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Compare Current Mortgage Rates in New York

The higher your interest rate, the more your mortgage payment will be. New York lenders look at a variety of sources when setting interest rates for customers.

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    Mortgage interest rates play a role in your monthly mortgage payment. The higher your interest rate, the more your mortgage payment will be each month. With a lower interest rate, you’d pay less for the same mortgage loan. For example, on a 30-year, fixed-rate, $300,000 loan with an interest rate of 5%, you’d pay about $1,610 each month. With an interest rate of 10%, you’d pay about $2,633 each month.

    WEEKLY TRENDS AND INSIGHTS

    How are mortgage rates determined in New York?

    Lenders in New York look at a variety of sources when setting interest rates for customers:

    • The Federal Reserve: The Federal Reserve sets the federal funds rate, which is the rate lenders charge each other. If the federal funds rate is high, mortgage rates will probably be high as well, and if the federal funds rate is low, mortgage rates should reflect that.
    • Economic conditions: In a booming economy where people are more likely to have money to buy a home, demand for home loans tends to increase, which typically means a rise in interest rates. When the economy slows and fewer people are buying homes, interest rates should reflect that and go down.
    • Inflation: Inflation happens when there is more money in circulation than there are products to purchase. As a result, goods and services cost more. Mortgage rates rise during inflation because investors demand higher interest rates to compensate for the decrease in their purchasing power.

    New York usury laws

    New York State has usury laws, meaning that lenders in New York can’t charge borrowers more than a certain amount of interest on a loan. For loans of $250,000 or less, lenders can’t charge more than 16%, and for loans over $250,000, lenders can’t charge more than 25%. The purpose of New York’s usury laws is to protect consumers. Because the rates lenders charge vary, it’s important to comparison shop before you choose a lender.

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    Does New York have a first-time homebuyer program?

    Yes, New York has first-time homebuyer programs.

    • HomeFirst Down Payment Assistance Program: Borrowers can get a forgivable loan up to $100,000 for the down payment or closing costs on a single-family home, duplex, triplex, quadplex, condominium, or cooperative in any of the five boroughs. A forgivable loan is usually a second mortgage on the home that you don’t need to pay back if you meet all the requirements. Some of the eligibility requirements for this loan include completing a homebuyer education course, having 1% of the down payment to contribute, and living in the home for 10 or 15 years depending on the loan’s size.
    • SONYMA: State of New York Mortgage Agency (SONYMA) partners with mortgage lenders to help low- and moderate-income homebuyers qualify for a 30-year, fixed-rate mortgage by offering low-interest mortgage loans and down payment or closing cost assistance. Homebuyers still need to be approved by a mortgage lender to qualify.
    • New York Mortgage Coalition: This nonprofit organization of financial institutions and housing agencies helps low- and moderate-income borrowers get into a home. You can find a list of down payment and closing cost assistance programs on the coalition’s website.

    There are also national first-time homebuyer programs:

    • Freddie Mac Home Possible mortgage: This mortgage offers help to very low- to low-income borrowers. The down payment requirement is 3% and the sources of funds can be flexible. For example, co-borrowers don’t need to live with you if you’re buying in a one-unit residence.
    • Homeowner vouchers: This is for low-income buyers who are already in the Housing Choice Voucher (HCV) program. You could use your voucher to buy a home, and then you’d receive monthly assistance for home expenses.
    • Government-backed home loans: You can get help buying a home through the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the United States Department of Agriculture (USDA). 

    COMPARE

    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.

    ProductInterest rateAPR

    Last updated on Jun 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

    How do I get the best mortgage rate in New York?

    Although you can’t control all the factors lenders use to determine the interest rate on a loan, such as the Federal Reserve, economic conditions, and inflation, there are several factors you can control to get a better rate.

    • Improve your credit score: Lenders determine your interest rate largely based on your credit score. The higher your score, the lower your interest rate should be, and vice versa. FICO credit scores of 800 to 850 are exceptional, 740 to 799 are very good, 670 to 739 are good, 580 to 669 are fair, and 579 and below are poor. Get a copy of your credit report by visiting AnnualCreditReport.com, and try to get your score as high as possible before applying for a mortgage.
    • Down payment: A larger down payment usually means you get a lower interest rate. The more money you have invested in the home, the less risky you appear to lenders. You often need to put down at least 20% to get the lower rate.
    • Compare lenders: Contact several lenders and ask for a loan estimate. You’ll need to give some basic information, such as your name, income, Social Security number, address of the home you’re interested in buying, the home’s price, and how much you want to borrow. Your credit score might drop a few points after the initial credit inquiry, but as long as you get all your loan estimates within 45 days, your credit score will not be affected by multiple requests.
    • Get a pre-approval letter: Once you’ve picked a lender and are ready to buy within 30 to 60 days, get a pre-approval letter. Your lender tells you which documents they’ll need from you to pre-approve you for a loan. You or your real estate agent can provide this letter to home sellers to show you’re a serious homebuyer. Note that the pre-approval letter is not the loan. You’ll still need to apply for the loan.

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    What type of mortgage can I get in New York?

    New York residents have a variety of mortgage types available to them.

    Conventional

    • Description: Any mortgage loan that is not insured by the government. The loan amount must be less than $766,550 (as high as $1,149,825 in high-cost areas).
    • Qualifications: Minimum down payment of 3%, minimum credit score of 620, DTI below 43%.

    Jumbo

    • Description: Loan amount higher than $766,550, available only in certain counties.
    • Qualifications: Credit score of 700 and up, DTI below 43%, 20% or more down payment often required.

    Standard 97 Percent Loan-to-Value Mortgage

    • Description: Helps homebuyers who don't have the down payment for a conventional mortgage.
    • Qualifications: Must be a first-time homebuyer, single-family homes of 1, 2, 3, or 4 units and condos are eligible; manufactured homes are not.

    FHA

    • Description: Part of HUD, provides mortgage insurance on loans. FHA-approved lenders make the loans.
    • Qualifications: Down payment of 3.5%, DTI less than 50%, typically a FICO score of 580 or more to qualify for 3.5% down.

    VA

    • Description: Home loan program for service members, veterans, and certain family members. No down payment is required.
    • Qualifications: You need a COE from the VA.

    USDA

    • Description: Helps people in rural areas buy a home. No down payment is required.
    • Qualifications: Income must not exceed 115% of median income, must live in the residence, home must be in an eligible rural area.

    FINANCIAL EDUCATION

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