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Albany

Current Mortgage Rates in Albany, New York

Compare mortgage rates and fees for leading lenders in Albany, NY. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Albany.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Albany. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Albany, NY as of August 22, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Albany, NY Mortgage Rates Compare?

August 22, 2019

The current average rate for a 30 year fixed rate mortgage in Albany 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%

Mortgage Program
Today's
Albany, NY Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Albany, New York?

The median home value for Albany, NY is $235,626

The median household income for Albany, NY is $64,197

Based on current mortgage rates and a 10% down payment, you need to make $43,716 per year to buy the median priced home in Albany

The home price you can afford to by based on household income in Albany is 147% of the median home value which means housing prices are average

Albany ranks 48 out of 62 counties in New York and 2,585 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Albany, NY is average

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Loan Limits for Albany, New York

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Albany below.

Conforming loan limits for Albany, NY

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Albany, NY

1 unit: $315,100
2 units: $403,350
3 units: $487,600
4 units: $605,950

VA loan limits for Albany, NY

1 unit: $484,350

Additional Mortgage Resources for Albany, NY Residents

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Sources

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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index