Compare mortgage rates and fees for leading lenders in Long Island, 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 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.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Long Island 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 Long Island, NY (Suffolk County) is $430,509
The median household income for Long Island, NY (Suffolk County) is $95,676
Based on current mortgage rates and a 10% down payment, you need to make $79,873 per year to buy the median priced home in Long Island
The home price you can afford to buy based on household income in Long Island is 120% of the median home value which means housing prices are average
Long Island (Suffolk County) ranks 54 out of 62 counties in New York and 2,871 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
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
FHA loan limits for Long Island, NY
VA loan limits for Long Island, 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