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• Mortgage rates in Syracuse, New York, are influenced by economic conditions and the creditworthiness of the borrower.
• Keep in mind, higher credit scores and larger down payments can lead to more favorable mortgage rates.
• If you’re a first-time homebuyer, you might be eligible for programs provided by New York State.
• Historical mortgage rates in Syracuse have seen their ups and downs, but they’re not expected to change significantly over the coming year.
• Locking in a mortgage rate can protect against market swings while you await your closing.
Introduction to Syracuse, New York Mortgage Interest Rates
For those in the Syracuse, New York area, understanding mortgage rates is crucial when you’re ready to take the leap into homeownership. This comprehensive guide is here to provide the lowdown on how lenders determine home loan rates — and how you can secure the best rate possible. We’ll delve into the key factors that influence mortgage rates, from the economic climate to your personal financial status, credit history, and down payment amount. By the end, you’ll be equipped with the knowledge to make informed decisions and confidently pursue the home of your dreams. Your first step? Getting a handle on how mortgage rates are set in the first place.
First-time homebuyer programs usually consider anyone who hasn’t owned a home in the previous three years to be a “first-timer.” If you think you might qualify as a first-time homebuyer, you could enjoy special benefits such as lower down payment minimums, grants, and closing cost assistance.
Where Mortgage Rates Come From
Mortgage rates are influenced by a variety of economic factors, and are a bit more complex than you might realize. The bond market, particularly the 10-year U.S. Treasury Note, has historically been a key indicator of where mortgage rates are headed. The overall performance of the housing market and the rate of inflation are also factors that can affect the prices lenders set. When the economy is strong, unemployment is low, and inflation is rising, mortgage lenders in Syracuse may increase rates.
While these large economic trends point rates in one direction or the other, the rate you are personally offered by a lender will be based on your credit score, debt-to-income (DTI) ratio, and down payment amount. A credit score of 620 or better will likely be needed for a conventional loan, though some government-backed loans are more lenient when it comes to credit. By staying informed and understanding these moving parts, you’re better equipped to snag the most favorable mortgage rates in Dallas.
See how your debts may affect your mortgage
Use SoFi’s debt-to-income calculator to determine your personal DTI number.
How Interest Rates Affect Home Affordability
Why bother to keep track of interest rates? They have a big impact on the affordability of a home. Let’s say you’re looking at a $200,000 loan with a 30-year term. At a 6.50% interest rate, your monthly payment would be around $1,264. But if that rate creeps up to 7.00%, suddenly you’re paying $1,330 each month. Over 30 years, that seemingly small difference in interest rate adds up to almost $25,000, as you can see from the chart below.
Interest Rate
Monthly Payment
Total Interest
6.00%
$1,199
$231,677
6.50%
$1,264
$255,085
7.00%
$1,330
$279,021
7.50%
$1,398
$303,403
8.00%
$1,467
$328,309
Syracuse Mortgage Rate Trends
Historical U.S. Mortgage Rates
Knowing the history of mortgage rates in Syracuse can help put current rates into perspective. While rates have seen an increase in the last few years, moving away from the record lows seen in 2021, they are still lower than the highs of years past. The chart shows rates over the
last half-century; as you can see, it’s fairly unusual for rates to dip below 5.00%
Looking at the chart, you can see how average mortgage rates in New York state compare to those for the U.S. as a whole. Syracuse and its neighbors look good in this context, with New York rates trending below national averages. (The Federal Housing Finance Agency didn’t track state averages after 2018.)
Year
New York Rate
U.S. Rate
2000
8.10
8.14
2001
7.02
7.03
2002
6.47
6.62
2003
5.63
5.83
2004
5.70
5.95
2005
5.78
6.00
2006
6.44
6.60
2007
6.40
6.44
2008
6.03
6.09
2009
5.06
5.06
2010
4.80
4.84
2011
4.55
4.66
2012
3.62
3.74
2013
3.77
3.92
2014
4.08
4.24
2015
3.81
3.91
2016
3.62
3.72
2017
3.91
4.03
2018
4.37
4.57
Source: Federal House Finance Agency
Types of Mortgages Available in Syracuse, New York
The type of mortgage loan you choose will in turn affect your interest rate, and you have an array of mortgage types to consider in Syracuse. Generally speaking, conventional loans will require a credit score of 620 or more. If your score is lower, you may be looking at a government-backed loan such as one from the Federal Housing Administration (FHA). Here are the more common mortgage types.
Fixed-Rate Mortgage
Fixed-rate mortgages are the bedrock of home financing, offering you the security of a consistent interest rate that won’t budge, regardless of market fluctuations. This means your monthly payments will be predictable and steady over a loan term of 10, 15, 20, 30, or even 40 years.
Adjustable-Rate Mortgage (ARM)
Now let’s talk about your other option, an adjustable-rate mortgage (ARM). This type of loan often starts with a lower introductory rate than a fixed-rate loan. But after this initial phase, the rate can vary based on market conditions. It’s a cost-effective option, but you must be prepared for potential rate increases and the impact on your monthly payments. (In some cases, those who sign up for an ARM have a plan to move before the rate begins to adjust.)
FHA Loan
FHA loans are known for their more flexible eligibility criteria when compared to conventional loans. Typically, these loans are open to qualified borrowers with a minimum credit score of 500. If your score is 580 or above, you can make a low down payment of just 3.5%. This makes owning a home a reality for a wider range of individuals. First-time buyers and those with limited financial resources can particularly benefit from these terms.
VA Loan
VA loans are a great option for eligible active-duty military members, veterans, reservists, National Guard members, and surviving spouses. One of the biggest benefits of VA loans is that they do not require a down payment. This makes them a very attractive option. The first step if you’re interested in a VA loan is to obtain a Certificate of Eligibility from the VA.
Jumbo Loan
For the majority of locations, including Syracuse (and all of New York outside the New York City area), conventional mortgage loans in 2025 have a cap of $806,500 for a single-family home. A jumbo loan is tailor-made for homebuyers whose borrowing needs surpass this limit. These loans, however, often come with more stringent qualification requirements, such as higher credit scores and the need for more substantial down payments.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Should You Wait for Interest Rates to Fall?
It’s a common question, especially for those new to the homebuying scene in Syracuse. The current buzz suggests that mortgage rates will hold steady for the time being. According to Fannie Mae’s March 2025 report, the average mortgage rate is anticipated to hover around 6.30% by the year’s end, with 2026 rates mirroring this trend. Keep in mind that a mortgage refinance is always an option down the road if you buy now and the rates do take a dip in the future.
The cost of living in Syracuse, New York, is not in the nosebleed territory of New York City, but it’s not one of the most affordable places in New York State, either. Below you can see how Syracuse compares to other cities in the state on a cost-of-living index where 100 equals the average cost of living in the U.S. The median home sale price in Syracuse is a relatively affordable $185,000, which is half the national average sale price, according to Redfin. But the housing market is quite competitive here, and prices are up significantly over last year.
New York City
Cost of Living
Albany
104.8
Buffalo
95.7
Herkimer County
92.9
New York (Brookylyn)
161.1
New York (Manhattan)
230.6
New York (Queens)
149.8
Ostego County
99.6
Rochester
99.1
Syracuse
102.9
Utica-Rome
95.9
How to Get Your Best Possible Rate in Syracuse
Before you begin the process of applying for a home loan in Syracuse, take these steps: Examine your credit score. It’s a key player in securing the best mortgage rates, so make sure your credit record is accurate, and pay your bills promptly. Also check your DTI ratio. As noted above, under 36% is best. Finally, scrutinize your budget to see what is the largest down payment you can handle (without eating into your emergency fund). Consider going through the mortgage preapproval process to nail down your budget and explore different mortgage types, from fixed-rate to adjustable-rate, to see what aligns best with your financial scenario.
Helpful Tools & Calculators
A mortgage payment calculator will be your friend during the mortgage process. You can plug in different loan amounts and terms to see how monthly payments and overall interest paid will be affected by different loans. In fact, you’ll want to keep all three of these calculators at your fingertips when home-shopping in Syracuse.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Evaluate Loan Offers in Syracuse
You’ve polished your credit score, taken charge of your debts, and calculated what home you can afford. Now it’s time to get loan offers from multiple lenders and compare them head to head to see who is offering you the best rate. Don’t just compare interest rates. Look at each loan’s annual percentage rate (APR), which encompasses fees and closing costs as well. Once you’ve selected an offer, you can often lock in your rate for a fee, protecting against potential rate hikes for a set period, such as 90 days.
If you’re buying your first home in Syracuse or have limited financial means (or both), New York offers resources and programs to support you on your journey, including down payment assistance programs. The State of New York Mortgage Agency (SONYMA) is working to expand access to affordable homeownership. It has two primary mortgage programs, Achieving the Dream and Low Interest Rate. There is also a Down Payment Assistance Loan. All of these programs require income screening, and borrowers must meet other qualifications. Remember, as you are thinking about first-time buyer programs, anyone who hasn’t owned a primary residence in the last three years could qualify.
Closing Costs in Syracuse
Syracuse homebuyers can expect to pay between 2% and 5% of the loan value in closing costs. Factors that influence closing costs include property value and location. Costs can include loan origination fees, appraisal fees, and title insurance — for starters. Understanding the breakdown of these costs can help you budget effectively and ensure you’re not caught off guard at the closing table.
The Takeaway
Syracuse offers some nicely priced homes. By getting to know the current mortgage landscape in Syracuse and obtaining offers from multiple lenders, you can make the best decision for your financial situation. Whether you’re a first-time homebuyer or a seasoned homeowner looking to refinance, taking the time to research and compare loan options will help you make the best decision for your long-term financial health.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
What is “normal” for mortgage rates depends on your perspective. If you’ve only been watching rates for a few years, rates topping 6.50% might seem high. But if you bought a home in the 1980s, 6.50% seems like a veritable bargain. Waiting for “normal” rates may be less helpful than asking yourself if you can afford to purchase a home, and if so, is this the right time to do so based not only on cost but also on your personal situation.
Will Syracuse, New York home prices ever decrease?
The housing market in Syracuse is influenced by a variety of factors, including the overall state of the economy both locally and nationally and the balance of supply and demand. While it is difficult to predict the exact direction of home prices due to the inherent volatility of the market, a real estate agent with local knowledge may be able to help you peek ahead at where prices are going.
How do you lock in a mortgage rate?
Locking in a mortgage rate can provide peace of mind and financial stability. And it’s simple to do. Once you’ve shopped around for the best rates and found a loan that suits your needs, contact the lender or mortgage broker and ask them to lock in the rate so you can complete your home search and closing with peace of mind. There may be a small fee for this service.
How do mortgage interest rates work?
Mortgage interest rates are the cost of borrowing money to buy a home, and are typically expressed as a percentage of the loan amount. These rates are influenced by both your personal financial profile and the broader economy. Rates can be fixed or variable. When you make a mortgage payment, a portion of the payment goes toward the principal that you owe and a portion of it is interest. To see what amount is going where, a borrower can review the amortization schedule for their loan.
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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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