Mortgage Rates in Farmington, New Mexico — March 2026
Updated March 2026 | Based on Farmington market data and regional lending conditions
Farmington is a growing city in New Mexico with a population of 45,877. The current 30-year fixed mortgage rate in Farmington is 6.73%, which is 0.08% above the national average. With a median home price of $227,000 and a 20% down payment of $45,400, homebuyers can expect a monthly principal and interest payment of approximately $1,175.
Current Mortgage Rates in Farmington, NM
Below are the current average mortgage rates available in the Farmington 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 | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Farmington Housing Market Overview
The Farmington housing market offers relatively affordable housing compared to many major cities. The median household income in Farmington is $46,900, and the cost of living index is 88.8 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $56,700 to comfortably afford the median-priced home in Farmington, which exceeds the current median household income.
Monthly Payment Breakdown for Farmington
Based on the median home price of $227,000 with 20% down ($45,400), here is what you can expect to pay monthly in Farmington:
15-Year vs. 30-Year Mortgage in Farmington
Choosing a 15-year mortgage in Farmington at 5.98% instead of a 30-year at 6.73% would save you $147,600 in total interest over the life of the loan. However, your monthly payment would be $1,530 instead of $1,175 — an increase of $355 per month.
Calculate Your Farmington 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 Farmington
What are the current mortgage rates in Farmington, NM?
As of March 2026, the average 30-year fixed mortgage rate in Farmington, New Mexico is 6.73%, while the 15-year fixed rate is 5.98%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Farmington?
Based on the median home price of $227,000 with 20% down, the estimated monthly mortgage payment in Farmington is $1,175 for principal and interest. Including property taxes of $148/month, the total monthly housing cost is approximately $1,323.
What income do I need to buy a home in Farmington?
Using the 28% rule, you would need an annual income of approximately $56,700 to afford the median-priced home in Farmington at $227,000. The median household income in Farmington is $46,900. This means most households would need to either earn above the median or consider homes below $227,000.
Is Farmington a good place to buy a home in 2026?
Farmington offers a below-average cost of living with a cost of living index of 88.8 (national average = 100). The property tax rate in New Mexico is 0.78%, which is below the national average. Farmington has a population of 45,877 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 Farmington, New Mexico area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.