Construction Coverage has just released a new study looking at where homebuyers are getting the best mortgage rates in the U.S.
As the cost of homeownership continues to grow out of reach for many Americans, mortgage interest rates have become a central concern for both homebuyers and policymakers. The Federal Reserve’s ongoing efforts to curb inflation with elevated interest rates have somewhat cooled the housing market, but have not been sufficient to balance the rise in borrowing costs. As a result, many prospective buyers face the daunting combination of steep home prices and expensive financing.
Interest rates vary geographically due to local market conditions, the financial health of residents, and laws governing lenders. Researchers ranked states according to the share of all fixed-rate mortgages with less than a 7% interest rate. Only conventional home purchase loans approved in 2023, the latest data available, were included in the analysis.
These are the key takeaways from the report for New York State:
- 67.7% of fixed-rate mortgages approved in New York State had rates below 7% last year, with a median interest rate of 6.625%.
- Meanwhile, New York State’s median home sale price, when financed with a 30-year mortgage, was $475,000; for a 15-year, $425,000.
- Overall, New York has the 7th largest share of homebuyers getting mortgage interest rates below 7% out of any U.S. state.
