Current New York Mortgage and Refinance Rates

Mortgage interest rates currently average 6.03% for 30-year fixed loans and 5.13% for 15-year fixed loans. Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

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Refinance rates in New York

30-year FIXED

Current refinance rates are averaging:

6.39%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

15-year FIXED

Current refinance rates are averaging:

5.87%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
  • Rate-and-term refinances replace a current mortgage with a new one that has a better interest rate, a different term length or both. Lengthening your loan term and lowering your interest rate reduces your monthly mortgage payment; shortening your loan term will make your payments more expensive, but save you money in the long run.
  • Cash-out refinances offer a way to replace your current home loan with a new mortgage and also access a portion of your home equity. That means walking away with a lump sum of cash borrowed at a much lower rate than you’d pay with a personal loan.
    • Cash-out refinances have higher rates than regular refinances.
  • Conventional refinances are loans that aren’t part of a government loan program and usually follow the guidelines for refinances set out by Fannie Mae and Freddie Mac.
  • FHA refinances are insured by the Federal Housing Administration (FHA) and can be a great alternative option for borrowers struggling to meet conventional loan requirements.
    •  FHA loan rates are usually significantly lower than conventional refinance rates. In New York, you can expect to see rates around 1.28 percentage points lower.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and come with flexible requirements and many perks.
    • VA loan rates usually come in far below other loan types. In the current rates environment, it’s not unusual to see over a full percentage point savings compared to conventional loans.

See whether refinancing makes sense for you using our mortgage refinance calculator.

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What is the current mortgage rates forecast?

The current mortgage rates forecast is for 30-year rates to remain around 6.0% in early 2026 despite three rate cuts by the Federal Reserve in 2025, the last in early December.

Unfortunately, home affordability continues to cause issues for homebuyers, and it is unlikely that home prices will fall during the year, either.

How do I get the best mortgage rate for my New York home loan?

You can’t control or predict what the market will do, and it’s unwise to try. What you can do, however, is identify your part in the rates you’re being offered. Here are some factors determining mortgage rates that you do have control over, and how you can use them to get the best mortgage rate:

  • Boost your credit
    Lenders lean heavily on your credit score when assessing your loan application. Raising your score by even a little bit can get you a better rate and save you big bucks in the long run.
  • Lower your debt-to-income (DTI) ratio
    When evaluating how much debt you have currently, and how much more you can afford to take on, lenders use a DTI ratio. If you can lower your DTI ratio, you’ll unlock lower mortgage rates.
  • Buy a single-family, site-built home
    Lenders typically charge more in interest if you’re buying a manufactured home, a property with more than one unit, a vacation home or an investment property.
  • Pay mortgage points
     Mortgage points allow you to reduce your rate in exchange for an upfront, lump sum interest payment. You can usually “buy down” your interest rate by 0.25 percentage point per mortgage point.
  • Compare offers from multiple lenders
    Comparison shopping can feel like doing extra work, but it’s a tried-and-true way to save money. In fact, you stand to save up to tens of thousands of dollars just by shopping with three to five lenders.

Read more about our picks for the best mortgage lenders.

When should I lock in my mortgage rate?

Federal law requires lenders to send you a loan estimate within three business days of receiving your application. Once you’ve reviewed an offer that looks attractive, you can request a mortgage rate lock. This freezes the interest rate you received in your offer, guaranteeing that it won’t increase before you make it to closing.

New York home loan programs

Achieving the Dream

This program is one of several offered by the State of New York Mortgage Agency (SONYMA) to help borrowers obtain mortgages with low down payments and interest rates. The loans are 30-year fixed-rate mortgages that can be used to purchase 1-to-4 family homes, cooperatives and condominiums. They’re only available to first-time homebuyers, unless you’re an eligible military veteran or are buying in targeted areas in the state of New York.

Borrowers must:

Borrowers must:

  • Earn less than SONYMA’s income limits, which vary by location and household size
  •  Make at least a 3% down payment
  •  Contribute at least 1% or 3% of their own money, depending on the property type
  •  Buy a home with a price that doesn’t exceed SONYMA’s purchase limits
  •  Take a homebuyer education class

Who qualifies as a first-time homebuyer?

  • People who have never owned a home
  •  People who haven’t owned real estate in the last three years

What qualifies as a targeted area?

  • Areas designated as “targeted” can be found using this online lookup tool.

SONYMA down payment assistance loans

This program offers assistance with a down payment, closing costs or mortgage insurance costs. The funds come in the form of an interest-free loan that’s forgiven after 10 years. You can access up to 3% of your home’s purchase price (with a cap at $15,000) or $3,000, whichever is greater. You won’t have to make any monthly payments, but if you sell or refinance the home before the 10 years are up, you will have to repay a portion of the loan.

Down payment assistance (DPA) loans from SONYMA can be combined with any of their other loans, such as those offered through the Achieving the Dream program we covered above. However, adding on a DPA loan will cause your interest rate to go up by 0.375%.

Who qualifies

Borrowers must:

  • Purchase their home with a SONYMA mortgage

Looking for a SONYMA-approved lender? Find one here.

HomeFirst

HomeFirst gives first-time homebuyers a leg up by offering them up to $100,000 toward closing costs or a down payment. It can be used to buy a 1-to-4 unit home, condo or cooperative in any borough in New York City. The program is administered by Neighborhood Housing Services of New York City (NHS), in partnership with the NYC Department of Housing Preservation and Development (HPD).

Who qualifies

Borrowers must:

  • Not make more than 80% of their area’s median income, which means that a borrower can qualify with income ranging from $79,200 for a one-person household to $149,300 for an eight-person household.
  •  Make at least a 3% down payment
  •  Take a homebuyer education class
  •  Live in the home for at least 10 years if their DPA loan is for $40,000 or less
  •  Live in the home for at least 15 years if their DPA loan is for over $40,000

Who qualifies as a first-time homebuyer?

  • People who have never owned a home
  • People who haven’t owned real estate in the last three years

Learn about different types of NY mortgage loans

  • New York conventional loans
    Conventional loans are a standard choice in the mortgage world for a reason — but to take full advantage of them, you’ll need at least a 620 credit score and a 3% down payment. Their minimum requirements are usually set by Fannie Mae and Freddie Mac, though some lenders opt to create their own guidelines.
  • New York FHA loans
    FHA loan requirements provide an alternative option for borrowers whose credit score isn’t quite up to the standards required by conventional lenders. You can qualify with a credit score as low as 500, but you’ll need to make a 10% down payment in order to do so. And if your down payment fund isn’t quite that high yet, don’t worry — you can put down as little as 3.5% as long as your credit score is at least 580.
  • New York VA loans
    VA loan requirements are the most flexible you’ll find, and they’re tailored to the needs of military borrowers. If you’re eligible, VA loans are certainly an option to consider, especially if you don’t want to make a large down payment. Borrowers with full VA entitlement never have to make a down payment.
  • New York streamline refinances
    are an option for borrowers who already have an FHA or VA loan and want to refinance into another of the same loan type. FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) are called “streamline” refinances because they’re easier than other refinances, typically requiring less time and paperwork.
Home Home Loan Mortgage Rates Current New York Mortgage and Refinance Rates