Compare mortgage rates and closing costs for leading lenders in New York. Review free, personalized mortgage rates for New York based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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August 22, 2019
The current average rate for a 30 year fixed rate mortgage in New York is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for New York is $468,652
The median household income for New York is $68,492
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in New York is $86,950
The home price you can afford to by based on household income in New York is 79% of the median home value which means housing prices are very expensive. New York ranks 48 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in New York is very expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index