Today's 30-year mortgage rate in New York is 6.64%, just below the national average of 6.9%. Homebuyers can lower their mortgage costs through programs such as Achieving the Dream and the Low Interest Rate Program.
Today's Mortgage Rates in New York
Today's mortgage rates in New York are 6.64% APR for a 30-year fixed and 7.14% APR for a 30-year FHA. The national averages are 6.9% and 7%, respectively.
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Zachary Romeo
Head of Loans and Banking at MoneyGeek
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education. Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
![](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_100,b_white/v1720022706/Head_Shot_Ramsey_Coulter_6522011f28.jpg)
Ramsey Coulter
Credit & Mortgage Expert
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate the mortgage process. Coulter is also a certified credit counselor at [Coulter Credit LLC](https://coultercredit.com/credit-repair-services/) and has been retained as an expert witness in numerous legal cases concerning credit and mortgage-related matters. His responsibilities as an expert include preparing detailed reports, participating in depositions and crafting rebuttal reports to counter opposing expert witness testimonies. Coulter holds a bachelor of science degree from West Chester University of Pennsylvania.
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Venus Zoleta
Senior Content Editor
Venus Zoleta is a Senior Content Editor at MoneyGeek, with over six years of experience covering personal finance topics. She has written in-depth articles on credit cards, loans, insurance and fintech for a leading financial platform in the Philippines. She also brings 20 years of experience in journalism, corporate communications and digital marketing. Zoleta holds a Bachelor of Arts degree in journalism from the University of the Philippines.
![](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_100,b_white/v1720730837/Zachary_Romeo_dfdkbi_8729f43a80.png)
Zachary Romeo
Head of Loans and Banking at MoneyGeek
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education. Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
![](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_100,b_white/v1720022706/Head_Shot_Ramsey_Coulter_6522011f28.jpg)
Ramsey Coulter
Credit & Mortgage Expert
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate the mortgage process. Coulter is also a certified credit counselor at [Coulter Credit LLC](https://coultercredit.com/credit-repair-services/) and has been retained as an expert witness in numerous legal cases concerning credit and mortgage-related matters. His responsibilities as an expert include preparing detailed reports, participating in depositions and crafting rebuttal reports to counter opposing expert witness testimonies. Coulter holds a bachelor of science degree from West Chester University of Pennsylvania.
![](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_100,b_white/v1720069679/I_Dphoto_Zoleta_Venus_Venus_Zoleta_min_fd74f6f9fd.jpg)
Venus Zoleta
Senior Content Editor
Venus Zoleta is a Senior Content Editor at MoneyGeek, with over six years of experience covering personal finance topics. She has written in-depth articles on credit cards, loans, insurance and fintech for a leading financial platform in the Philippines. She also brings 20 years of experience in journalism, corporate communications and digital marketing. Zoleta holds a Bachelor of Arts degree in journalism from the University of the Philippines.
Updated: July 17, 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 on July 2, 2024.
Current Mortgage Rates in New York
As of July 2024, the average APR for a 30-year fixed mortgage in New York is 6.64%, a slight uptick of 29 basis points from the previous month's 6.35%. For a $250,000 loan with a 20% down payment, the rate increase could add $12,775 in total interest over the life of the loan, excluding additional costs like property taxes and HOA fees.
Rates change due to frequent shifts in economic conditions and Federal Reserve activities. The line chart below shows the rate movements in New York over the recent months.
![Current Mortgage Rates in New York (Jan to May)](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_780/v1721109644/Interest_Rates_by_States_Jan_May_New_York_e39a1dacce.png)
Even small fluctuations 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 two specific 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 6.64% for buying a home and 6.55% for refinancing. Consider this when getting a new home loan or adjusting your existing one.
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 loan term presents more uncertainty and risk for lenders, including potential default and fluctuating interest rates.
Different mortgage loan 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.
- 10-Year Fixed
- 15-Year Fixed
- 15-Year Fixed Rate FHA
- 15-Year Fixed Rate Jumbo
- 15-Year Fixed Rate VA
- 20-Year Fixed
- 30-Year Fixed
- 30-Year Fixed Rate FHA
- 30-Year Fixed Rate Jumbo
- 30-Year Fixed Rate VA
- 5-Year ARM
- 5-year ARM Jumbo
- 7-Year ARM
- 7-year ARM Jumbo
5.83% | APR5.96% |
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 6.6%.
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 6.64%, 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 7.35%. With a credit score below 680, that figure rises to 8.13%.
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:
- 680 - 740
- 740 or higher
- Less than 680
- 20% or higher
- 5% to 20%
- Less than 5%
10-year Fixed | APR5.54% |
15-year Fixed | APR6.30% |
20-year Fixed | APR6.93% |
30-year Fixed | APR6.81% |
5-year ARM | APR7.69% |
7-year ARM | APR7.73% |
Mortgage Types in New York
In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in New York at 6.51%. Knowing your mortgage options can help you choose one that aligns with your financial goals. Check out the different mortgage loan types in New York:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in New York |
---|---|---|---|
Conventional Loans | A conventional loan is a non-government-insured standard mortgage option. | Conventional loans may have higher rates than government-insured loans, depending on the lender. | 6.64% |
FHA Loans | An FHA loan is backed by the Federal Housing Administration and designed for lower credit scores. | FHA loans often have lower interest rates to help first-time and low-to-moderate-income borrowers. | 7.14% |
VA Loans | A VA loan is guaranteed by the Veteran Affairs for eligible service members and veterans. | VA loans typically offer competitive rates because government backing reduces lender risk. | 6.51% |
USDA Loans | A USDA loan is a government-backed loan offering 100% financing and prioritizing rural homebuyers. | Due to their government backing, USDA loans offer lower rates for eligible rural homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans carry higher rates, reflecting the increased risk lenders take on with larger loan amounts. | 7.27% |
You have two mortgage rate options in New York: 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 July 2024, New York's average APR is 6.64% for a 30-year fixed mortgage and 7.42% for a 7-year adjustable-rate mortgage.
Mortgage Lenders in New York
LoanDepot, U.S. Bank and Better are reliable mortgage choices in New York. Each has passed our thorough screening for state availability, Better Business Bureau endorsement 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 both online and in-person mortgage services, providing flexibility for borrowers. Its diverse mortgage options include fixed-rate and adjustable-rate Loans, catering to different preferences and financial situations. 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
- Accredited, 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 mortgage products tailored to diverse homebuyer needs, offering 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 Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. Clients can get assistance via video chats, phone calls or in-person visits. 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. Better 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. In New York, 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've answered your questions to help you better understand the current rates and make well-informed decisions.
Current average APRs in New York vary by loan type and other factors. In July 2024, average APRs are 7.42% for a 7-year adjustable-rate mortgage (ARM) and 6.64% for a 30-year fixed conforming loan.
In July 2024, the average APR for a 5-year ARM in New York is 7.61%, slightly lower than the national average of 7.69%. For a 30-year fixed-rate mortgage, New York's rate is 6.64%, which is also lower than the national average of 6.9%.
Your credit score significantly affects the rates you qualify for in New York, with higher scores generally resulting in lower mortgage rates.
Several mortgage programs, such as Achieving the Dream, Low Interest Rate Program and Conventional Plus, help New York homebuyers with financing.
To get the best mortgage rate in New York, consider a larger down payment, maintain a strong credit score and compare rates from multiple lenders.
As of July 2024, today's refinance rates in New York are 6.30% for 15-year fixed and 6.55% for 30-year fixed loans.
To calculate your mortgage payments, use a mortgage calculator for New York, which considers your loan amount, interest rate and loan term.
About Zachary Romeo
![Zachary Romeo headshot](https://res.cloudinary.com/moneygeek/image/upload/c_scale,q_auto:eco,f_auto,fl_lossy,w_160/v1720730837/Zachary_Romeo_dfdkbi_8729f43a80.png)
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
sources
- State of New York Mortgage Agency (SONYMA). "Achieving the Dream." Accessed July 15, 2024.
- SONYMA. "Conventional Plus." Accessed July 15, 2024.
- SONYMA. "FHA Plus." Accessed July 15, 2024.
- SONYMA. "Low Interest Rate Program." Accessed July 15, 2024.