The average interest rate for a 15-year fixed-rate mortgage (FRM) in the state is 4.43%, which is lower than the 4.92% national average, according to FRED's economic statistics. The state's interest rate on a 30-year FRM is 5.17% — also less than the 5.81% national average. And while the average interest rate for a 5/1 adjustable-rate mortgage (ARM) in New York is presently 4.10%, the national average is still higher at 4.4%.
However, keep in mind that "good" is a relative term based on multiple variables, including loan conditions, loan amount, debt, income, credit score and more. It's crucial to compare quotes from several lenders to make sure you're getting the best rate possible. Additionally, refinance rates in New York fluctuate almost daily. The estimate you receive from one lender one day may be different a week later.
