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Current Mortgage Rates Today in New York of December 2024

Ray Prince
Last Update: November 9, 2024 • Mortgage Loans by States and Cities •

If you are looking to purchase or refinance a mortgage, there are many solid options available to NY borrowers. Loans of up to $1,000,000 are possible through government-backed programs (e.g. FHA, VA) and non-government backed programs via private lenders. Many also offer instant prequalification, down payments as low as 3%, and the ability to compare offers from multiple mortgage lenders through online marketplaces like SuperMoney.

Keep reading to learn more about mortgage loans and rates in NY, including today’s rates, top recommendations for non-government backed programs, and tips on how to apply for a mortgage and refinance in NY.

Lender: Loan Amount: APR: Min. Credit Score: Best For:
Lending Tree Varies Varies 500 People who want to compare multiple options
SuperMoney Varies Varies 500 People who want to compare multiple options
PNC Bank Varies Varies 620 PNC Bank customers
Ally Bank Varies Varies 620 Ally Bank customers
Chase Varies Varies 620 Chase customers
Rocket Mortgage Varies Varies 620 Non standard loan lengths
Mr. Cooper Varies Varies 600 Fair credit scores
Bethpage Federal Credit Union Varies Varies 620 Investment property buyers

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ElitePersonalFinance allows you to compare quotes from multiple lenders. Make a well-informed decision with insights from our top finance experts from ElitePersonalFinance.

Why Trust ElitePersonalFinance Guides?

To compile our Best Mortgage Rates in New York 2022 of December 2024 guide, we carefully scrutinized and researched more than 30 mortgage lenders, assessing them based on APRs, terms, fees, and any fine print worth of interest.

Our recommendations are written with the first-time or recurring home buyer in mind. Therefore, all of our reviews are the most up-to-date rates available. Whatever changing rates are due to the political and economic climate, on-time updates are necessary.

We also pour through third-party reviewing sites like Trustpilot to ensure a high ratio of satisfied customers to unsatisfied customers for these mortgage lenders.

Thank you for confiding in ElitePersonalFinance and our trusted team of expert finance writers to help you find the best mortgage in New York in 2022.

Best Mortgage Rates in New York of December 2024: Key Findings

Mortgage rates in NY are determined based on your credit score, loan-to-value ratio, and other factors like inflation, overall economy, and Federal Reserve actions (e.g. cutting short-term interest rates).

Mortgage rates are typically higher for NY borrowers with credit scores up to 699.

The best mortgage rates belong to NY borrowers with credit scores of 740 or greater.

NY borrowers can enjoy non traditional repayment terms of 8 to 30 years, beating the traditional 15 or 30-year option.

Some NY mortgage lending companies require down payments as low as 3%. However, you would need to take out private mortgage insurance (PMI)

Lending Tree

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: Up to 30 years
Fees:
  • Loan origination fees vary by lender.
  • Loan closing costs vary by lender.
  • Late payment fees vary by lender.
  • Most lenders don’t charge prepayment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Fill out your information through Lending Tree’s online portal.
Average Borrower Profile:
  • Lending Tree connects borrowers with personalized financial product offers from banks and other lenders.
  • Financing options are available if you have bad, fair, good, or excellent credit.
Best For: Comparing various lenders
Check rates

Lending Tree is a legit option for New Yorkers who would prefer to comparison shop multiple mortgage lenders before deciding to work with one lender.

With more than 1,500 mortgage lending companies in its network, Lending Tree does an excellent job of presenting all of your options. These include all types of mortgage loans NY, including conventional loans, 10-year mortgage loans, 15-year mortgage loans, jumbo loans, and VA loans.Its user interface is pretty self-explanatory — simply enter your desired search criteria and compare rates from the lenders that pop up.

As is the case with non-direct lenders like Lending Tree, minimum credit score, debt-to-income, and minimum down payment requirements vary by lender, as is the case with required documentation.

Pros:

  • 1,500+ mortgage lenders in-network
  • Favorable APRs and terms across multiple lenders
  • Excellent customer service
  • Easy-to-navigate website
  • No hard inquiries

Cons:

  • Not a direct lender
  • Does not offer guarantees when mortgage loan application will be approved
  • FICO credit score not used for comparison purposes
  • May receive a lot of phone calls from recommended lenders

The Impact of Covid-19:

Lending Tree is not a direct lender, so it offers no forbearance or hardship programs. However, they do have a dedicated customer service number at 800-813-4620. For more information on hardship programs, please consult with each individual lender.

SuperMoney

Loan Amount: Varies
APR: Varies
Min. Credit Score: 500
Approval: Varies
Terms: 8 to 30 years
Fees:
  • Loan origination fees vary by lender.
  • Late payment fees vary by lender.
  • Most lenders don’t charge prepayment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Fill out your information through SmartMoney’s online portal.
Average Borrower Profile:
  • SuperMoney connects borrowers with personalized financial product offers from banks and other lenders.
  • Financing options are available if you have bad, fair, good, or excellent credit.
Best For: Comparing various lenders
Check rates

SuperMoney is a legitimate option for New Yorkers who would like to compare multiple purchases and refinance options in one easy-to-use website.

This fast and easy online tool presents all lenders, including those specializing in home loans, home equity loans, refinance loans, and home equity investments. It even lists participating lenders specializing in reverse mortgages.

Qualifying depends on the lender. Some mortgage lenders require a minimum credit score as low as 500, while others straddle the 620 to 850 range. Please refer to each mortgage lender for exact terms, including origination, prepayment, and closing costs.

Consider SuperMoney a well-rounded choice for NY borrowers with good and bad credit to evaluate their options.

Pros:

  • Allows pre-qualification
  • Diversified loan terms from 8 to 30 years
  • Extensive network of mortgage lenders
  • No origination or prepayment fees (some lenders)
  • Healthy refinance ranges as low as $60,000 and upwards of $3,000,000

Cons:

  • Not a direct lender
  • No instant approvals
  • Closing costs as low as 3% of the mortgage amount

The Impact of Covid-19:

Since SuperMoney is not a direct lender, it offers no forbearance, hardship, or debt protection programs. Please refer to your lender for program information.

PNC Bank

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: 10, 15, 20, and 30 years
Fees:
  • Lender fees of 3 to 5% of the loan amount.
  • Late fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Have a credit score of at least 620.
  • Minimum 3% down payment.
Average Borrower Profile:
  • PNC Bank doesn’t disclose average mortgage loan statistics.
Best For: PNC Bank customers
Check rates

PNC Bank is an excellent choice for lower-income New Yorkers looking for low down payments and mortgage insurance-less options.

We like PNC Bank’s diversity. It offers a mix of fixed- and adjustable-rate mortgages, including FHA and VA home loans. One of the best things about this bank is its low 3% down payment requirements and eligibility for a $5,000 grant to assist with closing costs. It’s a nice perk for people with limited or unstable income.

To qualify for a conventional PNC Bank mortgage loan, you must have a minimum 620 credit score and a minimum 3% down payment.

Pros:

  • Excellent online support
  • Mortgage pre-approval available
  • 10, 15, 20, and 30-year fixed and adjustable rate loan terms
  • Transparent mortgage rates listed on the website
  • Multiple loan types are available, including conventional, jumbo, FHA, and VA

Cons:

  • No renovation mortgages
  • Lender fees of 3 to 5% of the loan amount
  • So-so customer service ratings

The Impact of Covid-19:

Fortunately, PNC Bank has several options for mortgage customers experiencing financial difficulty through loan modification programs, liquidation foreclosure alternatives, homeowner assistance funds, and similar programs. You may start a hardship application here or call a PNC Borrower Assistance Representative at 800-523-8654.

Ally Bank

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: 15, 20, and 30 years
Fees:
  • No processing fees.
  • No origination/underwriting fees.
  • No application fees.
Qualification Criteria:
  • Minimum 620 credit score.
  • 3% minimum down payment.
  • Fill out your information through Ally.
Average Borrower Profile: Ally doesn’t disclose average mortgage loan statistics.
Best For: Ally Bank customers
Check rates

Ally Bank is an excellent choice for good credit, first-time home buyers in New York looking for no lender fees, or those seeking jumbo loans (accounting for roughly 40% of Ally’s business).

Like all of our recommended mortgage picks, Ally Banks offers several mortgage loan types, such as fixed and adjustable rate mortgages of varying term limits from 15 to 30 years.

Arguably Ally Bank’s biggest advantage over other lenders on our list is its low minimum required down payment (3%) and the absence of lender fees. No lender fees mean no processing, origination underwriting of our application fees. With the average mortgage lender fees reaching as high as 2% of the total loan amount, saving potentially thousands of dollars is a big deal for first-time home buyers at Ally.

To qualify for an Ally Bank purchase or refinance, you will need a minimum 620 credit score.

Pros:

  • No lender fees
  • Excellent jumbo loan program
  • Excellent customer service ratings
  • Only 3% minimum down payment required
  • Ability to customize insurance rates on the website

Cons:

  • No FHA or VA loans are available
  • No in-person branches (digital only)
  • Only 15-year, 20 year and 30-year loan terms are available

The Impact of Covid-19:

Although Ally Bank does not explicitly state hardship options on its website, they have several ways to contact them. You may call 888-925-2559 (Mon – Fri, 8 am – 11 pm ET; Saturday, 9 am – 7 pm ET or log into their online portal to send a secured message.

Chase

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: Varies
Fees:
  • Origination fees apply.
  • Late payment fees apply.
Qualification Criteria:
  • Minimum credit score of 620.
  • Minimum down payment of 3%.
  • Fill out your information through Chase’s online portal.
Average Borrower Profile: Chase doesn’t disclose average mortgage loan statistics.
Best For: Chase customers
Check rates

Chase is an excellent choice for New Yorkers looking for solid APRs on purchase and refinance mortgages.

We like Chase’s well-rounded terms, starting with 30-year fixed mortgages at 6.21% APR versus 5.63% for 15-year fixed mortgages. However, its biggest draw is its low down payment requirement. Its Dreamaker Mortgage program allows for a 3% down payment and awards a $500 credit for completing an education course, a nice perk for first-time home buyers. Its FHA programs also offer 3.5% down payments.

To qualify for a Chase Mortgage, you must have a minimum credit score of 620 and put a minimum 3% down payment.

Pros:

  • Offers all types of loans
  • Excellent mortgage customer support
  • Minimum down payment as low as 3% (DreaMaker)
  • Minimum required credit score of 620
  • $500 credit through DreaMaker program for completing education course

Cons:

  • No early payoff penalty
  • Not the most intuitive website
  • Strict income requirements for DreamMaker loan
  • High deposit account amount required for mortgage processing fee discounts
  • Average origination fees better options exist for Jumbo loans

The Impact of Covid-19:

Chase has a mortgage forbearance program that can temporarily suspend payments until you get back on. For more information, give them a call at  800-848-9380.

Rocket Mortgage

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: 8 to 30 years
Fees:
  • Loan origination fees.
  • Late payment fees.
Qualification Criteria:
  • Be at least 18 years of age.
  • Have a credit score of at least 620.
  • Have recurring employment income or government benefits.
  • Fill out your information through Rocket Mortgage’s online portal.
Average Borrower Profile:
  • Rocket Mortgage doesn’t disclose average mortgage loan statistics.
Best For: Non standard loan lengths
Check rates

Formerly known as Quicken Loans, Rocket Mortgage is an excellent choice for New Yorkers looking for a fully digital experience while looking for options beyond standard 15 and 30-year fixed mortgage terms through its YOURgage program.

Rocket Mortgage offers well-rounded terms. For example, it provides standard 15-year and 30-year fixed-rate mortgages and its customizable YOURgage program that allows you to choose loan terms as little as eight years up to 29 years. Plus, its minimum 620 credit score and 3% down payment are very flexible and much less rigid than many mortgage lenders we’ve come across.

Qualifying for a Rocket Mortgage is a good deal. The minimum credit score required is 580, with a 3% minimum down payment. Jumbo loans also required a minimum 680 credit score versus 580 for VA and FHA loans.

Pros:

  • Excellent customer service
  • A minimum 580 credit score required
  • 7/6m ARM, 10/6m ARM adjustable rates
  • Flexible loan terms from 8 to 30 years
  • Only a 3% minimum down payment needed
  • YOURgage program modifies loan length
  • Super fast pre-qualification

Cons:

  • Hard inquiry
  • No USDA or mobile home mortgages
  • No in-person branches
  • Higher than average origination fees
  • Could improve transparency with lender fees
  • No home equity loans offered

The Impact of Covid-19:

Rocket Mortgage does offer a mortgage relief program for all clients affected by the pandemic. This includes a forbearance program that temporarily pauses all mortgage payments for up to 12 months, with additional month eligibility. For more information on Rocket Mortgage’s COVID relief programs, visit Rocket Mortgage – Mortgage Relief For Our Clients Affected By COVID-19

Mr. Cooper

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: 15 and 30 years
Fees:
  • Origination fees apply.
  • Late payment fees apply.
Qualification Criteria:  

  • Minimum 3% down payment.
  • Minimum 600 credit score.
  • Fill out your information through Mr. Cooper’s online portal.
Average Borrower Profile: Mr. Cooper doesn’t disclose average personal loan statistics.
Best For: Fair credit scores
Check rates

One of the largest mortgage companies in the country, Mr. Cooper is a solid choice for New Yorkers with low credit scores looking for conventional and FHA loans.

As of this writing, Mr. Cooper offers 30-year fixed mortgage rates of 5.87% and 15 year fixed mortgage rates of 5.25%. There are also FHA 30-year fixed mortgages at 6.62% and VA 30-year fixed mortgages at 6.75%.

What we appreciate the most about Mr. Cooper are its flexible eligibility requirements. For example, borrowers with a 600 credit score can apply for conventional loans, lower than the average minimum required score of 620 by other banks and credit unions. Pre-approvals also take as little as 20 minutes.

Pros:

  • Easy-to-use online dashboard
  • A variety of loans are available
  • Excellent customer service
  • Minimum 3% down payment

Cons:

  • Flexible credit score requirement
  • Higher than the average closing time of 35 days
  • No brick-and-mortar locations

The Impact of Covid-19:

Mr. Cooper does offer pandemic relief plans for those experiencing financial hardship. Mortgage borrowers in NY can pause payments or alternative solutions to bring their accounts to current status. For more information on Mr. Cooper’s Homeowner Assistant Fund and Pandemic Relief Plans, visit Mr. Cooper – Pandemic Relief Options. You must be signed into your Mr. Cooper account to complete a relief application.

Bethpage Federal Credit Union

Loan Amount: Varies
APR: Varies
Min. Credit Score: 620
Approval: Varies
Terms: 10, 15, 20, and 30 years
Fees:
  • Origination fees.
  • Late payment fees.
  • $5 minimum deposit to open Savings Account.
Qualification Criteria:
  • Be at least 18 years of age.
  • Minimum 620 credit score.
  • Minimum 3% down payment.
  • Must be a Bethpage Federal Credit Union customer.
Average Borrower Profile:
  • Bethpage Federal Credit Union doesn’t disclose average personal loan statistics.
Best For: Investment property buyers
Check rates

Bethpage Federal Credit Union is an excellent choice for good credit New Yorkers looking for traditional mortgage balances on investment properties.

We like how diversified Bethpage Federal Credit Union’s mortgage mix is. It offers several types of mortgages, including purchase, refinance, adjustable, FHA, and jumbo loans.

Fixed 30-year mortgage rates on Bethpage Federal Credit Union loans are as low as 6.375%, whereas 20-year fixed mortgage rates clock in at 6%, 15-year fixed mortgage rates at 5.875%, and 10-year fixed mortgage rates at 5.125%. But, of course, these rates are subject to change based on the Federal Reserve and its drama.

Like most mortgage lenders on our list, the minimum credit score required for Bethpage Federal Credit Union mortgages is 620 with a 3% minimum down payment. You must also be a Bethpage Federal Credit Union member with a minimum $5 deposit to a savings account.

Pros:

  • Rates as low as 5.125% (10-year)
  • A variety of loan options are available
  • Minimum 620 required credit score
  • Minimum down payment of only 3%
  • You only need a $5 minimum deposit to open a savings account

Cons:

  • It does not offer USDA loans
  • Cannot customize right through online portal
  • A limited number of branches in New York
  • Must be a Bethpage Federal Credit Union member
  • Higher than average origination fee

The Impact of Covid-19:

Bethpage Federal Credit Union offers several hardship options through its Debt Protection program. To learn more about the program, call 800-628-7070. You may also request a Home Loan Specialist to contact you by completing this form.

Current 30-Year Fixed Mortgage Rates Today of New York 2022 for Purchase

The current 30-year fixed mortgage rate in NY for purchase – 6.25%.

Here are our recommended best lenders for 30-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 30-Year Fixed Mortgage Rates Today of New York 2022 for Refinance

The current 30-year fixed mortgage rate in NY for refinance: 6.74%.

Here are our recommended best lenders for 30-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 30-Year APR Today of New York 2022 for Purchase

The current 30-year APR today in NY for purchase: 6.60%.

Here are our recommended best lenders for 30-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 30-Year APR Today of New York 2022 for Refinance

The current 30-year APR today in NY for refinance: 5.577%.

Here are our recommended best lenders for 30-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 20-Year Fixed Mortgage Rates Today of New York 2022 for Purchase

The current 20-year fixed mortgage rate in NY for purchase: 5.913%

Here are our recommended best lenders for 20-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 20-Year Fixed Mortgage Rates Today of New York 2022 for Refinance

The current 20-year fixed mortgage rate in NY for refinance: 5.250%

Here are our recommended best lenders for 20-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 20-Year APR Today of New York 2022 for Purchase

The current 20-year APR today in NY for purchase: 6.047%

Here are our recommended best lenders for 20-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 20-Year APR Today of New York 2022 for Refinance

The current 20-year APR today in NY for refinance: 5.426%

Here are our recommended best lenders for 20-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 15-Year Fixed Mortgage Rates Today of New York 2022 for Purchase

The current 20-year fixed mortgage rate in NY for purchase: 5.538%

Here are our recommended best lenders for 15-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 15-Year Fixed Mortgage Rates Today of New York 2022 for Refinance

The current 15-year fixed mortgage rate in NY for refinance: 5.910%

Here are our recommended best lenders for 15-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 15-Year APR Today of New York 2022 for Purchase

The current 15-year APR today in NY for purchase: 5.712%

Here are our recommended best lenders for 15-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 15-Year APR Today of New York 2022 for Refinance

The current 15-year APR today in NY for refinance: 6.110%

Here are our recommended best lenders for 15-year fixed mortgage rates:

  • SuperMoney
  • PNC Bank
  • Ally Bank
  • Chase
  • Rocket Mortgage

Current 10-Year Fixed Mortgage Rates Today of New York 2022 for Purchase

The current 10-year fixed mortgage rate in NY for purchase: 4.690%

Here are our recommended best lenders for 10-year fixed mortgage rates:

  • Rocket Mortgage
  • Bank of America
  • New American Funding
  • U.S. Bank

Current 10-Year Fixed Mortgage Rates Today of New York 2022 for Refinance

The current 10-year fixed mortgage rate in NY for refinance: 4.625%

Here are our recommended best lenders for 10-year fixed mortgage rates:

  • Rocket Mortgage
  • Bank of America
  • New American Funding
  • U.S. Bank

Current 10-Year APR Today of New York 2022 for Purchase

The current 10-year APR today in NY for purchase: 4.963%

Here are our recommended best lenders for 10-year fixed mortgage rates:

  • Rocket Mortgage
  • Bank of America
  • New American Funding
  • U.S. Bank

Current 10-Year APR Today of New York 2022 for Refinance

The current 10-year APR today in NY for refinance: 5.064%

Here are our recommended best lenders for 10-year fixed mortgage rates:

  • Rocket Mortgage
  • Bank of America
  • New American Funding
  • U.S. Bank

Current 7-Year ARM Today of New York 2022 for Purchase

The current 7-year ARM in NY for purchase: 5.955%

Here are our recommended best lenders for 7-year ARM for purchase:

  • PNC Bank
  • Bethpage Federal Credit Union
  • Alliant Credit Union
  • Citibank
  • Wells Fargo

Current 7-Year ARM Today of New York 2022 for Refinance

The current 7-year ARM in NY for refinance: 5.250%

Here are our recommended best lenders for 7-year ARM for refinance:

  • PNC Bank
  • Bethpage Federal Credit Union
  • Alliant Credit Union
  • Citibank
  • Wells Fargo

Current 7-Year APM APR Today of New York 2022 for Purchase

The current 7-year ARM APR today in NY for purchase: 6.418%

Here are our recommended best lenders for 7-year APM APR for purchase:

  • PNC Bank
  • Bethpage Federal Credit Union
  • Alliant Credit Union
  • Citibank
  • Wells Fargo

Current 7-Year ARM APR Today of New York 2022 for Refinance

The current 7-year ARM APR today in NY for refinance: 7.187%

Here are our recommended best lenders for 7-year APM APR for refinance:

  • PNC Bank
  • Bethpage Federal Credit Union
  • Alliant Credit Union
  • Citibank
  • Wells Fargo

Current 5-Year ARM Today of New York 2022 for Purchase

The current 5-year ARM in NY for purchase: 5.875%

Here are our recommended best lenders for 5-year ARM for purchase:

  • Citibank
  • Chase
  • Wells Fargo
  • US Bank

 

Current 5-Year ARM Today of New York 2022 for Refinance

The current 5-year ARM in NY for refinance: 5.750%

Here are our recommended best lenders for 5-year ARM for refinance:

  • Citibank
  • Chase
  • Wells Fargo
  • US Bank

Current 5-Year APM APR Today of New York 2022 for Purchase

The current 5-year ARM APR today in NY for purchase: 6.483%

Here are our recommended best lenders for 5-year APM APR for purchase:

  • Citibank
  • Chase
  • Wells Fargo
  • US Bank

Current 5-Year ARM APR Today of New York 2022 for Refinance

The current 5-year ARM APR today in NY for refinance: 6.942%

Here are our recommended best lenders for 5-year APM APR for refinance:

  • Citibank
  • Chase
  • Wells Fargo
  • US Bank

Current 3-Year ARM Today of New York 2022 for Purchase

The current 3-year ARM in NY for purchase: 2.340%

Here are our recommended best lenders for 3-year ARM for purchase:

  • Rocket Mortgage
  • Better.com
  • Bethpage Federal Credit Union

 

Current 3-Year ARM Today of New York 2022 for Refinance

The current 3-year ARM in NY for refinance:  4.060%

Here are our recommended best lenders for 3-year ARM for refinance:

  • Rocket Mortgage
  • Better.com
  • Bethpage Federal Credit Union

Current 3-Year APM APR Today of New York 2022 for Purchase

The current 3-year ARM APR today in NY for purchase: 3.371%

Here are our recommended best lenders for 3-year APM APR for purchase:

  • Rocket Mortgage
  • Better.com
  • Bethpage Federal Credit Union

Current 3-Year ARM APR Today of New York 2022 for Refinance

The current 3-year ARM APR today in NY for refinance: 5.009%

Here are our recommended best lenders for 3-year APM APR for refinance:

  • Rocket Mortgage
  • Better.com
  • Bethpage Federal Credit Union

 

Current 30-Year Fixed-Rate FHA Today of New York 2022 for Purchase

The current 30-year fixed rate FHA in NY for purchase: 5.745%

Here are our recommended best lenders for 7-year ARM for purchase:

  • Penny Mac
  • NASB
  • New American Funding
  • PNC Bank
  • Rocket Mortgage
  • Mr. Cooper

 

Current 30-Year Fixed-Rate FHA Today of New York 2022 for Refinance

The current 30-year fixed-rate FHA in NY for refinance:

Here are our recommended best lenders for 7-year ARM for refinance:

  • Penny Mac
  • NASB
  • New American Funding
  • PNC Bank
  • Rocket Mortgage
  • Mr. Cooper

Current 30-Year Fixed-Rate FHA APR Today of New York 2022 for Purchase

The current 30-year fixed-rate FHA APR today in NY for purchase: 6.513%

Here are our recommended best lenders for 30-year fixed-rate FHA for purchase:

  • Penny Mac
  • NASB
  • New American Funding
  • PNC Bank
  • Rocket Mortgage
  • Mr. Cooper

Current 30-Year Fixed-Rate FHA APR Today of New York 2022 for Refinance

The current 30-year fixed-rate FHA APR today in NY for refinance:

Here are our recommended best lenders for 30-year fixed-rate FHA for refinance:

  • Penny Mac
  • NASB
  • New American Funding
  • PNC Bank
  • Rocket Mortgage
  • Mr. Cooper

Current 30-Year Fixed-Rate VA Today of New York 2022 for Purchase

The current 30-year fixed-rate VA in NY for purchase: 5.784%

Here are our recommended best lenders for fixed-rate VA for purchase:

  • Rocket Mortgage
  • Veterans United Home Loans
  • New American Funding
  • Lending Tree

Current 30-Year Fixed-Rate VA Today of New York 2022 for Refinance

The current 30-year fixed-rate VA in NY for refinance:

Here are our recommended best lenders for fixed-rate VA for refinance:

  • Rocket Mortgage
  • Veterans United Home Loans
  • New American Funding
  • Lending Tree

Current 30-Year Fixed-Rate VA APR Today of New York 2022 for Purchase

The current 30-year fixed-rate VA APR today in NY for purchase: 6.182%

Here are our recommended best lenders for 30-year fixed-rate VA for purchase:

  • Rocket Mortgage
  • Veterans United Home Loans
  • New American Funding
  • Lending Tree

Current 30-Year Fixed-Rate VA APR Today of New York 2022 for Refinance

The current 30-year fixed-rate VA APR today in NY for refinance:

Here are our recommended best lenders for 30-year fixed-rate VA for refinance:

  • Rocket Mortgage
  • Veterans United Home Loans
  • New American Funding
  • Lending Tree

 

Mortgage Rates in New York 2022

 

With rising economic challenges due to inflation, we live in a high-inflation environment affecting mortgage rates.

Here is a brief word on purchase versus refinancing mortgage rates in New York:

Purchase

As of November 2022, the average 30-year fixed mortgage purchase rate in New York is 6.25%, a tad bit lower than the 6.23% national average.

20-year fixed rates for New York mortgage loans fall at 6.18%, whereas 15-year fixed rates clock in at 5.81%, and 10-year fixed rates fall at 5.88%, respectively.

Refinance

As of November 2022, refinance rates for a 30-year fixed mortgage in New York is 6.74% vs. 6.14% for a 15-year fixed refinance. Both of these numbers are slightly higher than purchase rates in NY.

Keep in mind these are only averages. We highly recommend shopping around between different mortgage lenders to find your best rate based on your credit score, income, debt-to-income ratio, and other variables lenders use to determine creditworthiness.

What Are First-Time Homebuyer Programs Available to New Yorkers?

Fortunately, there are many first-time home buyer programs available to New Yorkers. They assist borrowers in securing lower mortgage interest rates and fees to offset below-average loan-to-value ratios and so-so-not-great credit scores.

One of New York’s most popular mortgage assistance programs is SONYMA. To qualify, you must be a first-time home buyer with good credit with cash reserves of up to 3% of the purchase price, depending on the type of property purchased.

Homeowners who risk losing their homes due to financial hardship can apply to the New York State Homeowner Assistance Fund.

They provide financial support and connect you with case managers who can advise on available mortgage relief programs. To learn more, give them a call at (844) 776-9423.

How To Find The Best Mortgage Lender in NY

Here are our top recommendations for finding the best mortgage lender in New York:

Ready Your Credit Score. Expand your eligibility for different NY loan programs by increasing your credit score. The higher your credit score, the lower your interest rates. You can pull your credit score from anniualcrediteport.com from the three credit bureaus —TransUnion, Equifax, and Experian.

Be sure to review your credit report with a fine-toothed comb. Check for errors and file any disputes if necessary.

New Yorkers can improve credit scores by paying their bills on time and lowering their credit utilization ratio. Remember, lenders aim for good debt-to-income ratios at or under 45%.

Shop Around. Be sure to compare rates from different lenders. One lender could offer you a full percentage point lower than a competing lender, thousands of dollars difference over the life of your loan. To learn your monthly mortgage payment, we highly recommend this mortgage calculator with real-time New York rates for 15-year fixed mortgages, 30-year fixed mortgages, and more.

Get Pre-Approved. After you have shopped around comparing quotes from different lenders, it’s time for mortgage pre-approval. Mortgage pre-approval letters to sellers’ real estate agents allow for quicker processing of your home loan once a home offer is ready.

Information needed for pre-approvals includes but is not limited to social security numbers, past two years of tax returns, employer information, and bank account balances.

How Do I Apply For a Mortgage in NY?

Here are all of the steps required to apply for a mortgage in New York:

Review Your Credit Score. First, check your credit score from each of the three major reporting credit bureaus (Equifax, TransUnion, and Experian) by visiting annualcreditreport.com. Then, evaluate each report with a fine-toothed comb, checking for errors.

To qualify for the lowest mortgage and refinance interest rates, a credit score of 620 or higher. If your credit score is 620 or less, try to boost your credit score before submitting a mortgage application. For example, try to pay off balances, lower your credit utilization ratio, and avoid missed payments. Even a single missed payment can drop your score by 40 points or more.

Consider Your Mortgage Type. The next step before applying for a mortgage is to determine which mortgage loan works best for you.

There are seven primary types of mortgage loans — 30-year fixed, 15-year fixed, adjustable rate, FHA (Federal Housing Administration), VA (Department of Veterans Affairs), USDA (US Department of Agriculture), and jumbo.

30-year fixed-rate mortgages are the most common type of mortgage, ensuring a set interest rate for all 30 years. Fixed rates and longer repayment terms are intended for lower monthly payments.

In turn, 15-year fixed-rate mortgages offer the same fixed rate benefit, with lower interest rates and higher monthly payments on 30-year fixed-rate mortgages. As a result, it’s a very popular refinancing option.

Others, like adjustable rate mortgages, have set a fixed rate for a predetermined before adjusting at regular intervals. For example, 10/1 ARM is code for fixed interest rates for the first ten years, followed by annual adjustments.

Less popular mortgage options like FHA, VA, and USDA applied to a specific population segment, such as first-time home buyers or former/current military service members. Benefits to FHA, VA, and USDA programs include down payments as low as 3.5%, lower minimum credit scores (as low as 500!), no down payments, and no mortgage insurance requirement.

Extensive Research. Once you have determined which mortgage option is correct, it’s time to research and compare lenders. Then, create a table, sorting lenders from lowest to highest rates.

Mortgage Pre-Approval. Is your research done? Now, it’s time for mortgage pre-qualification from a minimum of three lenders. To prepare, gather all necessary documentation, such as your employer information, savings/checking account information, past two years of tax returns (W-2s or 1099s), and other documentation required by your lender.

Compare Loan Estimates. Assuming all supporting documentation is complete, expect lenders to provide loan estimates with everything needed to learn about your loan, including interest rates, lender fees, and closing costs. Be sure to evaluate all the fine print, tallying costs and terms onto a spreadsheet necessary to make an informed decision.

 

Should I Refinance in New York?

Deciding whether or not to refinance in New York comes down to your existing loan terms, current mortgage rates in New York, and other factors.

Here are some pros and cons of refinancing in New York:

Pros

Lower Interest Rates. Refinancing a mortgage in NY works to obtain lower interest rates. As a rule of thumb, consider refinancing if interest rates drop by 2% or more. Use a mortgage calculator to calculate cost differences between your existing loan and your new refinance loan.

Shorter Loan Term. Refinancing to shorten loan terms from a 30-year fixed rate to 15 years has several advantages, most notably paying off your loan earlier without hiking monthly payments. For example, switching from a 30-year fixed-rate mortgage to a 15-year fixed-rate mortgage with a 2% interest rate difference would result in only a marginal difference in the monthly payment.

Working Your Equity. Cash-out refinancing allows New York homeowners to swap out their existing mortgage with a new loan with new terms. This may also help convert home equity Into Cash, which can be used to pay for all expenses, including home improvement projects and impromptu weddings.

Cons

Closing Costs. Closing costs for refinancing mortgages could equal up to 3% of your home loan. This results in an extensive break even to recoup your new loan closing costs. Only think of moving to a new home after your break-even period concludes. However, the good news is that some closing costs are negotiable such as origination fees.

Higher Monthly Mortgage Payments. If you are not careful, monthly refinance mortgage payments could be significantly higher than your old loan. In addition, higher monthly mortgage payments can lower your credit score due to your inability to pay on time, so be sure to use a mortgage calculator before every transaction.

What Are Some Tips For Refinancing in NY?

Here are some valuable tips for refinancing mortgage rates in New York:

Shop Around. Every time average interest rates drop by two percentage points or higher, check mortgage refinance rates quickly across a minimum of three lenders. Completing applications within a 40-day window for multiple lenders will not impact your credit score. Always use a mortgage calculator to determine your break-even point to ensure refinancing is worth it.

Improve Your Credit Score. Do not expect low interest rates if your credit score is below 620.

Remember, some mortgage loan types require lower minimum credit scores. For example, FHA Loans typically require 500+ credit scores, whereas some VA and USDA loans may not even carry minimums.

Fortunately, there are many ways to boost your credit score quickly, including paying off outstanding balances on credit cards with utilization ratios of 35% or higher. Other ways to boost credit scores include making on-time payments and ensuring a healthy credit mix.

Avoid Any Extravagant Purchases. Try to limit large purchases while refinancing. One more depth added to your credit profile could skew your debt-to-income ratio, disqualifying you from lower interest rates.

What Is The Best Mortgage Rate Calculator in New York?

Plenty of mortgage rate calculators online allow you to ask them for your monthly mortgage payments. However, not all are considered equal. Go for a mortgage rate calculator that helps with monthly mortgage payment calculations and the minimum income required to purchase a home.

You should also be able to define a loan payoff goal and include all taxes in closing costs to arrive at an estimated monthly mortgage payment.

With that said, we are big fans of Trulia’s affordability calculator. It offers basic and advanced options allowing you to input loan type and even property tax percentage. So play around and see what you come up with.

How Do We Pick These Lenders?

Our top recommendations for best payday loan alternatives in New York are made after hours of research, putting a fine tooth comb to 50+ banks, credit unions, and online lending platforms. Each was carefully assessed to determine the strength of APRs, fee structure, loan amounts, and perks like unemployment protection and strong forbearance/debt relief assistance. All of them are significantly better than some predatory payday advance and cash advance loans.

The team at ElitePersonal Finance will always provide unbiased reviews on the lending products and services we love. We’d love to hear from you if you have any feedback or suggestions. Send us info@elitepersonalfinance.com with your feedback, and we’ll reply as soon as possible.

Frequently Asked Questions

How do I find the cheapest mortgage rates in NY?

To find the cheapest mortgage rates in New York, including 30-year mortgage rates NY, 15-year mortgage rates NY, and 10-year mortgage rates NY, we recommend getting quotes from a minimum of three lenders. Look into historical and current rates, including cash out refinance rates, refi rates, and the lowest rates for perspective. Then, assess them based on interest rates, fees, points, tax credits, and closing costs.

What is mortgage pre-qualification in NY?

Mortgage pre-qualification is the process of submitting supporting documentation to mortgage lenders for them to assess your creditworthiness before a formal application. This process requires good credit and bad credit borrowers’ financial information, including income, residential history, employment history, social security number, and past two years of tax returns.

There are many advantages to mortgage pre-qualification. First, it defines the maximum loan amount you can borrow and increases the likelihood of your offer getting accepted. Expect to close on a home much faster, thanks to already submitting financial information.

Are credit pulls by mortgage lenders soft or hard inquiries in NY?

There are two types of credit pulls — soft and hard inquiries.

During the pre-qualification process, soft inquiries assist mortgage companies in determining a borrower’s creditworthiness. In turn, hard inquiries activate upon mortgage pre-approval once creditors have taken a deeper dive into your mortgage application.

Remember, most lenders will require that you submit credit scores from each of the three major reporting credit bureaus — Experian, Equifax, and TransUnion. So be sure to check all credit reports for accuracy. Even a single reporting error could drop your score by 20 points or more. Also, pay attention to personal information, account status, and balances.

What is the difference between the annual percentage rate (APR) and interest rate?

The difference between APR and interest rate lies in the formula.

Interest rates offered by mortgage companies imply a cost of borrowing money. For example, a $100,000 loan at a 6% interest rate and a five-year repayment equals a total balance of $130,000 after Year 5.

APR is your mortgage’s total cost, including all fees and closing costs. These fees include origination, application, and points fees.

Note: not all lenders are transparent in disclosing fees baked into their APRs. Be sure to ask your lender how they calculate APRs to make the best informed decision.

How do I find the best personalized offers in NY?

Here are our top suggestions for finding the best personalized offers in New York.

To find the best personalized offers in NY, we highly recommend working with a mortgage broker. Mortgage brokers uncover every detail on your financial background to determine the correct loan type and terms. Today, mortgage brokers charge up to 2.75% of the financed amount for their services, which may be advantageous if you do not have the time to do the research on your own.

How much are closing costs for mortgages in NY?

Closing cost for mortgages in New York depends on the lender. Generally, they can consume up to 5% of the total loan cost, including title insurance, property taxes, and more. This means a $450,000 home loan could equal up to $22,500 in closing costs.

There are two ways you can pay closing costs. One is with a one-time upfront payment upon closing, and the second is to roll closing costs into loan financing, which will accrue interest. Most people opt for the one-time upfront payment.

If you anticipate having issues paying off closing costs, check with local New York resources to see what, if any programs are available.

How often do mortgage rates in NY change? Why?

New York mortgage rates change daily in line with economic and market pricing conditions. As a result, many New Yorkers have speculated days of the week mortgage rates are lowest or stabilized. However, there are too many variables to accurately predict, as mortgage rates are based on mortgage-backed securities pricing, today’s economic report, supply and demand, and other factors.

For the latest mortgage rates, visit Google’s helpful Rate Calculator

It even provides options to view average rates for 30-year fixed, 15-year fixed, and other loan types by entering a loan amount, down payment, credit score, and the state where you plan on purchasing a house.

What is a mortgage lock?

Also referred to as mortgage rate protection, mortgage locks are guaranteed by your lender that a specified interest rate on a mortgage will be upheld between the offer and closing. It’s an excellent way for borrowers to have greater peace of mind knowing that their interest rate will not change as long as they agree to close within an agreed-upon time frame.

Today most mortgage rate locks stay in place for 15 to 60 days. If you anticipate closing your loan after the rate lock expires, you may be able to pay an extension fee. Any changes to your mortgage application may require your lender to void your rate lock.

With today’s economic climate, rising inflation, and other Federal Reserve factors changing daily (even hourly at times!), it helps to have this predictability so that home buyers can rest assured knowing that costs won’t explode for whatever reason.

How do I lock in an offer that I like?

To lock in a mortgage rate, let your lender know as soon as your mortgage application is approved.

Conclusion

All in all, there are many mortgage lending opportunities available to New Yorkers with good to great credit scores. From SuperMoney with its expansive network of lenders to Bethpage Federal Credit Union with its strong focus on attracting investment buyers, there is a mortgage company in line for everyone. Thanks for trusting ElitePersonalFinance in becoming your go-to resource for all things related to NY mortgage loans.

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MEET THE AUTHOR

Ray Prince

Ray Prince is a finance writer for Elite Personal Finance. He specializes in writing long-form content and product descriptions for websites across multiple industries, including automotive and consumer technology. His work appears on sites such as Freeway Insurance, Auto Guide, Turn5, and Compare.com, with past and current roles as a digital operations manager at Pandora Media and iHeartMedia.

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