What is the average mortgage rate in New York in 2026?
Around 7.46% as of October 19, 2026, in line with national average; NYC condos may face additional fees.
Best Mortgage Rates New York 2026
New York has one of the most expensive and diverse housing markets in the US, with an average home value of $507,794 in early 2026. The state charges a 0.40% real estate transfer tax, and New York City adds substantial additional local transfer taxes. The top state income tax rate is 10.9% for high earners.
30-year fixed
7.46%
National avg
15-year fixed
6.82%
National avg
5/1 ARM
6.82%
National avg
| Product | Rate (APR) |
|---|---|
| 30-year fixed (national avg) | 7.46% |
| 15-year fixed (national avg) | 6.82% |
| 5/1 ARM (national avg) | 6.82% |
Rates verified Oct 21, 2026
Rates shown are national benchmark averages from the site data file, not live quotes from lenders. Confirm pricing with banks and brokers in New York. Not financial advice.
New York at a glance
- Average home price: $507,794
- State income tax: Yes (10.9% top rate for high earners; most residents pay 6.85%–9.65%)
- Land transfer tax: Yes (0.40% state transfer tax; NYC adds additional local transfer taxes)
- Typical monthly payment: $2,829/mo on $507,794 with 20% down, 30-year term, at 7.46% — excludes taxes, insurance, and HOA.
Frequently Asked Questions
Does New York have a real estate transfer tax?
Yes — New York state charges 0.40% on most residential sales; New York City imposes additional transfer taxes and a "mansion tax" on sales over $1,000,000.
What is the average home price in New York state in 2026?
$507,794 statewide average; New York City is significantly higher at $700,000+.
How much do I need to earn to afford a home in New York?
To afford $507,794 with 20% down at 7.46%, you need approximately $120,000–$125,000 annual income statewide; NYC requires substantially more.
New York mortgage calculator · Educational reference only. Not financial or lending advice.