Today's 30-year mortgage rate in New York is 6.18%, below the national average of 6.83%. Homebuyers can lower their mortgage costs through programs such as Achieving the Dream and the Low Interest Rate Program.
Mortgage
Today's Mortgage Rates in New York (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for New York. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in New York
In December 2024, the average APR for a 30-year fixed mortgage in New York is 6.18%, a decrease from the previous month's 6.68%. For a $250,000 loan with a 20% down payment, this rate drop could save you around $8,024 over the life of the loan, excluding property taxes and HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates impact your finances significantly. Understanding the current mortgage rate in New York helps you budget effectively, as it allows you to determine your potential monthly payments.
Who Needs to Know Current Mortgage Rates in New York?
Staying informed about today's mortgage interest rates in New York benefits these borrower profiles:
First-time homebuyers
First-time homebuyers in New York can use current mortgage rates to compare offers and spot competitive rates.
Homeowners with mortgages
New York homeowners can consider a mortgage refinance if current rates are lower than what they currently pay.
Purchase and refinance rates can impact your mortgage differently. In New York, the current rate for a 30-year fixed mortgage is 6.18% for buying a home and 6.01% for refinancing. Consider this when getting a new home loan or adjusting your existing one.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in New York by Loan Type
A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year one. The longer term presents more uncertainty and risk for lenders, including potential default and fluctuating interest rates.
Different mortgage types in New York impact your payments. A mortgage calculator can help you understand monthly loan costs and make an informed choice that fits your financial needs.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 5.33% | 5.52% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the percentage of the loan amount you're charged yearly for borrowing money. New York's current average interest rate for a 30-year fixed-rate mortgage is 6.10%.
An APR (annual percentage rate) includes the interest rate and additional mortgage fees. New York's current average APR for a 30-year fixed-rate mortgage is 6.18%, reflecting the combined yearly mortgage costs.
Current Mortgage Rates in New York by Credit Score
If your credit score is 740 or higher and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in New York is 6.61%. With a credit score below 680, that figure rises to 8.01%.
Your credit score impacts the mortgage rates you could qualify for. Use the table to see the rates based on your credit score and down payment:
Data filtered by:Results filtered by:
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Credit Score Range:740 or higher
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Down Payment:5% to 20%
| 10-year Fixed | 6.28% |
| 15-year Fixed | 6.06% |
| 20-year Fixed | 6.93% |
| 30-year Fixed | 6.61% |
| 5-year ARM | 7.75% |
| 7-year ARM | 7.60% |
Mortgage Types in New York
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in New York at 5.95%. Knowing your mortgage options can help you choose one that aligns with your financial situation and life plan. Check out the mortgage types in New York:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in New York |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by government agencies. | Credit score and down payment size influence rates. | 6.18% |
FHA loans | FHA loans are backed by the Federal Housing Administration. | Rates can be slightly higher due to lower credit requirements. | 6.46% |
VA loans | VA loans are guaranteed by the Department of Veterans Affairs. | Rates can be lower due to government backing, reducing lender risk. | 5.95% |
USDA loans | USDA loans are for rural and suburban homebuyers who meet income criteria. | Rates are low for eligible rural homeowners, as the government guarantees the loans. | currently unavailable |
Jumbo loans | Jumbo loans are for amounts exceeding conforming loan limits. | Rates may be higher due to the larger loan amounts and increased lender risk. | 6.63% |
MORTGAGE RATE STRUCTURES IN NEW YORK
Borrowers have two mortgage rate options: fixed and adjustable.
- Fixed rates stay the same for the entire loan term, ensuring consistent monthly payments for better budget planning.
- Adjustable rates fluctuate over time, potentially lowering payments when interest rates drop.
As of December 2024, New York's average APRs are 6.18% for a 30-year fixed and 7.35% for a seven-year adjustable-rate mortgage.
Mortgage Lenders in New York
LoanDepot, U.S. Bank and Better are reliable mortgage choices in New York due to their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Many other lenders could also meet your needs.
Mortgage rates in New York vary by lender. Since lenders set their rates and offer diverse mortgage products, comparing options ensures getting the best deal.
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers online and in-person mortgage services, providing flexibility for borrowers. Its diverse mortgage options include fixed-rate and adjustable-rate loans. FHA loans require a minimum credit score of 580, with a down payment as low as 3.5% for those who meet this requirement. If the credit score is below 580, borrowers must put down at least 10%.
LoanDepot provides phone and email customer support Monday through Friday, from 10 a.m. to 9 p.m. ET. It also offers Loss Mitigation Assistance programs to help homeowners during financial challenges, simplifying mortgage management and reducing stress.
Pros
- Loan mitigation assistance available
- A+ BBB rating
- Interactive mortgage calculator
Cons
- Limited mortgage options
- Unavailable customer support on weekends
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
U.S. Bank provides conventional, FHA, VA, jumbo, investment property and construction loans. Conventional or FHA loans require a minimum credit score of 660 for ARMs and jumbo loans and just 640 for FHA loans. The required minimum down payment starts at 3% for conventional mortgages and 3.5% for FHA loans, while veterans benefit from no down payment with VA loans.
U.S. Bank's customer service is available via video chats, phone calls or in-person visits Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. The bank supports homeowners facing financial challenges with forbearance, repayment plans, loan modifications and payment deferral options. U.S. Bank is a top choice for HELOCs, even for those with bad credit.
Pros
- Online prequalification
- Mortgage calculator with amortization details
- Offers investment and construction loans
Cons
- BBB rating absent despite credentials
- Limited to 27 states with branches
- Customer support varying by location
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better offers online mortgage services with fixed-rate and adjustable-rate options. Minimum credit scores are 620 for fixed-rate and 580 for FHA loans. Down payments start at 3% for conventional loans and 3.5% for borrowers with a credit score of 580 or higher.
Phone and email customer support is available Monday through Friday, 8 a.m. to 9 p.m. ET and weekends from 9 a.m. to 9 p.m. ET. The lender provides the Better Real Estate discount to help with the homebuying process.
Pros
- Fast closing times, beating the industry average
- No loan officer commission fees
- Weekend support available
Cons
- No physical branches for in-person support
- Not offering VA or USDA loan options
- Holds a B+ with the BBB
Mortgage Programs in New York
Hidden costs can impact your homebuying budget. Resources like the State of New York Mortgage Agency (SONYMA) provide mortgage programs to assist you.
Program | Description |
|---|---|
Offers a 30-year fixed-rate mortgage and low interest rates. Qualified New Yorkers can use a minimum 3% down payment, matched with 3% down payment assistance. The program includes property types ranging from single-family homes to co-ops and features long-term rate locks. | |
Provides competitive rates across various property types, offering flexibility despite not having the lowest rates. Benefits include no prepayment penalties and low down payments, complementing other features for diverse housing options. | |
Combines Fannie Mae’s HomeReady Mortgage with SONYMA’s Down Payment Assistance Loan, serving borrowers at or below certain income limits. It features no price adjustments and reduced mortgage insurance requirements, ensuring a lighter monthly financial burden. | |
Combines FHA mortgages with SONYMA’s Down Payment Assistance Loan. Flexible underwriting terms make this program accessible, with eligible properties located in New York. |
FAQ: Mortgage Rates in New York
Knowing today's mortgage rates in New York is critical when purchasing a home. We answered your questions to help you better understand the current rates and make well-informed decisions.
What are the current mortgage rates in New York?
Current average APRs in New York vary by loan type. As of December 2024, a 30-year fixed conforming loan has an average APR of 6.18%, while the average APR for a seven-year ARM jumbo is 7%.
How do mortgage rates in New York compare to national rates?
As of December 2024, New York’s average mortgage rates are competitive with national averages. The average APR for a 30-year fixed-rate mortgage is 6.18%, lower than 6.83% nationally. The state average for a 15-year fixed-rate mortgage is 5.66%, below the national average of 6.12%.
How does my credit score impact the mortgage rates I get in New York?
Your credit score greatly affects the rates you can qualify for. Higher scores typically secure lower mortgage rates.
Are there any special mortgage programs in New York to help homebuyers?
New York offers several mortgage programs such as Achieving the Dream, Low Interest Rate Program, and Conventional Plus to assist homebuyers.
How can I get the best possible mortgage rate in New York?
To secure the best mortgage rates in New York, consider putting down a larger down payment, maintaining a strong credit history and comparing offers from multiple lenders.
What are today's mortgage refinance rates in New York?
Today's refinance rates in New York are 5.59% for a 15-year fixed and 6.01% for a 30-year fixed loan.
How do I calculate my mortgage payments?
Calculate your monthly payments using a mortgage calculator for New York, which factors in the loan amount, interest rate and repayment term.
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.
sources
- State of New York Mortgage Agency (SONYMA). "Achieving the Dream." Accessed December 13, 2024.
- SONYMA. "Conventional Plus." Accessed December 13, 2024.
- SONYMA. "FHA Plus." Accessed December 13, 2024.
- SONYMA. "Low Interest Rate Program." Accessed December 13, 2024.