Mortgage Rates New York (NY) for April 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Current 30-year fixed mortgage rates in New York include Northfield BankNorthfield Bank1 Hyatt St, Brooklyn, NY, 10301A+5.0 ★Texas Ratio: 1.88% at 5.25%, Wells FargoWells Fargo1020 Port Washington Boulevard, Ardsley, NY, 10001A5.0 ★Texas Ratio: 7.44% at 5.50%, SUMA Federal Credit UnionSUMA Federal Credit Union125 Corporate Blvd, Spring Valley, NY, 10701A5.0 ★Texas Ratio: 12.20% at 5.88%, TrustCo BankTrustCo Bank1 Johnson Rd, Airmont, NY, 10510A+5.0 ★Texas Ratio: 3.16% at 5.99%, and Sunmark Credit UnionSunmark Credit Union113 Holland Ave, Albany, NY, 10547A5.0 ★Texas Ratio: 11.71% at 5.62%. Mortgage rates as of April 16, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare mortgage rates across all loan types in New York side-by-side. New York mortgage rates currently start as low as 5.25% from Northfield Bank at 1 Hyatt St, Brooklyn, NY, 10301. Rates are continually updated — we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to New York borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: April 16, 2026
Compare Mortgage Rates Today in New York
Quoted rates include a 60 day rate lock. Maximum loan amount for a conforming loan is $806,500. Affordable Mortgage Program available for Residential First Mortgage loans for owner-occupied primary 1 to 2-family residences for those in Hunterdon, Mercer, Middlesex, and Union counties in New Jersey and Richmond and Kings counties in New York and either: (a.) are purchasing or refinancing a home in a low or moderate-income (LMI) census tract OR (b.) whose income is less than 80% of the county median income. All loans are subject to credit approval. A Fixed Rate Mortgage is a mortgage that may have a fixed principal and interest payment up to a maximum of 30 years or 360 payments. Rates and terms are current as 11/24/25 and are subject to change at anytime without prior notice.
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APR based on a $300,000 loan amount. Purchase/Owner-Occupied, 75% LTV, minimum credit score 740. Payments do not include amounts for taxes and insurance, if applicable. Actual payment obligation will be greater.
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2.75% Margin - 2/1/5 Caps, 1-4 Family Owner Occupied, 90% Max LTV, PMI Required with less than 20% down. 60 payments of $5,110.10, 299 @ $5,553.88, 1 final payment of $5,556.01. Example based on $900,000 loan amount at an interest rate of 5.500% for the initial 60-month period, and a rate of 6.375% after the initial period. Payments do not include amounts for taxes and insurance, if applicable. Actual payment obligation will be greater.
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Example based on $400,000 loan amount with 60 payments of $2,239.88, 299 payments of $2,551.02 and 1 final payment of $2,537.03.
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Lock in Low Initial Rates for 5 Years; For a limited time, enjoy a 5.625% rate for the first 5 years* and rates after the first 5 years
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Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
New York Mortgage Rate Trends
Compare local New York mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes — updated every evening.
New York 30-year fixed rates rose 0.034 points over the past 7 days to 6.270%.
New York 15-year fixed rates fell 0.031 points over the past 7 days to 5.806%.
New York Mortgage Rate Forecast — Next 12 Months
Where are New York mortgage rates headed through April 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for New York Home Buyers
Monthly principal & interest payment on New York median home of $423,800 (20% down, 30-year fixed, state-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (NY avg) | 6.270% | $2,092 | — | 29.2% |
| 6-Month Forecast | 6.270% (5.92–6.57%) | $2,092 | +$0/mo | 29.2% |
| 12-Month Forecast | 5.870% (5.52–6.17%) | $2,004 | -$87/mo | 28% |
Income column = annual mortgage payment as % of New York median household income ($85,974). Above 30% is generally considered cost-burdened.
MonitorBankRates Housing Affordability Index (MBR-HAI)
A daily-updated affordability score for New York — updated every night from live mortgage rates across our monitoring network combined with U.S. Census Bureau income, home value, and cost burden data.
What This Score Means for New York Home Buyers
With a score of 89.1, New York is 11.5 points less affordable than the national average of 100.6. New York ranks #39 out of 51 states for affordability — among the more expensive states relative to income.
The index reflects the current New York 30-year mortgage rate of 6.368% combined with Census median home values, household income, property taxes, and cost burden data. A 0.25% rate change shifts the score by approximately 0.8–1.0 points — meaning today’s rate environment directly impacts how affordable homeownership is relative to local incomes across New York.
Score updated nightly from live mortgage rates across 8,500+ monitored institutions combined with U.S. Census Bureau ACS 5-Year Estimates (2024) and CPS/HVS Q4 2025. Score of 100 = national average at 6.5% reference rate. Full methodology →
How Mortgage Rates Impact Home Affordability in New York
New York Housing Market Overview
According to the U.S. Census Bureau, the median owner-occupied home value in New York is approximately $423,800. The 2026 FHFA conforming loan limit for New York is $832,750.
New York Homeownership Rate
With a homeownership rate of 52.4% — significantly below the national average of 65.7% — New York has a large pool of potential buyers actively competing for available properties. The homeowner vacancy rate of 1.2% signals a tight market with limited available inventory — making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for New York Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $340,000 mortgage — based on a 20% down payment on the New York median home value.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 5.770% | 30-year fixed | $1,988 | $375,849 |
| 6.270% Current Avg | 30-year fixed | $2,098 | $415,231 |
| 6.770% | 30-year fixed | $2,210 | $455,512 |
| 5.806% | 15-year fixed | $2,834 | $170,048 |
A 0.500% rate increase on a $340,000 loan adds roughly $112 per month and over $40,281 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders — using the rate table above — is one of the most impactful financial decisions a New York buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only — taxes, insurance, and PMI not included.
New York Income & Housing Affordability
At a price-to-income ratio of 4.9x, New York is a relatively affordable housing market compared to national averages. That ratio — median home value divided by median household income — is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for New York Buyers
With a median household income of $85,974 per year in New York ($7,165/month) and a median home value of approximately $423,800, a buyer financing at 80% LTV at the current average rate would commit roughly 29.3% of gross monthly income to principal and interest alone. that falls within a manageable range relative to income, though taxes, insurance, HOA fees, and PMI will add to the true monthly cost of ownership.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in New York
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home across New York. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
Across New York, the median homeowner with a mortgage pays approximately $1,714/month in total housing costs — covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $1,621/month including utilities. The $93/month difference between owning and renting is relatively narrow — worth factoring carefully into a rent vs. buy analysis given that owners also build equity over time. Property taxes alone account for $580/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
Across New York, 33.1% of homeowners with mortgages are cost burdened and 48.5% of renters are cost burdened. Renters face significantly higher burden rates than owners — a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. With an owner burden rate of 33.1% near the national average of 28.0%, this market reflects typical affordability conditions for mortgage holders.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Run the Numbers on Your New York Home Loan
Rates are only part of the equation. Use these calculators to translate current New York mortgage rates into real numbers for your specific situation — before you talk to a lender.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios — a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current New York rates — so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point — the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path — mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment — to show which option builds more wealth over your intended time horizon in New York.
CalculateTypes of Mortgages Available in New York
Borrowers in New York have access to a wide range of mortgage programs. Rates, down payment requirements, and eligibility rules vary significantly across products — understanding the differences before you compare lenders can save thousands of dollars over the life of your loan.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term — your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s New York rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period — commonly 5, 7, or 10 years — after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down — and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15%–0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment — given ongoing home price trends in New York — FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with — and often better than — conventional loan rates.
A one-time funding fee applies — 2.15% of the loan for first-time VA borrowers with no down payment — which can be financed into the loan. In New York, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
Conforming loan limits in New York vary by county. The 2026 FHFA baseline is $832,750 for most counties, with higher limits in designated high-cost areas. Any mortgage exceeding the applicable county limit is a jumbo loan and falls outside Fannie Mae and Freddie Mac guidelines.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10–20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for New York directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in New York. We feature a comprehensive mix of licensed NMLS financial institutions — from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in NY.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data — including the Texas Ratio — ensuring you compare rates from secure, reliable lenders.
Frequently Asked Questions about Mortgage Rates in New York
How does my credit score affect my rate in New York?
What is a 30-Year Fixed Mortgage?
What are closing costs in New York?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in New York?
Do I need 20% down to buy a house in New York?
What is the difference between Interest Rate and APR?
How do I find the best lender in New York?
What is the median home value in New York?
What is the homeownership rate in New York?
What is the conforming loan limit in New York?
What is the median monthly cost of homeownership in New York?
What are the median property taxes in New York?
What is the median rent in New York?
What percentage of homeowners are cost burdened in New York?
What percentage of renters are cost burdened in New York?
What are the best Mortgage rates in New York?
- Northfield Bank: 5.25% (30 Year Fixed Rate Affordable Mortgage)
- Wells Fargo: 5.50% (30-Year Fixed-Rate VA)
- SUMA Federal Credit Union: 5.88% (30 Year Fixed Mortgage)
- TrustCo Bank: 5.99% (30 Year Mortgages)
- Sunmark Credit Union: 5.62% (USDA 30 Year Fixed)
Mortgage Rates by City in New York
