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Schenectady

Current Mortgage Rates in Schenectady, New York

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

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

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Mortgage Rates in Schenectady, NY as of July 9, 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 Schenectady, NY Mortgage Rates Compare?

July 9, 2020

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

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

The median home value for Schenectady, NY is $177,473

Based on current mortgage rates and a 10% down payment, you need to make $31,941 per year to buy the median priced home in Schenectady

With this income, you could qualify for a $159,726 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 Schenectady is $740

The median household income for Schenectady, NY is $64,665

Based on this income, you can afford a home valued at approximately $359,304

The home price you can afford to buy based on household income in Schenectady is 202% of the median home value which means housing prices are affordable. Schenectady ranks 30 out of 62 counties in New York and 1,521 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Schenectady, NY is affordable

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Loan Limits for Schenectady, New York

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Schenectady below.

Conforming loan limits for Schenectady, NY

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Schenectady, NY

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Schenectady, NY

1 unit: $510,400

Additional Mortgage Resources for Schenectady, NY Residents

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