Mortgage rates in New York
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
New York spans the nation’s costliest metro and far cheaper upstate markets.
Mortgage rates today by loan type
These are national averages. Lenders in New York price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
New York mortgage calculator
The calculator starts from New York's median list price, 20% down, the state's 1.41% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the month-by-month amortization. To see how New York's property tax and insurance compare with every other state, try the taxes-and-insurance payment calculator.
New York vs. the U.S.
New York's median list price is 48% above the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $1,083 a month more. Home values rose faster than the national average over the latest year, which builds equity sooner and can let PMI come off earlier on a low-down-payment loan. Five-year price growth here was the 11th-fastest of 51 jurisdictions.
| Measure | New York | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $614,900 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $3,332 | $2,249 |
| Average home-purchase loanHMDA 2025 | $526,916 | $404,828 |
| Average closing costsincl. transfer taxes | $13,738 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.50% | 6.50% |
| Mortgage approval rateHMDA 2025 | 75.1% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +5.3% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +49.9% | +41.3% |
What New York borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every New York home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, New York borrowers paid 0.02 percentage points below the market benchmark at lock, the 15th-lowest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateNY · U.S. | Over benchmarkNY · U.S. | Closing costsNY · U.S. | Paid pointsshare of loans | Median downequity on refis · NY |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)32,090 loans | 6.50%6.50% | −0.02+0.02 | $6,037$5,476 | 48.0%53.2% | 25% |
| Jumbo 30-yr fixed (20%+ down)1,069 loans | 6.38%6.63% | −0.22+0.00 | $10,944$10,251 | 35.0%38.4% | 23.1% |
| FHA 30-yr fixed7,832 loans | 6.38%6.25% | +0.57+0.42 | $12,546$11,291 | 59.2%59.3% | 3.5% |
| VA 30-yr fixed3,128 loans | 6.25%6.13% | −0.18−0.36 | $6,555$6,554 | 57.9%59.3% | 0% |
| Conventional rate-and-term refinance2,992 loans | 6.38%6.38% | −0.05−0.06 | $6,299$4,390 | 55.7%45.4% | 35% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in New York and what their borrowers paid.
New York's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in New York by 2025 purchase loans, out of 552 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in NY | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| United Wholesale Mortgage | 7,1737% | 6.46% | −0.06 | $6,195 | 44%$2,042 | 25% |
| Chase | 6,3606.2% | 6.49% | −0.12 | $2,412 | 72%$2,361 | 25% |
| Premium Mortgage Corporation | 3,9823.9% | 6.63% | +0.10 | $1,450 | 16%$750 | 20% |
| CrossCountry Mortgage | 3,7833.7% | 6.74% | +0.13 | $1,690 | 43%$1,909 | 25% |
| Homestead Funding Corp. | 2,9542.9% | 6.49% | −0.12 | $1,195 | 47%$724 | 25% |
| Rocket Mortgage | 2,5942.5% | 6.50% | +0.10 | $3,668 | 65%$2,748 | 25% |
| Citibank, National Association | 2,5732.5% | 6.25% | −0.30 | $1,554 | 49%$2,813 | 26.6% |
| Citizens | 2,5732.5% | 6.38% | −0.21 | $1,581 | 55%$1,775 | 25% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in New York. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: New York lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in New York
On a home at New York's median list price of $614,900 with 20% down, the loan works out to $491,920, or about $3,332 a month in principal and interest at the 7.18% 30-year average.
What makes New York different is the cost around the loan. Its 1.41% effective property-tax rate adds roughly $723 a month, and homeowners insurance — at the state's median 0.32% of home value — about $162 more, bringing the all-in estimate to $4,217. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the price-you-can-afford calculator.
Payment at the $614,900 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $4,217P&I $3,332 | — | $136,718 | $181,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,957P&I $3,749 | $323 | $75,228 | $212,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $5,183P&I $3,957 | $341 | $44,483 | $222,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $5,273P&I $4,041 | $348 | $32,185 | $226,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $5,129P&I $3,972 | $272 | $35,260 | $220,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $4,942P&I $4,057 | — | $13,738 | $212,000 |
Monthly = principal and interest + property tax (1.41% effective) + homeowners insurance (about $162/mo — New York's median premium, 0.32% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + New York's average closing costs ($13,738). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in New York's biggest counties
Home prices, and so the loan you need, vary more inside New York than rates do. The table covers the largest county markets and the high-cost counties where the conforming limit is higher. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| New York County5,196 homes for sale · Sep 2026 | $1,385,000-1.9% | $1,204,7315,420 loans | $1,209,750$1,512,187 | Conforming$1,108,000 loan | $9,499at 7.18% | |
| Queens County4,432 homes for sale · Sep 2026 | $649,500+0.8% | $598,2599,263 loans | $1,209,750$1,512,187 | Conforming$519,600 loan | $4,455at 7.18% | |
| Suffolk County4,086 homes for sale · Sep 2026 | $899,000-5.3% | $665,70912,784 loans | $1,209,750$1,512,187 | Conforming$719,200 loan | $6,166at 7.18% | |
| Kings County2,977 homes for sale · Sep 2026 | $808,033-1.3% | $1,028,5117,500 loans | $1,209,750$1,512,187 | Conforming$646,426 loan | $5,542at 7.18% | |
| Nassau County2,601 homes for sale · Sep 2026 | $949,000+5.6% | $701,4169,358 loans | $1,209,750$1,512,187 | Conforming$759,200 loan | $6,509at 7.18% | |
| Westchester County1,659 homes for sale · Sep 2026 | $682,000-9% | $723,9536,849 loans | $1,209,750$1,512,187 | Conforming$545,600 loan | $4,678at 7.18% | |
| Erie County1,421 homes for sale · Sep 2026 | $279,150-0.3% | $315,9348,211 loans | $832,750$1,040,937 | Conforming$223,320 loan | $1,915at 7.18% | |
| Orange County1,195 homes for sale · Sep 2026 | $550,000+1.3% | $425,0033,513 loans | $832,750$1,040,937 | Conforming$440,000 loan | $3,772at 7.18% | |
| Bronx County1,052 homes for sale · Sep 2026 | $329,000-3.2% | $946,9772,311 loans | $1,209,750$1,512,187 | Conforming$263,200 loan | $2,256at 7.18% | |
| Richmond County945 homes for sale · Sep 2026 | $700,000-3.3% | $556,8383,193 loans | $1,209,750$1,512,187 | Conforming$560,000 loan | $4,801at 7.18% | |
| Dutchess County899 homes for sale · Sep 2026 | $595,000+4.9% | $432,0422,289 loans | $832,750$1,040,937 | Conforming$476,000 loan | $4,081at 7.18% | |
| Ulster County714 homes for sale · Sep 2026 | $623,750+8.5% | $405,8221,423 loans | $832,750$1,040,937 | Conforming$499,000 loan | $4,278at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), New York's 1.41% effective property tax and its median insurance premium (0.32% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in New York
Rates are national, but the rules around the loan are not. These New York specifics can change your payment, your closing or your protections as a borrower.
Lenders must give 90 days’ notice before suing
Before suing over an owner-occupied home loan, a New York lender or servicer must mail the borrower written notice at least 90 days ahead, with a list of at least five housing counseling agencies serving the county. That window is the borrower's chance to negotiate or get free counseling before a court case begins.
Source: nysenate.govCo-op buyers purchase shares, not real property
A co-op buyer purchases shares in a corporation, and the shares carry a long-term proprietary lease on the apartment. The Department of Financial Services notes that a co-op mortgage does not involve real property, so foreclosure follows Article 9 of the Uniform Commercial Code and differs from foreclosing on a house or condo.
Source: dfs.ny.govNew homeowners get STAR as a credit
The STAR exemption, which reduces the school tax bill, is no longer available to new homeowners. Buyers instead register for the STAR credit, a check or direct deposit used to pay school taxes. The savings arrive as a payment rather than a smaller bill, and the home must be your primary residence.
Source: tax.ny.govNYPIUA fallback policies omit flood and liability
If a buyer cannot find a homeowners policy, the New York Property Insurance Underwriting Association (NYPIUA) is a fallback, but its policies are generally actual cash value and exclude liability, flood, and theft. The Department of Financial Services says it costs more than voluntary-market coverage and urges trying voluntary insurers first.
Source: dfs.ny.govPre-contract seller disclosure includes flood questions
Most sellers of one-to-four family homes must give buyers a signed property condition disclosure statement before the buyer signs a binding contract; condos and co-ops are excluded. The statutory form asks about FEMA flood zones and flood insurance, which can affect a buyer’s insurance requirements and monthly costs.
Source: nysenate.govChecked against official sources on October 19, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How New York buyers finance their homes
New York leans conventional: 90.6% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 6.8% and VA 2.5% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in NY | U.S. share | Approval in NY | Avg loan in NY |
|---|---|---|---|---|
| Conventional | 90.6% | 78.0% | 75.0% | $511,575 |
| FHA | 6.8% | 13.2% | 74.3% | $404,006 |
| VA | 2.5% | 8.2% | 81.9% | $370,492 |
| USDA | 0.1% | 0.6% | 78.4% | $149,262 |
The average New York home loan in 2025 was $500,270 — 42% above the U.S. average of $352,861, the 4th-largest of 51 jurisdictions. Home purchases accounted for 67.5% of those loans (U.S. 64.2%); cash-out refinances for 17.3% (U.S. 17.1%).
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
New York loan limits for 2026
10 of New York's 62 counties are high-cost areas for 2026, with one-unit conforming limits above the $832,750 baseline — highest in Bronx County ($1,209,750), Kings County ($1,209,750), Nassau County ($1,209,750). Everywhere else in the state the cap is $832,750, so the same loan amount can be conforming in one county and jumbo in the next. See the full national grid in our national loan limit grid, and if you are over the line, what changes with jumbo rates.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in New York
Average closing costs in New York are about $13,738 including transfer taxes (among the highest in the country). On a home at the median list price of $614,900:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $122,980 | $18,447 |
| Average closing costs | $13,738 | $13,738 |
| Cash to close (estimate) | $136,718 | $32,185 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in New York
New York's state transfer tax is 0.4% of the price, paid by the seller, and buyers pay a 1% 'mansion tax' on homes of $1 million or more. Borrowers also pay a mortgage recording tax; in New York City the combined state and city rate is about 2.05% of loans under $500,000 and 2.175% at $500,000 or more, on top of a city transfer tax of 1% to 1.425%. Source: tax.ny.gov
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 (27,458 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's DPAL (up to $15,000, forgiven over 10 years) and DPAL Plus 2026 (up to $30,000), NYC's HomeFirst (up to $100,000) and town and city programs. See all first-time home buyer programs in New York — requirements, income limits by county and how far each covers a typical home.
No state mortgage credit certificate in New York
SONYMA's homebuyer programs (Achieving the Dream, Low Interest Rate, down payment assistance loans) include no MCC. MCC programs by state.
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.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (New York vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in New York reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our editorial desk. Full sources and formulas: sourcing notes.
New York mortgage FAQ
What is a good mortgage rate in New York right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, New York's conventional buyers paid a median 6.50%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in New York than in other states?
No, if anything slightly lower, once timing and fees are counted. In 2025 HMDA records, New York's median conventional 30-year rate was 6.50%, against 6.50% nationally.
Against the benchmark for each loan's lock week, which counts points and fees, New York loans priced 0.02 percentage points below it (the 15th-lowest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in New York?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, New York's jumbo buyers paid a median 6.38%. A loan is jumbo above the $832,750 conforming limit, or above $1,209,750 in New York's highest-cost counties.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $491,920 loan (20% down on New York's median list price), a 30-year at 7.18% costs $3,332 a month and a 15-year at 6.57% costs $4,304.
The 15-year saves about $424,939 in interest but needs $972 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $491,920 loan (20% down on New York's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $3,332 to $3,671, or $339 a month.
Over 30 years that is about $122,045 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, New York's conventional rate-and-term refinances closed at a median 6.38% and purchases at 6.50%, partly because refinances bunch up when rates dip. Refinances priced 0.05 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a mortgage on a $600,000 house in New York?
About $4,115 a month with 20% down at 7.18%: $3,252 principal and interest, $705 property tax at New York's 1.41% effective rate and $159 homeowners insurance. With 10% down, PMI adds about $315 and the total is near $4,837.
New York's property tax runs above the U.S. median (1.41% vs 0.91% of value), and insurance below the U.S. median (0.32% vs 0.40% of value).
How much do you need to make to afford a $600,000 house in New York?
About $176,000 a year with 20% down, so the $4,115 monthly payment stays within 28% of gross income — or about $207,000 with 10% down once PMI is added.
Car, student-loan and card payments count too: conventional loans generally cap all monthly debts at 45% of income (50% with an automated approval), FHA at 43% (up to 57% with compensating factors).
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
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.