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New York Mortgage Rates

Whether your heart is in the Big Apple or on a gorgeous lake somewhere upstate, there is no shortage of truly amazing places to call home across the entire state of New York.
Unfortunately, New York has one of the lowest rates of homeownership in the entire country. And while that number is definitely skewed by the number of people who rent apartments in New York City, there are some other reasons behind the numbers as well.

Common New York Loan Types:

  • New York conventional mortgages: New York mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • New York FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in New York on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • New York VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in New York through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

New York Mortgage Rates Compared to National Averages

The state of New York owns some of the absolute highest mortgage rates in the entire country. In many cases, consumers looking for 30-year fixed-rate mortgages will find the numbers coming in almost an entire point higher than the national average.
The same shocking difference between the Empire State and the rest of the country holds true for adjustable-rate options. New York refinance rates are also exceptionally high compared to other parts of the country.