Today's Mortgage Rates

Product (Rate Program)RateAPR


There are great rates on New Mexico mortgages and refinances, but it's up to you to find them! Uncovering those low rates is much easier when you have a thorough grasp of the subject matter. That means that you might need to brush up on HELOCs, 7/1 ARMs, LIBOR, and any other mortgage term that you're not familiar with. has a full complement of definitions, articles, and tips to help you answer the questions that arise during your mortgage search. Newcomers can start at the news and advice page to browse articles, get a quick snapshot of interest rates, or even request personalized quotes. The mortgage calculators provide even more detail, allowing you to analyze different loan types and clarify your budget. If you still have questions, click to the New Mexico broker directory; there are several suitable lenders who'd be happy to help you.

Loan Rates

While interest rates might seem mysterious, there are certain factors that influence them in predictable ways. These include your creditworthiness, the type of loan that you're requesting, and the loan amount that you need. The lender uses your income, existing debt load, and credit history to make a judgment about your creditworthiness. Being highly creditworthy (or perceived as more likely to pay the debt back on time), puts you in the running for a lower interest rate. Fully amortizing mortgages-those with no balloon payment- and low-dollar loans also have lower rates.

Subprime Mortgages

If you're ready to put credit problems behind you, a subprime mortgage might be a step in the right direction. Bad credit mortgages, also known as subprime mortgages, can be structured to help homeowners pay off debt affordably and methodically. Some subprime lenders have less-than-stellar reputations, however, so try to be selective in your mortgage search. The best strategy is to consult with several lenders and fill out several loan applications. Then sit down with your written offers and run the numbers on mortgage calculators. The least risky loan structure is a fixed-rate mortgage (FRM), but there might be situations where an adjustable-rate mortgage (ARM) would work for you. Just take care to understand the terms that dictate how a variable rate might change over time.


New Mexico's wide-open landscapes, protected forests, monuments, and historic sites make it one of the most diverse and interesting states in the country. When you find that low rate mortgage or refinance, you'll have one more thing to love about New Mexico. Get started in your search by gathering loan offers. You can get prequalification estimates or full loan quotes. The latter is preferred, simply because it's more definite. You can then use your quotes to run comparisons and budget scenarios on mortgage calculators. Knowing exactly how the numbers play out over time is a necessary part of selecting the very best mortgage available.