In fact it was so indecisive, in some swing states you could have shaved off 20+ points of his Hispanic support and Obama still would have won.

Via NY Times:

In the wake of the 2012 presidential election, there has been extensive discussion about the Republican Party’s failure to appeal to Hispanic voters, whether this failure was responsible — at least in part — for Mitt Romney’s defeat, and whether a change in immigration policy would be sufficient to shift the Latino vote rightward in the next election. […]

In Ohio, where the president received an estimated 54 percent of the Hispanic vote, according to exit poll data, we find he could have won the state with as little as 22 percent of the Hispanic vote, and in Virginia, where he received 64 percent of the Hispanic vote, we find that he could have carried the state with just over 33 percent.

It is also worth noting that in states that were not considered battleground territory, Mr. Obama could still have won without a majority of the Hispanic vote. In California, Mr. Obama took the state’s 55 electoral votes with 72 percent of the Hispanic vote, but could have won with as little as 25 percent. And in Pennsylvania (20 electoral votes), where Mr. Obama received an estimated 80 percent of the Hispanic vote, he could have still carried the state with just over 37 percent.

With these five swing states, along with the safe Democratic states that Mr. Obama should have carried regardless of the Hispanic vote, the president would have reached 283 electoral votes, winning the Electoral College without needing to win a majority of the Hispanic vote in each state.

In the remaining swing states – Nevada, Florida and Colorado – along with New Mexico, Mr. Obama did require a majority of the Hispanic votes cast in order to carry those states, although the shares he achieved still exceeded the threshold minimums he needed. In Colorado, where Mr. Obama received an estimated 75 percent of the Hispanic vote, we estimate that he could have won with just over 58 percent, and in Nevada, where he won 71 percent of the Hispanic vote, he could have carried the state with just under 54 percent. In the key battleground of Florida (29 electoral votes), Mr. Obama’s 60 percent share of the Hispanic vote was just above the 58 percent share required for victory in that state.

In New Mexico, Florida, Nevada and Colorado, slightly higher shares (but still less than a majority) of the Hispanic vote could have swung them to Mr. Romney, and this may well put these states in play in the next election if the Republican candidate and platform have broader appeal among Hispanic voters.