Albuquerque FHA Loan Rates, Closing Costs & Stats
ALBUQUERQUE, NM
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Albuquerque's 127 lenders originated 3,057 FHA loans during 2023. The total origination value was $828,585,000, with an average FHA loan value of $271,045.
Albuquerque FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Albuquerque
averaged
6.01%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Albuquerque's average FHA mortgage closing costs are $7,845.
The average rate for the prior week (2024-10-04) was
5.63% and
one month ago for the week of 2024-09-06, the
average rate was 5.76%.
The average rate one year ago was 6.88%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.83%.
Albuquerque FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albuquerque level.
The top Albuquerque FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with
309 FHA loans originated. Their average total fees are
$10,221, which is $1,533
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Albuquerque FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($7,383), HOMEAMERICAN MORTGAGE CORPORATION ($8,725), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,014), DHI MORTGAGE COMPANY, LTD. ($9,302) and UNION HOME MORTGAGE CORP. ($9,501).
The lowest rate Albuquerque FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.33%), HOMEAMERICAN MORTGAGE CORPORATION (5.56%), PULTE MORTGAGE LLC (5.75%), LOANPAL, LLC (5.94%) and PENNYMAC LOAN SERVICES, LLC (6.03%).
Albuquerque FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ALBUQUERQUE, NM | BERNALILLO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ALBUQUERQUE, NM | SANDOVAL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ALBUQUERQUE, NM | TORRANCE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ALBUQUERQUE, NM | VALENCIA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ALBUQUERQUE, NM | BERNALILLO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ALBUQUERQUE, NM | SANDOVAL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ALBUQUERQUE, NM | TORRANCE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ALBUQUERQUE, NM | VALENCIA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Albuquerque (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $239,000 (3.9%) | $309,398 (2.6%) | 0.89 | 2,764 |
2018-02-01 | $242,900 (2.9%) | $316,882 (3.8%) | 0.88 | 2,688 |
2018-03-01 | $245,000 (2.1%) | $322,196 (5.0%) | 0.86 | 2,614 |
2018-04-01 | $250,000 (2.2%) | $325,360 (4.2%) | 0.85 | 2,726 |
2018-05-01 | $258,838 (4.0%) | $327,541 (3.3%) | 0.86 | 2,915 |
2018-06-01 | $259,900 (4.0%) | $326,481 (1.7%) | 0.87 | 3,143 |
2018-07-01 | $252,450 (1.4%) | $320,215 (-0.7%) | 0.84 | 3,328 |
2018-08-01 | $249,945 (2.0%) | $315,470 (-2.2%) | 0.84 | 3,385 |
2018-09-01 | $246,895 (1.7%) | $313,914 (-1.6%) | 0.83 | 3,330 |
2018-10-01 | $248,079 (3.4%) | $318,151 (0.1%) | 0.84 | 3,307 |
2018-11-01 | $249,500 (4.0%) | $316,601 (1.3%) | 0.85 | 3,106 |
2018-12-01 | $249,000 (5.1%) | $314,653 (1.0%) | 0.86 | 2,839 |
2019-01-01 | $247,850 (3.7%) | $314,277 (1.6%) | 0.86 | 2,466 |
2019-02-01 | $250,486 (3.1%) | $323,390 (2.1%) | 0.85 | 2,368 |
2019-03-01 | $261,745 (6.8%) | $336,380 (4.4%) | 0.86 | 2,286 |
2019-04-01 | $269,850 (7.9%) | $344,436 (5.9%) | 0.86 | 2,311 |
2019-05-01 | $269,945 (4.3%) | $346,574 (5.8%) | 0.84 | 2,430 |
2019-06-01 | $273,500 (5.2%) | $349,731 (7.1%) | 0.85 | 2,623 |
2019-07-01 | $272,450 (7.9%) | $349,829 (9.3%) | 0.85 | 2,648 |
2019-08-01 | $273,427 (9.4%) | $350,050 (11.0%) | 0.87 | 2,637 |
2019-09-01 | $271,218 (9.9%) | $349,311 (11.3%) | 0.87 | 2,622 |
2019-10-01 | $269,745 (8.7%) | $348,211 (9.5%) | 0.87 | 2,606 |
2019-11-01 | $269,000 (7.8%) | $344,694 (8.9%) | 0.88 | 2,388 |
2019-12-01 | $267,475 (7.4%) | $344,538 (9.5%) | 0.89 | 2,072 |
2020-01-01 | $271,046 (9.4%) | $351,054 (11.7%) | 0.91 | 1,777 |
2020-02-01 | $280,697 (12.1%) | $360,132 (11.4%) | 0.92 | 1,706 |
2020-03-01 | $289,400 (10.6%) | $367,039 (9.1%) | 0.91 | 1,670 |
2020-04-01 | $288,000 (6.7%) | $361,445 (4.9%) | 0.90 | 1,770 |
2020-05-01 | $300,000 (11.1%) | $372,626 (7.5%) | 0.91 | 1,693 |
2020-06-01 | $316,495 (15.7%) | $393,346 (12.5%) | 0.93 | 1,465 |
2020-07-01 | $313,605 (15.1%) | $390,251 (11.6%) | 0.91 | 1,353 |
2020-08-01 | $319,900 (17.0%) | $396,875 (13.4%) | 0.92 | 1,329 |
2020-09-01 | $317,750 (17.2%) | $394,212 (12.9%) | 0.91 | 1,304 |
2020-10-01 | $307,980 (14.2%) | $392,516 (12.7%) | 0.88 | 1,291 |
2020-11-01 | $305,000 (13.4%) | $383,831 (11.4%) | 0.89 | 1,268 |
2020-12-01 | $309,450 (15.7%) | $390,401 (13.3%) | 0.92 | 1,052 |
2021-01-01 | $310,775 (14.7%) | $395,687 (12.7%) | 0.93 | 850 |
2021-02-01 | $315,500 (12.4%) | $395,511 (9.8%) | 0.92 | 744 |
2021-03-01 | $318,500 (10.1%) | $401,596 (9.4%) | 0.90 | 703 |
2021-04-01 | $325,000 (12.9%) | $420,196 (16.3%) | 0.88 | 688 |
2021-05-01 | $329,900 (10.0%) | $430,949 (15.7%) | 0.88 | 721 |
2021-06-01 | $344,975 (9.0%) | $434,355 (10.4%) | 0.91 | 861 |
2021-07-01 | $340,000 (8.4%) | $432,695 (10.9%) | 0.90 | 959 |
2021-08-01 | $340,000 (6.3%) | $438,447 (10.5%) | 0.91 | 1,002 |
2021-09-01 | $346,184 (9.0%) | $448,161 (13.7%) | 0.92 | 1,028 |
2021-10-01 | $359,900 (16.9%) | $460,879 (17.4%) | 0.96 | 953 |
2021-11-01 | $362,450 (18.8%) | $464,487 (21.0%) | 0.97 | 833 |
2021-12-01 | $350,000 (13.1%) | $459,248 (17.6%) | 0.95 | 687 |
2022-01-01 | $369,000 (18.7%) | $465,663 (17.7%) | 1.00 | 593 |
2022-02-01 | $371,870 (17.9%) | $477,367 (20.7%) | 0.97 | 566 |
2022-03-01 | $369,595 (16.0%) | $475,091 (18.3%) | 0.93 | 550 |
2022-04-01 | $379,000 (16.6%) | $485,254 (15.5%) | 0.90 | 600 |
2022-05-01 | $393,581 (19.3%) | $482,938 (12.1%) | 0.90 | 784 |
2022-06-01 | $392,500 (13.8%) | $478,435 (10.2%) | 0.87 | 998 |
2022-07-01 | $390,000 (14.7%) | $485,200 (12.1%) | 0.88 | 1,248 |
2022-08-01 | $394,688 (16.1%) | $487,927 (11.3%) | 0.91 | 1,296 |
2022-09-01 | $385,283 (11.3%) | $480,629 (7.2%) | 0.90 | 1,396 |
2022-10-01 | $385,000 (7.0%) | $485,713 (5.4%) | 0.91 | 1,422 |
2022-11-01 | $379,000 (4.6%) | $480,438 (3.4%) | 0.91 | 1,454 |
2022-12-01 | $375,000 (7.1%) | $486,774 (6.0%) | 0.93 | 1,227 |
2023-01-01 | $377,450 (2.3%) | $496,781 (6.7%) | 0.94 | 1,067 |
2023-02-01 | $386,498 (3.9%) | $513,554 (7.6%) | 0.93 | 908 |
2023-03-01 | $399,500 (8.1%) | $525,550 (10.6%) | 0.94 | 870 |
2023-04-01 | $400,000 (5.5%) | $528,442 (8.9%) | 0.93 | 871 |
2023-05-01 | $412,920 (4.9%) | $527,112 (9.2%) | 0.94 | 912 |
2023-06-01 | $417,012 (6.3%) | $524,218 (9.6%) | 0.94 | 1,037 |
2023-07-01 | $414,495 (6.3%) | $521,163 (7.4%) | 0.94 | 1,106 |
2023-08-01 | $400,223 (1.4%) | $510,514 (4.6%) | 0.92 | 1,185 |
2023-09-01 | $399,000 (3.6%) | $491,157 (2.2%) | 0.93 | 1,309 |
2023-10-01 | $399,950 (3.9%) | $496,992 (2.3%) | 0.94 | 1,400 |
2023-11-01 | $398,500 (5.2%) | $489,133 (1.8%) | 0.95 | 1,440 |
2023-12-01 | $399,500 (6.5%) | $496,016 (1.9%) | 0.97 | 1,376 |
2024-01-01 | $410,000 (8.6%) | $499,005 (0.5%) | 1.00 | 1,185 |
2024-02-01 | $412,500 (6.7%) | $511,875 (-0.3%) | 0.99 | 1,122 |
2024-03-01 | $414,495 (3.8%) | $510,977 (-2.8%) | 0.98 | 1,132 |
2024-04-01 | $410,788 (2.7%) | $508,645 (-3.8%) | 0.96 | 1,271 |
2024-05-01 | $423,913 (2.7%) | $522,158 (-0.9%) | 0.96 | 1,391 |
2024-06-01 | $422,500 (1.3%) | $515,724 (-1.6%) | 0.95 | 1,509 |
2024-07-01 | $409,750 (-1.1%) | $501,627 (-3.8%) | 0.94 | 1,621 |
2024-08-01 | $400,000 (-0.1%) | $487,873 (-4.4%) | 0.93 | 1,700 |
2024-09-01 | $398,029 (-0.2%) | $488,141 (-0.6%) | 0.94 | 1,850 |
Albuquerque's median listing price comes in at 94% of the national average.
Albuquerque's average listing price for 2024-09-01 was $488,141, a difference of $-3,016 (-0.6%) versus the prior year and $268 versus the prior month.
For the 2024-09-01 period, Albuquerque had 1,850 MLS listings, a difference of 150 listings (9%) versus the prior month and 541 listings (41%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albuquerque (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 72 days | 1,994 sqft |
2018-02-01 | 62 days | 2,023 sqft |
2018-03-01 | 49 days | 2,053 sqft |
2018-04-01 | 44 days | 2,075 sqft |
2018-05-01 | 44 days | 2,078 sqft |
2018-06-01 | 46 days | 2,078 sqft |
2018-07-01 | 49 days | 2,057 sqft |
2018-08-01 | 52 days | 2,037 sqft |
2018-09-01 | 57 days | 2,018 sqft |
2018-10-01 | 58 days | 2,020 sqft |
2018-11-01 | 60 days | 2,019 sqft |
2018-12-01 | 67 days | 2,020 sqft |
2019-01-01 | 70 days | 2,009 sqft |
2019-02-01 | 61 days | 2,022 sqft |
2019-03-01 | 51 days | 2,080 sqft |
2019-04-01 | 45 days | 2,120 sqft |
2019-05-01 | 47 days | 2,116 sqft |
2019-06-01 | 51 days | 2,110 sqft |
2019-07-01 | 45 days | 2,096 sqft |
2019-08-01 | 48 days | 2,088 sqft |
2019-09-01 | 50 days | 2,068 sqft |
2019-10-01 | 54 days | 2,068 sqft |
2019-11-01 | 64 days | 2,039 sqft |
2019-12-01 | 75 days | 2,034 sqft |
2020-01-01 | 72 days | 2,053 sqft |
2020-02-01 | 58 days | 2,093 sqft |
2020-03-01 | 49 days | 2,078 sqft |
2020-04-01 | 50 days | 2,050 sqft |
2020-05-01 | 54 days | 2,100 sqft |
2020-06-01 | 59 days | 2,147 sqft |
2020-07-01 | 57 days | 2,126 sqft |
2020-08-01 | 51 days | 2,153 sqft |
2020-09-01 | 53 days | 2,137 sqft |
2020-10-01 | 50 days | 2,099 sqft |
2020-11-01 | 54 days | 2,064 sqft |
2020-12-01 | 59 days | 2,095 sqft |
2021-01-01 | 66 days | 2,078 sqft |
2021-02-01 | 62 days | 2,015 sqft |
2021-03-01 | 53 days | 2,041 sqft |
2021-04-01 | 49 days | 2,050 sqft |
2021-05-01 | 42 days | 2,052 sqft |
2021-06-01 | 33 days | 2,047 sqft |
2021-07-01 | 36 days | 2,000 sqft |
2021-08-01 | 39 days | 2,016 sqft |
2021-09-01 | 47 days | 2,018 sqft |
2021-10-01 | 52 days | 2,092 sqft |
2021-11-01 | 62 days | 2,033 sqft |
2021-12-01 | 57 days | 1,976 sqft |
2022-01-01 | 69 days | 2,001 sqft |
2022-02-01 | 37 days | 1,973 sqft |
2022-03-01 | 35 days | 2,000 sqft |
2022-04-01 | 32 days | 2,000 sqft |
2022-05-01 | 28 days | 2,049 sqft |
2022-06-01 | 30 days | 2,038 sqft |
2022-07-01 | 32 days | 2,070 sqft |
2022-08-01 | 44 days | 2,083 sqft |
2022-09-01 | 52 days | 2,048 sqft |
2022-10-01 | 56 days | 2,025 sqft |
2022-11-01 | 60 days | 2,015 sqft |
2022-12-01 | 67 days | 2,003 sqft |
2023-01-01 | 75 days | 2,004 sqft |
2023-02-01 | 67 days | 2,030 sqft |
2023-03-01 | 55 days | 2,034 sqft |
2023-04-01 | 48 days | 2,067 sqft |
2023-05-01 | 46 days | 2,093 sqft |
2023-06-01 | 43 days | 2,085 sqft |
2023-07-01 | 45 days | 2,073 sqft |
2023-08-01 | 49 days | 2,022 sqft |
2023-09-01 | 50 days | 1,999 sqft |
2023-10-01 | 52 days | 2,045 sqft |
2023-11-01 | 55 days | 2,028 sqft |
2023-12-01 | 64 days | 2,010 sqft |
2024-01-01 | 73 days | 2,022 sqft |
2024-02-01 | 65 days | 2,028 sqft |
2024-03-01 | 52 days | 2,026 sqft |
2024-04-01 | 51 days | 2,010 sqft |
2024-05-01 | 44 days | 2,081 sqft |
2024-06-01 | 47 days | 2,046 sqft |
2024-07-01 | 53 days | 2,014 sqft |
2024-08-01 | 54 days | 1,998 sqft |
2024-09-01 | 56 days | 1,967 sqft |
Albuquerque's median square footage for active listings during the 2024-09-01 period was 1,967 sqft. One year prior, the average listing was 1,999 sqft.