? Share it!

Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool