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Long Island

Current Mortgage Rates in Long Island, New York

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.

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Mortgage Rates in Long Island, NY as of December 12, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

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 Long Island, NY Mortgage Rates Compare?

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%

Mortgage Program
Today's
Long Island, 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 Long Island, New York?

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

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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: $726,525
2 units: $930,300
3 units: $1,124,475
4 units: $1,397,400

FHA loan limits for Long Island, NY

1 unit: $726,525
2 units: $930,300
3 units: $1,124,475
4 units: $1,397,400

VA loan limits for Long Island, NY

1 unit: $726,525

Additional Mortgage Resources for Long Island, 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