Compare mortgage rates and fees for leading lenders in Brooklyn, 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 Brooklyn.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Brooklyn. Plus, shopping lenders is free and there is no obligation.
December 14, 2019
The current average rate for a 30 year fixed rate mortgage in Brooklyn 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 Brooklyn, NY (Kings County) is $751,628
The median household income for Brooklyn, NY (Kings County) is $54,396
Based on current mortgage rates and a 10% down payment, you need to make $139,451 per year to buy the median priced home in Brooklyn
The home price you can afford to buy based on household income in Brooklyn is 39% of the median home value which means housing prices are very expensive
Brooklyn (Kings County) ranks 62 out of 62 counties in New York and 3,142 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Brooklyn, NY is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Brooklyn (Kings County) below.
Conforming loan limits for Brooklyn, NY
FHA loan limits for Brooklyn, NY
VA loan limits for Brooklyn, NY
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