Today's Mortgage Rates

Product (Rate Program)RateAPR
Fixed30Year4.441%4.507%
Fixed15Year3.886%4.002%
ARM53.974%4.732%
ARM73.908%4.571%

 

Everyone loves New York. But they aren't as crazy about New York real estate prices. So if you're buying or refinancing a home there, you'll want to seek out the best NY mortgage rates in order to save as much money as possible.

You can start by checking today's NY mortgage rates at the top of the page. They show the average current mortgage rates NY borrowers are paying. However, not all borrowers pay the same rate. The mortgage rate you get will depend on the lender you use, your credit score, down payment (or home equity if refinancing), the type of loan and a number of other factors.

So you want to find out what mortgage rate lenders will offer you specifically, for the loan you are seeking. The way to do that is to seek personalized rate quotes from mortgage lenders licensed to make home loans in New York. You contact a lender, provide them with some basic information about you and the loan you are seeking, and they tell you what mortgage rate they're willing to offer. Do that with 3-5 lenders and you'll likely find the best NY mortgage rate available to you.

You can also use a form such as the one at the top of this page to request personalized rate quotes from multiple lenders at once, which makes it easy to see which has the lowest mortgage rates in NY. This step is called getting prequalified for a mortgage and lets you know if a lender is willing to give you a loan and at what rate. A more advanced step is getting preapproved, which is where a lender gives you a letter you can show to home sellers as evidence of your ability to get a mortgage.

Finding the best NY mortgage rates

When comparing mortgage rates, don't automatically assume the lowest mortgage rates that you see are the best NY mortgage rates. Some lenders will offer a low rate that comes bundled with a lot of fees that make it not such a good deal.  Be particularly careful if a lender offers you a rate that includes two or more discount points. Discount points are a way of buying a lower mortgage rate and can save you money if used carefully. But they're part of the total cost of the loan that you need to be aware of.

Rather than simply looking for the lowest mortgage rate in NY, a better strategy is to look at the APR, or annual percentage rate. The APR reflects the total cost of the loan, the mortgage rate and all fees, in terms of an annual interest rate. For fixed-rate mortgages in particular, it's a more accurate reflection of the cost of the loan than looking at the interest rate alone.

Here's a quick rundown of the main types of home loans New York borrowers will likely encounter and what to expect from them in terms of mortgage rates.

Conventional loans: 

Also called conforming loans, these mortgages are offered through most lenders and backed by either Fannie Mae or Freddie Mac, two government-supported enterprises (GSEs) that provide a type of insurance that allows lenders to offer more favorable terms to borrowers.  The most common type of home mortgage in the United States, these will likely offer borrowers with good credit the lowest mortgage rates in NY, particularly if they can make a large down payment or have substantial home equity when refinancing.

FHA loans: 

FHA loans are backed by the Federal Housing Administration. A popular option for first-time homebuyers, these typically offer the best mortgage rates for borrowers with less-than-perfect credit or who cannot afford a large down payment. Borrowers can make a down payment as small as 3.5 percent without having to pay a higher mortgage rate.

VA loans :

For veterans and active duty members of the military in good standing, these offer some of the best mortgage rates in NY or anywhere else, and generally do not require a down payment.

ARMs:

Adjustable-rate mortgages are a type of loan where the mortgage rate varies over time to reflect market conditions, rather than being a fixed rate for the entire life of the loan. This means ARMs can offer a lower rate than a comparable fixed-rate loan, at least initially, though the rate can go up or down after that. Most ARMs offer a fixed rate for the first 5, 7 or 10 years of the loan before the rate resets, which makes them a good option for borrowers who don't expect to stay in the home long-term.

Home equity loans:

These loans allow you to borrow money using part of the equity in your home as collateral. Because they are secured by home equity, they offer lower rates than you can get on unsecured loans like credit cards or personal loans. They come in two types, a standard home equity loan where you borrow a lump sum of money and repay it, and a home equity line of credit (HELOC) that allows you to draw against a line of credit backed by your home equity for 5-10 years before you have to begin repaying it.

Ready to get started? You can use the form at the top of the page to request rate quotes for all these loan types to find the best mortgage rates in NY.