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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.837%APR 6.871% | 0 pts$0 | $3,242/moP&I $3,242 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.964%APR 6.732% | 0 pts$0 | $3,242/moP&I $3,011 · MI $231 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.887%APR 5.934% | 0 pts$0 | $2,935/moP&I $2,935 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.870%APR 6.904% | 0 pts$0 | $3,253/moP&I $3,253 · MI $0 | See details |
| Investment Property FixedConforming | 7.526%APR 7.565% | 0 pts$0 | $3,473/moP&I $3,473 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 5.887% | 5.934% | 0 pts ($0) | $4,151/mo | $81,878 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.863% | 5.910% | 0 pts ($0) | $5,180/mo | $113,995 |
Condo 10% Down | 10% | 720 credit score | 6.895% | 7.056% | 0 pts ($0) | $3,669/mo | $127,705 |
Conventional 10% Down | 10% | 720 credit score | 6.524% | 6.676% | 0 pts ($0) | $3,532/mo | $121,477 |
Conventional 20% Down | 20% | 740 credit score | 6.837% | 6.871% | 0 pts ($0) | $3,242/mo | $100,016 |
Conventional 5% Down | 5% | 700 credit score | 6.830% | 7.299% | 0 pts ($0) | $3,847/mo | $133,648 |
Conventional Cash-Out Refi | 0% | 740 credit score | 6.865% | 6.899% | 0 pts ($0) | $4,064/mo | $137,619 |
Conventional High Balance | 10% | 740 credit score | 7.001% | 7.034% | 0 pts ($0) | $3,709/mo | $126,142 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.728% | 7.099% | 0 pts ($0) | $3,888/mo | $140,022 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.870% | 6.904% | 0 pts ($0) | $4,066/mo | $137,712 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $5,111/mo | $121,849 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.964% | 6.732% | 0 pts ($0) | $3,632/mo | $127,274 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,752/mo | $131,360 |
FHA Streamline Refi | 0% | 640 credit score | 6.089% | 6.859% | 0 pts ($0) | $3,814/mo | $134,257 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.830% | 7.069% | 0 pts ($0) | $3,847/mo | $138,943 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,875/mo | $75,861 |
Investment Property 25% Down | 25% | 740 credit score | 7.526% | 7.565% | 0 pts ($0) | $3,256/mo | $103,416 |
Jumbo Conforming | 20% | 760 credit score | 7.003% | 7.035% | 0 pts ($0) | $3,297/mo | $102,494 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $3,601/mo | $110,419 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.329% | 7.103% | 0 pts ($0) | $3,775/mo | $133,947 |
Second Home 10% Down | 10% | 720 credit score | 6.840% | 6.999% | 0 pts ($0) | $3,649/mo | $126,782 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,258/mo | $100,717 |
VA 0% Down | 0% | 700 credit score | 5.962% | 6.203% | 0 pts ($0) | $3,778/mo | $124,366 |
VA Cash-Out Refi | 0% | 640 credit score | 5.969% | 6.334% | 0 pts ($0) | $3,780/mo | $124,499 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 5.982% | 6.132% | 0 pts ($0) | $3,786/mo | $124,747 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $3,408/mo | $107,813 |
Frequently Asked Questions
What are today's mortgage rates in Shoreham-Wading River, NY across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Shoreham-Wading River, NY is 6.837% (with an estimated monthly payment of $3,104). Active program rates also include FHA 30-year fixed loans at 5.964% and VA 0%-down fixed loans at 5.962%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Shoreham-Wading River, NY?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in Shoreham-Wading River, NY have fluctuated between a low of 6.385% and a high of 6.844%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Shoreham-Wading River, NY?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $619,320 in Shoreham-Wading River, NY, a standard 20%-down Conventional loan requires an upfront cash down payment of $123,864 but keeps your monthly payment lower at $3,104/mo (at 6.837% interest) with no monthly PMI. In comparison, an FHA loan requires only $21,676 (3.5% down) but has an estimated payment of $3,477/mo (at 5.964% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $597,644 falls comfortably within the local HUD FHA loan limit of $712,218 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in Shoreham-Wading River before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Shoreham-Wading River is $806,501. With a typical local home value of $619,320 in , a standard 20%-down mortgage requires a loan size of $495,456. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in Shoreham-Wading River, NY impact estimated mortgage payments?
The median home value in Shoreham-Wading River, NY is estimated at $619,320. Buying a typical home here with a standard 20% down payment ($123,864) translates to an estimated starting monthly mortgage payment of $3,104 (principal and interest). Compared to the local area median household income of $136,936 ($11,411/mo), this basic housing payment represents approximately 27.2% 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.