Home Equity Loan Rates in New York (November 2024)

Tappable equity is the portion of your home’s value you can borrow. According to TransUnion, tappable equity averages $202,000 in New York. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.

New York's home equity loan rates are below national averages — 7.3% APR for a 10-year term (7.7% nationally) and 7.6% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.

The current average APR for a 15-year home equity loan in New York is 7.6%, but several factors can influence lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.

New York HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. If you have high-interest debts, a home equity loan with a lower rate can help consolidate those debts and reduce your overall interest payments.

For example, a $50,000 home equity loan with a 15-year term at 7.6% APR has a $466 monthly payment and $33,943 in total interest. A 10-year loan at 7.3% APR has a $588 monthly payment and $20,596 in total interest.

The rate you qualify for depends on your loan-to-value (LTV) ratio, which is calculated by dividing your current mortgage balance by your home's appraised value and multiplying by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

Lenders view higher LTV ratios as riskier, leading to higher rates. In New York, the average APR for a 15-year equity loan with an 80% LTV is 7.5%, compared to 7.8% for a 90% LTV. Use the table below to compare average rates based on LTV ratios.

Average APRs vary by city due to lender competition and local costs. Larger, densely populated cities often have more lenders, leading to lower rates. Property taxes and local fees also impact borrowing costs.

In New York, Mayville's average APR for 15-year loans with an 80% LTV is 6.1%, while Ransomville's is 12.5%. The table below shows average home equity loan rates across cities in New York by loan term.

Home equity loan rates in New York vary among lenders and are shaped by their policies and market strategies. ACMG Federal Credit Union offers the lowest average APR at 5.3%, while Good Neighbors Federal Credit Union has the highest at 13.8%.

Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for New York homeowners, offering precise and reliable information.