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Mortgage rates in New York

They’ve landed below the national average since 2010.

Updated

The federal government has cut rates in the nation's response to COVID-19. Due to rapidly changing information, mortgage rates on this page are not up to date. Speak to a mortgage lender or broker for the most current rates for your state.

30-year mortgage rates in the Empire State average 4.657%. They’ve been steadily falling below the national average in recent years and are slated to come in around the upper 3% mark in the upcoming year.

How much do New York rates vary?

Average New York mortgage rates are relatively consistent across loan types, ranging from 4.596% to 4.749% in 2018. Government-insured FHA loans had a slightly higher average rate than their conventional counterpart that year. But several factors, such as loan type and loan term, go into determining your mortgage rate.

2018 average rates in New York by loan type

Loan type15-year average rate30-year average rate
Conventional4.287%4.596%
FHA4.167%4.686%
VA3.973%4.596%
USDAN/A4.749%

Based on data from ffiec.cfpb.gov.

To illustrate, take a $145,000 30-year FHA loan at the 2018 average rate of 4.686%. You might pay approximately $750 per month, excluding taxes and fees.

On the other hand, if you chose a 15-year FHA loan at the average rate of 4.167%, your monthly bill might increase to $1,080. If you could afford the higher monthly payment, the shorter loan term could save you $75,040 in interest payments over the life of the loan.

Average mortgage rates in New York will likely linger around the upper 3% mark.

New York average mortgage rates have dropped below the national average since 2010. In the past five years, rates have progressively fallen further below the rest of the country. In 2016, New York averaged 0.11% under the US rate, and 0.12% and 0.19% below in 2017 and 2018, respectively.

Housing authorities are expecting US 30-year average rates to hold steady around 3.7%. So we can expect mortgage rates in New York to perform slightly under that level in the upcoming year.

Compare mortgage rates throughout New York

The Empire State has multiple metropolitan areas within its borders. Most of the population lives in the Greater New York City area, which also has the highest median loan amount in the state.

We perused data from the Home Mortgage Disclosure Act to give you a glimpse of what you might pay on a 30-year mortgage in New York. These estimates don’t include taxes and fees.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Albany-Schenectady-Troy4.537%$195,000$1,500
Binghamton4.648%$115,000$890
Buffalo-Cheektowaga4.688%$145,000$1,120
Elmira4.704%$115,000$890
Glens Falls4.675%$165,000$1,280
Ithaca4.495%$185,000$1,410
Kingston4.658%$205,000$1,580
New York MSA (Nassau and Suffolk Counties)4.639%$365,000$2,820
New York MSA (Bronx, Kings, New York, Putnam, Queens, Richmond, Rockland and Westchester Counties)4.545%$425,000$3,260
Rochester4.680%$135,000$1,050
Syracuse4.642%$135,000$1,040
Utica-Rome4.640%$115,000$890
Watertown-Fort Drum4.692%$145,000$1,120

Based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in New York

A few strategies to help you get the best rate possible:

  1. Research loan types. Lenders offer different loan programs with varying interest rates. See what loans and interest rates you may qualify for.
  2. Boost your credit profile. Pay down as much debt as possible to raise your credit score to qualify for the best rate.
  3. Consider closing costs. On average, New Yorkers pay about 3.81% to 5.08% of the purchase price in closing costs. Compare these charges against your interest rate to see the total cost of your loan.

Special Advertising Laws in New York

Because of a few state mortgage laws, lenders in New York have several hoops to jump through when setting up their websites.

  • Anyone in the mortgage loan business must get a New York State mortgage license or registration through the Nationwide Mortgage Licensing System (NMLS).
  • According to Article 12-E of the New York Banking Law, all mortgage bankers and brokers must register as a Mortgage Loan Originator (MLO) from the Superintendent of Financial Services.
  • All mortgage companies must receive website authorization from the New York State Department of Financial Services. Until the website is approved, even if the lender operates in other states, New York State residents may not use its website.

This could be the reason you don’t see as many mortgage services advertised online, making it harder to find out about current rates. That also means you may have to speak to a loan officer on the phone or visit a local branch for more information on each lender.

Historical mortgage interest rates in New York

Compare other mortgage lenders

Name Product Loans offered State availability Min. credit score
Axos Bank
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Available in all states
620
Explore a full suite of home loan options with this direct online lender.
Morty
Morty
Conventional
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
680
Requires minimum credit score of 680 for conventional loans above $100,000 only. Not currently offering FHA, VA, USDA, Jumbo, or certain types of refinancing. A short online form presents you with multiple loan options and terms to choose from. Not available in every state: make sure you live in a qualifying state before applying.
Rocket Mortgage
Conventional, Refinance, Jumbo, FHA, VA, USDA
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Quicken Loans
Conventional, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Available in all states
620
Flexible options, fast approvals and support online backed by a trusted brand.
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Compare up to 4 providers

Bottom line

Though New York mortgage rates have historically hovered below the national average, they vary by lender. Shop around and compare loan types to find the best mortgage rate for your next home loan.

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