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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

New York Mortgage Rates

Comparing New York Mortgage Rates with National Rates

In order to help you see how New York mortgage rates compare with National rates, check out the following rate table from the industry website These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in New York

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New York

In order to qualify for the best mortgage rates in New York it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this article about qualifying for a mortgage.

 Mortgage Resources for New York

New York is the fourth most populous US state. According to the US census, as of 2017, there is an estimated population of over 19 million residents, which represents 6.1% of the US population. New York City is one of the leading  financial, business and cultural centers of the world.

Here are some outside resources that can help you understand the New York mortgage environment:

  1. FHA loan amounts in New York: (note:set the table to New York) There are 62 counties in the state of New York of which 19% of the single family units meet the Highest loan limit, currently at $636,150. Most of the counties, 73%,  are at the Standard loan limit, currently at $275,665. The remaining 8% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for your state and county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 81% of the counties in New York that fit this category. The remaining 19% of the counties have the Highest Loan limit of $636,150.
  3. New York First Home Buyer Programs: New York City has a HomeFirst Down Payment Assistance Program that grants up to $25,000 toward down payment or closing costs for qualifying first-time borrowers purchasing in one of the five boroughs. Among the criteria to qualify are income and size of family. Borrowers must have their own savings to complete the down payment requirements and also finish an approved homebuyer education course. The State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State. 

Mortgage Trends and Statistics for New York

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans, based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in two areas in New York :

  • Mortgage Rates for Conventional Loans in One MSA in New York
  • Loan Amount in New York for One MSA
  • Mortgage Fees in One MSA in New York
  • LTV over 90% in One MSA in New York



Mortgage Rates for Conventional Loans in One MSA in New York"


Mortgage Fees in One MSA in New York

Loan Amount in New York for One MSA

 LTV over 90% in One MSA in New York



Recent Best
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  • 35x35
    Aug, 2014
    These rates are very helpful. I would recommend locking in long duration (30 year fixed rates) loans if you plan to live in your home for an extended period of time.
    1 Votes

  • GM
    May, 2013
    Are rates rising, and should I lock in a rate in the current low mortgage rate environment?
    2 Votes

    • BA
      May, 2013
      Mortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.
      3 Votes

  • NR
    Sep, 2012
    Cars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.
    2 Votes

  • MC
    Jan, 2012
    Playa Del Rey, CA
    Are mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!
    0 Votes

    • BA
      Jan, 2012
      Mortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.
      2 Votes

  • KH
    Nov, 2011
    Palm Bay, FL
    I went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?
    0 Votes

    • BA
      Nov, 2011
      I doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.
      0 Votes