New York Mortgage Rates

Rates last updated: March 11, 2026
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 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.

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.

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• ✅ Conventional, FHA, VA and DSCR Loans Available

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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 and the maximum loan amounts vary by county. You can view the current New York Conventional Loan Limits for all counties in New York.

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 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 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
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 especially 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:

Improve your credit score: Your credit score is one of the biggest factors that influence your mortgage rate. A higher credit score means you’re less risky to lenders and can qualify for lower rates and better terms. Check your credit report and address any errors or issues. Pay down debt, avoid opening new credit lines and establish a history of on time payments.

Increase your down payment: The more money you can put toward your home upfront the lower your rate will be. Shoot for a down payment of at least 20% to avoid having to pay private mortgage insurance (PMI) as well as to get lower rates. There are down payment assistance programs for first time homebuyers in New York that you might qualify for.

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 the 30 year fixed rate mortgage is the most common type of loan, adjustable rate mortgages (ARMs) or shorter term loans such as 15 year mortgages can have lower rates. Evaluate your financial situation and long term goals to find the best fit.

Lock in your rate at the right time: Mortgage rates change daily based on economic factors. Once you find a good rate talk to your lender about locking it in. This guarantees your rate for a certain period of time (usually 30-60 days) while your loan is being 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 upfront fees paid to the lender at closing in exchange for a lower interest rate. Each point is 1% of your loan amount. Calculate whether it’s worth it based on how long you plan to stay in your home or if you plan to refinance in the future.

Mortgage rates can have a huge impact on your overall costs when buying a home in New York. By taking steps to improve your credit score, making a larger down payment and shopping around you’ll be in a strong position to get the best rate possible. Don’t forget to factor in the length of the loan and loan type as well as to lock in your rate at the right time and stay informed of market trends. Armed with these tips you can navigate the NY mortgage market and work toward achieving your homeownership goals.

New York Housing Market Snapshot

Data as of Q1 2026

NYC Market by Borough

Borough	Median Price	YoY Change	Days on Market	Notes
Manhattan	$1,050,000 - $1,290,000	+4% to +6%	65-75 days	Price stabilizing, inventory improving
Brooklyn	$1,000,000+	+4% to +6%	55-65 days	Crossed $1M median in 2025
Queens	$650,000 - $750,000	+6% to +12%	50-60 days	Fastest appreciation in NYC
Staten Island	$650,000 - $780,000	+3% to +4%	40-50 days	Best value in NYC
Bronx	$450,000 - $655,000	+5% to +7%	50-60 days	Strong single-family demand

NYC Suburbs & Long Island

Area	Median Price	YoY Change	Notes
Westchester County	$1,000,000+	+5% to +8%	Crossed $1M median for first time
Nassau County	$700,000 - $850,000	+4% to +6%	Strong demand, tight inventory
Suffolk County	$550,000 - $650,000	+4% to +5%	More affordable Long Island option
Rockland County	$600,000 - $700,000	+4% to +6%	NYC commuter demand

Upstate New York

Area	Median Price	YoY Change	Notes
Albany Area	$300,000 - $375,000	+3% to +5%	State capital, steady growth
Buffalo	$225,000 - $275,000	+4% to +6%	Affordable, growing tech scene
Rochester	$200,000 - $250,000	+3% to +5%	Strong value market
Syracuse	$200,000 - $250,000	+3% to +5%	University town, affordable
Hudson Valley	$450,000 - $600,000	+4% 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.

Economists are expecting the Federal Reserve to continue to lower rates in 2026 which could potentially push mortgage rates lower. Home values have continued to increase across New York allowing homeowners to tap into the growing equity in their homes with a cash out refinance or home equity lines 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

New York Refinance Rates

Refinancing in New York depends heavily on current mortgage rates, loan size and available equity. While higher rates have reduced traditional rate and term refinancing, cash out refinances may still make sense for borrowers with significant equity.

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.

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
• Fixed Vs. Adjustable Mortgage Rates