New York mortgage and refinance rates for June 2026

As of Sunday, June 21, 2026, current interest rates in New York are 6.50% for a 30-year fixed mortgage and 5.88% for a 15-year fixed mortgage. The story of New York's rates is similar to what's been happening nationwide: Rates closed in on 7% earlier in 2025, but they dropped almost to 6% by the end of the year. While it's hard to predict how the economy will fare going forward, some mortgage experts suggest rates will continue to drop, at least slightly, in 2026. Be sure to shop around for mortgage rates to find the best offer.

• New York conventional mortgages: Considered the standard type of home loan, conventional mortgages require a minimum 620 credit score and a debt-to-income (DTI) ratio of 43% or less. To get the best mortgage rate, however, you’ll need a credit score of 740 or higher. To avoid having to pay for private mortgage insurance (PMI), which protects the lender in the event you default, you’ll need to make a down payment of 20% or more.
• New York FHA loans: If your credit history disqualifies you from a conventional mortgage, you might want to look into an FHA loan. You can have a credit score as low as 580 and still qualify for an FHA loan, provided you can put down at least 3.5%.
• New York VA loans: Backed by the Department of Veterans Affairs, VA loans help veterans and other qualifying members of the armed services own homes. These types of loans don’t require any down payment or mortgage insurance premiums, but you typically need to pay a funding fee, which ranges from 1.25% to 3.3% of the loan.

The state of New York offers assistance to first-time homebuyers with programs through the State of New York Mortgage Agency (SONYMA), including:

• SONYMA Achieving the Dream program: This program offers the lowest interest rates out of all of SONYMA’s mortgage programs. It requires a minimum down payment of 3%, with 1% of the funds coming from the borrower. Applicants must adhere to area-specific purchase and income limits, take a homebuyer education course and meet other requirements.
• SONYMA Low Interest Rate program: The low interest rate program is similar to Achieving the Dream, but with a slightly higher interest rate and less stringent purchase and income limits.
• Down payment assistance: Those who qualify for SONYMA loans also qualify for down payment assistance in the form of a 0% interest loan toward down payment and closing costs. This loan can be for 3% of the purchase price (up to $15,000) and is forgivable after you live in the home as your primary residence for 10 years.
• RemodelNY: If you’re buying a fixer-upper with an Achieving the Dream or Low Interest Rate mortgage, you can also get a loan through SONYMA to fund renovations at the same rate as your primary mortgage. There’s no maximum limit to how much you can borrow, but you’ll have to meet certain restrictions.