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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 October 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 Buffalo, NY Mortgage Rates Compare?

October 22, 2019

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%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Buffalo, New York?

The median home value for Buffalo, NY (Erie County) is $167,404

The median household income for Buffalo, NY (Erie County) is $55,657

Based on current mortgage rates and a 10% down payment, you need to make $31,059 per year to buy the median priced home in Buffalo

The home price you can afford to buy based on household income in Buffalo is 179% of the median home value which means housing prices are average

Buffalo (Erie County) ranks 39 out of 62 counties in New York and 1,987 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Buffalo, NY

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Buffalo, NY

1 unit: $484,350

Additional Mortgage Resources for Buffalo, 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