New York Mortgage and Refinance Rates
As of Tuesday, June 28, 2022, current rates in New York are 5.64% for a 30-year fixed, 4.87% for a 15-year fixed, and 2.69% for a 5/1 adjustable-rate mortgage (ARM).
Bankrate has offers for New York mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
New York mortgage overview
The Empire State is home to the biggest city in the world, along with mountains, hiking trails and lakes across the state. If you want to take out a mortgage for a home in New York, shop around, compare mortgage offers and know your options.
- New York conventional mortgages: A conventional mortgage is the standard home loan. If your credit score is at least 620 and your debt-to-income ratio is 45 percent or less, you’ll likely qualify for one, but because they're not backed by any government agency, you are usually required to make a larger down payment. If that payment is less than 20 percent of the home's purchase price, you also may need to take out private mortgage insurance (PMI).
- New York FHA loans: If you don’t qualify for a conventional mortgage, you may want to consider an FHA loan. These loans are backed by the government through the Federal Housing Administration (FHA), and usually require smaller down payments than conventional loans. Generally, you only need to put down 3.5 percent if your credit score is 589. If your credit score is 500, you’d need to put down 10 percent — still lower than that of a conventional loan.
- New York VA loans: If you’re a veteran or active member of the military, you consider a VA loan. Backed by the Department of Veterans Affairs (VA), these loans help qualifying members of the armed services buy homes. You can get one through a VA-approved lender in New York. VA loans don’t require down payments or PMI; however, you usually need to pay a VA funding fee, which ranges from 2.3 percent to 3.6 percent of the home’s purchase price.
First-time homebuyer programs in New York
If you’re a first-time homebuyer or someone who hasn’t owned a home in the past three years, New York offers several first-time homebuyer programs to make home-buying more affordable.
State of New York Mortgage Agency (SONYMA)
The SONYMA Achieving the Dream program helps New Yorkers find mortgages with the lowest rates. It features the following:
- 30-year fixed-rate mortgage
- No points
- Down payment requirement as low as 3 percent (and 3 percent down payment assistance available)
- Minimum cash contribution of 1 percent (3 percent for co-ops)
- No prepayment penalties
- 120-day interest rate locks for existing housing
- 240-day interest rate locks for properties under construction or rehabilitation, cooperatives or distressed sales
- Can be combined with other SONYMA special features
- Other grants and subsidies can be included with no limit
- Available for 1-4 family homes, cooperatives and condominiums
In addition, SONYMA also offers a down payment assistance program that includes the following features:
- Zero percent interest rate
- No monthly payments
- Forgiven after 10 years
- $1,000 minimum loan amount
- Maximum loan amount: 3 percent of purchase price (up to $15,000) or $3,000, whichever is highest
The SONYMA Remodel NY program provides mortgage financing options to help people purchase homes and fund needed repairs.
The Homes for Veterans program helps service members, veterans and their spouses find low-interest mortgages. It also applies to honorably discharged members of the National Guard and Reservists.
New York mortgage refinancing
With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.