Mortgage Rates in Clovis, New Mexico — March 2026
Updated March 2026 | Based on Clovis market data and regional lending conditions
Clovis is a growing city in New Mexico with a population of 39,389. The current 30-year fixed mortgage rate in Clovis is 6.25%, which is 0.4% below the national average. With a median home price of $175,000 and a 20% down payment of $35,000, homebuyers can expect a monthly principal and interest payment of approximately $862.
Current Mortgage Rates in Clovis, NM
Below are the current average mortgage rates available in the Clovis area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.25% | 6.65% | -0.4% |
| 15-Year Fixed | 5.49% | 5.89% | -0.4% |
| 5/1 ARM | 5.75% | 6.15% | -0.4% |
| FHA | 5.85% | 6.25% | -0.4% |
| VA | 5.65% | 6.05% | -0.4% |
| Jumbo | 6.45% | 6.85% | -0.4% |
Clovis Housing Market Overview
The Clovis housing market offers relatively affordable housing compared to many major cities. The median household income in Clovis is $38,000, and the cost of living index is 81 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $41,743 to comfortably afford the median-priced home in Clovis, which exceeds the current median household income.
Monthly Payment Breakdown for Clovis
Based on the median home price of $175,000 with 20% down ($35,000), here is what you can expect to pay monthly in Clovis:
15-Year vs. 30-Year Mortgage in Clovis
Choosing a 15-year mortgage in Clovis at 5.49% instead of a 30-year at 6.25% would save you $104,580 in total interest over the life of the loan. However, your monthly payment would be $1,143 instead of $862 — an increase of $281 per month.
Calculate Your Clovis Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Clovis
What are the current mortgage rates in Clovis, NM?
As of March 2026, the average 30-year fixed mortgage rate in Clovis, New Mexico is 6.25%, while the 15-year fixed rate is 5.49%. FHA loans average 5.85% and VA loans 5.65%. These rates are 0.4% below the national average of 6.65%.
How much is a monthly mortgage payment in Clovis?
Based on the median home price of $175,000 with 20% down, the estimated monthly mortgage payment in Clovis is $862 for principal and interest. Including property taxes of $112/month, the total monthly housing cost is approximately $974.
What income do I need to buy a home in Clovis?
Using the 28% rule, you would need an annual income of approximately $41,743 to afford the median-priced home in Clovis at $175,000. The median household income in Clovis is $38,000. This means most households would need to either earn above the median or consider homes below $175,000.
Is Clovis a good place to buy a home in 2026?
Clovis offers a below-average cost of living with a cost of living index of 81 (national average = 100). The property tax rate in New Mexico is 0.77%, which is below the national average. Clovis has a population of 39,389 and offers a very affordable lifestyle.
Mortgage Rates in Other New Mexico Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Clovis, New Mexico area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.