New York Mortgage Rates 2024
Find the best mortgage rates in New York including NYC, Brooklyn, Queens, Long Island, and Upstate. Specialized co-op financing and high-cost area programs.
New York Housing Market Overview
Average Home Price
High-Cost Loan Limit
Market Status
New York Market Characteristics
New York's housing market is characterized by high home values, unique co-op ownership structures (especially in Manhattan), high-cost area loan limits, complex regulations, and significant variation between NYC metro area and upstate regions. Co-op financing requires board approval and typically higher down payments.
Current New York Mortgage Rates
| Loan Type | Interest Rate | APR | Points | Max Loan Amount |
|---|---|---|---|---|
| 30-Year Conventional | 7% | 7.12% | 0.25 | $1,149,825 |
| 15-Year Conventional | 6.375% | 6.45% | 0.125 | $1,149,825 |
| FHA 30-Year | 6.625% | 7.25% | 0.5 | $1,089,300 |
| VA 30-Year | 6.5% | 6.68% | 0 | $1,089,300 |
| Co-op Financing | 7.25% | 7.4% | 0.5 | Varies |
New York Co-op Financing Guide
Co-op financing is unique to New York market, especially Manhattan
Requirements
Process Steps
Important Considerations
Major New York Housing Markets
Manhattan
Popular Areas:
Market Factors:
- Global financial center
- Ultra-luxury market
- Co-op dominance
Special Notes:
- Co-op board approval required
- High maintenance fees
Brooklyn
Popular Areas:
Market Factors:
- Young professional migration
- Gentrification
- Tech industry growth
Special Notes:
- Rapid price appreciation
- New construction condos
Queens
Popular Areas:
Market Factors:
- Diverse communities
- More affordable option
- Growing development
Special Notes:
- Multi-family homes common
- Good value proposition
Nassau County (Long Island)
Popular Areas:
Market Factors:
- Family-friendly suburbs
- Good schools
- Commuter communities
Special Notes:
- High property taxes
- Commuter costs
Buffalo
Popular Areas:
Market Factors:
- Affordable housing
- Economic revitalization
- Healthcare hub
Special Notes:
- Historic architecture
- Winter weather impact
Rochester
Popular Areas:
Market Factors:
- University town
- Healthcare industry
- Affordable living
Special Notes:
- Strong rental market
- Historic neighborhoods
Top New York Mortgage Lenders
Emigrant Mortgage
Specialties:
Key Strengths:
- NYC market knowledge
- Co-op specialists
- Local decision making
New York Community Bank
Specialties:
Key Strengths:
- Regional expertise
- Relationship banking
- Flexible underwriting
JPMorgan Chase
Specialties:
Key Strengths:
- Large loan capacity
- Private client services
- Comprehensive banking
Citibank
Specialties:
Key Strengths:
- Global banking experience
- Executive relocations
- Foreign national programs
Northfield Savings Bank
Specialties:
Key Strengths:
- Community focus
- Personal service
- Local market knowledge
New York Homebuyer Assistance Programs
SONYMA (State of NY Mortgage Agency)
State ProgramProgram Benefits
- Low down payment options
- Below-market rates
- Down payment assistance
- Closing cost help
Eligibility Requirements
- First-time buyers
- Income limits vary by area
- Primary residence only
NYC Housing Development Corporation (HDC)
City ProgramProgram Benefits
- Low-interest loans
- Down payment assistance
- New construction financing
Eligibility Requirements
- NYC residents
- Income limits apply
- Asset limits
HomeFirst Down Payment Assistance
NYC ProgramProgram Benefits
- Up to $100,000 assistance
- Shared equity loan
- No monthly payments
Eligibility Requirements
- First-time buyers in NYC
- Income limits
- Must stay 30 years or repay
Mitchell-Lama Co-op Resales
Affordable HousingProgram Benefits
- Below-market pricing
- Income-restricted
- Maintenance caps
Eligibility Requirements
- Income qualification
- Residency requirements
- Lottery system
New York State Veterans' Home Ownership
Veterans ProgramProgram Benefits
- Closing cost assistance
- Interest rate reduction
- No down payment options
Eligibility Requirements
- NY veterans
- Active military
- National Guard/Reserves
New York Mortgage FAQ
What are current mortgage rates in New York?
Current 30-year mortgage rates in New York average around 7% for conventional loans, 6.625% for FHA loans, and 6.5% for VA loans as of 2024-12-30. Co-op financing rates are typically around 7.25%.
What is the jumbo loan limit in New York?
The 2024 jumbo loan limit in most New York counties is $766,550. High-cost areas including New York City, Nassau, Suffolk, Westchester, and Rockland counties have higher limits up to $1,149,825.
How does co-op financing work in New York?
Co-op financing in NY requires board approval, typically 20-25% down payment, and higher interest rates than condos or houses. The process includes submitting a detailed financial package to the co-op board, interview process, and board vote for approval before closing.
Are New York mortgage rates higher than the national average?
NY mortgage rates are typically at or slightly above national averages due to higher home values, state regulations, and market complexity. NYC area rates may be higher due to co-op financing complexity and high-cost area designation, but competition among lenders keeps rates competitive.
What makes New York's housing market unique?
NY's market features cooperative ownership (especially Manhattan), high-cost area loan limits, significant price variation between regions, complex regulations, high property taxes, and unique financing requirements. Co-ops require board approval and often have strict financial requirements.
Calculate Your New York Mortgage Payment
Use our mortgage calculator with current New York rates to estimate payments for condos, co-ops, or houses.