Mortgage rates in New York

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

Conventional	4.287%	4.596%
FHA	4.167%	4.686%
VA	3.973%	4.596%
USDA	N/A	4.749%

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.

Which way are rates trending in New York?

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-Troy	4.537%	$195,000	$1,500
Binghamton	4.648%	$115,000	$890
Buffalo-Cheektowaga	4.688%	$145,000	$1,120
Elmira	4.704%	$115,000	$890
Glens Falls	4.675%	$165,000	$1,280
Ithaca	4.495%	$185,000	$1,410
Kingston	4.658%	$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
Rochester	4.680%	$135,000	$1,050
Syracuse	4.642%	$135,000	$1,040
Utica-Rome	4.640%	$115,000	$890
Watertown-Fort Drum	4.692%	$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 mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.

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.

Frequently asked questions

• Does New York support state homeownership programs?

  Yes. The Homes and Community Renewal’s State of New York Mortgage Agency offers several mortgage programs that can be combined with other grants and subsidies to make homeownership more affordable.

  • Achieving the Dream. Lowest interest rate program with a down payment as low as 3%.
  • Low Interest Rate. A 30-year fixed-rate mortgage with interest locks up to 240 days.
  • Conventional Plus. A fixed-rate mortgage with down payment assistance for first-time and previous homebuyers with incomes less than 80% of the Area Median Income.
  • FHA Plus. FHA loan with down payment and closing cost assistance.

• Where can I find a housing counselor in New York?

  Homesmart NY is a network of nonprofit HUD-approved housing counseling agencies in New York State. You can find a local advisor by visiting Homesmartny.org.