New York Mortgage Rates

Looking for the best mortgage rates in New York? At Alpine Mortgage, we're dedicated to securing 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 tailored for New York properties. For rates on our other loan programs such as investment property loan rates, renovation loan rates, reverse mortgage 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 customized to your situation.

Current Mortgage and Refinance Rates in New York

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.

Mortgage Programs in New York

New York Conventional Loans. Among 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 may fluctuate considerably depending on the borrower's credit score and the size of their 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 to finance 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%. These 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. 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.

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 2024, 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 dropped to its lowest level in recorded history, with only about 23,448 properties available as of early 2024. This marks a significant decrease of 16.8% from the previous year when there were 28,170 homes available. This ongoing decrease in inventory has been a defining trend for the New York housing market, leading to tighter competition and potentially higher prices for available properties.

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 reduce rates in 2024 and into 2025 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 are headed and expert predictions, 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.

NY Mortgage Rates FAQs