NEW YORK MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
New York.
Current mortgage refinance rates in
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in New York.
Key Points
• Mortgage refinance rates are influenced by economic factors such as the bond market, inflation, and housing demand.
• Securing a mere one-percentage-point drop in a home loan refinance rate can save a significant amount of interest over the life of the loan.
• A cash-out refinance lets owners tap into home equity and pull out a lump sum in cash to be used for a renovation or other big expense.
• VA refinances, backed by the U.S. Department of Veterans Affairs, offer some of the most competitive mortgage refinance rates and minimal closing costs.
• Refinancing to a 15-year mortgage can be a smart move, as it often means paying less interest over the life of the loan, although it does bring higher monthly payments.
Introduction to Mortgage Refinance Rates
If you’re dreaming about a lower interest rate for your home loan, a mortgage refinance might be for you. To determine whether or not going through a mortgage refinance and getting a new home loan to replace your existing one is worthwhile, you’ll want to take a close look at mortgage refinance rates in New York. The reason you want to refinance will determine the type of refinance you choose, and that choice will in turn affect the interest rate you are offered. This guide will help you understand how mortgage refinance rates work and the steps you can take to get the best rate in today’s market.
💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Mortgage Refi Interest Rates Come From?
Historically, the strongest indicator of the direction current mortgage rates are headed lies in the bond market, and specifically in the performance of the 10-year U.S. Treasury note. When its rates rise, mortgage interest tends to head in the same direction. Another factor is the housing market. When the market cools and more homes are available than there are buyers, mortgage lenders may lower rates to keep attracting customers. Then there is the overall economy: A strong job market and economic growth can lead interest rates to rise, while a recession is usually accompanied by lower interest rates. All of these factors work together like instruments in a symphony, and understanding this composition can help you tune into the best time to refinance your mortgage.
How Interest Rates Affect Home Affordability
Just as with your existing mortgage, interest rates will play a significant role in determining the affordability of a refinance. Your monthly payment is determined by your loan amount, repayment term, and interest rate. For example, a $375,000 loan with a 6.00% mortgage refinance rate and a 30-year repayment term will have a monthly payment of $2,248. The same loan with a 7.00% interest rate has a $2,494 monthly payment. More importantly, the lower interest rate will save you tens of thousands of dollars over the life of the loan. Although a percentage point adds only a little to your monthly payment, it can add up to thousands or even tens of thousands of dollars over your loan term.
Why Refinance in New York?
Refinancing your mortgage can be a smart financial move, but it’s not something to jump into without doing your homework. You’ll want to have at least 20% equity in your home before refinancing, especially if you’re cashing out some equity (more on that below). Below are some of the reasons borrowers choose to change up their home loan.
Common Reasons to Refinance a Mortgage
• Lower interest rates are now available, or your credit profile has improved and you now qualify for a better rate.
• You want to adjust your repayment term: either extend it for lower monthly payments, or shorten it to save on interest (a shorter term means a higher monthly payment).
• You need to cash out home equity to cover a significant expense, such as renovations, education expenses, or debt consolidation.
• You have an adjustable-rate loan, and you want to lock in a fixed rate to protect against future interest increases.
• You have an FHA mortgage (backed by the Federal Housing Administration), you’ve reached 20% equity in your home, and you want to rid yourself of the FHA mortgage insurance premium.
Think the time might be right to refinance? Our guide to how to refinance a mortgage will help you work through the process.
How to Get the Best Available Mortgage Refi Interest Rate
There are a few steps you should take early in the process that will help you to secure a competitive mortgage refinance rate:
• Make sure you are taking good care of your credit score by paying bills on time and avoiding new debt.
• Lower your debt-to-income ratio by settling outstanding debts to the extent possible.
• Consider whether you have cash on hand that you could use to buy mortgage points (also known as discount points) to lower your interest rate.
• Examine your monthly spending to determine whether you might be able to afford a larger monthly payment, so that you can pay your new mortgage off over a shorter term (and save on interest).
Next step? Take a close look at mortgage interest rates in New York.
Understand Trends in New York Mortgage Interest Rates
Given mortgage rates have fluctuated over the last few decades, it can be hard to know whether the rates you’re currently seeing are a good value. As of 2026, the average 30-year fixed mortgage rate was 6.67%, which was mostly consistent with the past couple of years. New York’s mortgage refinance rates generally follow the same trends as national rates, hovering slightly above and below the national average.
Historical U.S. Mortgage Interest Rates
Looking at these historical trends over a much longer time can help you decide when the time is right for you to refinance. Let’s just say rates as low as 3.00% (as was seen in 2021) don’t come around very often!
Choose the Right Mortgage Refi Type
Refinance rates are usually a bit higher than the rates you might get for a purchase mortgage. But they can also vary depending on the type of refinance loan you choose. There are many different types of mortgage refinance loans with a variety of features. Here are some of the most common.
Conventional Refi
Conventional refinance loans, also known as rate-and-term refis, typically have higher interest rates compared to government-backed loans such as FHA loans, depending on your situation. A conventional refinance is an ideal option for homeowners seeking to modify their interest rate, loan duration, or both. It offers the potential to secure a lower mortgage refinance rate or a shorter loan term. Conventional refis are best suited for individuals with a strong credit history and sufficient home equity. Two common types are the 15-year refi and the adjustable-rate refi.
15-Year Mortgage Refi
Refinancing to a 15-year mortgage can lead to big savings on interest in the long run, although in the short term it means larger monthly payments. Some borrowers, especially those nearing retirement or those who know they will be facing college expenses in the future, refi into a shorter term to close out their mortgage before other expenses hit.
Adjustable Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) often offer lower initial mortgage refinance rates than fixed-rate loans, making them an appealing choice for homeowners who expect to move within a few years. If you currently have a 30-year fixed-rate mortgage but plan to sell your home in the next few years, switching to an ARM could potentially reduce your monthly payments. Of course, other borrowers refinance because they want to get out of an adjustable-rate loan and into a fixed-rate mortgage. It’s a personal choice.
Cash-Out Refi
A cash-out refinance is a smart way to leverage your home equity. Here’s how it works: You take out a new mortgage that’s larger than your current one, and the difference is handed to you in a lump sum. Imagine your home is valued at $500,000, and you owe $300,000. With a cash-out refinance of $400,000, you pay off your first mortgage and have $100,000 left over for debt consolidation, home improvements, or other expenses. While the rates might be a tad higher than a standard refi, the benefits of a cash-out refi can be a game-changer for managing your financial commitments.
FHA Refi
An FHA refinance can be your ticket to lower mortgage refinance rates and more flexible qualifying criteria. There are three main types: the FHA Streamline Refinance is exclusive to those with existing FHA loans. FHA cash-out refinances and FHA 203(k) refinances, which can finance home renovations, are available for those who didn’t start with an FHA loan.
VA Refi
A VA refinance, guaranteed by the U.S. Department of Veterans Affairs, is available to VA loan holders. These loans are known for offering some of the lowest mortgage refinance rates, along with minimal closing costs. The interest rate reduction refinance loan (IRRRL) can be used to refinance an existing VA loan to a lower interest rate or from an ARM to a fixed-rate mortgage.
Compare Mortgage Refi Interest Rates
Once you’ve closed in on the type of refinance you are considering, seek out interest rate offers and terms from multiple lenders to determine who has the best rate and term combo for your financial situation. Make sure to check the annual percentage rate (APR) on loan offers. (You might see offers that mention a no-closing-cost refinance, but this often means any costs are rolled into the amount of your loan.) During the comparison process, you’ll probably find a mortgage refinance calculator helpful.
Use an Online Refinance Calculator
Online refinance calculators are incredibly helpful tools for getting a handle on mortgage refinancing costs. You probably used a mortgage calculator when looking for your first home loan, and a refinance calculator will be similar. Here are a few useful calculator tools:
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
The Takeaway
Refinancing your mortgage can be a smart financial move, but it’s not something you should rush into. By understanding the different types of refinances — including cash-out, FHA, VA, and 15-year mortgages, among others — you can make an informed decision. You can also take steps to strengthen your credit score and reduce other debts before you enter the mortgage refinance process. This will help you get the best rate and terms in New York.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I lower my interest rate without refinancing my mortgage?
It’s difficult to lower a mortgage interest rate without a refinance, but you can reduce your monthly payments by doing a mortgage recast. A recast involves making a lump-sum payment toward your principal balance, and then your lender can “recast” your monthly payment amount to reflect the lower principal. If you’re facing financial hardship, you could explore a loan modification by talking to your lender, but if you have a solid credit score and stellar payment history, you can always ask them to modify your rate (although the lender is likely to suggest a refi or recast instead).
Is there a fee to recast your mortgage?
There is a fee to recast your mortgage, but it is not as expensive as the fees associated with a mortgage refinance. The recast fee is usually small, ranging from $100 to $500, depending on your lender.
How much are closing costs on a refinance?
On average, closing costs on a refinance typically range from 2% to 5% of the loan amount. For a $300,000 refinance, that could mean shelling out anywhere from $6,000 to $15,000. Some lenders offer a “no-closing-cost refinance,” but often this just means the costs are rolled into the amount borrowed or reflected in a higher interest rate.
Does refinancing hurt your credit score?
Refinancing might cause a slight dip in your credit score, but the potential savings from a refinance could be well worth it. Refinancing your mortgage can potentially save you a lot of money over the life of your loan, making it a smart financial move for many homeowners looking to improve their financial health.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q326-113
More refinance resources.
-
How Much Does It Cost to Refinance a Mortgage?
-
How to Refinance a Home Mortgage Loan
-
7 Signs It’s Time for a Mortgage Refinance