Mortgage Rates in Albany, New York — March 2026
Updated March 2026 | Based on Albany market data and regional lending conditions
Albany is a growing city in New York with a population of 99,224. The current 30-year fixed mortgage rate in Albany is 6.6%, which is 0.05% below the national average. With a median home price of $215,000 and a 20% down payment of $43,000, homebuyers can expect a monthly principal and interest payment of approximately $1,098.
Current Mortgage Rates in Albany, NY
Below are the current average mortgage rates available in the Albany area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.6% | 6.65% | -0.05% |
| 15-Year Fixed | 5.84% | 5.89% | -0.05% |
| 5/1 ARM | 6.1% | 6.15% | -0.05% |
| FHA | 6.2% | 6.25% | -0.05% |
| VA | 6% | 6.05% | -0.05% |
| Jumbo | 6.8% | 6.85% | -0.05% |
Albany Housing Market Overview
The Albany housing market offers relatively affordable housing compared to many major cities. The median household income in Albany is $45,250, and the cost of living index is 95.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $60,043 to comfortably afford the median-priced home in Albany, which exceeds the current median household income.
Monthly Payment Breakdown for Albany
Based on the median home price of $215,000 with 20% down ($43,000), here is what you can expect to pay monthly in Albany:
15-Year vs. 30-Year Mortgage in Albany
Choosing a 15-year mortgage in Albany at 5.84% instead of a 30-year at 6.6% would save you $136,620 in total interest over the life of the loan. However, your monthly payment would be $1,437 instead of $1,098 — an increase of $339 per month.
Calculate Your Albany Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Albany
What are the current mortgage rates in Albany, NY?
As of March 2026, the average 30-year fixed mortgage rate in Albany, New York is 6.6%, while the 15-year fixed rate is 5.84%. FHA loans average 6.2% and VA loans 6%. These rates are 0.05% below the national average of 6.65%.
How much is a monthly mortgage payment in Albany?
Based on the median home price of $215,000 with 20% down, the estimated monthly mortgage payment in Albany is $1,098 for principal and interest. Including property taxes of $303/month, the total monthly housing cost is approximately $1,401.
What income do I need to buy a home in Albany?
Using the 28% rule, you would need an annual income of approximately $60,043 to afford the median-priced home in Albany at $215,000. The median household income in Albany is $45,250. This means most households would need to either earn above the median or consider homes below $215,000.
Is Albany a good place to buy a home in 2026?
Albany offers a below-average cost of living with a cost of living index of 95.5 (national average = 100). The property tax rate in New York is 1.69%, which is above the national average. Albany has a population of 99,224 and offers a balanced lifestyle.
Mortgage Rates in Other New York Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Albany, New York area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.