About Cash-out refinance rates in New York
Cash-out refinancing in New York allows homeowners to leverage the equity they have built in their properties to access liquid capital. By replacing an existing mortgage with a new, larger loan, you can settle debts, fund renovations, or cover major expenses while potentially restructuring your monthly financial commitments.
In the current market, your specific cash-out rate is heavily influenced by your individual credit profile, the loan-to-value ratio of your property, and the specific property type in New York. Because cash-out loans carry slightly more risk for lenders than rate-and-term refinances, it is essential to prepare your documentation and understand how your equity position impacts the pricing offered to you.
Compare live New York mortgage rates
Adjust your scenario and press Update Rates to see real lender pricing. Rates shown are not a commitment to lend.
13 offers · $640,000 loan in 11747 · Live pricing
Not seeing the rates you’re looking for?
Talk to a licensed loan officer and get pricing tailored to your exact scenario.
This week in the Cash-out refinance market in New York
For borrowers in New York, our featured Cash-out refinance pricing today is 6.875% (6.911% APR) with 0.034 discount points (about $218 paid at closing). The APR folds in lender fees and points alongside the interest rate, so it gives a fuller picture of what the loan costs than the rate alone. At that rate the estimated principal and interest payment is $4,204 per month, before property taxes, homeowners insurance and any HOA dues. This pricing assumes a $640,000 refinance loan on a $800,000 single-family primary residence in ZIP 11747, New York, with $160,000 down, a 780+ credit score and a 30-day rate lock, as of October 18, 2026. Your own rate depends on your credit, loan amount, property and program, and rates change daily — this is not a commitment to lend.
National mortgage rates remained steady this week as the Freddie Mac 30-year fixed average held at 7.4%, sitting at the top of its 52-week range of 5.98% to 7.4%. Meanwhile, the national average for a 15-year fixed mortgage is currently at 6.71%. For New York homebuyers and homeowners considering a refinance, these figures highlight a period of sustained pressure on borrowing costs, which remains an important factor to consider when evaluating your monthly housing budget in our local market.
Understanding these national averages is a helpful starting point for anyone navigating the current real estate landscape. Because New York presents a unique and competitive environment, these national benchmarks serve as a broader snapshot of the interest rate climate. Whether you are searching for your first home or looking to adjust your current mortgage, being mindful of where rates have trended over the past year can help you better prepare for your personal financial decisions as you move forward.
52 weeks of mortgage rates
The line shows the Freddie Mac national 30-year fixed average each week. The dashed line is our featured New York pricing today.
Source: Freddie Mac Primary Mortgage Market Survey. National averages are survey data, not quotes.
Cash-out refinance in New York
New York real estate presents unique challenges and opportunities, particularly regarding the state’s specific mortgage recording taxes and high property values. When pursuing a cash-out refinance here, your eligibility is largely driven by your combined loan-to-value ratio and the specific guidelines of your chosen loan program, whether it be a conventional loan or a government-backed option.
Cash-out refinancing is often the ideal choice for homeowners in New York who have seen significant property appreciation and need to consolidate high-interest debt or invest in home improvements. Keep in mind that New York state regulations regarding closing costs and secondary liens may differ from other jurisdictions, making it vital to work with a team that understands the nuances of local property laws and title insurance requirements.
Which loan program fits you?
Conventional
Backed by Fannie Mae or Freddie Mac. Strong pricing with 3% down and up for qualified buyers, and mortgage insurance drops off once you reach 20% equity.
FHA
Government-insured with flexible credit requirements and 3.5% down. Mortgage insurance applies for the life of most FHA loans, but the rate is often competitive.
VA
For eligible veterans, active-duty service members and surviving spouses. No down payment required and no monthly mortgage insurance.
Jumbo
For loan amounts above the conforming limit — common across downstate New York. Requires stronger reserves and credit, with pricing that moves independently of conforming loans.
USDA
Zero-down financing for eligible rural and small-town New York properties, subject to income and location limits.
How Cash-out refinance pricing works
When comparing your options, remember that the interest rate and the Annual Percentage Rate (APR) serve different purposes. While the interest rate reflects the cost of borrowing the principal, the APR provides a more comprehensive view of the loan’s true cost by incorporating certain prepaid finance charges, such as lender fees and discount points.
You may also encounter the choice between paying points to lower your rate or opting for lender credits to reduce your upfront closing costs. Points are essentially prepaid interest, which can be advantageous if you plan to stay in your New York home for many years, while lender credits can help minimize the immediate out-of-pocket expenses needed to finalize your cash-out transaction.
New York-specific things to know
SONYMA programs
The State of New York Mortgage Agency offers below-market rate programs and down payment assistance for first-time buyers who meet income and purchase-price limits.
CEMA on refinances
A Consolidation, Extension and Modification Agreement can reduce New York’s mortgage recording tax when you refinance. Ask whether your loan qualifies before you lock.
Co-op financing
New York City co-ops are financed as share loans rather than real property, so lender guidelines, building approvals and closing costs differ from condos.
Closing cost planning
Between the mortgage recording tax, title, and attorney representation at closing, New York closing costs typically run higher than the national average — budget accordingly.
Frequently asked questions
How much equity do I typically need for a cash-out refinance in New York?
Most lenders require you to retain a specific amount of equity in your home after the new loan is funded. While requirements vary by program, having a healthy cushion of equity is generally necessary to qualify for the most competitive terms.
Does a cash-out refinance affect my existing New York property taxes?
Refinancing your mortgage does not directly change your property tax assessment. However, if you use the cash-out proceeds to make significant improvements to your home, your local tax assessor may adjust your property value upward in future cycles based on those upgrades.
Can I use cash-out proceeds for anything I want?
Yes, once the loan closes and the funds are disbursed, you generally have full discretion over how you use the cash. Many New York homeowners use these funds for home renovations, consolidating high-interest credit card debt, or covering educational expenses.
How do New York’s mortgage recording taxes impact my refinance?
New York charges a mortgage recording tax on new mortgages, which can be a significant closing cost depending on your location. It is important to account for these local taxes when calculating your break-even point for the refinance to ensure the financial benefit outweighs the cost of the transaction.
More New York rate pages
- → New York Mortgage Rates Today
- → New York Conventional Mortgage Rates — 2026
- → New York FHA Mortgage Rates — 2026
- → New York VA Mortgage Rates — 2026
- → New York Jumbo Mortgage Rates — 2026
- → New York USDA Mortgage Rates — 2026
- → New York Mortgage Refinance Rates — 2026
- → New York 15-Year Mortgage Rates — 2026
- → New York Adjustable-Rate Mortgage (ARM) Rates — 2026
- → New York First-Time Home Buyer Mortgage Rates — 2026
- → Suffolk County Mortgage Rates
- → Nassau County Mortgage Rates
- → Westchester County Mortgage Rates
Reviewed by
Gregory A. Topal · Chief Executive Officer, Reliant Home Funding
Licensed mortgage loan originator, NMLS #38684. Gregory leads Reliant Home Funding, a Long Island-based lender serving New York homebuyers. Last reviewed October 18, 2026.
Rate assumptions. Pricing shown is based on a $640,000 refinance loan on a $800,000 single-family primary residence in ZIP 11747, NY, with $160,000 down, a 780+ credit score and a 30-day lock, as of October 18, 2026. Rates and terms are subject to change without notice and are not a commitment to lend. Your actual rate, payment and costs may differ. APR includes estimated lender fees. All loans subject to credit approval and property appraisal. Reliant Home Funding, NMLS #292473. Equal Housing Opportunity.