New York Mortgage Rates
New York Mortgage Rates: Rate Hikes Up Slightly This Week
January 18, 2011 (FreeRateUpdate.com) – New York mortgage rates increased slightly this week by 0.125 percent over last week. The current New York conforming mortgage rate for a 30-year fixed rate mortgage is 4.625 percent and 4.000 percent for a 15-year fixed rate conforming mortgage. For an 5/1 adjustable rate mortgage in New York the mortgage rate has remained stable at 3.125 percent. Well qualified New York borrowers can obtain a mortgage loan with these low rates with 0.7 to 1.0 origination points. For a New York FHA mortgage loan, the mortgage rate has also experienced a slight upward swing. The current FHA 30-year fixed mortgage rate is 4.500 percent, which is an increase of 0.125 percent from last week. For a 15-year fixed FHA mortgage the FHA mortgage rate is 4.000 percent, which is an increase of 0.250 percent from last week. An FHA 5/1 adjustable rate mortgage loan is currently at 3.000 percent, which is unchanged from last week. Prospective New York home mortgage borrowers should be aware that FHA mortgage rates are higher than conforming mortgage rates due to higher closing costs. Additional fees that the Federal Housing Administration charges include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, and so on. These additional expenses are charged to the New York mortgage borrower. New York jumbo mortgage rates have remained unchanged from the previous week. A 30-year jumbo mortgage has a mortgage rate of 5.125 percent. A 15-yearjumbo mortgage has a mortgage rate of 4.750 percent. For a New York jumbo mortgage with a 5/1 adjustable rate mortgage the mortgage rate is 3.875 percent, which is also unchanged. New York jumbo mortgages are those mortgage loans that exceed the conforming loan limit, which is $729,250. New York is considered a “higher cost” area, whereas the majority of the nation is restricted to the lower conforming loan limit of $417,000.
The slight upward motion of mortgage rates this week is primarily due to a stark slowdown in home construction throughout the New York. Homebuilders, hence, have a dismal outlook of the near future. In the same vein, mortgage backed securities were down slightly today. Mortgage backed securities and mortgage rates have an inverse relationship, which means that they move in opposite direction. Since, MBS prices are down, New York mortgage rates are up. Moreover, as home construction continues to struggle, mortgage rates are not expected to fall in the near future.
Click here for current New York mortgage rates.
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- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference