Mortgage Rates in Gates, New York — April 2026
Updated April 2026 | Based on Gates market data and regional lending conditions
Gates is a smaller New York community of 22,472 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.77% (0.12% above the national average). The median home price of $360,000 translates to roughly $2,397/month with 20% down — requiring an income of about $102,729, which exceeds the local median of $65,000.
Current Mortgage Rates in Gates, NY
Below are the current average mortgage rates available in the Gates area as of April 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.77% | 6.65% | +0.12% |
| 15-Year Fixed | 6% | 5.89% | +0.11% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.51% | 6.25% | +0.26% |
| VA | 6.26% | 6.05% | +0.21% |
| Jumbo | 7.02% | 6.85% | +0.17% |
Gates Housing Market Overview
Housing in Gates sits near the national average at $360,000. With a median household income of $65,000 and a cost of living index of 116.1, some buyers may need to look at lower price points or consider larger down payments.
Monthly Payment Breakdown for Gates
Based on the median home price of $360,000 with 20% down ($72,000), here is what you can expect to pay monthly in Gates:
15-Year vs. 30-Year Mortgage in Gates
Choosing a 15-year mortgage in Gates at 6% instead of a 30-year at 6.77% would save you $236,520 in total interest over the life of the loan. However, your monthly payment would be $2,430 instead of $1,872 — an increase of $558 per month.
Calculate Your Gates Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Gates
What are the current mortgage rates in Gates, NY?
As of April 2026, the average 30-year fixed mortgage rate in Gates, New York is 6.77%, while the 15-year fixed rate is 6%. FHA loans average 6.51% and VA loans 6.26%. These rates are 0.12% above the national average of 6.65%.
How much is a monthly mortgage payment in Gates?
Based on the median home price of $360,000 with 20% down, the estimated monthly mortgage payment in Gates is $1,872 for principal and interest. Including property taxes of $525/month, the total monthly housing cost is approximately $2,397.
What income do I need to buy a home in Gates?
Using the 28% rule, you would need an annual income of approximately $102,729 to afford the median-priced home in Gates at $360,000. The median household income in Gates is $65,000. This means most households would need to either earn above the median or consider homes below $360,000.
Is Gates a good place to buy a home in 2026?
Gates has a moderate cost of living with a cost of living index of 116.1 (national average = 100). The property tax rate in New York is 1.75%, which is above the national average. Gates has a population of 22,472 and offers a balanced lifestyle.
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Last updated: April 2026. Rates are approximate averages based on regional lending data for the Gates, New York area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.