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New York Mortgage Rates for March 2019

Currently, New York's 30-year mortgages average at 4.59%. Shorter-term 15-year loans have an average rate of 4.10%, while 5/1 adjustable-rate mortgages (ARM) in New York average 3.90%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.59%–0.03%–0.30%
15-year fixed4.10%–0.03%–0.29%
5/1 ARM3.90%+0.00%–0.15%
Rates for a $200,000 loan with 20% down payment

With hundreds of mortgage lenders and multiple loan types to choose from, it's often hard to tell what an affordable interest rate really looks like in New York. To help you get on the right track in your research, we collect data on the average and best mortgage rates currently available in the Empire State.

Best Mortgage Rates in New York

In New York, the best available mortgage rate is 4.00% for a 30-year fixed rate and 3.38% for a 15-year loan. New York's 5/1 ARM rates currently start from 2.88%.

Finding the best possible mortgage rate for your particular situation largely depends on maintaining a strong financial profile, as measured by stats like your credit score and debt-to-income ratio. But it's also useful to know how interest rates are behaving and which mortgage lenders are most competitive in your area.

To help you gauge the market, we watch mortgage rates from New York's lenders on a weekly basis. Our rate figures are based on a purchase price of $200,000 with a down payment of 20%. For homebuyers looking at significantly more expensive properties, that makes these rates a rough guide at best. Since bigger loans and smaller down payments usually lead to higher mortgage rates, you shouldn't be surprised if rates run slightly higher in high-end markets.

Current Mortgage Rate Forecast for New York

By the close of 2018, many New Yorkers expected see a steady increase in mortgage rates. However, the Federal Reserve's Open Market Committee (FOMC) made announcements in January that indicate a potential for interest rates to remain steady or even fall a slight amount.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

In December, the FOMC moved to raise the federal funds rate by 25 basis points, to a target range of 2.25%-2.50%. Although mortgage rates sometimes fall even as the federal funds rate rises, long-term trends show a rough correlation between the two. This prompted observers to predict a steady schedule of rate hikes to follow. January's reversal throws such predictions into doubt for the time being.

While no one can predict rate trends with absolute certainty, tighter monetary policy generally favors an increase in mortgage rates. New York homebuyers should bear in mind that mortgage rates are still quite low from a historical perspective. Unfortunately for buyers, the past few years have also seen a dramatic increase in real estate values. Climbing prices have particularly affected major metros like Manhattan and its surrounding regions.

Rates at New York's Most Popular Mortgage Lenders

Getting a mortgage quote online is easier than ever, but many mortgage seekers still prefer to start with the institutions they know best. Brick-and-mortar banks continue to supply millions of dollars in home financing, so we gathered rate estimates from New York's biggest banks to see which ones stood out.

Column graph comparing 30-year mortgage rates at major New York banks

In our one-time sampling of 30-year mortgage rates at these lenders, we found a gap of 50 basis points between the highest and lowest offers. Compared to other states we've surveyed, New York's major banks presented a wide range of interest rates based on the same borrower assumptions. This suggests that it may be worthwhile to apply for more rate quotes when you search for a lender here.

That said, rate shopping isn't the only strategy to consider. Your evaluation of lender choices must also weigh the relative upfront costs demanded by each company, from down payment to closing costs and processing fees. While APR is often useful as a combined measure of interest rate and upfront cost, you should also be looking for a record of convenient and supportive customer service.

Comparing Home Loan Rates by City

Mortgage rates are more closely aligned with national trends than local conditions, but rates are never exactly the same across entire states. We looked at mortgage rate averages from some of New York's major metropolitan areas to find out if there were any significant contrasts.

MSAAverage mortgage rateMedian home value
New York-Newark-Jersey City4.86%$456,446
Buffalo-Cheektowaga-Niagara Falls4.96%$157,994
Rochester4.97%$149,557
Albany-Schenectady-Troy4.89%$224,605
Syracuse4.94%$142,501
Average rate is for a 30-year mortgage with a 20% down payment.

While there were some highs and lows in the average home loan rates across New York metros, the differences weren't nearly as large as the swings we saw from quote to quote in our comparison of major lenders. As a mortgage applicant, your choice of lender in New York will almost certainly have a bigger effect on your final mortgage rate than the location of your property. However, location definitely affects the price tag on your house, which in turn influences your monthly payment.

Evaluating Your Mortgage Options: An Example in Albany

For borrowers determined to minimize their mortgage rates, it's crucial to look at alternative loan types to replace the standard 30-year loan. By accepting the shorter repayment schedule of a 15-year loan or taking on the potential of rising rates in a 5/1 ARM, New York homeowners can reduce their interest expenses in specific scenarios.

As an example, consider a homebuyer in Albany buying a house priced at $200,000 with a 20% down payment. At the local average rate of 4.88%, a 30-year fixed-rate mortgage will cost at least $848 per month and as much as $144,999 in lifetime interest over three decades.

In reality, few homeowners stay in one house for so long. In such cases, a 5/1 ARM loan gives you a lower fixed rate for the first five years, after which it may increase (or decrease) from year to year. Borrowers who plan to sell within those five years can use 5/1 ARMs to dodge the higher rates of a conventional 30-year mortgage. At the state's average rate, a 5/1 ARM will cost at least $755 in each of the first 60 months.

On the other end of the spectrum, long-term homeowners choose 15-year loans to build their home equity more quickly and reduce lifetime interest. An average 15-year loan in New York would cost our Albany homebuyer $1,192 per month, but just $54,477 in total interest. The 15-year mortgage trades higher monthly payments for savings on the overall loan.

Currently, New York's 30-year mortgages average at 4.59%. Shorter-term 15-year loans have an average rate of 4.10%, while 5/1 adjustable-rate mortgages (ARM) in New York average 3.90%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.59%–0.03%–0.30%
15-year fixed4.10%–0.03%–0.29%
5/1 ARM3.90%+0.00%–0.15%
Rates for a $200,000 loan with 20% down payment

With hundreds of mortgage lenders and multiple loan types to choose from, it's often hard to tell what an affordable interest rate really looks like in New York. To help you get on the right track in your research, we collect data on the average and best mortgage rates currently available in the Empire State.

In New York, the best available mortgage rate is 4.00% for a 30-year fixed rate and 3.38% for a 15-year loan. New York's 5/1 ARM rates currently start from 2.88%.

Finding the best possible mortgage rate for your particular situation largely depends on maintaining a strong financial profile, as measured by stats like your credit score and debt-to-income ratio. But it's also useful to know how interest rates are behaving and which mortgage lenders are most competitive in your area.

To help you gauge the market, we watch mortgage rates from New York's lenders on a weekly basis. Our rate figures are based on a purchase price of $200,000 with a down payment of 20%. For homebuyers looking at significantly more expensive properties, that makes these rates a rough guide at best. Since bigger loans and smaller down payments usually lead to higher mortgage rates, you shouldn't be surprised if rates run slightly higher in high-end markets.

By the close of 2018, many New Yorkers expected see a steady increase in mortgage rates. However, the Federal Reserve's Open Market Committee (FOMC) made announcements in January that indicate a potential for interest rates to remain steady or even fall a slight amount.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

In December, the FOMC moved to raise the federal funds rate by 25 basis points, to a target range of 2.25%-2.50%. Although mortgage rates sometimes fall even as the federal funds rate rises, long-term trends show a rough correlation between the two. This prompted observers to predict a steady schedule of rate hikes to follow. January's reversal throws such predictions into doubt for the time being.

While no one can predict rate trends with absolute certainty, tighter monetary policy generally favors an increase in mortgage rates. New York homebuyers should bear in mind that mortgage rates are still quite low from a historical perspective. Unfortunately for buyers, the past few years have also seen a dramatic increase in real estate values. Climbing prices have particularly affected major metros like Manhattan and its surrounding regions.

Getting a mortgage quote online is easier than ever, but many mortgage seekers still prefer to start with the institutions they know best. Brick-and-mortar banks continue to supply millions of dollars in home financing, so we gathered rate estimates from New York's biggest banks to see which ones stood out.

Column graph comparing 30-year mortgage rates at major New York banks

In our one-time sampling of 30-year mortgage rates at these lenders, we found a gap of 50 basis points between the highest and lowest offers. Compared to other states we've surveyed, New York's major banks presented a wide range of interest rates based on the same borrower assumptions. This suggests that it may be worthwhile to apply for more rate quotes when you search for a lender here.

That said, rate shopping isn't the only strategy to consider. Your evaluation of lender choices must also weigh the relative upfront costs demanded by each company, from down payment to closing costs and processing fees. While APR is often useful as a combined measure of interest rate and upfront cost, you should also be looking for a record of convenient and supportive customer service.

Mortgage rates are more closely aligned with national trends than local conditions, but rates are never exactly the same across entire states. We looked at mortgage rate averages from some of New York's major metropolitan areas to find out if there were any significant contrasts.

MSAAverage mortgage rateMedian home value
New York-Newark-Jersey City4.86%$456,446
Buffalo-Cheektowaga-Niagara Falls4.96%$157,994
Rochester4.97%$149,557
Albany-Schenectady-Troy4.89%$224,605
Syracuse4.94%$142,501
Average rate is for a 30-year mortgage with a 20% down payment.

While there were some highs and lows in the average home loan rates across New York metros, the differences weren't nearly as large as the swings we saw from quote to quote in our comparison of major lenders. As a mortgage applicant, your choice of lender in New York will almost certainly have a bigger effect on your final mortgage rate than the location of your property. However, location definitely affects the price tag on your house, which in turn influences your monthly payment.

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