Interest Rate
4.5%
APR*
4.549%
Average home price
$321.934

You’ll want to find the best mortgage rate possible when buying a home in New York. Your rate will be affected by a variety of factors, including your credit score, the down payment you’re able to make, your debt-to-income ratio, and your current level of income.

Checking your credit for errors before you apply for a home loan can help you acquire the best mortgage rate in New York, and getting all of your documentation in order can help you get preapproved by a professional mortgage lender.

Here’s a quick look at current New York mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.5% 4.549% Unchanged
Conventional 20 year fixed 4.344% 4.42% Unchanged
Conventional 15 year fixed 3.823% 3.916% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in New York

It’s always the right time to buy a home in the Empire State. If you’re ready to look for your dream home in New York, there are a few things you should know:

New York is packed densely with a population of more then 19.5 million people, of whom two out of five live in New York City and another one in twenty live in the state’s five next biggest cities:

  • New York
  • Buffalo
  • Rochester
  • Yonkers
  • Syracuse
  • Albany (state capital)

Next, find out how much home you can afford. New York ranks 3rd in US homes for sale at average price, and 3rd for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.

First-time Homebuyers

The State of New York Mortgage Agency (SONYMA) offers several types of assistance programs for first-time New York state homebuyers.
The Down Payment Assistance Loan (DPAL) program offers eligible borrowers down-payment assistance via a second mortgage, provided you use it in conjunction with a current SONYMA program. Borrowers can also use these funds to pay for any applicable mortgage insurance premiums.DPAL borrowers pay no interest or monthly payments. The main attraction is that the loan is forgiven after 10 years if the borrower keeps SONYMA funding in place and lives in the home.

To take advantage of this program:

  • All borrowers are required to make a down payment.
  • The minimum contribution is 1% for single-family homes.
  • The minimum loan is $1,000.
  • The maximum is 3% of the home purchase price (up to a maximum of $15,000).

Refinancing in New York

Ready to take advantage of favorable New York mortgage rates and refinance your home in New York? You have several options:

  • Refinance for better deal on your interest rate
  • Refinance for loan term that extends for more years
  • Refinance to cash-out any equity you’ve built in the home
  • Refinance to get out from under a private mortgage insurance (PMI) requirement

It could be possible to qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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