Mortgage Rates in New York, New York — April 2026
Updated April 2026 | Based on New York market data and regional lending conditions
As one of New York's largest cities with 8,336,817 residents, New York has a well-established mortgage lending market. The current 30-year fixed rate here is 6.6% (0.51% above the national average). The median home price of $680,000 translates to roughly $4,432/month with 20% down — requiring an income of about $189,943, which exceeds the local median of $67,046.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In New York, NY, the current 30-year rate is 6.6%. Shorter terms (15-year fixed at 5.84% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.2%) and VA loans (6%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in New York, NY
Below are the current average mortgage rates available in the New York area as of April 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% | 6.09% | +0.51% |
| 15-Year Fixed | 5.84% | 5.58% | +0.26% |
| 5/1 ARM | 6.1% | 5.95% | +0.15% |
| FHA | 6.2% | 5.85% | +0.35% |
| VA | 6% | 5.65% | +0.35% |
| Jumbo | 6.8% | 6.25% | +0.55% |
New York Housing Market Overview
New York's housing market is competitive — median prices of $680,000 put it well above the national median of ~$400,000. Buyers here face higher barriers to entry, but the local economy (median household income: $67,046) may not fully support current asking prices.
Monthly Payment Breakdown for New York
Based on the median home price of $680,000 with 20% down ($136,000), here is what you can expect to pay monthly in New York:
15-Year vs. 30-Year Mortgage in New York
Choosing a 15-year mortgage in New York at 5.84% instead of a 30-year at 6.6% would save you $432,720 in total interest over the life of the loan. However, your monthly payment would be $4,544 instead of $3,474 — an increase of $1,070 per month.
Calculate Your New York 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 New York
What are the current mortgage rates in New York, NY?
As of April 2026, the average 30-year fixed mortgage rate in New York, 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 0.51% above the national average of 6.09%.
How much is a monthly mortgage payment in New York?
Based on the median home price of $680,000 with 20% down, the estimated monthly mortgage payment in New York is $3,474 for principal and interest. Including property taxes of $958/month, the total monthly housing cost is approximately $4,432.
What income do I need to buy a home in New York?
Using the 28% rule, you would need an annual income of approximately $189,943 to afford the median-priced home in New York at $680,000. The median household income in New York is $67,046. This means most households would need to either earn above the median or consider homes below $680,000.
Is New York a good place to buy a home in 2026?
New York has a higher cost of living than average with a cost of living index of 187.2 (national average = 100). The property tax rate in New York is 1.69%, which is above the national average. As a major city with 8,336,817 residents, New York offers diverse employment opportunities and amenities.
Mortgage Rates by ZIP Code in New York, NY
Explore mortgage rates for specific ZIP codes in the New York area. Rates can vary by neighborhood based on local property values and lending competition.
Mortgage Rates in Other New York Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for New York regional spread.
- Median home price: $680,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 1.69% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $67,046 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the New York, New York area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.