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Mortgage rates in New York

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your New York home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in New York by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 4.250% 4.250% 4.250% 4.250%
640-659 4.125% 4.125% 4.125% 4.125%
660-679 4.000% 4.000% 3.875% 3.875%
680-699 3.750% 3.750% 3.750% 3.688%
700-719 3.750% 3.688% 3.625% 3.625%
720-739 3.625% 3.563% 3.500% 3.500%
740-759 3.500% 3.500% 3.500% 3.500%
760-779 3.500% 3.500% 3.500% 3.500%
780-799 3.500% 3.500% 3.500% 3.500%
800+ 3.500% 3.500% 3.500% 3.500%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1168)
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.

Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your New York home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.750% 2.625% 2.625% 2.625%
30-year conventional 3.750% 3.688% 3.625% 3.625%
15-year FHA 3.188% 3.063% Not elegible Not elegible
30-year FHA 3.500% 3.500% Not elegible Not elegible
15-year VA 3.188% 3.000% 3.000% 2.938%
30-year VA 3.750% 3.500% 3.500% 3.500%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

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.

Home values in New York are forecast to increase

New York’s home values vary widely, depending on where you live, but according to Zillow, they are all expected to rise through 2022. Plattsburgh is forecast to see the lowest gain, with a 5% increase, but New York City may more than double that with an 11% expected increase. Hudson, New York is expected to make the largest rise with a 20% increase in home values.

With that in mind, now might be the best time to buy, as the number of listings on the market in larger luxury boroughs like Manhattan has caused some sellers to reduce their prices. And while you may not get the same discounts in the suburbs or other areas in and around New York City, if Zillow’s forecasts hold, buying now may save you money in the long run.

5 fast facts about the New York housing market

If you’re planning a move and the Empire State is on your “maybe” list, consider the following facts while you shop around for a mortgage:

  1. New York has the 9th highest property tax rate in the US at 1.72%.
  2. The State of New York Mortgage Agency (SONYMA) offers grant and down payment assistance programs and helps first-time homebuyers to find low interest rates.
  3. New York requires sellers to provide a Property Condition Disclosure to make you aware of any problems with the home before you purchase it.
  4. The market in New York varies widely from Manhattan, where the median sales price is over $1 million, to a city like Syracuse, where houses sell for around $88,000 on average.
  5. Buying a condo or co-op in New York City often comes with a lot of extra costs, such as maintenance fees, nonstandard closing costs and flip taxes.

Bottom line

Mortgage rates in New York vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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