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, and to offer valuable New York mortgage resources to help navigate the complexities of the mortgage process.


Current Mortgage and Refinance Rates in New York

Loan ProgramRateAPRFeesAction

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 a key player in the U.S. economy, New York's real estate market sets the pace for the nation which influences mortgage and refinance rates everywhere. Even with rising mortgage interest rates in New York, there are opportunities to make smart choices. Starting the journey to get a home loan requires understanding of how to secure the best mortgage rates in New York. New York mortgage rates change often. They rely on national economics and local market conditions. Important aspects include how many homes are for sale versus how many people want to buy, the state's economic health, and even things like neighborhood development and school quality. It's vital for potential homeowners to stay updated on these points to compare New York mortgage rates effectively. The Federal Reserve's monetary policies also play a big part. Their decisions on interest rates impact what New York banks charge their customers. This mix of national policy and market demand affects the mortgage rates homebuyers get. For those wanting the best mortgage terms, staying alert and ready to compare New York mortgage rates at the right time could save a lot of money. Searching for the best mortgage rates New York is strategic. It is influenced by local, city, empire state, and federal economic choices— each important in determining your mortgage rate.

New York Best Rate Guarantee

Do you want the best deal on your mortgage, but are tired of trying to compare the fine print to determine the difference between the quotes prepared by various lenders? At Alpine Mortgage we are committed to helping you secure the best mortgage rate for your home financing needs which is why we offer our Best Rate Guarantee. We search out the best rate and fees based on your goals and find the best pricing available through our large variety of loan programs. We guarantee that we will provide you with the best price in the market for your mortgage.

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. You are "guaranteed" the best price, no matter what. 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, 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.

Image of NY Real Estate

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.

Loan TypeMin. Credit ScoreMin. Down PaymentOccupancy
Conventional6203.0%Primary, Secondary or Investment
FHA5803.5%Primary Residence
FHA Low Score50010%Primary Residence
VA620NonePrimary Residence
Non-QM50020%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 popular choices. A 30 year fixed mortgage is the most popular option. The most significant advantage of a 30 year term is lower monthly payments compared to shorter-term loans, which can make homeownership more accessible, especially for first-time buyers or those with other significant expenses. Understanding the estimated monthly payment for a 30 year fixed mortgage can help homeowners manage their cash flow more effectively, providing a clearer picture of their financial obligations. This is particularly beneficial for budgeting and long-term financial planning, as it allows for a more predictable expense over the duration of the loan. 15 year fixed loans offer lower interest rates for borrowers that can afford the higher mortgage payment due to the shorter amortization period. We offer 30 year fixed and 15 year fixed loan options 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 undue 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 access 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 some of the highest home prices in the US, it's essential for New York buyers to find the best possible mortgage terms. By strengthening your credit, saving for a larger down payment, and comparing lenders, you'll be in a strong position to get an affordable home loan. 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 well-equipped to navigate New York's competitive mortgage market and achieve your homeownership goals. Taking time to find even a slightly lower interest rate can save you tens of thousands of dollars over the life of your mortgage.

NY Mortgage Rates

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. 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 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 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. Below are some expert predictions on where rates are headed in 2024 and 2025. For more insights on where rates may be headed, see our Mortgage Rate Forecast.

2024 Forecast2025 Forecast
Fannie Mae6.4%6.2%
Mortgage Bankers Assoc.6.1%5.6%
National Assoc. of Realtors6.5%6.1%

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.

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.

NY Mortgage Rates FAQs

Most experts predict that rates will drop to around 6.0% by the end of this year. However, the direction of mortgage rates this year will largely depend on the Federal Reserve's decison on starting to cut the federal funds rate throughout the year.

Mortgage rates in New York are influenced by several factors including the Federal Reserve rates, the state of the economy, borrower's credit score, loan type, loan amount, and down payment size. Local economic conditions and real estate market trends can also have an impact.

To secure the best mortgage rates, work on your credit score and understand your budget. Get preapproved for a mortgage. Then, shop around to compare rates and terms from different lenders.

New York mortgage rates are generally in line with to slightly below the national average.

We offer 30, 45 and 60 lock terms. If you need a longer lock in period, please contact us for a quote