New Mexico VA Loan Rates, Closing Costs & Stats
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
New Mexico VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New Mexico
for the week of 2023-12-01, compared to the national average (all VA variants) of
6.774% for the same period.
New Mexico's average VA mortgage closing costs are $6,129.
The average rate for the prior week (2023-11-24) was 6.85% and one month ago for the week of 2023-10-27, the average rate was 7.29%.
The average rate one year ago was 6.27%.
For refis of the same type during the week of 2023-12-01, the average rate was 5.71%.
New Mexico VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Mexico level.
The top New Mexico VA lender as defined by loan originations is Mortgage Research Center, LLC, with
775 VA loans originated. Their average total fees are
$7,813, which is $3,614
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New Mexico VA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,645), LAKEVIEW LOAN SERVICING, LLC ($5,357), Bell Bank ($6,220), HOMEOWNERS FINANCIAL GROUP USA, LLC ($6,625) and CORNERSTONE HOME LENDING, INC. ($6,883).
The lowest rate New Mexico VA lenders (with over 10 loans originated) are CLEARPATH LENDING (3.44%), PENNYMAC LOAN SERVICES, LLC (3.45%), PENTAGON FEDERAL CREDIT UNION (3.45%), LOANPAL, LLC (3.46%) and LAKEVIEW LOAN SERVICING, LLC (3.58%).