Mortgage Rates in Buffalo, New York: 2026 Guide
30-year fixed: 7.32%. Median home price: $220,000.
Current Mortgage Rates in Buffalo
| Loan Type | Rate | APR | Monthly Payment* |
|---|---|---|---|
| 30-Year Fixed | 7.32% | 7.400% | $1,209/mo |
| 15-Year Fixed | 6.68% | 6.750% | $1,551/mo |
| 5/1 ARM | 6.46% | 6.810% | $1,108/mo |
Buffalo Market Insights
Buffalo’s housing market is one of the most affordable in New York State, with median home prices well below the state average. The city has seen rekeyization in recent years, with investment in the waterfront, medical corridor, and downtown areas. Neighborhoods like Elmwood Village and Allentown offer historic charm, while suburbs like Amherst and Williamsville provide excellent school districts.
Frequently Asked Questions
What is the average mortgage rate in Buffalo?+
The average 30-year fixed rate in Buffalo is 7.32%.
Is Buffalo affordable for first-time buyers?+
Very. With a median home price of just $220,000, Buffalo is one of the most affordable cities in NY. 20% down is only $44,000.
What are property taxes in Buffalo?+
NY property tax rate is 1.45%. Annual taxes on a median home: $3,190.