Rates as of July 8, 2026
| Program | Mortgage Rate | APR* | Change |
|---|---|---|---|
| Conventional 30-year fixed | |||
| Conventional 30-year fixed | 6.655% | 6.758% | -0.03 |
| Conventional 15-year fixed | |||
| Conventional 15-year fixed | 5.726% | 5.93% | +0.02 |
| 30-year fixed FHA† | |||
| 30-year fixed FHA† | 6.606% | 6.67% | +0.33 |
| 30-year fixed VA† | |||
| 30-year fixed VA† | 6.65% | 6.706% | +0.34 |
| Conventional 20-year fixed | |||
| Conventional 20-year fixed | 6.563% | 6.744% | Unchanged |
| † National average shown — statewide New Mexico data for this loan type isn't available yet. | |||
| Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here. | |||
Buying a Home in New Mexico
New Mexico’s approach to seller disclosure is unusual compared with most states. The main purpose is to make sure buyers don’t get a big shock after the purchase of their new home.
- New Mexico does not require sellers to complete a general property-disclosure form listing known defects. The state’s Real Estate Disclosure Act (New Mexico Statutes Chapter 47, Article 13) actually states that such disclosure is not required in most transactions, so the state is effectively “caveat emptor” when it comes to defects. Because of this, buyers are strongly advised to commission a thorough home inspection to check for defects
- The one disclosure New Mexico law does require relates to property taxes: under New Mexico Statutes § 47-13-4, before accepting an offer the seller must obtain the county assessor’s estimate of the property-tax levy based on the listed price and give that estimate to the buyer.
Refinancing in New Mexico
New Mexicans only rarely have more problems refinancing than people in other states. For the vast majority, the process is straightforward.
One exception applies to those who have a second mortgage through the New Mexico Mortgage Finance Authority (MFA). Those are often home equity loans given to first-time buyers to top up their original down payment needs. A problem may arise if the homeowner wants to keep the MFA loan when he or she wishes to refinance his or her main mortgage.
Sub-what?
That’s because, unlike many lenders of home equity products, the MFA routinely refuses “subordination” requests. Subordination has to do with who holds the “first lien” rights, which pretty much all mortgage lenders insist must be the lender of the main mortgage. You can see why: The first-lien holder gets the first bite of the cherry if things go wrong with a loan. Other lenders get only the leftovers.
Generally, if you have an MFA second mortgage you won’t be able to refinance — unless you roll up the MFA loan within your new mortgage. Few, if any, lenders of main mortgages will accept a second-lien slot.
Exceptions
The MFA does make exceptions in case of hardship. It defines those as:
“Need for emergency home improvements; unforeseen medical needs and/or expenses; a situation that prevents foreclosure on the borrower’s first mortgage such as loss mitigation loan modification; a hardship created through divorce or legal separation; Imminent Default, or other special circumstances that may be approved by MFA.”
If you’re affected, check out the MFA’s website for more details.