Today's Mortgage Rates in New York
Current Average Mortgage Rates in New York - Updated: Mon, Oct 14, 2024
New York Mortgage Rates trend
According to data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices, As of the latest data, mortgage rates continue to exhibit both upward and downward trends across various loan programs. Here's a snapshot of the recent changes:
- 30-Year Fixed-Rate in New York: The average rate for 30-Year Fixed-Rate is now at 6.32. Over the past week, we've seen a slight increase of 0.2, while the rates have decreased by -0.03 over the past month. Looking back a year, the rate has decreased by -1.17.
- 15-Year Fixed-Rate in New York: The average rate for 15-Year Fixed-Rate is now at 5.41. Over the past week, we've seen a slight increase of 0.16, while the rates have decreased by -0.06 over the past month. Looking back a year, the rate has decreased by -1.37.
- FHA 30-Year Fixed-Rate in New York: The average rate for FHA 30-Year Fixed-Rate is now at 6.19. Over the past week, we've seen a slight increase of 0.3, while the rates have risen by 0.23 over the past month. Looking back a year, the rate has decreased by -1.07.
- Jumbo 30-Year Fixed-Rate in New York: The average rate for Jumbo 30-Year Fixed-Rate is now at 6.78. Over the past week, we've seen a slight increase of 0.38, while the rates have risen by 0.23 over the past month. Looking back a year, the rate has decreased by -1.05.
- VA 30-Year Fixed-Rate in New York: The average rate for VA 30-Year Fixed-Rate is now at 5.85. Over the past week, we've seen a slight increase of 0.19, while the rates have risen by 0.34 over the past month. Looking back a year, the rate has decreased by -1.35.
- USDA 30-Year Fixed-Rate in New York: The average rate for USDA 30-Year Fixed-Rate is now at 6.13. Over the past week, we've seen a slight increase of 0.13, while the rates have risen by 0.14 over the past month. Looking back a year, the rate has decreased by -1.26.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered as financial advice. The content is based on data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices. Mortgage rates are subject to change and may vary based on individual factors, including creditworthiness, loan amount, and location. Please note that the rates mentioned in this article are averages and may not reflect the rates offered by specific lenders or financial institutions. Additionally, the rates mentioned here may have changed since the publication date. It is recommended to consult with a qualified financial advisor or mortgage professional for personalized advice regarding mortgage rates and financial decisions. The accuracy and completeness of the information provided in this article are not guaranteed. The authors, publishers, and affiliates disclaim any liability for any errors, inaccuracies, or omissions in the content, or for any actions taken based on the information provided herein. Always conduct thorough research and consider seeking advice from qualified professionals before making financial decisions. Your financial situation and needs are unique, and you should make decisions based on your individual circumstances.
How to Use MintRates to Compare Offers from Multiple Lenders in New York
To find the best loan terms at MintRates for your property in New York, follow these steps:
- Enter Property Zip Code
- Enter Purchase Price and Down Payment
- Select Your Credit Score
- Click Update Lenders
In seconds, you will see offers from New York Mortgage Lenders.
Rate table allows you to easily compare mortgage offers from multiple lenders, helping you find the best deal based on key factors like Mortgage Rate, APR, Monthly Payments, and Fees.
- Sorting by Rate vs. APR
- Rate: This is the interest rate that will be applied to your loan balance. Sorting by rate shows you the offers with the lowest interest rates, which can lower your monthly payments. However, keep in mind that this doesn\'t account for fees or other costs.
- APR (Annual Percentage Rate): The APR includes not only the interest rate but also other lender fees and points. Sorting by APR gives you a more complete picture of the total cost of the loan. While an offer may have a low interest rate, a higher APR indicates that fees and points are increasing the overall cost.
- Sorting by Monthly Payments
This option sorts lenders based on the estimated monthly payment. It factors in the interest rate and loan amount, so you can quickly see which lender offers the most affordable monthly payment. However, it doesn\'t always show the full cost of the loan, so also check APR and Fees for a clearer comparison. - Sorting by Fees
When sorting by fees, you are looking at the Total Fees & Points:- Points: Points are fees paid upfront to lower your interest rate. One point equals 1% of your loan amount.
- Lender Fees: These are additional charges from the lender, which vary from one lender to another.
How to Find the Best Mortgage Offer for Property in New York
Once you’ve used the rate table to compare current offers for New York, follow these steps to secure the best mortgage deal:
- Review the Offers You’ve Found
After sorting by Rate, APR, Monthly Payments, or Fees, choose a few offers that seem the most favorable. Remember, it’s important to compare at least 3-4 lenders to make sure you’re getting the best possible deal. - Click the "Next" Button
This will guide you to the next steps with that lender, where you can learn more about their specific terms or continue the application process. - Contact the Lender or Apply Online
By clicking "Next", you’ll be directed to either:- Contact the Lender: Speak directly with a loan officer for personalized advice and to ask any questions about their offer.
- Apply Online: If you're ready, you can apply online to receive a detailed Loan Estimate, which will give you a clear breakdown of all costs and terms.
- Compare Loan Estimates After contacting or applying with 3-4 lenders, review the Loan Estimates you receive. These will give you a side-by-side comparison of each offer's:
- Interest Rate
- APR
- Monthly Payment
- Total Fees & Points
- Negotiate the Terms
Once you’ve received multiple Loan Estimates, use this information to negotiate with lenders. Many lenders may be willing to match or beat a competitor’s offer, reduce fees, or adjust the interest rate. Don’t hesitate to ask for better terms based on the offers you’ve collected. - Compare Loan Estimates
After negotiating, review the updated Loan Estimates to get a clear comparison of the interest rate, APR, monthly payment, and total fees & points for each lender. - Choose the Best Offer Once you’ve compared the final Loan Estimates, select the lender that offers the best combination of terms for your financial situation.
- Lock in Your Rate: Once you find a favorable rate, lock it in to avoid future increases.