New Mexico Mortgage Rates & Home Prices (2026)
Median price: $290,000 · Avg. rate: 6.88%
New Mexico Market Overview
$290,000
Median Home Price
6.88%
Avg. 30-Yr Rate
0.67%
Property Tax Rate
68.2%
Homeownership Rate
New Mexico offers moderate housing costs with strong affordability outside of Santa Fe and Los Alamos. The MFA provides up to $8,000 in DPA through the HomeNow program. Many rural areas qualify for USDA zero-down financing.
Estimated Monthly Payment
Median home in New Mexico (20% down, 30-yr fixed)
$1,808/mo
Principal & Interest$1,525
Property Taxes$162
Home Insurance (est.)$121
Total Monthly (PITI)$1,808
Based on a $290,000 home with 20% down ($232,000 loan) at 6.88%. Does not include PMI, HOA, or other fees.
First-Time Buyer Programs in New Mexico
- MFA FIRSTHome Program
- MFA HomeNow DPA
- MFA Mortgage$aver Program
Contact your state's Housing Finance Agency for current program availability and requirements.
Rate Comparison: NM Rates
30-Year Fixed6.88%
15-Year Fixed6.12%
5/1 ARM (est.)6.13%
FHA 30-Year6.73%
VA 30-Year6.63%
Rates are estimates based on state averages and may vary by lender and borrower qualifications.
Frequently Asked Questions
Key Stats: NM
FHA Loan Limit$472,030
Median Income$54,020
Cost Index0.90x