Current Mortgage Rates in Long Island 

Updated July, 2025

• 30-year fixed: 6.27%
• 15-year fixed: 5.57%
• 30-year VA: 5.72%
• 15-year VA: 5.18%

The annual percentage rate (APR) is 5.47- 6.682% depending on product and the loan-to-value ratio (LTV) is 80% for the cost of 2.00 points due at closing. One point is equal to one percent of the loan amount. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date. Some state and county maximum loan amount restrictions may apply.

Mortgage rates are the interest rates that borrowers pay on home loans, and they are an important factor in determining the cost of buying a home. Understanding how mortgage rates are determined and why they change is crucial for anyone who is looking to take out a mortgage.

Compare Mortgage Rates

 1-800-700-4JET

Get pre-qualified form

What are mortagage rates in Long Island?

Mortgage rates are the interest rates charged on a home loan, which determine the monthly payment amount for the borrower. They are influenced by various economic factors, such as inflation and the Federal Reserve’s monetary policy, and can fluctuate over time. Borrowers can choose between fixed-rate and adjustable-rate mortgages, with fixed-rate mortgages having a constant interest rate for the life of the loan and adjustable-rate mortgages having an interest rate that changes over time.

Ready to Get Started?

What is a Mortgage APR?

What is a good APR for a 30-year mortgage?

Homeownership is an exciting journey, but one that involves careful consideration of timing and rates. Mortgage rates can be unpredictable day-to-day; currently, good 15 year fixed loan mortgage rate options start at around 6% while 30 year mortgages often begin in the 7% range. With current market conditions continually shifting it’s wise to take advantage of these favorable interests when they arise!

What is mortgage APR vs interest rate?

When comparing finance options, it’s important to understand the APR – which stands for Annual Percentage Rate. This value is calculated by taking into account not only interest rates but also additional charges or fees such as mortgage insurance and closing costs that may be associated with a loan agreement. The APR provides an accurate representation of how much you can expect to pay in total each year for your selected financial product.

How are Mortgage Rates Determined and why do they Change?

Mortgage rates are the interest rates that borrowers pay on home loans, and they are an important factor in determining the cost of buying a home. Understanding how mortgage rates are determined and why they change is crucial for anyone who is looking to take out a mortgage.

Mortgage rates are primarily determined by the market demand for mortgage-backed securities, which are financial instruments that are based on pools of mortgage loans. The interest rates on these securities are determined by supply and demand factors, including the overall level of interest rates in the economy, the inflation rate, and the state of the housing market.

The Federal Reserve, the central bank of the United States, also plays a role in determining mortgage rates. The Fed can raise or lower interest rates to help control inflation, which can impact the cost of borrowing money and therefore, mortgage rates. Additionally, the Fed’s actions can affect the overall level of interest rates in the economy, which can also impact mortgage rates.

Another factor that can impact mortgage rates is the lender’s cost of funds, which is the cost of the money that the lender uses to make loans. If the cost of funds increases for a lender, then the lender may raise mortgage rates to compensate. Similarly, if the cost of funds decreases, then the lender may lower mortgage rates.

Finally, the creditworthiness of the borrower also affects mortgage rates. Borrowers who have good credit scores and a strong financial profile are typically offered lower mortgage rates than borrowers with weaker credit scores or financial profiles.

In conclusion, mortgage rates are determined by a combination of market demand, Federal Reserve actions, the cost of funds for lenders, and the creditworthiness of the borrower. These factors can change over time, leading to changes in mortgage rates. It is important for homebuyers to understand these factors so that they can make informed decisions about taking out a mortgage.

Find the Right Loan for Your Specific Needs:

1. Conventional Loans
2. FHA Loans
3. Renovation Loans
4. Reverse Mortgages
5. Jumbo Loans
6. VA Loans

Definitions

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

What are the current mortgage rates in Long Island for 2025?

• 30-year fixed: 6.27%
• 15-year fixed: 5.57%
• 30-year VA: 5.72%
• 15-year VA: 5.18%

What factors affect mortgage rates in Long Island?

Mortgage rates can be heavily impacted by a variety of market factors, including the decisions made at The Federal Reserve and bond markets, not to mention movement in Secured Overnight Finance Rate (SOFR), Constant Maturity Treasury’s (CMT)and fluctuations within our economy. On January 11th 2023 these distinct components will all work together to determine the future course of mortgage rates – an important date for those looking into home ownership opportunities.

How to Get the Best Mortgage Rate in Long Island

Securing a favorable mortgage rate in Long Island can save you thousands over the life of your loan. In today’s shifting market, here’s how to put yourself in the strongest position:

✅ 1. Check and Strengthen Your Credit Score

• Why it matters: Credit scores directly influence mortgage interest rates.
• Action step: Request your credit report from all three bureaus (Equifax, TransUnion, Experian) and correct any inaccuracies.
• Target score: Aim for 740+ to access the most competitive rates.

✅ 2. Compare Offers from Multiple Lenders

• Don’t rely on one quote: Rates vary between banks, credit unions, and online lenders.
• Use 2025 tools: Leverage updated online platforms like Zillow, LendingTree, or Bankrate to compare prequalified rates quickly.
• Tip: Request a Loan Estimate (LE) from each lender to compare total loan costs.

✅ 3. Consider a Shorter Loan Term

• Lower rates: 15-year or 20-year fixed loans typically offer lower interest rates than 30-year terms.
• Weigh the trade-off: While payments are higher, you’ll pay far less in total interest.

✅ 4. Increase Your Down Payment

• Higher equity = lower risk: Lenders reward higher down payments with better rates.
• Benchmarks:
  • 20% down: Avoids private mortgage insurance (PMI).
  • 10–15% down: Still qualifies for favorable terms in many cases.

✅ 5. Improve Your Debt-to-Income (DTI) Ratio

• Lender threshold: Most prefer DTI under 43%.
• Boost your ratio:
  • Pay down credit cards or installment debt.
  • Avoid new large debts before applying.
  • Increase income (even temporary gigs can count with documentation).

✅ 6. Buy Discount Points (If It Makes Sense)

• How it works: Pay upfront fees (points) to reduce your interest rate.
• Typical rate reduction: ~0.25% per point.
• Smart strategy: Works best if you plan to stay in the home long enough to recoup the cost.

Can I Lock in a Mortgage Rate in Long Island in 2025?

Yes — and it’s highly recommended.
With the Federal Reserve’s ongoing rate adjustments in 2025, locking in your rate as soon as you’re under contract protects you from potential rate hikes before closing.

🔒 Key Rate Lock Tips for 2025:

• Standard lock periods: 30, 45, or 60 days — confirm what your lender offers.
• Float-down options: Some lenders allow a one-time rate drop if market rates fall.
• Act quickly: Finalize your application and documentation within a few business days of rate lock to avoid delays.

📌 Final Thought

To secure the best mortgage rate in Long Island this year:

• Stay financially prepared.
• Compare multiple lenders.
• Be proactive with timing.
• Use tools and expert guidance.

For personalized advice or pre-approval, consider reaching out to local Long Island mortgage brokers or direct lenders like Jet Direct Mortgage, who specialize in the area.

Benefits of working with Jet Direct Mortgage

Helpful Mortgage Videos

In-Depth Long Island Mortgage Guide

The Long Island Housing Market: Trends and Insights

The Long Island housing market is unique, with a diverse range of communities and property values. Understanding the local trends is key to making an informed decision.

• Current Market Trends: As of Summer 2025, the Long Island housing market remains competitive. Demand continues to outpace supply, particularly in desirable school districts and communities with easy access to New York City. This has led to a steady appreciation of home values.
• Average Home Prices:
  • Nassau County: You’ll find a wide range of home prices, from more affordable options in towns like Hempstead and Uniondale to multi-million dollar homes in the “Gold Coast” communities of Oyster Bay and North Hills.
  • Suffolk County: Suffolk County offers a more diverse range of housing options. Towns like Huntington and Babylon provide a suburban feel with a vibrant downtown, while the East End (the Hamptons and the North Fork) is known for its luxury properties and vacation homes.
• How This Affects Your Mortgage: Higher home prices mean you may need to consider a jumbo loan if your desired property exceeds the conforming loan limits. A competitive market also means you need to be pre-approved for a mortgage to show sellers that you are a serious buyer.

Types of Mortgages for Long Islanders

Choosing the right mortgage is just as important as choosing the right home. Here’s a breakdown of popular loan types and how they can work for you in the Long Island market:

• Conventional Home Loans: A popular choice for buyers with good credit and a stable income. Conventional loans are not insured by the federal government. You’ll typically need a down payment of at least 3-5%, but a 20% down payment will help you avoid private mortgage insurance (PMI).
• FHA Home Loans: Backed by the Federal Housing Administration, FHA loans are a great option for first-time homebuyers and those with lower credit scores. They have more flexible income and credit requirements and a low down payment of just 3.5%.
• VA Loans: If you are a veteran, active-duty service member, or eligible surviving spouse, a VA loan is an excellent option. These loans are backed by the U.S. Department of Veterans Affairs and often require no down payment and no PMI.
• Jumbo Loans: For homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA), a jumbo loan is necessary. These loans have stricter credit and income requirements due to the larger loan amount.
• FHA 203(k) Loans: This loan allows you to finance both the purchase of a home and the cost of renovations into a single mortgage. It’s a great option for buying a fixer-upper in an older Long Island neighborhood.

First-Time Homebuyer Guide for Long Island

Buying your first home on Long Island is an exciting milestone. Here are some tips to help you navigate the process:

1. Get Pre-Approved: Before you start looking at homes, get pre-approved for a mortgage. This will give you a clear idea of your budget and show sellers that you’re a serious buyer.
2. Explore Different Communities: Long Island is a diverse place. Take the time to explore different towns and neighborhoods to find the one that’s right for you. Consider factors like school districts, commute times, and local amenities.
3. Work with a Local Real Estate Agent: A good real estate agent who knows the Long Island market can be an invaluable resource. They can help you find homes, negotiate offers, and navigate the closing process.
4. Factor in Property Taxes: Long Island has some of the highest property taxes in the country. Be sure to factor this into your budget when you’re looking at homes.
5. Don’t Forget Closing Costs: In addition to your down payment, you’ll also need to pay closing costs, which can include appraisal fees, attorney fees, and title insurance. These typically amount to 2-5% of the home’s purchase price.

Your Long Island Homeownership Journey Starts Here

Buying a home on Long Island is one of the most significant financial decisions you’ll ever make, and having the right partner can make all the difference. We hope this guide has provided you with valuable insights into the local market and the mortgage process. At Jet Direct Mortgage, our commitment goes beyond just providing rates; we’re dedicated to offering personalized guidance and leveraging our deep understanding of the Nassau and Suffolk County markets to your advantage. When you’re ready to turn your dream of homeownership into a reality, our team of local experts is here to help you every step of the way.

Ready to take the next step?

• [Apply Online] to start your secure application with our Jet Direct Mobile app.
• [Get Pre-Approved]to strengthen your buying position with a no-obligation pre-approval.
• [Speak with a Loan Officer]or call us at 1-800-700-4JET for a free, personalized consultation.