Friday, December 2, 2022

    Today’s mortgage and refinance rates in New York

    Today’s mortgage and refinance rates in New York



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    Mortgage term Average mortgage interest rate Average refinance interest rate

    This information has been provided by
    Zillow. See more
    mortgage rates on Zillow

    Buying a home in New York

    According to Zillow, the typical home value in New York is higher than the typical value of $356,026 across the US. The typical home value in New York is $408,833, and home values have increased 12.0% over the past year.

    Historic mortgage rates for New York

    By looking at the average mortgage rates in New York since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:

    Seeing how today’s rates compare to historic New York mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.

    Mortgage calculator

    Use our free mortgage calculator to learn about how today’s rates will affect your monthly payments.

    Mortgage Calculator


    Your estimated monthly payment

    • Paying a 25% higher down payment would save you $8,916.08 on interest charges
    • Lowering the interest rate by 1% would save you $51,562.03
    • Paying an additional $500 each month would reduce the loan length by 146 months

    By clicking on “More details,” you’ll see how rates can impact your long-term finances, too.

    New York first-time homebuyer programs

    If you get a mortgage through a participating lender, you may be eligible for one or more of the following programs from the State of New York Mortgage Agency:

    • Down Payment Assistance Loan: You can borrow up to $15,000 for down payment assistance. There’s no interest rate, and SONYMA may forgive the loan after 10 years.
    • Homes for Veterans: Military families can get a mortgage with a low interest rate. You’ll also get a loan to be used for down payment assistance for up to $15,000.
    • RemodelNY: Receive financial assistance when you buy a home that needs major repairs. A RemodelNY loan can be combined with the Homes for Veterans program.
    • Graduate to Homeownership: You can get a low-interest mortgage if you’ve graduated from college in that last 48 months. This program can be combined with the Down Payment Assistance Loan and RemodelNY.
    • Neighborhood Revitalization: If you buy a home in certain parts of New York, you can get up to $20,000 to restore the home. This program can be combined with other SONYMA programs.
    • Give Us Credit: Residents of New York City and Long Island who have less reliable sources of income may qualify for a 30-year mortgage through the Give Us Credit Program. Receive between $7,500 and $15,000 for down payment assistance. This program can be combined with SONYMA’s other programs.
    • ENERGY STAR: If you’re buying an energy-efficient home, you can get a reduced interest rate and up to $15,000 toward down payment assistance.
    • Manufactured Home Mortgage & Advantage Programs: You may qualify for financial assistance if you’re buying or refinancing a manufactured home.
    • Federal Housing Administration mortgageYou can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. 
    • United States Department of Agriculture mortgage:  These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.
    • Veterans Affairs mortgage:  These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.

    Refinancing your mortgage in New York

    Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.

    You may decide to refinance with the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.

    How to get a low interest rate on your mortgage

    Here are some tips for landing a good interest rate on your mortgage:

    • Save more for a down payment. With a conventional loan, you may be able to put down as little as 3%. But lenders reward a higher down payment with a better interest rate. Mortgage rates should stay low for a while, so you may have time to save a bigger down payment.
    • Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But you can land a better interest rate with a higher score. The most important factor for boosting your score is to pay all your bills on time.
    • Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less for a conventional mortgage, but a lower DTI can result in a lower rate. To improve your DTI, pay down debts or consider opportunities to increase your income.
    • Choose a federally backed mortgage. If you’re qualified, you might consider a USDA loan (for low-to-moderate-income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. As a bonus, you won’t need a down payment for USDA or VA loans.

    Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.

    Mortgage and refinance rates by state

    New Hampshire
    New Jersey
    New Mexico
    New York
    North Carolina
    North Dakota
    Rhode Island
    South Carolina
    South Dakota
    Washington DC
    West Virginia

    Laura Grace Tarpley, CEPF

    Personal Finance Reviews Editor

    Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
    She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at
    See below for some of her work.
    Today’s 30-year mortgage rates
    Here are the best mortgage lenders right now
    The pros and cons of paying off your mortgage early
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    Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

    Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

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