First-Time Homebuyer Mortgage Rates in ZIP Code 13624

Today's leading benchmark rate for first-time homebuyer rates in 13624, Clayton, NY is 6.962% (with an estimated monthly payment of $1,747). Calibrated directly to 13624, Clayton, NY's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.

Mortgage rates for first-time homebuyer rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for first-time homebuyer rates in 13624, Clayton, NY have hovered between a low of 6.849% and a high of 7.086%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.

Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $278,255 in 13624, Clayton, NY, a standard 20%-down Conventional loan requires an upfront cash down payment of $55,651 but keeps your monthly payment lower at $1,747/mo (at 6.962% interest) with no monthly PMI. In comparison, an FHA loan requires only $9,739 (3.5% down) but has an estimated payment of $1,931/mo (at 5.958% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $268,516 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.

The 2025 conforming conventional loan limit for a 1-unit property in 13624 is $806,501. With a typical local home value of $278,255 in Clayton, a standard 20%-down mortgage requires a loan size of $222,604. Because this is within the $806,501 conforming threshold, buyers can qualify for standard conforming conventional financing with competitive rates.

The median home value in 13624, Clayton, NY is estimated at $278,255. Buying a typical home here with a standard 20% down payment ($55,651) translates to an estimated starting monthly mortgage payment of $1,747 (principal and interest). Compared to the local area median household income of $72,014 ($6,001/mo), this basic housing payment represents approximately 29.1% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.