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Mortgage rates in New York, New York

By Claes Bell · Bankrate.com
Wednesday, July 20, 2016
Posted: 5 pm ET

Mortgage rates ticked up in the New York Metro area this week.

Benchmark 30-year rate ticks up

The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area climbed to 3.55%, according to Bankrate's national survey of large lenders. While it was still below the national average rate of 3.60%, the local rate was up 4 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In the survey for the current week, the mortgages had an average of .12 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.

The climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $745.53, an increase of $3.70 from last week.

Other mortgage types mixed

The rate for 30-year jumbo mortgages also ticked up this week, ramping up 3 points to 3.53%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency that can range from $417,000 to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages held tight, remaining at 2.82%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining steady at $679.73.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put won't help or hurt for refinancers thinking about locking soon," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate rose to 2.94% this week, a rise of 5 basis points. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

RATE SEARCH: Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's July 20 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in New York Metro.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.55% 2.82% 2.94% 3.53%
Change from last week: +0.04 N/C +0.05 +0.03
Monthly payment: $745.54 $1,125.23 $690.32 $2,819.26
Change from last week: +$3.70 N/C +$4.44 +$10.51
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