Long Islanders applying for a mortgage are making a decision that can affect their monthly expenses for years to come, making it critical to find the best rate.

But since mortgage rates rose in 2022, borrowers’ costs have increased significantly. The monthly cost of a $500,000 mortgage, excluding taxes and insurance, increased 51% in the past five years based on the rise in interest rates alone.

A borrower in 2020 using a 30-year fixed loan would have paid about $2,105 in principal and interest each month when the average rate was 2.99%. Now, with the average at 6.58%, homebuyers seeking the same loan would owe about $3,187 each month before taxes and insurance.

Newsday spoke with experts in personal finance and local mortgage professionals about what buyers can do to get the best rate.

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