Mortgage rates in New York
Average 30-year fixed 6.49% · Updated July 9, 2026 · Freddie Mac (FRED)
New York spans the nation’s costliest metro and far cheaper upstate markets. Below is what buying at New York's median price looks like at today's national average rate, plus the local property tax and assistance that actually change your payment.
What a mortgage costs in New York
The interest rate on a New York mortgage is the same 6.49% national average a lender would quote anywhere — rates are set by the bond market, not by your state. On New York's median $689,000 home with 20% down, the loan works out to $551,200, or about $3,480 a month in principal and interest.
What makes New York different is the cost around the loan. Its 1.64% effective property-tax rate adds roughly $942 a month, and homeowners insurance about $258 more — bringing the all-in estimate to $4,680. Those local costs, not the interest rate, are what set New York apart. Your own price and down payment will move the number — work backward from your income with the price-you-can-afford calculator.
Getting approved in New York
Federal HMDA lending records show New York lenders originated 232,239 home loans in 2025 and denied 76,984 applications — an approval rate near 75.1% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our state-by-state approval data, and how New York ranks for lender complaint report (26,983 on record).
Shopping for a loan? See the most active mortgage lenders in New York, ranked by federal HMDA volume.
Down-payment help in New York
You rarely need 20% down. SONYMA — New York's housing finance agency — runs the state's main assistance program: SONYMA’s Down Payment Assistance Loan offers up to $15,000 (or 3%). Eligibility usually turns on income limits and a homebuyer-education course. Check current terms at SONYMA, see how a smaller down payment changes your number with the down-payment size calculator, or compare nationwide assistance programs.
New York mortgage FAQ
What is the current mortgage rate in New York?
As of July 9, 2026, the U.S. average 30-year fixed rate is 6.49%. The note rate itself is set nationally, not by state — a lender prices your New York loan the same way it would anywhere, based on your credit, down payment and loan type.
What changes locally is everything around the rate: New York's ~1.64% effective property tax, insurance costs, and which assistance programs apply.
What is the monthly payment on a typical New York home?
On New York's median home price of about $689,000 with 20% down at today's 6.49% average 30-year rate, expect roughly $4,680/month — that's $3,480 principal and interest plus about $942 property tax and $258 insurance. Adjust the numbers for your exact price and down payment in our calculators.
How hard is it to get approved for a mortgage in New York?
In 2025, New York lenders originated 232,239 home loans and denied 76,984 applications — an approval rate of about 75.1% among decisioned applications, versus 76.6% nationally, according to federal HMDA data. See how every state ranks in our mortgage approval report.
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.