New York Mortgage Rates

Looking for the best mortgage rates in New York? At Alpine Mortgage, we're dedicated to providing you with the most competitive mortgage rates while providing a smooth, hassle free process. The rates below are today's purchase mortgage and refinance rates on our conventional, FHA and VA loan programs specifically for New York properties. For rates on our other loan programs such as investment property loan rates, coop loan rates, renovation loan rates, reverse mortgage rates, DSCR loan rates or Non QM loan rates, please contact us for a quote. At Alpine Mortgage our mission is clear: to deliver the lowest mortgage rates in NY and to offer valuable New York mortgage resources to help you through the mortgage process.

Current Mortgage and Refinance Rates in New York

Loan Program	Rate	APR	Fees	Action

The conventional rates shown are based on a loan amount of $525,000 and a down payment of at least 25%. The FHA rates shown are based on a loan amount of $675,500 and a down payment of at least 3.5%. The VA rates shown are based on a loan amount of $700,000 and no down payment. NY Mortgage rates are subject to change at any time and are subject to mortgage approval with full documentation of income. All rates shown are for a 30 day rate lock with one discount point on the purchase or rate and term refinance of a single family primary residence with a 740 or higher FICO score.

Understanding New York Mortgage Rates

As one of the biggest economy in the US, New York’s real estate market sets the tone for the whole country and affects mortgage and refinance rates everywhere. Even with rising mortgage rates in New York, there’s an opportunity to make smart decisions. To start your home loan journey you need to know how to get the best mortgage rates in New York. New York mortgage rates change often. They are based on national economics and local market conditions. Key factors include how many homes are for sale vs how many people want to buy, the state’s economy and even things like neighborhood development and school quality. It’s important for potential homeowners to stay on top of these to compare New York mortgage rates. The Federal Reserve’s decisions also play a big role. Their interest rate decisions affect what New York banks charge their customers. For those who want the best mortgage terms, being alert and ready to compare New York mortgage rates at the right time can make a big difference. Looking for the best mortgage rates New York is strategic. It is influenced by local, city, empire state, and federal economic choices- all are important in determining your mortgage rate.

New York Best Rate Guarantee

Want the best deal on your mortgage but tired of comparing the fine print to figure out the difference between the quotes from different lenders? At Alpine Mortgage we can help you get the best mortgage rate for your home financing needs that’s why we offer our Best Rate Guarantee. We search for the best rate and fees based on your goals and find the best pricing for you through our many loan programs.

You can shop all other local lenders for a better deal. If you find one, bring us the lender’s signed and dated lock in agreement and Loan Estimate on the day the interest rate is locked and we will beat that lender’s interest rate and/or lender fees. At Alpine Mortgage, your satisfaction is our top priority. With our Best Rate Guarantee you can shop your mortgage with peace of mind knowing you’re getting the best rate for your mortgage.

Terms and conditions: Our Best Rate Guarantee applies to our fixed rate conventional, FHA and VA loan programs only and does not apply to any other loan programs. Our Best Rate Guarantee is subject to change or termination at any time without prior notice.

Mortgage Programs in New York

New York Conventional Loans. One of the most popular loan programs, conventional loans have certain requirements including a minimum credit score of 620 and a minimum 3% down payment. Interest rates for these loans can vary greatly depending on the borrower's credit score and down payment. Borrowers who put down less than 20% must also pay private mortgage insurance (PMI) which can be paid either upfront at closing or monthly until they reach at least 20% equity in their home. These loans can be used for a primary residence, vacation property or an investment property.

New York FHA Loans. A FHA loan is a good option for borrowers that are ineligible for a conventional loan due to their credit history. A FHA loan is insured Federal Housing Administration (FHA) and allows borrowers with a minimum credit score of 580 to purchase a home with a down payment of 3.5%. FHA loans also allow credit scores down to 500 with a larger down payment of at least 10%. FHA loans require mortgage insurance premiums (MIP) to be paid regardless of the amount of the borrower's down payment. FHA loans are available only on a primary residence and the maximum loan amount varies by county. You can view the current NY FHA Loan Limits for all counties in New York.

New York VA Loans. Guaranteed by the Department of Veteran Affairs, VA loans offer veterans the opportunity to obtain home loans with no down payment required. These loans do not have any mortgage insurance but may have a funding fee that is collected at closing. VA loans are available only on a primary residence.

New York Non QM Loans. For individuals who do not meet the eligibility requirements for a conventional, FHA or VA loan due to credit challenges or income verification issues, we offer a variety of Non QM loan programs. For investment properties, we offer our DSCR loan program where qualification is based on the cash flow of the investment property. Our Non QM loans offer more lenient lending criteria to accommodate those with unique financial situations or credit complications such as recent bankruptcies or foreclosures. These loans can be used to finance a primary residence, vacation property or an investment property. 

New York Reverse Mortgage Loans. Available to homeowners that are 62 years or older, a reverse mortgage allows you to access the equity in your home by either receiving a lump sum, fixed monthly payments or a line of credit. Reverse mortgages are only available on a primary residence.

Loan Type	Min. Credit Score	Min. Down Payment	Occupancy
Conventional	620	3.0%	Primary, Secondary or Investment
FHA	580	3.5%	Primary Residence
FHA Low Score	500	10%	Primary Residence
VA	620	None	Primary Residence
Non-QM	500	20%	Primary, Secondary or Investment

30 Year Fixed and 15 Year Fixed Mortgage Rates in NY

30 year fixed and 15 year fixed mortgages in NY are the most popular. A 30 year fixed is the most popular option. The biggest advantage of a 30 year term is lower monthly payments compared to shorter term loans which makes homeownership more accessible especially for first time buyers or those with other big expenses. Knowing the estimated monthly payment for a 30 year fixed mortgage helps homeowners manage their cash flow better and gives them a clearer picture of their financial obligations. This is especially helpful for budgeting and long term financial planning as it gives them a more predictable expense over the life of the loan. 15 year fixed loans have lower interest rates for borrowers who can afford the higher mortgage payment due to the shorter amortization period. We offer 30 year fixed and 15 year fixed on our conventional, FHA, VA and Non QM loan programs.

Choosing between a 30 Year Fixed and a 15 Year Fixed

• Financial Stability and Cash Flow. If you prefer lower monthly payments for better cash flow management a 30 year mortgage might be the better choice. It allows more flexibility in budgeting and provides the opportunity to invest surplus funds in other ventures that may offer higher returns.
• Total Cost and Interest. If you can afford higher monthly payments without financial strain a 15 year mortgage will save you money in the long run due to lower interest rates and less total interest paid.
• Equity Building. A 15 year mortgage helps build equity faster which is beneficial if you plan to sell the home after a few years or leverage the equity for other financial needs.

How to Get the Best New York Mortgage Rates

With property values in New York among the highest in the nation, getting a good mortgage rate is crucial for NY homebuyers. Here are some tips to help you get the best mortgage rate if you're looking to buy a home or refinance your existing mortgage in New York:

Improve your credit score: A higher credit score can significantly lower your mortgage rate. Lenders view borrowers with high credit scores as less risky which can result in more favorable terms. Check your credit report and make efforts to improve your score by paying down debts, avoiding new credit and correcting any errors

Increase your down payment: The more you can put down the better rate you'll likely qualify for. Aim for at least 20% down to avoid private mortgage insurance (PMI) and for lower rates. Some New York state programs offer down payment assistance for first time homebuyers.

Compare rates from multiple lenders: Shop around to find the best deal. Compare not just rates but also fees, terms and customer service.

Consider different loan types: While 30 year fixed rate mortgages are the most common, adjustable rate mortgages (ARMs) and shorter term loans like 15 year mortgages may offer lower rates. Evaluate your financial situation and goals to determine the best fit.

Lock in your rate at the right time: Mortgage rates fluctuate daily based on various economic factors. Once you find a competitive rate consider locking it in with your lender. This guarantees that rate for a set period, typically 30-60 days, while your loan is processed.

Negotiate closing costs: Some lenders may be willing to reduce or waive certain fees such as application or origination fees. You can also shop around for lower cost services like title insurance.

Consider paying points. Discount points are fees paid directly to the lender at closing in exchange for a lower interest rate. Each point costs 1% of your loan amount. Determine if this makes financial sense based on how long you plan to stay in the home or plan to refinance your loan in the future.

With property values among the highest in the country, New York buyers need to get the best mortgage terms. By improving your credit, saving for a bigger down payment and comparing lenders you’ll be in a good position to get an affordable mortgage. Remember to consider the loan term and type, lock in your rate when ready and stay informed about market trends. With these tips you’ll be able to navigate the New York mortgage market and achieve your homeownership goals. Taking a little extra time to get a slightly lower rate can save you tens of thousands of dollars over the life of your mortgage..

NY Real Estate & Mortgage Update

Rising Prices and Low Inventory Levels. The New York real estate market is experiencing rising prices from high demand, especially in Manhattan. As of early 2025, the average home value in New York was reported to have increased by 4.8% over the past year. The total inventory of homes in New York have increased with about 50,165 properties available as of early 2025. This marks a significant increase from the previous year when there were 23,448 homes available. Prices also differ significantly across boroughs which affects what people can afford. This shows the housing market's diversity and the different opportunities for investors. It also highlights the challenges in finding affordable housing in New York. Location greatly affects real estate choices from New York City's high prices to Buffalo's more affordable ones.

Mortgage Rate Trends. Mortgage rates have experienced some volatility over the past year but are showing signs of stabilization. Following a peak in October, 2023, rates have decreased slightly due to changes in the broader economy and easing inflation. Many economists anticipate the Federal Reserve may continue to reduce rates in 2025 and into 2026 which could lead to lower mortgages rates. As home values continue to rise in New York, homeowners are finding opportunities to leverage the increase in their home's equity through a cash out refinance or home equity lines of credit. For more insights on where rates may be headed, see our Mortgage Rate Forecast.

Economic Indicators. In New York's real estate market, broader economic conditions such as employment rates and economic growth will impact buyer sentiment and purchasing power. Monitoring these factors will be crucial for market participants. Local and national economic policies, especially those pertaining to housing and mortgages, will also play a significant role in shaping the market dynamics going forward.

How NY Mortgage Rates Affect the Local Housing Market

New York's high mortgage rates have had a significant impact on the local housing market influencing various aspects such as home sales, prices and buyer behavior. Here are the key effects:

Impact on Home Sales

Elevated mortgage rates have dampened housing market activity leading to a decline in home sales. For example, the New York State Association of Realtors (NYSAR) reported a 22.6% drop in closed sales in the second quarter of 2023 compared to the previous year. This trend continued into 2024, with home sales decreasing by 3.2% year-over-year in January. Many homeowners with low fixed mortgage rates are reluctant to sell their homes and move, contributing to a reduction in the number of homes available for sale. This phenomenon, known as the "lock-in effect," has resulted in approximately 1.3 million fewer home sales in the U.S. between spring 2022 and the end of 2023.

Impact on Home Prices

Despite high mortgage rates, home prices in some New York metro areas have continued to rise due to low inventory and high demand. For example, the median sale price in New York City increased by 2.6% year-over-year to $779,500 as of February 2024. Similarly, Buffalo saw a 20% year-over-year increase in median sale prices. While some areas have seen significant price increases, the overall growth in home prices has been more moderate. Statewide, the median sales price reached $405,000 in the second quarter of 2023, a 1.8% decrease year-over-year. However, prices are expected to continue rising marginally due to the tight supply demand dynamic.

Buyer Behavior

High mortgage rates have made housing less affordable for many potential buyers. The average home value in New York was $561,600 as of early 2025 and the elevated mortgage rates have made it challenging for buyers to afford homes. This has led to a decrease in the number of people viewing housing as a good investment, with only 67.1% of respondents in a New York Federal Reserve survey considering property a sound investment in their zip code. Due to the low inventory of existing homes, more buyers are turning to new home markets. Construction and new home sales have surged with builder confidence reaching levels not seen in a year. This trend is expected to continue as home builders offer concessions to attract buyers.

Regional Variations

The impact of high mortgage rates varies across different regions in New York. For instance, Manhattan's luxury market remains robust, while other areas like Brooklyn and Queens are experiencing different dynamics. Brooklyn has seen a surge in demand for townhouses, while Queens has seen an increase in new listings and steady buyer demand.

New York Refinance Rates

Homeownership is often seen as a critical component of the American Dream. In New York, refinancing a mortgage is a common consideration for many homeowners looking to adapt to changing financial circumstances. Staying informed about New York refinance rates is crucial because shifts in the economy can significantly impact the housing market, thus influencing the benefits and timing of refinancing. Factors like the overall economy, governmental policies, and the dynamics of financial markets all play significant roles in determining refinance rates in New York.

For example, when the Federal Reserve sets new interest rate goals, lenders adjust their rates. If inflation rises, lenders increase rates to keep their profits. Knowing about these changes helps you pick the best time to refinance.

Strategies for NY Homeowners Considering Refinancing

Choosing to refinance should match your financial goals. Here are tips for NY homeowners looking at refinance rates:

• Evaluate your financial position: Confirm that refinancing is suitable given your current financial goals and circumstances.
• Understand all costs involved: Look beyond the advertised rates and delve into all fees associated with refinancing to fully grasp its total cost.
• Future planning: Think about how long you intend to stay in your home as this will influence whether refinancing is cost effective.
• Keep an eye on economic trends: Stay updated on economic indicators that could signal changes in interest rates, helping you determine the optimal time to refinance.
• Lock in rates: When rates are favorable, consider locking in a rate to capitalize on potential lower payments in the future.

Refinancing can help in many ways, like lowering monthly payments, changing loan terms or getting equity from your property. Increasing New York refinance rates and mortgage interest rates signal a shift for homeowners. If you're thinking about refinancing consider how the higher rates balance with gaining from your home's equity. It's about careful thinking and clear calculations when looking at refinancing's value today.

Cash Out Refinance in New York

New York homeowners can benefit from a cash out refinance particularly those living in the high-value real estate markets of New York City and its surrounding suburbs.

• Significant Home Equity: With some of the highest home prices in the nation many New York homeowners have accumulated substantial equity in their properties. This equity can be leveraged through a cash out refinance to access funds for various financial goals.
• Competitive Lending Environment: New York's mortgage market is highly competitive with a wide range of lenders offering cash out refinance options. This competition can result in favorable terms and interest rates for borrowers.
• Potential Tax Benefits: New York homeowners may be able to deduct the interest paid on their cash out refinance providing a potential tax benefit. However, it's important to consult with a tax professional to determine eligibility.
• Unique Co-op and Condo Market: New York City's housing market is known for its high concentration of co-ops and condominiums. While cash out refinances for these properties can be more complex than traditional single family homes, experienced lenders can help navigate the process and find suitable options for borrowers.

When considering a cash out refinance in New York, it's important to work with an experienced lender that can help guide you through the process and ensure that you're making the best decision for your financial future.

NY Mortgage Rates FAQs