Mortgage rates moved in different directions in the New York Metro area this week.

Key 30-year rate remains unchanged in New York Metro

The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area stood at 4.03 percent, according to Bankrate’s national survey of large lenders.

This week, the mortgages averaged 0.26 discount and origination points.

With the most popular mortgage rate unchanged, it’s neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also unchanged, holding at $790.59.

No clear direction for other New York Metro mortgage types

The average rate for 30-year jumbo mortgages also was flat this week, remaining at 4.03 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the New York Metro area, that limit is $636,150.

The average rate for 15-year fixed-rate mortgages rose to 3.35 percent, up 1 basis point from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, ratcheting up $0.81 to $1,167.44.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate increased to 3.61 percent this week, a rise of 2 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted December 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $636,150 in the New York Metro area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.03% 3.35% 3.61% 4.03%
Change from last week: N/C +0.01 +0.02 N/C
Monthly payment: $790.59 $1,167.44 $751.09 $3,048.09
Change from last week: N/C +$0.81 +$1.86 N/C

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”