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Buffalo

Current Mortgage Rates in Buffalo, New York

Compare mortgage rates and fees for leading lenders in Buffalo, 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 Buffalo.

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

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Mortgage Rates in Buffalo, NY as of April 2, 2020
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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.
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How Do Today's Buffalo, NY Mortgage Rates Compare?

April 2, 2020

The current average rate for a 30 year fixed rate mortgage in Buffalo 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
Buffalo, NY Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Buffalo, New York?

Below we provide helpful information on the real estate market, home prices and housing affordability in Buffalo. Understand how much you need to earn to afford a home in Buffalo, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Buffalo fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Buffalo is right for you.

The median home value for Buffalo, NY (Erie County) is $180,963

Based on current mortgage rates and a 10% down payment, you need to make $32,569 per year to buy the median priced home in Buffalo

With this income, you could qualify for a $162,867 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Buffalo is $754

The median household income for Buffalo, NY (Erie County) is $56,957

Based on this income, you can afford a home valued at approximately $316,473

The home price you can afford to buy based on household income in Buffalo is 175% of the median home value which means housing prices are average. Buffalo (Erie County) ranks 41 out of 62 counties in New York and 2,067 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Buffalo, New York

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Buffalo (Erie County) below.

Conforming loan limits for Buffalo, NY

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Buffalo, NY

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Buffalo, NY

1 unit: $510,400

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