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Mortgage Rates in New York — Plus Stats, First-Time Homebuyer Programs and Mortgage Refinancing

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New York’s average mortgage interest rate is the highest in the country at 3.93% — 16.7% higher than the U.S. average of 3.37%.

In addition to mortgage rates in New York, let’s take a look at the other factors affecting the state’s homeowners, including property value, housing costs and real estate taxes, as well as first-time homebuyer programs for prospective homeowners.

Mortgage rates in New York, plus more stats on the Empire State

How New York mortgages compare to the rest of the U.S.
U.S. New York Difference Difference % Rank among states
Average borrower credit score 734 730 -4 -0.6% 30
Average mortgage size $284,152 $315,764 $31,612 11.1% 9
Average mortgage monthly payment $1,252 $1,494 $242 19.3% 3
Average mortgage interest rate 3.37% 3.93% 0.56% 16.7% 50
Average mortgage APR 3.61% 4.36% 0.75% 20.7% 50
How New York mortgage-holders compare to the rest of the U.S.
U.S. New York Difference Difference % Rank among states
Median home value $239,100 $331,500 $92,400 38.6% 8
Median household income $93,884 $109,098 $15,214 16.2% 9
Median monthly housing costs $1,595 $2,155 $560 35.1% 6
Median real estate taxes (annual) $2,750 $5,758 $3,008 109.4% 4

In addition to paying the country’s highest mortgage rates, New Yorkers also carry some of the largest mortgage payments. The state has the third-highest average monthly payment — $1,494 — 19.3% higher than the U.S. average of $1,252.

Not surprisingly, New Yorkers also have some of the highest housing costs. The state ranks sixth with a median monthly housing cost of $2,155  — 35.1% higher than the U.S. median of $1,595.

New York homeowners also pay more than double the U.S. median on property taxes. At $5,578, the median real estate tax in New York is 109.4% higher than the U.S. median of $2,750, placing the state fourth in the country for the highest property taxes.

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Mortgage facts in New York’s biggest cities and towns, from Albany to Yonkers

The research team at LendingTree looked at mortgage facts for cities and towns in New York with populations of 50,000 or more. Notably, Buffalo residents have homeowner costs well below the U.S. average. The city — the second-largest in the state — has median homeowner costs of $989 a month, compared with the country’s average of $1,595.

Buffalo homeowners also pay the lowest property taxes among the state’s largest cities and towns, with a median tax of $1,709. At the other end of the spectrum, Westchester County and Long Island residents pay the state’s highest real estate taxes: New Rochelle, White Plains, Mount Vernon, Hempstead and Levittown all have a median property tax above $10,000.

Top 5 and bottom 5 in New York

Homeownership is more common in some New York cities and towns compared with others. Here’s a closer look at the areas with the highest percentage of active mortgages and places with the lowest and highest property taxes.

4 first-time homebuyer programs in New York

First-time homebuyers often face multiple hurdles when attempting to make their first purchase. New York state offers various programs to help new buyers, including down-payment assistance and loan products with interest rates below the average mortgage rates in New York.

HomeFirst Down Payment Assistance

New York City borrowers can get up to $40,000 toward their down payment or closing costs when purchasing a home in one of New York City’s five boroughs. Buyers can use the forgivable loan — offered by the NYC Department of Housing Preservation and Development (HPD) — on the purchase of one- to four-family homes, condos or co-ops.

Who qualifies?

Eligible applicants include first-time buyers purchasing a home in one of the five boroughs of New York City to use as a primary residence. Buyers must remain in the home for at least 10 years.

The borrower’s income must be at or below program limits, ranging between $63,700 and $120,100, depending on family size.

SONYMA Achieving the Dream

The State of New York Mortgage Agency (SONYMA) offers a low-interest rate program to first-time buyers. Loans are 30-year, fixed-rate mortgages and can be used to purchase one- to four-family homes, condos or co-ops. Borrowers can put as little as 3% down and combine the loan with the agency’s down-payment assistance.

Who qualifies?

First-time buyers (except for eligible military veterans and buyers purchasing a property in a designated area) must purchase the home to use as a primary residence. Borrowers can contribute as little as 1% of the purchase price from their own funds (3% is required if purchasing a co-op).

The borrower’s income must be at or below program limits, ranging between $68,080 and $141,790, depending on family size and county. The property price and value can’t exceed program limits, ranging between $294,600 and $1,598,190, depending on the property type and county.

SONYMA Conventional Plus

This SONYMA program combines a 30-year, fixed-rate loan with the agency’s down-payment assistance. In addition to covering the down payment, borrowers can also use the assistance for closing costs or to pay the loan’s mortgage insurance premium upfront. Buyers can use this loan for one- to four-family homes, condos or co-ops. Income limits apply.

Who qualifies?

First-time and repeat buyers are eligible, but the home must be the primary residence and borrowers must have a minimum credit score of 620 (680 for two- to four-family homes).

The maximum loan amount ranges from $548,250 to $1,054,500, depending on the property type.

SONYMA Low Interest Rate

Another program available to New York buyers is SONYMA’s Low Interest Rate program. This loan option features competitive interest rates, low down-payment requirements and higher income limits than the agency’s other programs. Borrowers can use the 30-year, fixed-rate mortgage to finance a one- to four-family home, condo, co-op or manufactured home.

Who qualifies?

Eligible applications include first-time buyers (with the exception of eligible military veterans and buyers purchasing a property in a designated area) who are purchasing the home to use as a primary residence.

Borrowers can contribute as little as 1% of the purchase price from their own funds (3% is required if purchasing a co-op).

The borrower’s income must be at or below program limits, ranging between $85,100 and $177,240, depending on family size and county. The property price and value can’t exceed program limits, ranging between $294,600 and $1,598,190, depending on property type and county.

How to refinance your mortgage in New York

An existing homeowner who purchased their home at a higher interest rate than the current mortgage rates in New York may want to consider refinancing their mortgage. A mortgage refinance replaces a homeowner’s existing loan with a new mortgage. Homeowners pursue a refinance for multiple reasons, including:

  • Lowering their interest rate and monthly payment
  • Tapping into home equity

While a refinance can reduce a homeowner’s mortgage payments, borrowers will have to pay loan fees and closing costs. Homeowners should crunch the numbers to see if the expected monthly savings will offset the cost of the refinance, taking into consideration how long they plan to stay in the home.

Like a home purchase, borrowers should shop around for the best refinance rates and loan terms. New York borrowers have access to two refinance programs offered by SONYMA: Conventional Plus and FHA Plus. Both programs offer competitive interest rates to qualifying borrowers.

Sources

  • LendingTree proprietary and anonymized 2020 customer data
  • U.S. Census Bureau American Community Survey, 2019 5-year estimates (latest available)
 

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