Updated: January 25, 2025
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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in New York with an 80% LTV is 7.9%, compared with 8.2% for a 90% LTV.
HELOC rates vary by city in New York. Marcy has an average APR of 7.0%, whereas Clinton's is 11.8%.
Different lenders offer varying rates for the same loan types. Mohawk Valley Federal Credit Union's average APR is 7.0%, whereas KeyBank National Association's is 11.8%.
HELOC rates in New York have risen from around 4% in 2021 to 8.9% in 2024 for $50k loans, and 8.8% for $100k loans. With rates stabilizing at these higher levels, homeowners should consider securing a HELOC soon to avoid potential future increases.
HELOC rates in New York vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio means more equity, making you less risky to lenders. For instance, an 80% LTV is less risky than a 90% LTV, reducing the likelihood of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
| 8.1% | 8.4% |
HELOC rates in New York vary by city due to local housing markets and lender competition. For instance, cities with strong real estate markets might offer lower rates.
Use the table below to filter by your city and view average APRs for $50K and $100K HELOCs.
| $100,000 | 8.6% |
| $50,000 | 8.7% |
HELOC interest rates in New York vary among lenders based on pricing strategies and risk assessments. Comparing these rates helps find competitive options.
The table below highlights the five lenders in New York offering the lowest average APRs, making it easier for you to compare rates.
| Community Resource Federal Credit Union | 7.0% |
| Broadview Federal Credit Union | 7.3% |
| Consumers Credit Union | 7.3% |
| Advantage Federal Credit Union | 7.3% |
| Good Neighbors Federal Credit Union | 7.3% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare APRs to find the best rate available.
This approach can help you make an informed decision and potentially save money on your home equity line of credit.
| Orange Bank & Trust Company | Commercial Bank | 7.5% |
| Pentagon Federal Credit Union | Credit Union | 7.6% |
| Bethpage Federal Credit Union | Credit Union | 7.8% |
| Flushing Bank | Commercial Bank | 7.8% |
| Western Alliance Bank | Commercial Bank | 7.8% |
| Justice Federal Credit Union | Credit Union | 7.9% |
| Webster Bank, N.A. | Commercial Bank | 8.0% |
| Valley National Bank | Commercial Bank | 8.0% |
| Financial Resources Federal Credit Union | Credit Union | 8.1% |
| Citizens Bank | Commercial Bank | 8.5% |
| ConnectOne Bank | Commercial Bank | 8.5% |
| Customers Bank | Commercial Bank | 8.5% |
| First Horizon Bank | Commercial Bank | 8.5% |
| XCEL Federal Credit Union | Credit Union | 8.5% |
| TD Bank | Commercial Bank | 8.7% |
| Municipal Credit Union | Credit Union | 8.8% |
| HSBC Bank USA | Commercial Bank | 9.6% |
| PNC Bank | Commercial Bank | 10.1% |
| Bank of America | Commercial Bank | 10.9% |
| KeyBank National Association | Commercial Bank | 11.8% |
HELOC rates in New York vary between banks and credit unions, with commercial banks typically offering higher rates. Currently, the best HELOC rate among commercial banks averages 8.3%, while credit unions offer a lower average APR of 7.8%. As not-for-profit institutions, credit unions often provide more competitive rates.
When choosing between the two, consider more than just rates. Banks may provide greater convenience, whereas credit unions often excel in customer service and have lower fees. Be sure to check membership requirements for credit unions and review any hidden fees or rate adjustment clauses with both types of lenders.
Typically, a HELOC will have a lower interest rate than a personal loan from a bank or credit union. However, HELOCs often have a variable rate, so they can go up or down depending on the current Federal Funds rate. Home equity loans are a fixed rate, so when the Fed increases rates or they remain the same, that is a good time to get a home equity loan.
Personal loans are a solid option despite their higher rates because they are unsecured, meaning there is no collateral (like your home). If you come on hard times and can’t repay a personal loan, you are not at risk of losing your home like you are with a HELOC or home equity loan.
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our New York HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms.
Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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Finding the best HELOC rates in New York can save you thousands over your loan's term. For example, a 1% rate difference on a $100,000 loan could save you $1,000 annually. To secure the most competitive rate, consider these five strategies:
The average credit score in New York is 721. Improving it can help you secure more competitive rates from lenders.
By comparing offers, you can find competitive rates and use them to negotiate better terms.
Lower debt-to-income (DTI) ratios show financial stability. Paying off debt can improve your chances for a lower rate.
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Closing costs affect loan expenses. Understanding rate caps helps manage costs as rates adjust.
HELOC interest rates in New York are generally higher than home equity loan rates, averaging 8.0% compared with 7.3%. This difference is due to their rate structures, influencing the average APRs.
- HELOCs operate as flexible, revolving credit lines with variable interest rates that fluctuate based on market conditions. In rising interest rate environments, HELOC rates can increase, affecting the long-term finances of homeowners.
- By contrast, home equity loans provide a lump sum at a fixed interest rate, which stays consistent throughout the loan term. This predictability makes them a better choice for those seeking financial certainty.
Both options let you borrow against your home's equity, but your decision depends on whether you value the flexibility of a HELOC or the predictability of a home equity loan.
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, granting you access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, with a Federal Housing Administration (FHA) loan on a $300K home and a $150K mortgage balance, an FHA cash-out refinance for $200K provides $50K in cash, with payments on $200K.
The average New York's HELOC rates are 8.0%, which is slightly lower than the national average of 8.2%.
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
In New York, HELOC rates average 8.0%, while home equity loan rates are lower at 7.3%, which can be beneficial for those with bad credit.
Commercial banks in New York offer HELOC rates averaging 8.3%, while credit unions offer lower rates at 7.8%.
The average HELOC rate in New York City is not available, but New York City's rates are expected to be comparable to the state's average of 8.0%.
MoneyGeek examined 137 different banks and credit unions in New York using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of January 10, 2025.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
