Mortgage Refinance Rates in New York (2026)
With New York's median value near $470,000, a homeowner refinancing a typical $320,000 balance from about 7.50% to 6.25% saves roughly $267/month — breaking even on ~$8,000 of costs near month 30.
Refinancing in New York comes in three flavors: lower your rate, shorten your term, or pull out equity to 80% LTV. 7 New York counties are high-cost, raising the conforming ceiling there.
Refinance snapshot by New York county
| County | Est. Value | 2026 Conforming Limit | Tier |
|---|---|---|---|
| Kings County | $900,000 | $1,249,125 | High-cost |
| Queens County | $725,000 | $1,249,125 | High-cost |
| New York County | $1,100,000 | $1,249,125 | High-cost |
| Suffolk County | $640,000 | $1,249,125 | High-cost |
| Nassau County | $720,000 | $1,249,125 | High-cost |
| Bronx County | $560,000 | $1,249,125 | High-cost |
| Westchester County | $720,000 | $1,249,125 | High-cost |
| Erie County | $470,000 | $806,500 | Baseline |
| Monroe County | $470,000 | $806,500 | Baseline |
| Richmond County | $470,000 | $806,500 | Baseline |
| Onondaga County | $470,000 | $806,500 | Baseline |
| Orange County | $470,000 | $806,500 | Baseline |
| Rockland County | $470,000 | $806,500 | Baseline |
| Albany County | $470,000 | $806,500 | Baseline |
| Dutchess County | $470,000 | $806,500 | Baseline |
| Saratoga County | $470,000 | $806,500 | Baseline |
| Oneida County | $470,000 | $806,500 | Baseline |
| Niagara County | $470,000 | $806,500 | Baseline |
| Broome County | $470,000 | $806,500 | Baseline |
| Ontario County | $470,000 | $806,500 | Baseline |
| Rensselaer County | $470,000 | $806,500 | Baseline |
| Schenectady County | $470,000 | $806,500 | Baseline |
| Chautauqua County | $470,000 | $806,500 | Baseline |
| Oswego County | $470,000 | $806,500 | Baseline |
| Jefferson County | $470,000 | $806,500 | Baseline |
| Ulster County | $470,000 | $806,500 | Baseline |
| Putnam County | $470,000 | $806,500 | Baseline |
| St. Lawrence County | $470,000 | $806,500 | Baseline |
| Tompkins County | $470,000 | $806,500 | Baseline |
| Steuben County | $470,000 | $806,500 | Baseline |
Should you refinance in New York?
It comes down to your break-even. Take your closing costs (often 2-5% of the balance) and divide by your monthly savings — if you will stay in the home past that month count, refinancing usually wins. Cash-out makes sense when the rate and use of funds beat your other borrowing options.
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Frequently Asked Questions
- How much can refinancing save in New York?
- On a $320,000 balance near the New York median, dropping from ~7.50% to 6.25% saves about $267/month. Your figure depends on your current rate and balance.
- What is the conforming loan limit in New York for 2026?
- Most New York counties use the $806,500 baseline; high-cost counties go up to $1,209,750. Above that, refinances are jumbo loans.