See current New York Refinance fixed rates (30 Year, 20, 15, 10, FHA, VA and Jumbo), variable rates (10 year, 7, 5, 3), Cash Out rates, plus comparisons with national averages and lender types. Refinancing in New York can help lower your monthly payment, shorten your loan term, or tap into equity with a cash-out refinance.
New York Refinance Rates –
Find community reported rates by New York home & condo owners (rates are average APR).
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 7.65% | 7.70% | 7.75% | |
| New York | 7.47% | 7.52% | 7.57% | |
| Credit Unions | 7.07% | 7.12% | 7.27% | 9.4/10 |
| Online lenders | 7.17% | 7.22% | 7.37% | 7.8/10 |
| Banks | 7.47% | 7.52% | 7.57% | 8.3/10 |
| 30 year fixed | 7.47% | 7.52% | 7.57% | |
| 30 year fixed FHA | 6.73% | 6.78% | 6.83% | |
| 30 year fixed VA | 7.11% | 7.16% | 7.21% | |
| 30 year fixed Jumbo | 7.58% | 7.82% | 8.01% | |
| 20 year fixed | 7.19% | 7.24% | 7.29% | |
| 15 year fixed | 6.77% | 6.82% | 6.87% | |
| 10 year fixed | 5.42% | 5.47% | 5.52% | |
| 3 year ARM | 4.31% | 4.36% | 4.41% | |
| 5 year ARM | 7.25% | 7.30% | 7.35% | |
| 7 year ARM | 6.95% | 7.00% | 7.05% | |
| 10 year ARM | 7.36% | 7.41% | 7.46% | |
| Satisfaction | 9.4/10 | 7.8/10 | 8.3/10 |
Source: MFP’s Community Home Refinance Rates Survey of New York homeowners members in the last 30 days.
Cash Out Refinance Rates in New York –
Find community reported refinance cash-out rates by New York homeowners (rates are average APR).
| Credit Score | |||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Nationally | 7.77% | 7.90% | 8.02% |
| New York | 7.59% | 7.72% | 7.84% |
| Credit Unions | 7.19% | 7.32% | 7.54% |
| Online lenders | 7.29% | 7.42% | 7.64% |
| Banks | 7.59% | 7.72% | 7.84% |
| 30 year fixed | 7.59% | 7.72% | 7.84% |
| 30 year fixed FHA | 6.86% | 6.98% | 7.11% |
| 30 year fixed VA | 7.23% | 7.36% | 7.49% |
| 30 year fixed Jumbo | 7.70% | 7.83% | 7.95% |
| 20 year fixed | 7.32% | 7.44% | 7.57% |
| 15 year fixed | 6.89% | 7.02% | 7.14% |
| 10 year fixed | 5.54% | 5.67% | 5.79% |
| 3 year ARM | 4.44% | 4.56% | 4.69% |
| 5 year ARM | 7.38% | 7.50% | 7.63% |
| 7 year ARM | 7.08% | 7.20% | 7.33% |
| 10 year ARM | 7.49% | 7.61% | 7.74% |
Source: MFP’s Community Home Refinance Rates Survey of New York members in the last 30 days.
How New York Compares to National Averages
- New York refinance rates (7.47% for best credit scores) are slightly below national averages (national average: 7.65%).
- Credit unions are more competitive: In New York, credit unions offer 7.32%, banks 7.57%, online lenders 7.42%.
- Borrower satisfaction: Credit unions 8.7/10, Online lenders 8.4/10, Banks 8.1/10.
Refinance Options in New York
- 30-year Fixed: At 7.47% APR for excellent credit, New York's most popular choice for stable long-term payments with predictable monthly costs
- 30-year Fixed FHA: At 6.73% APR for excellent credit, government-backed programs with competitive terms and flexible qualification requirements
- 30-year Fixed VA: At 7.11% APR for excellent credit, exclusive to eligible veterans and military members, featuring New York's most competitive rates
- 30-year Fixed Jumbo: At 7.58% APR for excellent credit, for high-value homes with competitive jumbo mortgage terms
- 20-year Fixed: At 7.19% APR for excellent credit, a balanced option between shorter and longer terms with moderate payments
- 15-year Fixed: At 6.77% APR for excellent credit, lower interest rates but higher monthly payments, ideal for building equity faster
- 10-year Fixed: At 5.42% APR for excellent credit, the shortest fixed-term option with competitive rates for rapid equity building
- Adjustable-rate mortgages (ARMs): Various terms including 3-year (4.31% APR), 5-year (7.25% APR), 7-year (6.95% APR), and 10-year (7.36% APR) options that start lower but may adjust upward after initial fixed period
Metro Area Rates
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Brooklynn | 6.72% | 5.89% |
| Manhattan | 6.72% | 5.90% |
| Buffalo | 6.71% | 5.88% |
| Rochester | 6.70% | 5.87% |
| Syracuse | 6.70% | 5.88% |
* APR Rates shown are for borrowers with the best credit scores. Click the city name to see community recommended lenders and ratings
Compare Lenders Rated by New York Homeowners
New York homeowners rate lenders based on ease of application, rates & terms, client support & advice, and overall recommendation %. For detailed rankings and personalized recommendations, see our Best Refinance Lenders in New York page. Credit unions top satisfaction scores, followed by online lenders and banks.
FAQs – New York Refinance Rates
Which type of refinance is best in New York?
It depends on your goal. Fixed-rate loans (30 or 15 year) provide predictable payments, while ARMs offer lower initial rates if you plan to sell or refinance again in a few years.
How do New York refinance rates compare to national averages?
New York rates are slightly below national averages across all credit score ranges. Credit unions usually offer the lowest rates.
Are there government-backed refinance options in New York?
Yes, FHA and VA refinance programs are available and provide competitive terms for eligible borrowers, particularly for first-time homebuyers or veterans.
More Info for New York Homeowners:
Calculators & Tools
Home Equity Loan Calculator: See what you can borrow and what the draw period looks like.
HELOC Calculator: Estimate monthly payments on a fixed equity loan.
Loans Comparison Calculator: Compare Cost of Heloc, Cash-Out, Home Equity, Renovation Loan
Lenders & Loan Programs
New York Best Refinance Lenders: from Community Recommendations Survey
Documents: Documents needed to refinance.
New York Home Equity Loan & New York HELOC Rates
Insurance & Homeowner Resources
New York Best Home Insurance: from Community recommendations & Local Costs