Mortgage Rates in New York: Today's Averages & 2026 Outlook
New York 30-year fixed rates are running around 6.91% — roughly 6 bps above the national average of 6.85%. Here's how NY rates stack up, what drives the spread, and the programs that can price you lower.
Today's New York rates by loan type
Estimates for New York based on the current national 30-year average of 6.85% plus the state's typical spread (+6 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives New York mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every New York lender starts from. But NY typically prices about 6 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. Conventional dominant; jumbo share dominant in NYC and Long Island. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical New York loan is around $410,000 on a $465,000 home. That size sits well inside conforming loan limits, so most NY buyers get standard agency pricing.
Refi activity. Refi activity muted statewide — mortgage recording tax makes refis expensive.
What a typical New York payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $465,000 |
| Median loan amount (typical LTV) | $410,000 |
| 30-yr rate (state avg) | 6.91% |
| Monthly principal & interest | $2,703 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$3,514 |
Directional math for New York in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in New York
What most NY borrowers use
Conventional dominant; jumbo share dominant in NYC and Long Island.
Below-market NY rate options
SONYMA's Achieving the Dream offers a below-market fixed rate plus DPA up to $15K.
Is a refi worth it in NY?
Refi activity muted statewide — mortgage recording tax makes refis expensive.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with NY down-payment assistance and seller-paid closing costs. See NY grants → · NY closing costs →
Get matched with a New York lender — free
We'll match you with vetted NY lenders competing for your loan. Compare real Loan Estimates side-by-side — the same New York buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
New York mortgage rates: FAQ
What is today's mortgage rate in New York?▾
The average 30-year fixed mortgage rate in New York is around 6.91% — roughly 6 bps above the current national average of 6.85%. 15-year fixed loans run about 6.16%, FHA around 6.66%, and VA around 6.56%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do New York mortgage rates compare to the national average?▾
New York rates typically sit slightly above (about 6 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (conventional dominant; jumbo share dominant in nyc and long island.), and state-level closing-cost dynamics.
What monthly payment can I expect on a New York home?▾
On the median New York loan of $410,000 at 6.91% for 30 years, principal and interest run about $2,703/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in New York?▾
Yes. SONYMA's Achieving the Dream offers a below-market fixed rate plus DPA up to $15K. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my New York mortgage right now?▾
Refi activity muted statewide — mortgage recording tax makes refis expensive. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.