Current 30 year-fixed mortgage refinance rates are averaging: 7.26% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
The current average rate for a 15-year fixed mortgage refinance is: 6.65% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The housing market is likely to improve in 2024 as mortgage rates steadily decline. After a period of historically high rates, the Federal Reserve has indicated it could start making cuts to the federal funds rate over the summer. By some projections, the national average mortgage rate may fall to near or even below 6% before 2025.
Along with lower average rates and an increase in housing supply, homebuying in 2024 could become more affordable in New Mexico. However, homeowners who took out mortgages before 2022 should note that they’re unlikely to beat their current terms by refinancing in 2024.
If you’re looking to get better offers from mortgage lenders and save money on your loan, here are a few steps you can take to make it happen:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?A mortgage rate lock is a guarantee that your mortgage rate won’t change during the time it takes you to qualify for and close on your loan. Because interest rates frequently fluctuate (as often as hourly, in some cases), a rate lock can save you a significant amount of money on interest charges. Some lenders automatically offer a rate lock, but you may have the option to pay for a rate lock extension of 30 days or more, if needed.
The New Mexico Mortgage Finance Authority (NMMFA) has multiple homebuyer programs you can use separately or in combination. The agency offers mortgages starting at 6.75%, as well as loans to assist with your down payment. MFA programs can be used to purchase a wide variety of residential property types, including single-family homes, condos and manufactured homes.
Who qualifies?Borrowers must:
Have a minimum 620 credit score in most cases
Qualify based on income limits for their county
Complete prepurchase homebuyer counseling
The Santa Fe Community Housing Trust (SFHT) offers help for homebuyers in Northern New Mexico who are struggling to save enough money for a down payment. Through its mortgage reduction assistance program, this nonprofit housing agency works to connect buyers with up to $50,000 in funds toward a down payment. SFHT gives priority to members of several groups, including veterans, first responders, applicants with HIV/AIDS and low-income households.
Who qualifies?Borrowers must:
Have lived in Santa Fe County or the surrounding area for at least three years
Have a low to moderate income
Homewise offers home loans with low down payments and no mortgage insurance. Down payment loans are also available with 0% interest, and some borrowers can even get a home loan with a below-market interest rate through Homewise.
In addition, the agency’s New American Lending Program grants loans to buyers who don’t have Social Security numbers (an ITIN is accepted instead). Further, Homewise also has special financing for first responders and employees of Santa Fe Public Schools and Christus St. Vincent Regional Medical Center.
Who qualifies?Borrowers must:
Make a down payment of 2% to 5% of the home’s sales price
Complete a homebuyer education workshop from Homewise
Have a minimum 640 credit score for certain loan programs
→ New Mexico conventional loans. Conventional loans are the most common type of mortgages offered through banks and credit unions. Each lender has its own requirements to determine who qualifies but you’ll often need a minimum 620 score and at least a 3% down payment to be eligible for one of these loans.
→ New Mexico FHA loans. It’s easier for many buyers with poor credit to qualify for FHA loans than for conventional loans. If your credit scores are between 500 and 579, you’d need a 10% down payment. But with scores at 580 or higher, the down payment requirement drops to 3.5%.
→ New Mexico VA loans. If you’re a service member or veteran you might prefer to go through the VA for your mortgage. You can qualify for a VA loan with no down payment or mortgage insurance on the loan, and may even be able to qualify with credit scores as low as 500.
→ New Mexico USDA loans. For low- and very-low-income borrowers, the USDA’s Single Family Housing Direct home loan program can help you buy a home in rural New Mexico. There’s no down payment required to qualify for this USDA loan program and these loans have an ultra-low, 4.5% interest rate.
→ New Mexico streamline refinances. Streamline refinancing lets you refinance your mortgage with less paperwork and underwriting than other refinance loans. If you have an FHA loan, you might be eligible for an FHA streamline refinance. Meanwhile, VA loan borrowers can take advantage of a VA interest rate reduction refinance loan (IRRRL).
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