Mortgage rates in Mexico: Banxico's figures explained

Two different numbers: the policy target and the mortgage rate

When Mexican news reports “the rate”, it usually means the policy target. Banxico’s monetary policy announcement of 24 September 2026 states that its Governing Board “decidió mantener el objetivo para la Tasa de Interés Interbancaria a un día en 6.50%”. That is the price of overnight money between banks. It influences what lenders charge, but a mortgage is priced by each lender for a long term, with its own margin, fees and insurance. The gap between 6.50 % and the mortgage indicator below is the first thing to understand.

What Banxico’s mortgage indicator shows

Banxico publishes table CF303, “Tasas de Interés de Crédito a los Hogares”, in its statistical system (SIE). The series “Indicador del Costo de Créditos Hipotecarios, en pesos a tasa fija” includes banks, Sofoles and regulated Sofomes (non-bank mortgage finance companies). For August 2026 it reports:

By calculation, the average CAT is 2.47 percentage points above the average rate (13.78 minus 11.31). That difference is the weight of commissions, mandatory insurance and other charges folded into the CAT, which is explained in the CAT guide.

Read the footnotes before you quote the figures

The table’s notes set the limits of the indicator:

• It models one loan: a 35-year-old borrower, a home “ubicado en el D.F.” (Mexico City) costing MX$1,000,000, a 20 % down payment, MX$800,000 financed, over 15 years.
• The minimum and maximum are those associated with the CAT.
• The average is a simple average of the offers, not weighted by the volume of loans actually granted.
• It covers fixed-rate loans in pesos only. Variable-rate loans, loans in other currencies and loans from public housing funds are outside it.

I did not find, on Banxico’s current site, a published average loan-to-value ratio, a weighted average rate or any rate specific to non-resident buyers, so this guide gives none. Ask each lender for its own terms.

Where else official rate information appears

Under article 11 of the Ley de Transparencia y de Fomento a la Competencia en el Crédito Garantizado (LTFCCG), the Sociedad Hipotecaria Federal (SHF, the federal mortgage development bank) must publish monthly, in the Diario Oficial de la Federación and on its website, information on the conditions of the market for mortgage-secured credit, so that applicants can assess the offers they receive. Article 5 of the same law obliges lenders to hand out, free of charge, a leaflet showing the ordinary and default interest rate and the CAT, the term, the amortisation system, early-repayment conditions, maximum commissions and mandatory services.

Turning the average into your own number

The Banxico average is a benchmark, not a quote. To get a figure that applies to you, request a binding offer, which every lender must provide free of charge for housing credit; see the binding offer guide. To see what a given rate means in monthly terms, use the formula in the mortgage payment guide or the mortgage calculator.

Which professional to consult

A mortgage lender (a bank or regulated non-bank lender) gives the binding offer and the CAT in writing. A real estate lawyer can explain the mortgage contract before you sign. The appraisal required for the loan is signed by an authorised appraiser. See mortgage lenders, real estate lawyers and appraisers for how to check each registration yourself.