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New York Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of New York Mortgages

Whether they spend weekends in New York City, hike the Adirondacks or catch some fresh air at Niagara Falls, New York residents have plenty to enjoy about living in the Empire State. If you’re hoping to buy a home here, historical New York mortgage rates are very close to, or even slightly below, national averages. The state's counties’ conforming loan and FHA limits stick to the standards, except for a handful of counties whose limits jump fairly high in areas close to the Big Apple.

Today's Mortgage Rates in New York

Product Today Last Week Change
30 year fixed 4.38% 4.38% 0.00
15 year fixed 3.69% 3.69% 0.00
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 4.25% 4.25% 0.00
15 yr fixed mtg refi 3.69% 3.69% 0.00
7/1 ARM refi 3.13% 3.00% +0.13
15 yr jumbo fixed mtg refi 4.00% 3.63% +0.38

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in New York

Photo Credit: ©iStock.com/robertcicchetti

New York Mortgage Rates Quick Facts

  • Median Home Value: $293,000 (U.S. Census Bureau)
  • Loan Funding Rate: 52.92% (CFPB)
  • Average Mortgage Rate: 4.37% (FHFA)
  • Homeownership Rate: 51% (FRED)
  • Median Monthly Homeownership Costs: $2,114 (U.S. Census Bureau)

New York is home to the most populous city in the country, countless precious U.S. landmarks and multiple mountain ranges. More than 20 million people call New York home, with more than eight million residing in the southern part of the state in the Greater New York City area. This region is one of the nation’s hottest hubs for real estate and purchasing your own piece of the city can be incredibly competitive and costly.

New York mortgage rates are slightly lower than or right on target with the national average.

A financial advisor in New York can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

New York Historic Mortgage Rates

YearNew York RateU.S. Rate
198215.4214.73
198312.3112.26
198411.8411.99
198511.1511.17
19869.799.79
19878.588.95
19888.878.98
19899.849.81
19909.949.74
19919.409.07
19928.267.83
19937.196.93
19947.477.31
19957.847.69
19967.737.58
19977.607.52
19987.036.97
19997.327.14
20008.107.86
20017.026.94
20026.476.44
20035.635.67
20045.705.68
20055.785.85
20066.446.54
20076.406.42
20086.036.06
20095.065.05
20104.804.81
20114.554.56
20123.623.65
20133.773.84
20144.084.13
20153.813.88
20163.623.73
20173.914.03
20184.374.56

New York Mortgages Overview

New York home values vary widely depending on where in the Empire State you want to lay down roots. The median home in the state is valued at $293,000. Manhattan values are over double, with a $915,300 median home value. But, if you look in other parts of the state, such as Syracuse or Rochester, home values are closer to $90,000. In Albany, homeowners have a median value of $181,800.

Regardless of where you hope to settle down, it’s wise to set a budget of how much money you can afford to allocate on your monthly mortgage payment. You also may want to consider getting preapproved for a home loan from a lender. Taking that first step toward a home loan helps streamline the homebuying process.

The conforming limits for the majority of New York counties are the standard $510,400, but some do reach into the $765,600 range. More specifically, these are all five of New York City’s counties (Bronx, Kings, New York, Queens and Richmond), as well as Nassau, Putnam, Rockland, Suffolk and Westchester. You can expect higher-than-average real estate prices in these areas.

The state’s FHA loan limits follow suit. A total of 10 counties have FHA limits of $765,600. Dutchess and Orange have a slightly elevated limit of $356,500, while the remaining counties are at the baseline $331,760.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Albany$510,400$331,760
Allegany$510,400$331,760
Bronx$765,600$765,600
Broome$510,400$331,760
Cattaraugus$510,400$331,760
Cayuga$510,400$331,760
Chautauqua$510,400$331,760
Chemung$510,400$331,760
Chenango$510,400$331,760
Clinton$510,400$331,760
Columbia$510,400$331,760
Cortland$510,400$331,760
Delaware$510,400$331,760
Dutchess$726,525$356,500
Erie$510,400$331,760
Essex$510,400$331,760
Franklin$510,400$331,760
Fulton$510,400$331,760
Genesee$510,400$331,760
Greene$510,400$331,760
Hamilton$510,400$331,760
Herkimer$510,400$331,760
Jefferson$510,400$331,760
Kings$765,600$765,600
Lewis$510,400$331,760
Livingston$510,400$331,760
Madison$510,400$331,760
Monroe$510,400$331,760
Montgomery$510,400$331,760
Nassau$765,600$765,600
New York$765,600$765,600
Niagara$510,400$331,760
Oneida$510,400$331,760
Onondaga$510,400$331,760
Ontario$510,400$331,760
Orange$726,525$356,500
Orleans$510,400$331,760
Oswego$510,400$331,760
Otsego$510,400$331,760
Putnam$765,600$765,600
Queens$765,600$765,600
Rensselaer$510,400$331,760
Richmond$765,600$765,600
Rockland$765,600$765,600
St Lawrence$510,400$331,760
Saratoga$510,400$331,760
Schenectady$510,400$331,760
Schoharie$510,400$331,760
Schuyler$510,400$331,760
Seneca$510,400$331,760
Steuben$510,400$331,760
Suffolk$765,600$765,600
Sullivan$510,400$331,760
Tioga$510,400$331,760
Tompkins$510,400$331,760
Ulster$510,400$331,760
Warren$510,400$331,760
Washington$510,400$331,760
Wayne$510,400$331,760
Westchester$765,600$765,600
Wyoming$510,400$331,760
Yates$510,400$331,760

Buyers in the Empire State need to be somewhat vigilant - the New York real estate tradition is “caveat emptor,” or “buyer beware.” That means that laws are lax on what property information sellers need to disclose. There is an enormous demand for New York real estate, particularly in New York City, and there are plenty of buyers waiting for every sale.

Regardless of that pressure, it’s critical that homebuyers take the time to book a thorough home inspection. That being said, there are certain disclosures that New York sellers need to report, including environmental conditions like lead paint or contaminated water. But those disclosures are hardly an exhaustive list, so a quality home inspection will help you attend your closing with peace of mind.

30-Year Fixed Mortgage Rates in New York

If you are hoping to become a homeowner in New York state and you plan to stay put in your new residence for awhile, you will likely end up with a 30-year fixed-rate mortgage. This tried-and-true home loan option gives owners 30 years to pay off the loan (unless they make prepayments or refinance) and the interest rate remains the same for the entirety of the loan’s life. Fixed-rate mortgages are also available as a 15-year loan but the monthly payments are higher, because you are paying off the same amount of money in a shorter period of time.

The average New York rate for a fixed 30-year mortgage is 3.84%.

New York Jumbo Loan Rates

New York county conforming loan limits are mostly $510,400, but certain counties do get up to the highest limit of $765,600. The variation reflects the higher home prices in certain parts of the state. Jumbo loans are those that exceed an individual county’s conforming loan limit. So in counties with high real estate prices where the conforming limit jumps to $765,600, you have additional room to take out a bigger loan without it being considered a jumbo loan. If you do need a jumbo loan in order to make your New York real estate dreams a reality, you should be aware that they are accompanied by higher interest rates as it's a larger risk for the lender.

The average jumbo loan rate in New York is 3.86%.

New York ARM Loan Rates

An adjustable-rate mortgage (ARM) stands in contrast to a fixed-rate mortgage. While your interest rate is locked in with a fixed-rate mortgage, the interest rate on an ARM changes over the course of the loan. Usually, an ARM will have a lower interest rate than a fixed-rate mortgage for an introductory period of one, three, five, seven or 10 years.

Once that initial period has ended, the interest rate can change, which typically means it increases. How often the rate can “adjust” and the highest possible level that it can reach are specified in the terms of the loan, so it is crucial to assess the terms carefully to make sure that they fit within your budget.

The average rate for an ARM in New York is 4.30%.

New York Mortgage Resources

The Empire State has some valuable resources for its homebuyers. The State of New York Mortgage Agency offers five mortgage programs with low down payment requirements, competitive interest rates, home rehabilitation funding and no prepayment penalties. These mortgages are available for qualifying first-time homebuyers.

The New York State Association of REALTORS and The Community Foundation have paired up to offer $2,000 grants for first-time homebuyers in New York. Applicants must apply for the grant.

For Big Apple buyers, the NYC Housing Preservation & Development agency provides down payment assistance of up to $15,000 for first-time homebuyers. It also offers a First-time Property Buyers course to help buyers learn about the purchasing process.

Available Resources

ResourceProblem or IssueWho Qualifies
The State of New York Mortgage AgencyCompetitive mortgage rates, down payment assistance, and home rehabilitation funds.First-time homebuyers whose income and home qualify.
The New York State Association of REALTORS and The Community FoundationOffers grants to individuals and families in NY to purchase a home.Qualifying first-time homebuyers.
NYC Housing Preservation & DevelopmentOffers downpayment assistance and buyer education courses.Qualifying first-time homebuyers in NYC who meet income limit requirements.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

The United States Department of Agriculture Rural Development offers a program for rural communities in New York state. The USDA offers loans and grants for qualifying people who are in the market for a new home as well as those planning to repair their current home.

New York Mortgage Taxes

Be prepared to pay realty transfer taxes in New York. The rates are $2 per $500 for up to $1 million, plus an additional 1% for anything over $1 million. Some counties may charge more.

The base mortgage recording tax for the state is $0.50 per $100, but in New York City it can get as high as $1.75 per $100. The realty transfer in NYC is 1% to 2.625% based on a home value of plus or minus $500,000. In general, the seller is responsible for these charges but it will ultimately depend on your contract.

If you own a home in New York and you itemize deductions on your federal and state income taxes, you can deduct the mortgage interest that you pay throughout the year from your taxable income. Because New Yorkers pay more for real estate overall, Empire State residents stand to gain quite a bit from this perk.

New York Mortgage Refinance

New York homeowners who want to refinance have a wide variety of lenders to work with. Furthermore, although the Home Affordable Refinance Program (HARP) is no longer available, Fannie Mae created the High Loan-to-Value Refinance Option as an alternative.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset