New York Mortgage and Refinance Rates

Current mortgage rates in New York

As of Monday, December 23, 2024, current interest rates in New York are 7.09% for a 30-year fixed mortgage and 6.28% for a 15-year fixed mortgage. Shop around for mortgages to find the best offer.

Elevated mortgage rates continue to make housing affordability a challenge for New York homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future. 

Home prices remain high, too, with the median sale price of $495,200 up 3.1 percent year-over-year for the state as of Feb. 2024, according to Redfin. New York City’s median sale price ($779,500) was up 2.6 percent, and Buffalo’s median sale price ($179,950) was up 20 percent year-over-year. 

Refinance rates in New York

New York mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in New York. Because the Federal Reserve may cut rates this year, many economists expect mortgage rates to dip downward in 2024 and into 2025.

National mortgage rates by loan type

Mortgage statistics for New York

New York’s home prices have grown sharply in the past several years. Here are some statistics about mortgages and the housing market in The Empire State:

• Average home value (as of Mar. 2024): $453,138 (Zillow)
• Homeownership rate (as of 2023): 51.2% (U.S. Census Bureau)
• Number of homes for sale (as of Feb. 2024): 38,763 (Redfin)
• Homes with price drops (as of Feb. 2024): 14.9% (Redfin)

Mortgage options in New York

• New York conventional mortgages: Considered the standard type of home loan, conventional mortgages have certain qualification requirements: a minimum FICO score of 620 and a debt-to-income (DTI) ratio of 43 percent or less. To get the best rate on a conventional mortgage, however, you’ll need a credit score of 740 or higher. These types of loans typically require larger down payments than government-backed mortgages. In order to avoid needing to pay for private mortgage insurance (PMI), which protects the lender in the event you default, you’ll need to make a down payment of 20 percent.
• New York FHA loans: If your credit history disqualifies you for a conventional mortgage, you might want to look into an FHA loan. Because these are backed by the government through the Federal Housing Administration (FHA), lenders who issue these loans are more comfortable extending these offers to borrowers with less than favorable credit and income. You can have a credit score as low as 580 and still qualify for an FHA loan, provided you can put down 3.5 percent.
• New York VA loans: Backed by the Department of Veterans Affairs, VA loans help veterans and other qualifying members of the armed services own homes. You can get one through a VA-approved lender in New York. These types of loans don’t require any down payment or mortgage insurance premiums, but you typically need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan.

First-time homebuyer programs in New York

The state of New York offers assistance to first-time homebuyers with programs through the State of New York Mortgage Agency. Here are some of the programs it offers:

• SONYMA Achieving the Dream program: This program offers the lowest interest rates out of all of SONYMA’s mortgage programs. It requires a minimum down payment of 3 percent, with 1 percent of the funds coming from the borrower. Applicants must adhere to area-specific purchase and income limits, take a homebuyer education course and meet other requirements.
• SONYMA Low Interest Rate program: The low interest rate program is similar to Achieving the Dream, but with a slightly higher interest rate and less stringent purchase and income limits.
• Down payment assistance: Those who qualify for SONYMA loans also qualify for down payment assistance in the form of a zero-percent interest loan toward down payment and closing costs. This loan can be for 3 percent of the purchase price (up to $15,000) and is forgivable after you live in the home as your primary residence for 10 years.
• RemodelNY: If you’re buying a fixer-upper with an Achieving the Dream or Low Interest Rate mortgage, you can also get a loan through SONYMA to fund renovations at the same rate as your primary mortgage. There’s no maximum limit to how much you can borrow, but you’ll have to meet certain restrictions.

How to find the best mortgage rate in New York

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Additional New York mortgage resources

• New York mortgage lenders: Explore mortgage lenders in your state.
• How to buy a house in New York: Learn the latest info on buying a home in New York.
• Cost of living in New York City: Get the facts on the cost of living in the Big Apple.
• New York loan limits by county: Learn the conforming and FHA loan limits for your city or town.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock