New York mortgage and refinance rates for May 2026
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Current mortgage rates in New York
As of Thursday, May 21, 2026, current interest rates in New York are 6.60% for a 30-year fixed mortgage and 5.95% 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.
Refinance rates in New York
Mortgage refinance rates in New York aren’t all that appealing for many homeowners right now, and they might not fall significantly in the near term. But if you need funds to pursue other financial goals, it’s worth getting an estimate on how much your home is worth. New York real estate values have surged over the past few years, which means you might be able to do a cash-out refinance to unlock some equity and renovate your home or pay off other high-interest debt.
National mortgage rates by loan type
| Product | Interest Rate |
|---|---|
| 30-Year Fixed Rate | 6.60% |
| 15-Year Fixed Rate | 5.95% |
| 30-Year Fixed Rate FHA | 0.00% |
| 3/1 ARM Rate | 5.63% |
| 30-Year Fixed Rate Jumbo | 6.65% |
| 15-Year Fixed Rate Jumbo | 6.16% |
Rates as of Thursday, May 21, 2026 at 6:30 AM
Mortgage options in New York
- 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.
First-time homebuyer programs in New York
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.
How to find the best mortgage rate in New York
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Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
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Step 2: Determine your budget
To find the right mortgage, you’ll need a good handle on how much house you can afford.
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Step 3: Know your mortgage options
There are a few different types of mortgages.
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Step 4: Compare rates and terms from several lenders
Rate-shop with at least three different banks or mortgage companies. Remember to read lender reviews as well to get a sense of customers' experiences with different lenders.
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Step 5: Get preapproved for a mortgage
Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Additional New York mortgage resources
New York loan limits by county
Learn the conforming loan limit for your city or town.
New York mortgage lenders
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How to buy a house in New York
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