The average mortgage rate in New York is currently 0% for the 30-year fixed loan term.
Here are the interest rates offered to New York residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 0%
- 15-year fixed purchase: 0%
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Mortgage rates dipped this week amid economic uncertainty caused by the bank failures of Silicon Valley Bank and Signature Bank last weekend. The average fixed rate on a 30-year mortgage fell to 7.04% as investors struggle to price in the Federal Reserve’s next move.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates were widely expected to fall throughout the course of 2023, but instead surged above 7% just ahead of the busy spring homebuying season. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 16:
- 30-year fixed: 7.04% (down from 7.16% a week ago).
- 20-year fixed: 6.85% (down from 6.97% a week ago).
- 15-year fixed: 6.27% (down from 6.29% a week ago).
- 10-year fixed: 6.2% (down from 6.32% a week ago).
- 5/1 ARM: 5.78% (down from 5.8% a week ago).
- 7/1 ARM: 5.91% (down from 5.93% a week ago).
- 10/1 ARM: 6.16% (down from 6.18% a week ago).
- 30-year jumbo loans: 7.09% (down from 7.26% a week ago).
- 30-year FHA loans: 6.15% with 0.05 point (down from 6.27% a week ago).
- VA purchase loans: 6.37% with 0.05 point (down from 6.48% a week ago).
New York homebuyers can get help with down payments and closing costs as well as reduced interest rates and low down payment requirements with these State of New York Mortgage Agency programs.
- Available to: First-time homebuyers or eligible military veterans and homebuyers purchasing in a target area.
- Income limits: Vary by county (see SONYMA income limits).
- First-time homebuyers only? No.
- Loan options: 30-year fixed-rate mortgages.
- Benefits: Offers lower interest rates and a down payment requirement as low as 3% with up to 3% down payment assistance available.
- Available to: First-time homebuyers or eligible military veterans and homebuyers purchasing in a target area.
- Income limits: Vary by county (see SONYMA income limits).
- First-time homebuyers only? No.
- Loan options: 30-year fixed-rate mortgages.
- Benefits: Offers competitive interest rates and a down payment requirement as low as 3% with up to 3% down payment assistance available.
- Available to: Low-income New York homebuyers.
- Income limits: Income must be less than 80% of the area median income.
- First-time homebuyers only? No.
- Loan options: 30-year fixed-rate mortgages.
- Benefits: No down payment requirement for single-family homes and available for new purchases and refinancing.
- Available to: New York homebuyers using a SONYMA mortgage program.
- Income limits: Vary by county (see SONYMA income limits).
- First-time homebuyers only? No.
- Down payment and closing cost assistance: The program offers a no-interest loan up to 3% of the purchase price (up to $15,000) or $3,000, whichever is highest. The loan is forgivable after 10 years, but you may have to repay the loan if you sell or refinance your home within the first 10 years.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
