New Mexico passed a bill amending adjustable rate mortgage provisions for “home loans” (loans of $548,250 or less secured by a 1- to 4-family property that is the borrower’s principal home). Under the bill, an adjustable rate mortgage is now permitted to change once every 6 months (previously limited to once every year). The bill also limits interest rate increases to 1% every six months (previously 2% per year). The bill becomes effective June 17, 2021.
See New Mexico State Legislature Website for the full text of the Bill:
https://www.nmlegis.gov/Sessions/21%20Regular/final/SB0365.pdf
