Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
New York Mortgage Overview
Everyone knows and loves New York. Whether it's for the big cities, vast resources, or plentiful employment, 19 million people live in the bustling state of New York. Its average home price is much higher than the national average at $595,000 and just over 50 percent of the homes in NY are owner-occupied.
If you're thinking of becoming a homeowner in New York, here are your loan options:
New York conventional loans
Conventional lenders require at least a 660+ credit score and a 36 percent debt ratio for a conventional loan. First-time homebuyers need just a 3 percent down payment and subsequent homebuyers need a 5 percent down payment. Any borrower putting down less than 20 percent will pay Private Mortgage Insurance but only until you owe less than 80 percent of the home's current value.
New York FHA loans
Borrowers with a minimum 580 credit score and a 3.5 percent down payment may qualify for an FHA loan. FHA lenders allow a 45 - 50 percent debt ratio and allow explanations for poor credit. You can use gift funds for FHA down payments. You'll pay mortgage insurance for the loan's term but you can secure a loan with less than perfect credit.
New York VA loans
Veterans can secure 100 percent financing from a New York VA lender. Borrowers need a 620 credit score and enough income to cover the bills including the new mortgage and daily living costs. You don't need a down payment or mortgage insurance and can enjoy the flexible guidelines. There is an upfront funding fee, but it's affordable.
New York USDA loans
New York has plenty of rural areas. If your household makes less than 115 percent of the area's median income, you may be eligible for a USDA loan. Lenders require a 640+ credit score and a max 41 percent debt ratio. USDA loans don't require a down payment and have low-interest rates for affordable homeownership.
First-Time Homebuyer
Programs in New York
Achieving the Dream
This low-rate mortgage program provides 97 percent funding and you can use down payment assistance to qualify. You must contribute 1 percent from your own funds. You'll need decent credit and the home's sales price must not exceed SONYMA's limits. Loans with less than 20 percent down require mortgage insurance.
Down Payment Assistance Loan
Qualified borrowers may secure $1,000 - $15,000 or 3 percent of the sales price max for down payment assistance. The loan has a 0 percent interest rate and no monthly payments. If you stay in the home for 10 years, it's forgiven. You may use the program in addition to the Achieving the Dream Program or any other SONYMA program.
Homes for Veterans
This program helps veterans who don't qualify for the standard VA loan. Borrowers receive a rate that's 0.375 percent lower than the market rate and down payment assistance up to $15,000.
Graduate to Homeownership
New graduates may qualify for low mortgage rates and down payment assistance to buy a home right out of college. You must have received your degree within the last 48 months and be a first-time homebuyer. You must also have good credit and prove you can afford the loan.
Give us Credit
If you have non-traditional income or savings but can prove you can afford a loan, the Give Us Credit may help you buy your first home. You can secure a 30-year fixed rate mortgage and include the Down Payment Assistance program to make homeownership a reality.
New York mortgage FAQ
- What home loan options exist for buyers in New York?
- New York buyers can use conventional loans with a 660 or higher credit score, a 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans accept a 580 score with 3.5 percent down and allow gift funds. VA loans provide veterans 100 percent financing with a 620 score, and USDA loans require no down payment in rural areas with a 640 or higher score.
- What first-time homebuyer programs are available in New York?
- SONYMA's Achieving the Dream provides 97 percent financing at low rates with a 1 percent buyer contribution, and its Down Payment Assistance Loan is an interest-free loan forgiven after 10 years in the home. Homes for Veterans offers a below-market rate for veterans, Graduate to Homeownership helps recent graduates, and Give Us Credit serves buyers with non-traditional income or savings.
- Can you get a zero-down mortgage in New York?
- Yes, in two main ways. VA loans give eligible veterans 100 percent financing with no mortgage insurance, and USDA loans finance rural homes with nothing down for households earning under 115 percent of area median income. Other buyers can combine SONYMA's Achieving the Dream, which funds 97 percent of the purchase, with its forgivable Down Payment Assistance Loan to cover the rest.