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New York Mortgage and Refinance Rates

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On Monday, December 11, 2023, the national average 30-year fixed mortgage APR is 7.47%. The national average 30-year fixed refinance APR is 7.59%, 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 Monday, December 11, 2023, current interest rates in New York are 7.43% for a 30-year fixed mortgage and 6.72% for a 15-year fixed mortgage. Shop around for mortgages to find the best offer.

Refinance rates in New York

Mortgage rates have been volatile, but you still might need or want to refinance — perhaps to pull out cash for home improvements. Use Bankrate’s mortgage refinance calculator to weigh your options.

How to find the best mortgage rate in New York for you

Studies show that by comparing at least three loan offers, you stand to save thousands of dollars over the life of your mortgage. Bankrate can help you find the best mortgage deal in today’s fluctuating rate environment.

Bankrate’s goal is to help readers maximize their money and navigate life’s financial journey. We are responsible for providing readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We maintain a clear separation between our advertisers and our editorial coverage. Our mission is to offer information to help readers make the best financial decision.

Mortgage options in New York

New York conventional mortgages: Considered the standard type of home loan, conventional mortgages have certain qualification requirements: a minimum FICO score of 620 and a debt-to-income (DTI) ratio of 43 percent or less. To get the best rate on a conventional mortgage, however, you’ll need a credit score of 740 or higher. These types of loans typically require larger down payments than government-backed mortgages. In order 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 for a conventional mortgage, you might want to look into an FHA loan. Because these are backed by the government through the Federal Housing Administration (FHA), lenders who issue these loans are more comfortable extending these offers to borrowers with less than favorable credit and income. You can have a credit score as low as 580 and still qualify for an FHA loan, provided you can put down 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. You can get one through a VA-approved lender in New York. 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.

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 obtain 30-year fixed-rate mortgages with low rates. These loans don’t require you to pay points for that low rate, and only ask for 3 percent down. In addition, SONYMA also offers a zero-percent interest down payment assistance program, up to $15,000 or 3 percent of the home’s purchase price, whichever is higher. You won’t have to repay this assistance if you stay in the home for at least 10 years. 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.