New York Mortgage and Refinance Rates

Written by

Jeff Ostrowski,

Edited by

Laurie Richards

Updated on Apr 23, 2025

On Wednesday, April 23, 2025, the national average 30-year fixed mortgage APR is 6.95%. The national average 30-year fixed refinance APR is 6.95%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in New York

As of Wednesday, April 23, 2025, current interest rates in New York are 6.63% for a 30-year fixed mortgage and 5.75% for a 15-year fixed mortgage. Shop around for mortgage rates to find the best offer.

Refinance rates in New York

Refinance rates in New York have risen significantly in the past few years, making refinancing less appealing for Empire Staters. However, you could save a lot on your monthly payments by refinancing if your interest rate is higher than prevailing mortgage rates. Check out our mortgage refinance calculator to understand whether refinancing in New York would be a smart move for you.

Along with rising rates, home values have grown significantly. New York borrowers who saw their home equity rise in recent years might still be interested in refinancing as a way to tap those funds.

Learn more: Why and how to do a cash-out refinance

New York mortgage rate trends

Current mortgage rates continue to make housing affordability a challenge for New York homebuyers. While mortgage rates are difficult to predict, many economists expect them to stay within the 6 to 7 percent range for the rest of 2025, following a brief climb above 7 percent to start the year.

Home prices remain high, too, which only amplifies affordability challenges. The median home sales price in the state of $534,900 was up 6 percent from the year before as of December 2024, according to Redfin data.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	6.90%	6.95%
15-Year Fixed Rate	6.13%	6.22%
30-Year Fixed Rate FHA	7.00%	7.06%
30-Year Fixed Rate VA	7.02%	7.06%
30-Year Fixed Rate Jumbo	6.88%	6.92%

Rates as of Wednesday, April 23, 2025 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.90%	6.95%
15-Year Fixed Rate	6.19%	6.28%
30-Year Fixed Rate FHA	7.11%	7.16%
30-Year Fixed Rate VA	7.95%	8.02%
30-Year Fixed Rate Jumbo	6.88%	6.92%

Rates as of Wednesday, April 23, 2025 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

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 percent or less. To get the best mortgage rate, however, you’ll need a credit score of 740 or higher. To avoid needing 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 percent.
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 percent.
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 percent to 3.3 percent of the loan.

Learn more: Types of home loans

How to find the best mortgage rate in New York

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.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
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.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Mortgage statistics for New York

New York’s home prices have grown sharply in the past several years. Here are some statistics about mortgages and the housing market in The Empire State:

Average home value (as of Dec. 2024): $479,976 (Zillow)
Homeownership rate (as of Q3 2024): 52.9% (U.S. Census Bureau)
Number of homes for sale (as of Dec. 2024): 39,688, up 1.6% from year prior (Redfin)
Homes with price drops (as of Dec. 2024): 14.7% (Redfin)

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. Here are some of the programs it offers:

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 percent, with 1 percent 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 zero-percent interest loan toward down payment and closing costs. This loan can be for 3 percent 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.

Learn more: New York first-time homebuyer programs

Additional New York mortgage resources

New York mortgage lenders: Explore mortgage lenders in your state.
How to buy a house in New York: Learn the latest info on buying a home in New York.
Cost of living in New York City: Get the facts on the cost of living in the Big Apple.
New York loan limits by county: Learn the conforming and FHA loan limits for your city or town.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.