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.
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