Mortgage Rates in Buffalo, NY

Find the best and latest fixed rate, adjustable rate (ARM), and interest only (IO) mortgage rates in Buffalo, NY.

The rates on this table are valid for credit scores of 700 and above. For scores from 680 to 699, borrowers would typically see increased fees up to 1% of the loan value, or an adjustment in the rate.

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Prod	Lender	APR	Disc/Orig points	Rate	Fees in APR	Caps 1st/Addl/Life	Lock	Est. Paym't	Advertiser comments
30 yr fixed mtg, 0 points	Quicken Loans Posted: 02/09/10	5.377	0.000/0.000	5.250	$2,331	N/A	45	$911	Home Loan Experts are Standing By!
30 yr fixed mtg, 0 points	Flagstar Direct Posted: 02/09/10	5.365	0.000/0.000	5.300	$1,200	N/A	30	$916	Flagstar Direct Offers Great Rates, Low Fees, and Fast Closings!
30 yr fixed mtg, 0 points	M.T.G. Capital Posted: 02/09/10	5.019	0.000/0.000	5.000	$350	N/A	55	$886	Satisfying Clients over 27 Years / $BILLIONS FUNDED
30 yr fixed mtg	New York Community Bank Posted: 02/03/10	5.202	0.000/0.000	5.170	$600	N/A	60	$903
30 yr fixed mtg	HSBC Bank USA, N.A. Posted: 02/03/10	5.281	0.000/0.000	5.250	$575	N/A	60	$911
30 yr fixed mtg	Astoria Federal S&LA Posted: 02/03/10	5.068	0.000/0.000	5.000	$1,275	N/A	60	$886

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Financial terms: view below the definition for terms used on this search results page.

Product: The type of mortgage, which can be fixed-rate or adjustable rate (ARM). Interest on fixed-rate home loans remains the same throughout the life of the loan, while ARM interest changes periodically.

Lender: The organization lending the money. This survey group includes banks, thrifts and other representative institutions.

APR: The annual percentage rate (APR) of a mortgage is calculated by taking the average compound interest rate – including the interest, mortgage insurance and certain closing costs, with points paid at closing – over the term of the loan. The APR gives a true picture of the cost of financing. The APR on adjustable rate mortgages is a projection of the true cost of the loan.

Discount/origination (Disc/Orig) points: A point is 1 percent of a mortgage loan. Lenders charge fees, expressed in points, when underwriting, or originating a loan. Borrowers can pay “discount points” to reduce the loan’s interest rate.

Rate: The process of calculating your loan payment to pay off the debt at the end of a fixed period, including interest on the outstanding balance.

Fees in APR: These are only the fees that are included in the loan. You are still responsible for closing costs.

Caps 1st/Addl/Life: The limit on the amount the interest rate can increase during a single time period on an adjustable rate mortgage (ARM). ARMs have two caps: a periodic cap, limiting the periodic changes to the interest allowed in the loan agreement, and a lifetime cap, limiting the total increase that can be imposed during the life of the loan.

Lock: A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing. Longer lock periods can be purchased upfront and agreed upon in writing.

Est. paym’t: The monthly payment for principal and interest only, based on the loan amount and the listed interest rates. The monthly payment may be higher based on escrows for taxes and insurance.

Advertiser comments: Additional information given by the listed institutions.

Location: The state and city in which you are seeking a mortgage. ZIP codes may also be used.

Loan amount and down payment: The amount of money you would like to borrow. Bankrate provides rates on specific mortgage loan products for down payments of either 20 percent or 5 percent.

Avg. APR: The average of all the annual percentage rates listed in the APR column.

Avg. fees in APR: The average of all the fees listed in the APR column.

Avg. rate: The average of all the rates listed in the rates column.

Show selected only: This reduces the number of listings in the rate table and compares the products you selected by clicking the checkbox.

If you are seeking a mortgage in excess of $417,000, recent legislation may enable lenders in certain locations to provide rates that are different from those shown in the table below. We recommend that you contact your lender directly to determine what rates may be available to you.

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Mortgage Tip

Boost your credit score as high as possible before applying for a mortgage. The higher your credit score, the lower your interest rate. Do not open any new credit accounts or close any older accounts. These actions will damage your score.

Mortgage Tip

Try to have at least 20 percent of the home's value to use as a down payment. Because you will be borrowing less, the lender is happy, and because there is less to pay back, you benefit as well.

Mortgage Tip

A 20-percent down payment waives the need for mortgage insurance. Mortgage insurance, also known as private mortgage insurance, or PMI, can be a costly addition to a new monthly mortgage payment or when tacked on to closing costs.

Mortgage Tip

Get a leg up on the competition by getting preapproved for a mortgage. Sellers won't have to worry about being burned by an offer you can't afford, and because you have already completed the necessary loan steps, you'll save time at the closing.

Mortgage Tip

If you can't afford a 20-percent down payment but still want to buy, do some research. There are many government, state and private agencies that offer assistance to those looking for a home, including the Federal Housing Administration, or FHA.

Quality Assurance

Compare rates with confidence. Rates are accurate and available as of the date seen for Bankrate customers. Identify yourself as a Bankrate consumer to get the Bankrate.com rate.

Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. For an explanation of abbreviations used in the column headers, click here. For an explanation of mortgage terms, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.

15 yr fixed	5/1 ARM	5/1 ARM (IO)
30 yr fixed	7/1 ARM	30 yr fixed (IO) 0 point
10 yr fixed	3/1 ARM	3/1 ARM (IO)
20 yr fixed	10/1 ARM	7/1 ARM (IO)
40 yr fixed	1 yr ARM
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15 yr fixed	5/1 ARM	5/1 ARM (IO)
30 yr fixed	7/1 ARM	7/1 ARM (IO)
10 yr fixed	3/1 ARM	3/1 ARM (IO)
20 yr fixed	10/1 ARM
	1 yr ARM
- click here for fewer products

15 yr fixed 0 points	3/1 ARM 0 points	3/1 ARM (IO) 0 points
30 yr fixed 0 points	5/1 ARM 0 points	5/1 ARM (IO) 0 points
30 yr FHA
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15 yr fixed 0 points	3/1 ARM 0 points	3/1 ARM (IO) 0 points
30 yr fixed 0 points	5/1 ARM 0 points	5/1 ARM (IO) 0 points

15 yr fixed	5/1 ARM	5/1 ARM (IO)
30 yr fixed	7/1 ARM	30 yr fixed (IO) 0 point
	3/1 ARM	3/1 ARM (IO)
	10/1 ARM	7/1 ARM (IO)
	1 yr ARM
- click here for fewer products

Avg. APR	Avg. fees in APR	Avg. rate
5.219 %	$1,055	5.162 %