Mortgage Rates in New York City, New York: 2026 Guide
30-year fixed: 7.32%. Median home price: $800,000.
Current Mortgage Rates in New York City
| Loan Type | Rate | APR | Monthly Payment* |
|---|---|---|---|
| 30-Year Fixed | 7.32% | 7.400% | $4,396/mo |
| 15-Year Fixed | 6.68% | 6.750% | $5,639/mo |
| 5/1 ARM | 6.46% | 6.810% | $4,028/mo |
Median Home Prices in New York City
The median home price in New York City is $800,000, above the NY state median of $650,000. Manhattan prices are significantly higher, while Queens and Brooklyn offer more moderate options.
Cost of Living & Property Taxes
NY property tax rate: 1.45% (varies by borough). Annual taxes: $11,600. NYC also has a mortgage recording tax of approximately 1.8% on the loan amount for properties over $500,000.
New York City Market Insights
New York City’s housing market is unique, shaped by co-op and condominium ownership structures, strict zoning, and global demand. Manhattan commands premium prices, while the outer boroughs — Brooklyn, Queens, and the Bronx — offer more diverse price ranges. Property taxes are complex in NYC, with co-op and condo owners often benefiting from abatements. The market has shown resilience post-pandemic, with a return to office culture boosting Manhattan demand.