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Mortgage rates in New York
They’ve landed below the national average since 2010.
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Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
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.
What's in this guide?
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 type | 15-year average rate | 30-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 rate | Median loan amount | Estimated 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:
- Research loan types. Lenders offer different loan programs with varying interest rates. See what loans and interest rates you may qualify for.
- Boost your credit profile. Pay down as much debt as possible to raise your credit score to qualify for the best rate.
- 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
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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