New Mexico USDA Loan Rates, Closing Costs & Stats

New Mexico

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

New Mexico USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in New Mexico averaged -0.44% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

New Mexico's average USDA mortgage closing costs are $5,547.

The average rate for the prior week (2023-11-17) was 6.95% and one month ago for the week of 2023-10-20, the average rate was 7.37%.

The average rate one year ago was 6.31%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.25%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

New Mexico USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Mexico level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
PRIMARY RESIDENTIAL MORTGAGE, INC. 14 5.31% $7,214
GUILD MORTGAGE COMPANY 14 5.03% $8,411
Waterstone Mortgage Corporation 13 4.71% $6,532
First American Bank 9 5.04% $4,530
Century Mortgage Company DBA Century Lending Company 7 4.48% $7,160
LOANDEPOT.COM, LLC 7 4.07% $6,846
Paramount Residential Mortgage Group, Inc. 6 5.27% $5,056
VAN DYK MORTGAGE CORPORATION 5 5.63% $6,340
AMCAP MORTGAGE, LTD. 5 5.68% $6,789
PLAZA HOME MORTGAGE, INC. 4 4.15% $6,936
PENNYMAC LOAN SERVICES, LLC 4 3.20% $6,079
AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.47% $9,395
RANLIFE, INC. 4 3.69% $9,599
Neighborhood Loans, Inc. 4 5.00% $6,848
CALIBER HOME LOANS, INC. 4 3.75% $5,257
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 5.06% $7,303
CORNERSTONE HOME LENDING, INC. 4 4.81% $7,097
CALCON MUTUAL MORTGAGE LLC 4 5.09% $7,756
First Guaranty Mortgage Corporation 3 3.46% $5,120
SOUTHWEST FUNDING, LP 3 4.96% $8,269
ACADEMY MORTGAGE CORPORATION 2 4.56% $7,695
CARDINAL FINANCIAL 2 4.13% $11,064
Flagstar Bank, FSB 2 3.21% $10,234
GENEVA FINANCIAL, LLC 2 5.19% $7,261
HOME POINT FINANCIAL CORPORATION 2 5.13% $4,275
HOMESPIRE MORTGAGE CORPORATION 2 3.56% $7,529
LEGACY MORTGAGE LLC 2 5.50% $10,063
MANN FINANCIAL INC. 2 4.75% $7,022
Nations Lending Corporation 2 5.25% $7,573
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.50% $6,518
Sunflower Bank 2 3.75% $10,777
TIB The Independent Bankersbank 2 4.88% $4,388
UNITED WHOLESALE MORTGAGE, LLC 2 4.64% $4,832
Wells Fargo Bank 2 4.94% $6,354
PLANET HOME LENDING, LLC 1 2.88% $3,391
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.75% $5,875
DHI MORTGAGE COMPANY, LTD. 1 3.25% $10,880
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 5.99% $7,979
DAS Acquisition Company, LLC 1 5.63% $12,745
BOKF 1 6.13% $6,987
Wallick & Volk, Inc. 1 5.75% $4,248
Amerifirst Financial, Inc. 1 3.38% $3,274
TOP FLITE FINANCIAL, INC. 1 4.25% $14,018
UNITED MORTGAGE CORP 1 5.99% $11,934
MID AMERICA MORTGAGE, INC. 1 4.25% $2,949
West Gate Bank 1 5.63% $4,903
Loan Simple, Inc. 1 5.50% $9,528
Flanagan State Bank 1 5.50% $11,559
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $4,407
Plains Commerce Bank 1 3.50% $5,832

The top New Mexico USDA lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 14 USDA loans originated. Their average total fees are $7,214, which is $1,198 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee New Mexico USDA lenders (with over 10 loans originated) are Waterstone Mortgage Corporation ($6,532), PRIMARY RESIDENTIAL MORTGAGE, INC. ($7,214), GUILD MORTGAGE COMPANY ($8,411), .

The lowest rate New Mexico USDA lenders (with over 10 loans originated) are Waterstone Mortgage Corporation (4.71%), GUILD MORTGAGE COMPANY (5.03%), PRIMARY RESIDENTIAL MORTGAGE, INC. (5.31%), .