Mortgage Rates in Bay Ridge, New York — March 2026
Updated March 2026 | Based on Bay Ridge market data and regional lending conditions
Bay Ridge is a growing city in New York with a population of 64,000. The current 30-year fixed mortgage rate in Bay Ridge is 6.85%, which is 0.2% above the national average. With a median home price of $490,000 and a 20% down payment of $98,000, homebuyers can expect a monthly principal and interest payment of approximately $2,569.
Current Mortgage Rates in Bay Ridge, NY
Below are the current average mortgage rates available in the Bay Ridge 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 | 6.85% | 6.65% | +0.2% |
| 15-Year Fixed | 6.07% | 5.89% | +0.18% |
| 5/1 ARM | 6.31% | 6.15% | +0.16% |
| FHA | 6.55% | 6.25% | +0.3% |
| VA | 6.3% | 6.05% | +0.25% |
| Jumbo | 7.1% | 6.85% | +0.25% |
Bay Ridge Housing Market Overview
The Bay Ridge housing market reflects moderate demand with prices near the national average. The median household income in Bay Ridge is $75,800, and the cost of living index is 132.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $137,571 to comfortably afford the median-priced home in Bay Ridge, which exceeds the current median household income.
Monthly Payment Breakdown for Bay Ridge
Based on the median home price of $490,000 with 20% down ($98,000), here is what you can expect to pay monthly in Bay Ridge:
15-Year vs. 30-Year Mortgage in Bay Ridge
Choosing a 15-year mortgage in Bay Ridge at 6.07% instead of a 30-year at 6.85% would save you $326,700 in total interest over the life of the loan. However, your monthly payment would be $3,323 instead of $2,569 — an increase of $754 per month.
Calculate Your Bay Ridge 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 Bay Ridge
What are the current mortgage rates in Bay Ridge, NY?
As of March 2026, the average 30-year fixed mortgage rate in Bay Ridge, New York is 6.85%, while the 15-year fixed rate is 6.07%. FHA loans average 6.55% and VA loans 6.3%. These rates are 0.2% above the national average of 6.65%.
How much is a monthly mortgage payment in Bay Ridge?
Based on the median home price of $490,000 with 20% down, the estimated monthly mortgage payment in Bay Ridge is $2,569 for principal and interest. Including property taxes of $641/month, the total monthly housing cost is approximately $3,210.
What income do I need to buy a home in Bay Ridge?
Using the 28% rule, you would need an annual income of approximately $137,571 to afford the median-priced home in Bay Ridge at $490,000. The median household income in Bay Ridge is $75,800. This means most households would need to either earn above the median or consider homes below $490,000.
Is Bay Ridge a good place to buy a home in 2026?
Bay Ridge has a higher cost of living than average with a cost of living index of 132.9 (national average = 100). The property tax rate in New York is 1.57%, which is above the national average. Bay Ridge has a population of 64,000 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 Bay Ridge, New York area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.