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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.917%APR 6.954% | 0 pts$0 | $1,235/moP&I $1,235 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.945%APR 6.714% | 0 pts$0 | $1,223/moP&I $1,135 · MI $87 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.027%APR 6.079% | 0 pts$0 | $1,126/moP&I $1,126 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.037%APR 7.091% | 0 pts$0 | $1,250/moP&I $1,250 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.677% | 0 pts$0 | $1,325/moP&I $1,325 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.027% | 6.079% | 0 pts ($0) | $1,582/mo | $31,696 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.077% | 6.137% | 0 pts ($0) | $1,984/mo | $44,522 |
Condo 10% Down | 10% | 720 credit score | 7.216% | 7.386% | 0 pts ($0) | $1,432/mo | $50,291 |
Conventional 10% Down | 10% | 720 credit score | 6.621% | 6.777% | 0 pts ($0) | $1,348/mo | $46,515 |
Conventional 20% Down | 20% | 740 credit score | 6.917% | 6.954% | 0 pts ($0) | $1,235/mo | $38,242 |
Conventional 5% Down | 5% | 700 credit score | 7.038% | 7.517% | 0 pts ($0) | $1,485/mo | $51,892 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.360% | 7.400% | 0 pts ($0) | $1,614/mo | $55,492 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,385/mo | $46,920 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.821% | 7.197% | 0 pts ($0) | $1,483/mo | $53,543 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.037% | 7.091% | 0 pts ($0) | $1,563/mo | $53,212 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,931/mo | $46,040 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.945% | 6.714% | 0 pts ($0) | $1,369/mo | $47,959 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,418/mo | $49,634 |
FHA Streamline Refi | 0% | 640 credit score | 6.063% | 6.834% | 0 pts ($0) | $1,437/mo | $50,542 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.995% | 7.240% | 0 pts ($0) | $1,478/mo | $53,605 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,464/mo | $28,664 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.677% | 0 pts ($0) | $1,242/mo | $39,600 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,261/mo | $39,416 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,361/mo | $41,721 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.303% | 7.078% | 0 pts ($0) | $1,423/mo | $50,432 |
Second Home 10% Down | 10% | 720 credit score | 5.950% | 6.523% | 0 pts ($0) | $1,256/mo | $42,264 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,231/mo | $38,056 |
VA 0% Down | 0% | 700 credit score | 6.065% | 6.310% | 0 pts ($0) | $1,443/mo | $47,731 |
VA Cash-Out Refi | 0% | 640 credit score | 6.068% | 6.438% | 0 pts ($0) | $1,444/mo | $47,753 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.075% | 6.228% | 0 pts ($0) | $1,445/mo | $47,803 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,288/mo | $40,737 |
Frequently Asked Questions
What are today's mortgage rates in 87742, , NM across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 87742, , NM is 6.917% (with an estimated monthly payment of $2,081). Active program rates also include FHA 30-year fixed loans at 5.945% and VA 0%-down fixed loans at 6.065%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 87742, , NM?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 87742, , NM have fluctuated between a low of 6.551% and a high of 6.996%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 87742, , NM?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $234,008 in 87742, , NM, a standard 20%-down Conventional loan requires an upfront cash down payment of $46,802 but keeps your monthly payment lower at $2,081/mo (at 6.917% interest) with no monthly PMI. In comparison, an FHA loan requires only $8,190 (3.5% down) but has an estimated payment of $2,308/mo (at 5.945% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $225,818 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 87742 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 87742 is $806,501. With a typical local home value of $234,008 in , a standard 20%-down mortgage requires a loan size of $187,206. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 87742, , NM impact estimated mortgage payments?
The median home value in 87742, , NM is estimated at $234,008. Buying a typical home here with a standard 20% down payment ($46,802) translates to an estimated starting monthly mortgage payment of $2,081 (principal and interest). Compared to the local area median household income of $39,533 ($3,294/mo), this basic housing payment represents approximately 63.2% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.