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Hempstead

Current Mortgage Rates in Hempstead, New York

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

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

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Mortgage Rates in Hempstead, NY as of April 7, 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 Hempstead, NY Mortgage Rates Compare?

April 7, 2020

The current average rate for a 30 year fixed rate mortgage in Hempstead 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
Hempstead, 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 Hempstead, New York?

Below we provide helpful information on the real estate market, home prices and housing affordability in Hempstead. Understand how much you need to earn to afford a home in Hempstead, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Hempstead 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 Hempstead is right for you.

The median home value for Hempstead, NY (Nassau County) is $568,153

Based on current mortgage rates and a 10% down payment, you need to make $102,253 per year to buy the median priced home in Hempstead

With this income, you could qualify for a $511,338 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 Hempstead is $2,368

The median household income for Hempstead, NY (Nassau County) is $111,522

Based on this income, you can afford a home valued at approximately $619,656

The home price you can afford to buy based on household income in Hempstead is 109% of the median home value which means housing prices are average. Hempstead (Nassau County) ranks 55 out of 62 counties in New York and 2,933 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Hempstead, New York

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

Conforming loan limits for Hempstead, NY

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

FHA loan limits for Hempstead, NY

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

VA loan limits for Hempstead, NY

1 unit: $765,600

Additional Mortgage Resources for Hempstead, NY Residents

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