The Most Recent New Mexico Mortgage Rates for Your Home Loan or Refinance
Buying a home in New Mexico means you’re putting down roots somewhere that offers a great quality of life, with plenty of opportunities to enjoy the outdoors, experience rich cultural traditions, and take advantage of the state's affordable cost of living. New Mexico also boasts a strong job market and a healthy housing market, making it a great place to invest in a home. Nature lovers are sure to love New Mexico’s diverse landscape, which includes everything from desert to mountains, and its wide variety of wildlife. The state is also home to some of the most beautiful sunsets in the country.
If you're looking for a place to call home that offers something for everyone, New Mexico is definitely worth considering! In comparison to other states, New Mexico also has some of the lowest population density in the US. This makes it ideal for those who love their space and enjoy having a more rural lifestyle.
Whether you’re a new New Mexico homebuyer or are looking to refinance an existing New Mexico mortgage, Aspire Lending is a licensed New Mexico mortgage lender. Our connection to the most up-to-date New Mexico mortgage interest rates can help you choose when it’s the right time to apply for a mortgage or refinance.
Bookmark and refer to this page often if you are interested in securing a low rate mortgage in New Mexico, as rates are subject to change. Wondering what kind of mortgage you should get in New Mexico? Check out our guide below to common New Mexico mortgages and see which you might qualify for. If you’re already a New Mexico homeowner, use this guide to find the most recent New Mexico refinance rates.
TODAY'S NEW MEXICO INTEREST RATES: MORTGAGE REFINANCE*View APR disclosure.
Conventional Refinance
Conventional Refinance 15 Year - Fixed
Interest* APR*
Conventional Refinance 20 Year - Fixed
Interest* APR*
Conventional Refinance 30 Year - Fixed
Interest* APR*
Home Equity / Cash Out Refinance
Home Equity / Cash Out 15 Year - Fixed
Interest* APR*
Home Equity / Cash Out 20 Year - Fixed
Interest* APR*
Home Equity / Cash Out 30 Year - Fixed
Interest* APR*
FHA Streamline Refinance
FHA Streamline 15 Year - Fixed
Interest* APR*
FHA Streamline 30 Year - Fixed
Interest* APR*
VA Interest Rate Reduction Refinance Loan (IRRRL)
VA IRRRL 15 Year - Fixed
Interest* APR*
VA IRRRL 30 Year - Fixed
Interest* APR*
USDA Streamline Refinance
USDA Streamline 30 Year - Fixed
Interest* APR*
Jumbo Refinance
Jumbo Refinance 30 Year - Fixed
Interest* APR*
TODAY'S NEW MEXICO INTEREST RATES: MORTGAGE PURCHASE *View APR disclosure.
Conventional Purchase
Conventional Purchase 15 Year - Fixed
Interest* APR*
Conventional Purchase 20 Year - Fixed
Interest* APR*
Conventional Purchase 30 Year - Fixed
Interest* APR*
FHA Purchase
FHA 15 Year - Fixed
Interest* APR*
FHA 30 Year - Fixed
Interest* APR*
VA Purchase Loan
VA 15 Year - Fixed
Interest* APR*
VA 30 Year - Fixed
Interest* APR*
USDA Purchase
USDA 30 Year - Fixed
Interest* APR*
Jumbo Purchase
Jumbo Purchase 30 Year - Fixed
Interest* APR*
New Mexico Rate and Term Option Mortgage Refinance
You can refinance your New Mexico mortgage to adjust the interest rate and term, this can be a very simple way to save money. A conventional refinance of your New Mexico mortgage loan offers the flexibility to adjust your mortgage payment amount or reduce the total interest you will pay over the loan term. We offer low rates for your New Mexico home loan refinance at Aspire Lending. Come back to this page to check current interest rates and let us know when you are ready to refinance your New Mexico mortgage with a conventional rate and term refinance.
Loan Qualification Guidelines:
Conventional Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 95%
- Maximum Debt to Income: 45%
- Mortgage Insurance: Yes (80% LTV and above)
New Mexico Home Equity Loan
New Mexico home equity loans are a great way for homeowners to convert the equity in their home to cash. You may consider taking out a New Mexico home equity loan to free up money for paying bills, make home repairs, or finance a large purchase. Aspire Lending has the latest New Mexico mortgage rates including the most recent New Mexico home equity loan rates. Bookmark our website and check back often to see when New Mexico home equity loan rates change so that you can ensure you get the best deal possible.
Loan Qualification Guidelines:
Home Equity Loan
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 45%
- Mortgage Insurance: No
New Mexico Cash Out Refinance
A cash out refinance is useful for homeowners who are looking to refinance their existing New Mexico mortgage and take cash out of their earned home equity. A New Mexico cash out refinance allows you to take advantage of the equity you've built up in your home and pay a lower interest rate. If you are interested in seeing the latest New Mexico mortgage refinance rates check this page often.
Loan Qualification Guidelines:
Cash Out Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 45%
- Mortgage Insurance: No
New Mexico FHA Loan: Streamline Refinance
The streamline refinance loan is a type of New Mexico FHA loan that allows you to lower your FHA interest rate. Lowering your New Mexico FHA loan rate with Aspire is a simple and quick refinance process, and it might be right for you if you believe there is room to reduce your interest rate on your current New Mexico FHA mortgage. FHA loans are backed by the US Federal Housing Administration and they do not require an appraisal. Aspire Lending is a New Mexico FHA-approved lender.
Loan Qualification Guidelines:
FHA Streamline Refinance
- Minimum FICO Credit Score: 640
- Maximum Loan to Value: 95%
- Maximum Debt to Income: 50%
- Mortgage Insurance: Yes
New Mexico VA Loans: IRRRL
United States military veterans who live in New Mexico can potentially benefit from an interest rate reduction refinance loan on their current VA mortgage. Check back with Aspire Lending often for the most updated New Mexico VA loan rates.
Loan Qualification Guidelines:
VA IRRRL Loan
- Minimum FICO Credit Score: 660
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: No
New Mexico USDA Loans: Streamline Refinance
A New Mexico USDA Streamline Refinance loan will allow you to refinance your current New Mexico USDA loan to more favorable terms. The USDA does not require an updated appraisal to refinance a New Mexico USDA mortgage to a lower interest rate and payment. Many New Mexico homeowners with USDA rural properties utilize the opportunity to get a streamline refinance to save them money on their mortgage payments and interest. Aspire Lending offers great rates on USDA streamline refinance loans in New Mexico, check this page for the most up to date interest rates.
Loan Qualification Guidelines:
USDA Streamline Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: Yes
New Mexico Jumbo Refinance Loan
Refinancing your Jumbo mortgage to a lower interest rate can save you a lot of money over the life of the loan. A loan is “Jumbo” if it is for more $647,200, though this number can be changed. Aspire Lending offers some of the lowest interest rates on New Mexico jumbo loans.
Loan Qualification Guidelines:
Jumbo Refinance
- Minimum FICO Credit Score: 700
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 43%
- Mortgage Insurance: No
New Mexico Home Loans: Conventional Home Purchase
Conventional New Mexico home loans offer flexible options for home buyers. A conventional New Mexico home purchase mortgage has a minimum 5% down payment. There is also a conventional firsttime home buyers loan program that offers a minimum 3% down payment for New Mexico mortgage applicants buying a primary residence for the first time.
Loan Qualification Guidelines:
Conventional Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 3%-5%
- Maximum Loan to Value: 97%-95%
- Maximum Debt to Income: 45%
- Mortgage Insurance: Yes (for 80% LTV and above)
New Mexico FHA Loan
A New Mexico FHA loan is provided by an FHA-approved lender such as Aspire. New Mexico FHA loans, like all FHA loans, are backed by the US Federal Housing Administration. A New Mexico FHA loan could be the right option for you if you are looking for a mortgage in New Mexico, but also need to put less than 10% down. With a minimum down payment amount of 3.5% of the total home purchase price, FHA loans are a great option for first time New Mexico home buyers. Aspire always has the latest New Mexico FHA loan rates so check back frequently to see when the right time for you to get a New Mexico FHA loan could be. The New Mexico FHA streamline refinance loan allows you to lower your FHA interest rate with a simple and quick refinance process
Loan Qualification Guidelines:
FHA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 3.5%
- Maximum Loan to Value: 97.5%
- Maximum Debt to Income: 50%
- Mortgage Insurance: Yes
New Mexico VA Loan
New Mexico Veterans Administration loans support our armed forced community by helping them secure a mortgage with beneficial VA loan terms such as a lower interest rate or longer term. To qualify for a New Mexico VA loan, you must be a current or former member of the US armed forces in good status or a qualifying spouse. Aspire Lending is a certified mortgage lender offering New Mexico VA loans to those who have served or are serving in the armed forces. Check Aspire Lending often for the most updated New Mexico VA loan rates.
Loan Qualification Guidelines:
VA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 0%
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: No
New Mexico USDA Loan
New Mexico USDA loans are a type of mortgage for residents of New Mexico who are interested in living in rural and developing locations as identified by the USDA. If that matches your description read on as you may be entitled to seek a New Mexico USDA loan. The USDA Loan Program is federally backed through the United States Department of Agriculture. As you might expect, USDA loans come with some geographical restrictions along with other caps; such as one on income and another limiting purchases to only single-family homes. If you think you meet the qualifications for a New Mexico USDA loan, then reach out to Aspire to speak with one of our New Mexico mortgage specialists. We always have the most recent rates on New Mexico USDA loans so check back frequently.
Loan Qualification Guidelines:
USDA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 0%
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: Yes
New Mexico Jumbo Loan
A New Mexico jumbo loan is for you if you are looking to take out a larger than average loan in the state of New Mexico. These loans are for an amount greater than $647,200 though this number can be changed. Aspire is a certified New Mexico mortgage lender offering New Mexico jumbo loans at the latest rates. Check this page often to see the most recent New Mexico jumbo loan rates.
Loan Qualification Guidelines:
Jumbo Loan
- Minimum FICO Credit Score: 700
- Minimum Down Payment: 20%
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 43%
- Mortgage Insurance: No
