The average mortgage interest rate in New York rose between the first and second quarters of 2026, placing the state 21st among the 50 states for the size of the increase in a new WalletHub analysis.
New York's average rate was 6.38% in the second quarter, up 0.43% from the first quarter, according to WalletHub's state-by-state report. The company said average rates increased in 37 states and declined in 13 during that period.
The ranking measures the change in the average rate, not which states had the highest rates. New Jersey, for example, had a 6.98% average rate in the second quarter but ranked 34th for its smaller 0.11% increase. Connecticut's average was 6.61%, with a 0.14% increase that placed it 32nd.
Pennsylvania ranked 24th with an average second-quarter rate of 5.61% and a 0.33% increase. Massachusetts ranked 20th, just ahead of New York, with an average rate of 5.82% and a 0.47% increase.
Biggest increases and declines
Mississippi recorded the largest increase at 1.92%, followed by Colorado at 1.60% and Tennessee at 1.57%, according to WalletHub's table. North Dakota recorded the largest decline at 3.68%, followed by South Dakota at 1.22% and Wyoming at 1.07%.
Mississippi's average rate was 5.54% in the second quarter, below New York's despite its larger increase. The comparison illustrates why the ranking should not be read as a list of the most expensive mortgage rates.
What the study measures
WalletHub said it used proprietary user data on mortgage interest rates from the first and second quarters of 2026 to compare states. The report does not give a sample size or explain how the user data were selected, limiting how precisely its state averages can be assessed.
WalletHub analyst Chip Lupo said higher rates add to the difficulty of buying a home amid elevated prices and limited housing supply. The report compares quarterly averages; it does not establish what rate any individual New York borrower would receive or predict where rates will go next.
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