New Mexico mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across New Mexico's 33 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 15,835 home-purchase mortgages for owner-occupied, single-family homes in New Mexico. The median buyer borrowed $305,000 on a home valued at $355,000 and reported a household income of $105,000.
Buyers financed a median 95% of the home's value (roughly 5% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,210.
Lenders denied 8.3% of completed home-purchase applications.
Key facts
- Median conventional loan costs ($5,210) were 6% lower than the U.S. median ($5,570).
- FHA loans made up 27.5% of purchase mortgages, versus 21.1% nationally.
- VA loans were unusually common: 17.3% of purchase mortgages.
- 30.0% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- 10.9% of single-family purchase mortgages financed manufactured homes.
- The most common age bracket among borrowers was 25–34 (31.7% of purchase loans).
- 52.3% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (36.4% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every New Mexico county. See every New Mexico county's 2026 FHA and conforming loan limits.
New Mexico counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Bernalillo County | 5,650 | $315,000 | $108,000 | 5.0% | 6.625% | $5,150 | 6.3% | $541,287 |
| Catron County | 7 | — | — | — | — | — | — | $541,287 |
| Chaves County | 402 | $225,000 | $90,000 | 3.5% | 6.625% | $5,670 | 6.0% | $541,287 |
| Cibola County | 40 | $175,000 | $85,000 | 3.5% | — | — | 19.2% | $541,287 |
| Colfax County | 67 | $175,000 | $75,000 | 5.0% | 6.624% | $5,170 | 6.5% | $541,287 |
| Curry County | 436 | $215,000 | $85,000 | 0.5% | 6.625% | $3,960 | 5.7% | $541,287 |
| De Baca County | 6 | — | — | — | — | — | — | $541,287 |
| Doña Ana County | 1,786 | $295,000 | $95,000 | 5.0% | 6.575% | $4,990 | 8.7% | $541,287 |
| Eddy County | 554 | $275,000 | $114,000 | 3.5% | 6.875% | $4,630 | 10.3% | $541,287 |
| Grant County | 116 | $225,000 | $87,000 | 5.2% | 6.625% | $5,080 | 15.1% | $541,287 |
| Guadalupe County | 9 | — | — | — | — | — | — | $541,287 |
| Harding County | 0 | — | — | — | — | — | — | $541,287 |
| Hidalgo County | 9 | — | — | — | — | — | — | $541,287 |
| Lea County | 372 | $255,000 | $103,000 | 3.5% | 6.875% | $5,570 | 10.3% | $541,287 |
| Lincoln County | 97 | $295,000 | $115,000 | 5.0% | 6.874% | $5,160 | 19.7% | $541,287 |
| Los Alamos County | 269 | $465,000 | $160,000 | 10.0% | 6.625% | $6,050 | 3.9% | $692,300 |
| Luna County | 96 | $185,000 | $67,000 | 3.5% | 6.625% | $3,980 | 18.9% | $541,287 |
| McKinley County | 101 | $225,000 | $98,000 | 5.0% | 6.825% | $4,980 | 8.9% | $541,287 |
| Mora County | 4 | — | — | — | — | — | — | $541,287 |
| Otero County | 551 | $235,000 | $85,000 | 2.6% | 6.625% | $5,310 | 6.0% | $541,287 |
| Quay County | 21 | — | — | — | — | — | — | $541,287 |
| Rio Arriba County | 71 | $335,000 | $117,000 | 6.7% | 6.625% | $6,200 | 15.6% | $541,287 |
| Roosevelt County | 114 | $185,000 | $83,000 | 3.0% | 6.625% | $4,400 | 5.0% | $541,287 |
| Sandoval County | 2,165 | $355,000 | $110,000 | 5.0% | 6.625% | $5,160 | 8.7% | $541,287 |
| San Juan County | 541 | $275,000 | $95,000 | 4.7% | 6.750% | $5,680 | 5.4% | $541,287 |
| San Miguel County | 68 | $235,000 | $81,000 | 5.0% | — | $5,500 | 9.4% | $541,287 |
| Santa Fe County | 1,122 | $425,000 | $141,000 | 20.0% | 6.750% | $5,740 | 8.3% | $569,250 |
| Sierra County | 49 | $205,000 | $74,000 | 10.0% | — | — | 10.5% | $541,287 |
| Socorro County | 57 | $175,000 | $81,000 | 3.5% | — | $4,440 | 3.3% | $541,287 |
| Taos County | 131 | $365,000 | $118,000 | 20.0% | 6.625% | $4,520 | 14.0% | $541,287 |
| Torrance County | 79 | $235,000 | $87,000 | 2.0% | — | — | 10.0% | $541,287 |
| Union County | 9 | — | — | — | — | — | — | $541,287 |
| Valencia County | 811 | $305,000 | $95,000 | 3.5% | 6.625% | $5,320 | 12.3% | $541,287 |
Who bought homes in New Mexico
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in New Mexico
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | New Mexico | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.250% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.125% |
| 15-year fixed rate · conventional | 5.990% | 5.875% |
| Rate spread vs. APOR · conventional | +0.18 pts | +0.13 pts |
| Total loan costs · conventional | $5,210 | $5,570 |
| Total loan costs · FHA | $10,560 | $11,310 |
| Total loan costs · VA | $6,250 | $6,490 |
| Origination charges (all loan types) | $2,420 | $1,860 |
| Borrowers paying discount points | 59.2% | 51.3% |
| Points paid, when paid (% of loan) | 0.97% | 0.87% |
| Borrowers receiving lender credits | 28.3% | 33.1% |
| Adjustable-rate mortgages | 5.3% | 7.4% |
| Jumbo loans (above conforming limit) | 1.3% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
New Mexico: 1,492 of 17,921 completed home-purchase applications were denied (8.3%).
Denial rate
| Application | New Mexico | U.S. |
|---|---|---|
| Home purchase | 8.3% | 8.5% |
| Conventional | 7.2% | 7.1% |
| FHA | 10.8% | 12.5% |
| VA | 7.2% | 8.0% |
| USDA | 23.0% | 12.5% |
| Refinance | 18.9% | 17.9% |
| Cash-out refinance | 35.8% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in New Mexico
Top mortgage lenders in New Mexico
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage (UWM) | 1,887 | 8.3% | 8.5% | 6.625% | +0.22 | $5,930 |
| 2 | Rocket Mortgage, LLC | 1,785 | 7.8% | 12.8% | 6.625% | +0.29 | $5,930 |
| 3 | Waterstone Mortgage Corporation | 1,364 | 6.0% | 1.8% | 6.875% | +0.47 | $5,660 |
| 4 | Guild Mortgage Company | 1,273 | 5.6% | 3.5% | 6.625% | +0.26 | $6,410 |
| 5 | Veterans United Home Loans | 756 | 3.3% | 6.4% | 6.625% | +0.14 | $2,640 |
| 6 | Primary Residential Mortgage, Inc. | 743 | 3.3% | 4.6% | 6.625% | +0.23 | $5,690 |
| 7 | CMG Mortgage, Inc. | 481 | 2.1% | 3.2% | 6.625% | +0.32 | $6,320 |
| 8 | Freedom Mortgage Corporation | 469 | 2.1% | 13.0% | — | — | — |
| 9 | JPMorgan Chase Bank, N.A. | 465 | 2.0% | 6.2% | 6.500% | +0.01 | $4,650 |
| 10 | loanDepot.com, LLC | 456 | 2.0% | 18.0% | 6.750% | +0.27 | $5,940 |
| 11 | Bokf, N.A. | 451 | 2.0% | 4.6% | 6.750% | +0.22 | $5,190 |
| 12 | Nusenda | 450 | 2.0% | 4.7% | 6.625% | −0.02 | $3,760 |
| 13 | DHI Mortgage Company, Ltd. | 405 | 1.8% | 24.8% | 5.375% | −1.23 | $3,240 |
| 14 | Sunward Federal Credit Union | 404 | 1.8% | 1.6% | 6.500% | −0.34 | $3,970 |
| 15 | Pennymac Loan Services, LLC | 376 | 1.7% | 18.0% | 6.499% | +0.15 | $5,590 |
| 16 | CrossCountry Mortgage, Inc. | 364 | 1.6% | 2.4% | 6.575% | +0.16 | $8,730 |
| 17 | Pulte Mortgage LLC | 317 | 1.4% | 12.9% | 5.250% | −1.21 | $1,240 |
| 18 | Sunflower Bank, N.A. | 302 | 1.3% | 1.9% | 6.625% | +0.15 | $6,170 |
| 19 | Directors Mortgage, Inc. | 293 | 1.3% | 7.3% | 6.990% | +0.58 | $5,220 |
| 20 | Bell Bank | 287 | 1.3% | 1.8% | 6.625% | +0.20 | $3,960 |
| 21 | Navy Federal Credit Union | 281 | 1.2% | 6.0% | 6.625% | −0.13 | $2,980 |
| 22 | Click n' Close, Inc. | 259 | 1.1% | 4.2% | 6.625% | — | $4,820 |
| 23 | Citizens Bank of Las Cruces | 243 | 1.1% | 3.8% | 6.624% | +0.06 | $3,060 |
| 24 | Kind Lending, LLC | 229 | 1.0% | 21.3% | 6.875% | +0.40 | $5,910 |
| 25 | Primelending, a Plainscapital Company | 228 | 1.0% | 3.7% | 6.625% | +0.21 | $5,440 |
Largest lenders in New Mexico by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in New Mexico
- Albuquerque, NM · 8,705 purchases
- Las Cruces, NM · 1,786 purchases
- Santa Fe, NM · 1,122 purchases
- Farmington, NM · 541 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology