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New York Home Mortgage
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New York Mortgage
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%

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New York Mortgage Refinance


Home owners in New York, otherwise known as the “Empire State” are lowering their monthly mortgage payments with Mortgage Refinance. Currently, both fixed and adjustable rate mortgages (ARMs) in New York have competitive rates, leaving many New Yorkers confused about how to select the right mortgage refinance product to meet their individual needs. Rates for a 30 year fixed rate mortgage run from 4.91% APR to 5.36% APR and for a 15 year fixed product, rates range from 4.30% APR to 4.80% APR. For those interested in an ARM, rates from 4.21% APR to 4.48% APR are available for a 10/1 refinance product.

Navigating Mortgage Products in New York

Deciding which product is the best fit depends largely upon the borrower’s budget, financial goals and future plans. For borrowers planning to move within a short period of time, an ARM may make sense. ARMs offer lower rates than fixed rate products and adjust only after an initial pre-determined period. The adjustment is based on market conditions and fluctuations. Fixed rate mortgage products in New York are ideal for a home owner who plans to stay put for a considerable amount of time and wants to know ahead of time how much he or she is responsible for paying each month. With a fixed rate product, the rate never changes throughout the life of the loan.

Comparing New York Mortgage Rates

When it comes to making mortgage comparisons in New York, borrowers should take into account several factors. One important factor is the borrower’s credit score. The higher the credit score, the lower the rate. Also, some lenders in New York will not extend a mortgage to those with a very low score or will assign points (fees) to the mortgage. Additionally, before gathering quotes from a variety of New York lenders, borrowers should identify a specific product, amount and desired term. Compare similar products with associated factors in order to make an educated, informed decision.

Understanding the New York Housing Market

Having a grasp on home values and sale prices is another factor to consider during the mortgage refinance process. For example, the median home value in New York is $256,900; however certain cities and neighborhoods command higher and lower values. Throughout the New York Metro area (12238), home values are approximately $366,300, whereas in Albany (12201) home values fall into the $182,700 range. Although home values throughout the New York metropolitan area are in the mid $300,000 range, home sales are considerably higher.

For example, homes in the 10025 zip code area of the city have sold for $1,720,000 and in the 10016 zip code area homes have sold for $1,720,000. In the suburbs, East Islip (11730) has a median home price of $496,400 and elsewhere in the state; Syracuse (13201, 13208, 13219 and 13290) has a median sale price of $75,000. Another area to consider is Getzville (14068) in metro-Buffalo with a median home price of $207,000.

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More About Mortgage Refinance



New York Mortgage Refinance by County
Albany County Mortgage Refinance Herkimer County Mortgage Refinance Richmond County Mortgage Refinance
Allegany County Mortgage Refinance Jefferson County Mortgage Refinance Rockland County Mortgage Refinance
Bronx County Mortgage Refinance Kings County Mortgage Refinance Saint Lawrence County Mortgage Refinance
Broome County Mortgage Refinance Lewis County Mortgage Refinance Saratoga County Mortgage Refinance
Cattaraugus County Mortgage Refinance Livingston County Mortgage Refinance Schenectady County Mortgage Refinance
Cayuga County Mortgage Refinance Madison County Mortgage Refinance Schoharie County Mortgage Refinance
Chautauqua County Mortgage Refinance Monroe County Mortgage Refinance Schuyler County Mortgage Refinance
Chemung County Mortgage Refinance Montgomery County Mortgage Refinance Seneca County Mortgage Refinance
Chenango County Mortgage Refinance Nassau County Mortgage Refinance Steuben County Mortgage Refinance
Clinton County Mortgage Refinance New York County Mortgage Refinance Suffolk County Mortgage Refinance
Columbia County Mortgage Refinance Niagara County Mortgage Refinance Sullivan County Mortgage Refinance
Cortland County Mortgage Refinance Oneida County Mortgage Refinance Tioga County Mortgage Refinance
Delaware County Mortgage Refinance Onondaga County Mortgage Refinance Tompkins County Mortgage Refinance
Dutchess County Mortgage Refinance Ontario County Mortgage Refinance Ulster County Mortgage Refinance
Erie County Mortgage Refinance Orange County Mortgage Refinance Warren County Mortgage Refinance
Essex County Mortgage Refinance Orleans County Mortgage Refinance Washington County Mortgage Refinance
Franklin County Mortgage Refinance Oswego County Mortgage Refinance Wayne County Mortgage Refinance
Fulton County Mortgage Refinance Otsego County Mortgage Refinance Westchester County Mortgage Refinance
Genesee County Mortgage Refinance Putnam County Mortgage Refinance Wyoming County Mortgage Refinance
Greene County Mortgage Refinance Queens County Mortgage Refinance Yates County Mortgage Refinance
Hamilton County Mortgage Refinance Rensselaer County Mortgage Refinance