The mortgage rates in NYC (at the time of writing this) are hovering between 6.25% and 6.8% for 30-year fixed-rate mortgages. However, the answer is, what is today’s mortgage rate in NYC? Keeps on changing, often daily. So, the best place to get this answer is local, NYC-based sources or other aggregate sources that offer this information for multiple cities.
What is today’s mortgage rate in NYC?
The rates are different for different categories. As stated, the lowest Annual Percentage Rate (APR) for a 30-year fixed rate mortgage today is 6.25%, offered by Farmers Bank of Kansas City. However, a different source puts the APR at 6.8%. A third source puts it at around 6.5%. APR, as opposed to interest rate, showcases the full cost to the borrower.
Keep in mind that the above rates are for top credit score borrowers. They can jump anywhere between 0.2% and 0.5% if your credit score is in the lowest passable window (between 620 and 640) for most banks. The rates for 15-year fixed are significantly lower.
Impact of Mortgage Rates On Your Purchase Decision
The interest rates you get can have a significant and long-term impact on your finances. They dictate your monthly payments (along with other things) and the overall cost of borrowing. So it’s naturally desirable to get as low a rate as possible. There are just two practical ways to accomplish that:
- Enter the market when fed rates are low. This can take years of waiting.
- Improve your credit score as much as possible. So you get the best rates in any given market.
There are other ways to lower your monthly payments, but you have relatively limited influence over rates. However, this is just one variable in the equation. Your New York City broker may guide you on the best time to enter the market, which depends on more than just interest rates.
Also Read: Credit Score Requirements in NYC
