New York Mortgage and Refinance Rates
As of Saturday, July 24, 2021, current rates in New York are 3.05% for a 30-year fixed, 2.34% for a 15-year fixed, and 2.63% for a 5/1 adjustable-rate mortgage (ARM).
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New York mortgage overview
By Zach Wichter
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.