Snell made five shots from long range for the Lobos (29-5), who used a late surge to pull away and corral their second straight win in the Mountain West Conference Tournament championship game.
Kendall Williams played a key role for New Mexico with 12 points and seven assists.
The third-seeded Rebels (25-9) were paced by Bryce Dejean-Jones with 19 points.
Anthony Bennett added 15 points and 11 rebounds for the losers.
Boston schools pull out free condoms over wrapping complaints
Ray Liotta sues skin care company over use of likeness