New York Mortgage Rates

Rates published by Alpine Mortgage Services (NMLS 56905). Mortgage rates in New York vary based on loan type, credit score and down payment. The rates shown above are available to qualified borrowers in New York for conventional, FHA and VA loan programs. The advertised rate is based on specific assumptions including loan amount, credit score, down payment and property type. The actual rate you qualify for may vary based on your individual financial profile and other factors. The annual percentage rate (APR) includes the interest rate plus loan origination fees, points and other loan costs.

The conventional rates shown are based on a loan amount of $525,000 and a loan-to-value of 75%. The FHA rates shown are based on a loan amount of $675,500 and a loan-to-value of 96.5%. The VA rates shown are based on a loan amount of $700,000 and a loan-to-value of 100%. 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.

New York Best Rate Guarantee

Tired of comparing the fine print to see what's the difference between the quotes from various lenders? At Alpine Mortgage we help you get the best deal on your mortgage which is why we offer our Best Rate Guarantee. We find the best rate and fees for you based on your goals and find the best pricing through our many loan programs.

You are welcome to shop all other local lenders for a better deal. If you can find one, provide us with that lender's signed and dated lock-in agreement and Loan Estimate on the day the interest rate is locked in and we will beat that lender's interest rate and/or lender fees. At Alpine Mortgage, your satisfaction is our priority. With our Best Rate Guarantee, you can shop for your mortgage with confidence knowing that you are getting the best possible interest rate for your mortgage.

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

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• Best Rate Guarantee – We Beat Competitor Rates
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• Licensed New York Mortgage Specialists
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• Conventional, FHA, VA and DSCR Loans Available

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New York Mortgage Programs

New York Conventional / Conforming Loans. Conventional loans baseline conforming loan limit is $832,750 for one unit properties in most New York counties. You can view the current New York Conventional Loan Limits for all counties in New York.

New York High Balance Conforming Loans. Several New York counties including the five boroughs, Nassau, Suffolk, Westchester, Rockland, and Putnam qualify as high cost areas in 2026 with limits up to $1,209,750 for one unit properties.

New York FHA Loans. FHA loans are insured by the Federal Housing Administration (FHA). Minimum credit score is 580 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 are available only on a primary residence and the maximum loan amount varies by county. You can view the current New York 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 Co-op and Condo Loans. Manhattan, Brooklyn and Queens co-op share loans require specialized underwriting that national lenders often won't handle. We've closed NYC co-op and condo loans for two decades.

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.

SONYMA (State of New York Mortgage Agency) Programs. SONYMA administers several first-time buyer mortgage programs for New York residents, including Achieving the Dream and Low Interest Rate, often paired with the Down Payment Assistance Loan (DPAL) of up to $15,000 for qualifying borrowers. Income, purchase price, and first-time buyer limits apply.

Loan Type	Min. Credit Score	Min. Down Payment
Conventional	620	3.0%
FHA	580	3.5%
FHA Low Score	500	10%
VA	620	None
Non-QM	500	20%

How to Get the Best New York Mortgage Rates

Getting the best mortgage rate is important for NY homebuyers. Property values are among the highest in the country so a competitive rate can save you tens of thousands of dollars over the life of your mortgage. To help you get the lowest rate possible if you are buying a home or refinancing your mortgage in New York, here are some tips:

Mortgage rates can have a huge impact on your overall costs when buying a home in New York. By taking steps you’ll be in a strong position to get the best rate possible.

Start Your Quote Now

New York Purchase Mortgage Rates

The current purchase mortgage rates for New York displayed in the rate table above are based on the assumptions disclosed below the table. The rate you actually qualify for depends on the loan program, your credit score, down payment, property type and occupancy. In addition to the interest rate there are some important things to consider regarding the closing costs in New York such as:

• Attorneys are standard on both sides but there is no "review period." Unlike some neighboring states, New York has no statutory attorney review window after signing. Instead, the buyer's attorney negotiates and revises the contract before it is signed; once both parties sign the contract is binding (NY Department of State homebuyer guide).
• The Mortgage Recording Tax is charged on the loan amount. New York is one of the few states that charges a tax on recording a new mortgage. The tax is a percentage of the mortgage amount paid by the buyer at closing and rates vary by county and by loan size (NY Department of Taxation). In most upstate counties the rate runs about 0.75%-1.25%; on Long Island (Nassau and Suffolk) it's 1.05%; in most of Westchester it's 1.30%; in Yonkers it's 1.80%; and in the five boroughs of NYC it ranges from 1.80% to 2.80% depending on whether the loan is under or over $500,000 and whether the property is 1–3 family or 4+ family (Thoroughbred Title NY county-by-county guide). On a $600,000 mortgage in Westchester (1.30%), that's $7,800 in mortgage tax alone; the same loan in Manhattan ($500K+ tier, 1.925%) costs roughly $11,550. The first $10,000 of principal is exempt from the "additional tax" portion when the property is a 1 or 2 family residence. NY buyers should view this as a closing cost that increases with the loan amount which is one reason a larger down payment can produce significant closing cost savings in New York than in lower tax states.
• The mansion tax is a buyer cost. New York State imposes a 1% "mansion tax" on residential purchases of $1,000,000 or more paid by the buyer and it applies to the entire purchase price not just the amount over $1M (Gadura Real Estate 2026 mansion tax guide). So a $999,999 purchase owes $0 while a $1,000,000 purchase owes $10,000. Inside New York City an additional tiered city mansion tax stacks on top of the state 1%: 1.25% from $2M, 1.50% from $3M, 2.25% from $5M, increasing to 3.90% at $25M+ so a $2,000,000 NYC purchase carries a combined mansion tax in the 1.25% range, about $25,000.
• Co-op and condo purchases finance differently. Co-ops dominate much of the NYC market: a co-op buyer purchases shares in a corporation and a proprietary lease, not real property, so the loan is a share loan secured by a UCC-1 filing rather than a recorded mortgage. One upside: co-op share loans are exempt from New York's mortgage recording tax (Gadura Real Estate 2026 recording-tax guide). The trade off is the board: co-op boards routinely require 20-25% down (some buildings 30-50%), debt-to-income near 25-28%, and 12-24 months of post closing liquidity held in reserve after closing (Yoreevo 2026 NYC co-op guide). Condos finance like standard real property (mortgage recorded, recording tax applies) and clear board review far faster. Knowing which one you're buying changes both your cash-to-close and your underwriting timeline.

An Affordability Example of a New York Deal

Consider a Westchester County buyer purchasing a $750,000 single family home with 20% down ($600,000 financed) at a 6.00% 30 year fixed rate. Principal and interest is roughly $3,597 per month. Property taxes at Westchester's 1.93% effective rate add about $1,206 per month escrowed and homeowners insurance on a New York single family typically runs around $100-$160 per month. The realistic all in PITI is near $4,900 per month and because the purchase is under $1,000,000, there is no mansion tax. With the same buyer of a $1,050,000 home the mansion tax adds a one time $10,500 to the cash-to-close. New York buyers should run affordability against the full county specific PITI from day one and not the rate alone. Start with a custom New York purchase rate quote or a full mortgage preapproval.

Notable New York Purchase Scenarios

• 2026 conforming limits keep many NY buyers out of jumbo. The 2026 baseline conforming loan limit is $832,750 in most New York counties and the ten high cost downstate counties, the five NYC boroughs (Bronx/Kings/New York/Queens/Richmond) plus Nassau, Suffolk, Westchester, Rockland, and Putnam, are at the 2026 high cost ceiling of $1,209,750 for one unit properties (FHFA 2026 announcement, Fannie Mae 2026 loan-limit table). That higher ceiling means many downstate buyers who would land in jumbo pricing elsewhere still qualify for conventional financing here usually with better pricing and more flexibility.
• The $1,000,000 mansion tax cliff is worth structuring around. Because the tax applies to the whole price the moment you hit $1M, a purchase at $1,000,000 costs $10,000 more in tax than one at $999,000. Where it's realistic, negotiating price just under the threshold can save five figures.
• Co-op buyers should plan for post closing reserves, not just the down payment. A buyer with exactly enough for 20% down and closing costs can still be declined by a co-op board that wants to see 12-24 months of carrying costs in reserve after the deal closes. Budget liquidity, not just down payment, when shopping co-ops.
• FHA reaches further in high cost NY counties. FHA loan limits scale up in the downstate high-cost counties, making FHA loans a realistic path for buyers with credit in the 580-680 range or down payments under 10%.

Locking Your Rate in New York

The rate table reflects a 30 day lock. New York purchase timelines frequently run 45-60 days from signed contract to closing once attorneys and title and so a 30 day lock may not be enough time. A 45 or 60 day lock may cost a little more but can provide the additional time needed.

For a personalized New York purchase rate quote, a full preapproval with county specific PITI or a written comparison of conventional, FHA and VA pricing for your scenario, contact us directly. As a New York licensed mortgage loan originator (NMLS #76024) and attorney who has originated New York mortgages for over 20 years, Steven Parangi personally reviews all New York purchase loan applications.

New York Refinance Rates

The current refinance rates for New York displayed in the rate table above are for rate and term (no cash out) refinances based on the assumptions disclosed below the table. Cash out refinances typically price 0.125% to 0.500% higher than rate and term and investment property or second home refinances have additional rate adjustments.

New York Mortgage Recording Tax on a Refinance

As covered in the purchase section above, the New York Mortgage Recording Tax is charged on the loan amount whenever a new mortgage is recorded which means on a straight refinance you would owe it again on the full new loan balance even though you already paid it once when you bought the home. On a $650,000 refinance balance in Yonkers (1.80%) that's roughly $11,700 in tax just to record the new loan; in most of Westchester (1.30%) it's about $8,450; in NYC at the $500,000 and up tier it can exceed $12,500 (NY Department of Taxation, Thoroughbred Title county-by-county guide).

CEMA: the New York Refinance Tax Saving Mechanism

A Consolidation, Extension and Modification Agreement (CEMA) is New York's answer to the recording tax problem. Instead of paying off the old mortgage and recording a brand new one your existing lender assigns the current mortgage to the new lender and the old balance is consolidated with the new money into one modified mortgage. The result is the mortgage recording tax is owed only on the new money, the new loan amount minus your existing balance, not on the full new loan (Rocket Mortgage CEMA explainer, Andelsman Law CEMA overview).

For example, Yonkers (1.80% MRT): refinancing a $650,000 balance into a $725,000 loan. Without a CEMA, tax is charged on the full $725,000, about $13,050. With a CEMA, tax is charged only on the $75,000 of new money, about $1,350. Net savings: roughly $11,700. CEMAs aren't free or automatic they require the existing lender's cooperation and typically add $500-$1,500 in attorney/title coordination but on a downstate refinance the savings usually justify the cost. We evaluate CEMA eligibility on every qualifying New York refinance.

Calculating Your New York Refinance Break Even

Break even is the month at which cumulative monthly savings equal your upfront costs. Take a Nassau County homeowner with a $500,000 balance refinancing from 7.25% to 6.00% on a 30 year fixed: principal and interest drops from about $3,411 to about $2,998, roughly $413 per month in savings. Suppose total closing costs (lender + title + attorney + recording + a small CEMA coordination fee + prepaid escrow) come to about $7,500. The break even point is about 18 months. Any month you stay beyond that is net savings and most New York homeowners hold well past 18 months. Run your specific numbers with a custom New York refinance rate quote before deciding; the right answer depends on your county's MRT rate and whether a CEMA is available.

New York Refinance Scenarios

• Cash out refinance in high equity market. With downstate values where they are many homeowners hold substantial equity. A cash out refinance can fund renovations or consolidate high rate debt but on a cash out in New York the new money is larger so the recording tax is larger too. Pairing a cash out with a CEMA (where the existing balance is consolidated and only the incremental new money is taxed) is the best way to keep the refinance costs down.
• Co-op refinances. Because a co-op loan is a share loan secured by a UCC-1 filing rather than a recorded mortgage, a co-op refinance is not subject to mortgage recording tax at all (Gadura Real Estate recording-tax guide) and no CEMA is needed.
• Switching from an ARM to a fixed rate. Homeowners who took 5/1, 7/1 or 10/1 ARMs during the 2022-2024 cycle and are nearing their first adjustment can lock long term certainty with a 30, 20 or 15 year fixed refinance. In a high-MRT county, structuring that refinance as a CEMA keeps the tax cost of the switch low.
• Dropping mortgage insurance after appreciation. New York values rose 5.0% in the year ending April 2026 (Zillow). Borrowers who originated with under 20% down in 2022-2024 may now have crossed 20% equity on appreciation alone, a rate and term refinance (or, in some cases, an appraisal based PMI removal request) can eliminate mortgage insurance.

For a personalized review of your current loan against today's New York refinance rates, including a CEMA eligibility check, a county specific recording tax estimate and a break even calculation, request a custom NY refinance rate quote or apply online.

New York Housing Market Snapshot

Data as of Q2 2026

NYC Market by Borough

Borough	Median Price	YoY Change	Days on Market	Notes
Manhattan	$1,225,000	+5%	110 days	Price stabilizing, inventory improving
Brooklyn	$997,000	+6%	55-65 days	Approaching $1M median; condo prices up 13.5% YoY
Queens	$774,000 - $798,000	+8% to +9%	50-60 days	Fastest appreciation in NYC
Staten Island	$725,000 - $762,000	+3% to +4%	72-81 days	Best value in NYC
Bronx	$660,000	+5% to +7%	50-60 days	Strong single-family demand

NYC Suburbs & Long Island

Area	Median Price	YoY Change	Notes
Westchester County	$750,000 - $842,000	+5% to +7%	Single family median rising sharply; only 1.3 months of supply; homes selling in 39 days
Nassau County	$812,000 - $840,000	+4% to +5%	Near record highs; tight inventory persists
Suffolk County	$700,000 - $725,000	+4% to +5%	More affordable Long Island option
Rockland County	$799,000	+2% to +3%	NYC commuter demand

Upstate New York

Area	Median Price	YoY Change	Notes
Albany Area	$254,000 - $312,000	+3% to +4%	State capital, steady growth
Buffalo	$180,000 - $205,000	Flat	Affordable, growing tech scene
Rochester	$200,000 - $250,000	+3% to +5%	Strong value market
Syracuse	$179,000 - $220,000	+3% to +5%	University town, affordable
Hudson Valley	$464,000 - $490,000	+5% to +6%	NYC remote workers, scenic

Sources: StreetEasy, Redfin, Zillow, local MLS data

2026 Market Outlook

• NYC: Sales volume expected to increase, fastest market since 2022. Homes selling in median 68 days (down from 72 in 2024).
• Queens leading growth: Sunnyside, Ridgewood, and Long Island City seeing 40%+ increases in buyer searches.
• Staten Island value play: Best affordability in NYC, attracting first time buyers priced out of other boroughs.
• Suburbs resilient: Westchester and Long Island remain competitive with limited inventory.
• Upstate opportunity: Remote work continues driving interest in Hudson Valley and upstate cities.

The Federal Reserve cut rates three times in late 2025 but has held steady since with policymakers signaling a higher bar for further cuts given inflation running above 3% and stronger-than-expected jobs data. Mortgage rates are well below 2023 peaks. Home values have continued to increase across New York, allowing homeowners to tap into growing equity through a cash out refinance or home equity line of credit. For more insights on where rates may be headed, see our Mortgage Rate Forecast.

New York Regional Mortgage Guide

New York City (5 Boroughs)

Key characteristics:

• Coops dominate Manhattan; condos more common in newer buildings
• Jumbo loans common for Manhattan and Brooklyn purchases
• Median prices range from $500K (Bronx) to $1M+ (Manhattan/Brooklyn)

Borough	Best For	Typical Property Types
Manhattan	Urban lifestyle, walkability	Coops, condos
Brooklyn	Families, creative professionals	Brownstones, co-ops, condos
Queens	Value seekers, diverse communities	Houses, co ops, condos
Staten Island	Single family home seekers	Houses, some condos
Bronx	Affordability, multi-family investors	Houses, multi-family

NYC Suburbs (Westchester, Long Island, Rockland)

Key characteristics:

• Single family homes predominate
• Top-rated schools drive demand
• High property taxes (especially Westchester, Nassau)

Hudson Valley

Key characteristics:

• Mix of high cost (Dutchess, Orange) and standard limit counties
• Growing popularity with NYC remote workers
• More affordable than suburbs with scenic appeal
• Mix of historic homes, new construction, rural properties

Upstate New York

Key characteristics:

• Most purchases well within conforming limits
• More affordable, median prices $200K-$400K
• Growing interest from remote workers and retirees

New York Jumbo Loans

With median home prices exceeding $1 million in Manhattan, Brooklyn and Westchester, jumbo loans are common for New York homebuyers. A jumbo loan is required when your loan amount exceeds the conforming limit for your county.

When You Need a Jumbo in NY

Location	Conforming Limit	Jumbo Threshold
NYC Metro (Manhattan, Brooklyn, Queens, etc.)	$1,209,750	Above $1,209,750
Upstate (Albany, Buffalo, Syracuse, etc.)	$832,750	Above $832,750

Example: Buying a $1.8 million condo in Manhattan with 20% down requires a $1.44 million loan above the high cost limit so jumbo financing is needed.

Jumbo Loan Requirements

Requirement	Jumbo	Conforming
Minimum Credit Score	680+	620
Down Payment	10-20%+	3-5%
Debt-to-Income Ratio	43% or lower	Up to 50%
Cash Reserves	6-12 months PITI	0-2 months

NY Markets Where Jumbos Are Common

• Manhattan: Most purchases in desirable neighborhoods
• Brooklyn: Brownstone Brooklyn, Park Slope, Brooklyn Heights, Williamsburg
• Westchester: Scarsdale, Rye, Bronxville, Larchmont
• Long Island: North Shore "Gold Coast," Hamptons

New York Multi-Family & Investment Properties

New York has significant inventory of 2-4 unit properties particularly in Brooklyn, Queens, the Bronx and upstate cities. These can be excellent investments or owner occupied income properties.

Owner Occupied Multi-Family (2-4 Units)

Buying a 2-4 unit property and living in one unit offers major advantages:

• Low down payment: As little as 3.5% (FHA) or 5% (conventional)
• Higher loan limits: 2-unit limit is $1,548,975 in NYC metro
• Rental income helps qualify: 75% of expected rent counts toward qualification

Investment Property Loans

Loan Type	Down Payment	Qualification	Best For
Conventional Investment	20-25%	Income/DTI-based	W-2 borrowers, good DTI
DSCR Loans	20-25%	Property cash flow	Self-employed, multiple properties

30 Year Fixed and 15 Year Fixed Rates in NY

30 year fixed and 15 year fixed mortgages are the most common options in New York. 30 year fixed is the most common mortgage. The main benefit of a 30 year term is lower monthly payments when compared to a shorter term loan. Lower monthly payments make homeownership more attainable for buyers particularly first time buyers or those who have other large expenses. An estimate of what the monthly payment will be for a 30 year fixed mortgage will allow a homeowner to more effectively manage cash flow needs. It will also give a homeowner a more complete understanding of what they will be paying over the life of the loan. Budgeting and long term financial planning is made easier by having a more predictable expense. 15 year fixed loans have a lower interest rate for borrowers who are able to afford the higher mortgage payment because of 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.

NY Mortgage Rates FAQs

NY Mortgage Rates Resources

• Mortgage Rate Forecast
• Top Reasons to Refinance in Today's Market