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Long Island

Compare Current Long Island, New York Mortgage Rates

Compare Long Island, NY mortgage rates and fees from top lenders. 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 lowest mortgage rates in Long Island.

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

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Long Island, NY Mortgage Rates as of May 25, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Long Island, NY Mortgage Rates

May 25, 2022

Current mortgage rates in Long Island, NY are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Long Island, NY Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.250%
15 Year Fixed Rate
%
4.430%
5/1 Adjustable Rate Mortgage
%
4.080%

How Affordable is Housing in Long Island, New York?

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

The median home value for Long Island, NY (Suffolk County) is $516,600

Based on current mortgage rates and a 10% down payment, you need to make $84,643 per year to buy the median priced home in Long Island

With this income, you could qualify for a $464,940 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 Long Island is $1,960

The median household income for Long Island, NY (Suffolk County) is $114,819

Based on this income, you can afford a home valued at approximately $700,773

The home price you can afford to buy based on household income in Long Island is 136% of the median home value which means housing prices are average. Long Island (Suffolk County) ranks 53 out of 62 counties in New York and 2,754 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Long Island, New York

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

Conforming loan limits for Long Island, NY

1 unit: $970,800
2 units: $1,243,050
3 units: $1,502,475
4 units: $1,867,275

FHA loan limits for Long Island, NY

1 unit: $970,800
2 units: $1,243,050
3 units: $1,502,475
4 units: $1,867,275

VA loan limits for Long Island, NY

1 unit: $970,800

Additional Mortgage Resources for Long Island, NY Residents

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