30-Year Fixed Mortgage Refinance Interest Rates in Las Cruces, NM
Explore 30-year fixed mortgage refinance rates in Las Cruces, NM over time.
New Mexico Current Interest Rate: 6.033% · National Avg: 6.04%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Las Cruces, New Mexico
Showing results for: 30-Year Fixed refinance offers for Single Family or Townhome properties in NM, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
When Should I Refinance to 30-Year Fixed in Las Cruces?
In Las Cruces's hot market with 14.5% annual appreciation, refinance when you can reduce your rate by 0.75%+ or access equity. If you purchased 2-3 years ago, rapid appreciation likely built substantial equity. Refinancing a $115,840 loan (80% of Las Cruces's $144,800 median) from 7% to 6% saves $76/month. With closing costs around $2,896, you break even in 38 months. The 30-year term keeps payments low while Las Cruces's appreciation builds equity automatically.
Should I Do Cash-Out Refinancing to 30-Year in Las Cruces?
With 14.5% appreciation in Las Cruces, cash-out refinancing makes sense if you have substantial equity. If your home appreciated from $144,800 to $166,520 over 3 years, you could access up to $17,376 while keeping 20% equity. Popular uses: high-ROI renovations (which compound with Las Cruces's growth), investment properties, debt consolidation. Cash-out 30-year rates run 0.25-0.5% higher than rate-and-term, but the extended term keeps payments manageable even with a larger loan balance.
How Much Will I Save Refinancing to 30-Year in Las Cruces?
Monthly savings depend on your rate reduction. Refinancing $115,840 from 7% to 6% saves $76/month in principal and interest. However, your total PITI payment in Las Cruces includes $97/month property tax (at 0.8% of home value). Your actual payment drops from approximately $1,018 to $942 total. Over 30 years, you'll save over $27k in interest-plus Las Cruces's appreciation builds additional equity.
What Are 30-Year Refinance Closing Costs in Las Cruces?
Closing costs in Las Cruces typically run 2-3% of your loan amount. On a $115,840 refinance, expect $2,317-$3,475, including appraisal ($400-700), title insurance, lender fees (0.5-1%), and escrow setup. Divide closing costs by monthly savings to find break-even: $2,896 ÷ $76 = 38 months. In hot markets like Las Cruces, strong appreciation shortens effective break-even since rising home values increase refinanceable equity over time.
How Does Las Cruces's Property Tax Affect 30-Year Refinancing?
Property taxes at 0.8% of Las Cruces's home values add $97/month to a median-priced home. When refinancing to a 30-year fixed, your principal/interest payment changes but property tax stays constant. If you're quoted a new rate, calculate P&I savings ($76 in our 7%→6% example), then add back property tax and insurance for true monthly cost. Also remember: as Las Cruces homes appreciate 14.5% annually, your assessed value-and thus property tax-may increase over the loan's life.