Current New York Mortgage And Refinance Rates

Whether you’re searching for a new home or planning to refinance, understanding mortgage and refinance rates is essential to navigating New York’s housing market. That said, interest rates aren’t set in stone, and they fluctuate based on economic factors, like 10-year Treasury yields, market conditions, inflation and Federal Reserve policy.

We summarized the current New York mortgage and refinance rates to help you understand these fluctuations and choose the right time to lock in a mortgage rate. Our team also compared New York’s rate trends to nationwide rates to help you choose the right time to buy or refinance a home. Even a small change in rates can impact the overall cost of borrowing, and understanding New York mortgage and refinance rates may help you save.

Today’s Mortgage Rates in New York

New York’s average APR on a 30-year mortgage climbed 0.041 points to 6.662% over the past week, according to data from the Mortgage Research Center. The rate is down 0.02 points over the last 90 days and up 0.102 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage climbed 0.017 points to 5.69% over the past week. Over the last 90 days, the rate is down 0.06 points; it’s up 0.115 points over the last 30 days.

The average APR for a 30-year jumbo mortgage rose 0.021 points to 6.894% since last week. It’s down 0.211 points over the last 90 days and up 0.094 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.662%.
• Last week. 6.621%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.69%.
• Last week. 5.673%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.894%.
• Last week. 6.873%.

Today’s Refinance Rates in New York

New York’s average APR for the benchmark 30-year fixed refinance mortgage increased 0.037 points to 6.722% compared to a week ago. The rate is down 0.048 points over the last 90 days and up 0.095 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage rose 0.016 points to 5.689% weekly. Over the last 90 days, the rate is down 0.07 points over the last 90 days; it’s up 0.113 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR increased 0.034 points to 6.954% week-to-week. It’s down 0.214 points over the last 90 days and up 0.063 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.722%.
• Last week. 6.685%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.689%.
• Last week. 5.673%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.954%.
• Last week. 6.92%.

New York Mortgage Rate Trends

Understanding mortgage rate trends can help you make more informed decisions about the best time to purchase a home, refinance your current home loan or shop for a second mortgage. Depending on your credit score and other qualifications, analyzing New York mortgage rate trends may lead to a lower interest rate and savings over the life of the loan.

New York’s mortgage rates have trended downward over the last three months, as have national rates.

New York Mortgage Rates vs. National Mortgage Rates

Although state mortgage rates generally follow changes in the national average, they do vary by state.

Today’s average mortgage rate in New York is 6.662%, while the national average rate is 6.763%. That’s -0.101 percentage points lower than the national average.

New York’s mortgage refinance rate today is 6.722% versus the national average of 6.805% – 0.083 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in New York

Whether you already live in the state or are relocating from elsewhere, buying a house in New York can be an exciting adventure. From brownstones in the city to cabins upstate, New York has something for everyone. No matter where you plan to move, familiarity with the local real estate market is essential. A local real estate agent can help you navigate the process and find the perfect home for your needs. Likewise, staying informed about the real estate market and local rules can simplify your home-buying journey.

How to Get the Best Mortgage Rates in New York

You’ll need to do a bit of planning and research to get the best mortgage rates in New York. Current interest rates and trends can vary widely across different regions, so start by understanding what to expect in your area. Then, shop around to compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

You may also qualify for more favorable rates if you maintain a strong credit score, provide a substantial down payment and demonstrate a stable financial history. Consult with a local mortgage broker or financial advisor who’s familiar with the New York housing market to gain valuable insights and navigate the process more efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.