Compare mortgage rates and fees for leading lenders in Queens, 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 Queens.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Queens. Plus, shopping lenders is free and there is no obligation.
October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Queens 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 Queens, NY is $584,552
The median household income for Queens, NY is $63,904
Based on current mortgage rates and a 10% down payment, you need to make $108,453 per year to buy the median priced home in Queens
The home price you can afford to buy based on household income in Queens is 59% of the median home value which means housing prices are very expensive
Queens ranks 59 out of 62 counties in New York and 3,125 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Queens, NY is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Queens below.
Conforming loan limits for Queens, NY
FHA loan limits for Queens, NY
VA loan limits for Queens, 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