The Lobos (20-6, 7-4 Mountain West) have won three straight and six of their last seven games. New Mexico has beaten a ranked Utah team six of the last seven times at home.
Andrew Bogut had 15 points and 13 rebounds for the Utes (23-4, 11-1), who had an 18-game winning streak halted.
Utah failed in its attempt to become the first MWC team in history to finish the season undefeated in conference play.
New Mexico scored 13 of the first 17 points of the game but Utah countered with a 13-2 run.