The Selleck Group | KW City Views Realty
Scott Selleck · Broker / Sales Associate · Request an appointment at meet.sellecksellsnj.com
West New York First-Time Buyer Insight
Serving Bergen and Hudson County · SRES®, e-PRO® · Licensed since 1993. Over 500 transactions closed.
For the week ending November 6, 2026, the Mortgage Bankers Association reported that the FHA rate was back below 7% and more than 20 basis points lower than the conforming rate. Then the October inflation report came in hot on November 10, and rates moved up again.
If you are buying your first home in West New York, the rate headline matters less than two numbers you can plan around: the minimum down payment an FHA loan requires, and the payment on the condo or home you actually want.
What does the FHA rate dip mean for a first-time buyer in West New York?
Short answer: FHA rates ran below conventional rates for the week ending November 6, 2026, and an FHA loan can require as little as 3.5% down with a credit score of 580 or higher. On a $520,000 West New York condo, that is $18,200. Rates moved up again on November 10, so get a current quote before you plan around that week's number.
Updated November 13, 2026. Sources: Mortgage Bankers Association, as reported by CNBC on November 11, 2026; Freddie Mac Primary Mortgage Market Survey, November 12, 2026; HUD Handbook 4000.1; NJ REALTORS Local Market Update, West New York, August 2026.
I am a real estate agent, not a lender. Confirm FHA eligibility, rates, mortgage insurance and costs with a licensed loan officer.
Key Takeaways
- The FHA rate dipped below 7% for the week ending November 6, 2026, more than 20 basis points under the conforming rate, according to MBA's Joel Kan (CNBC, November 11, 2026).
- Rates rose again after the October inflation report. Mortgage News Daily's 30-year fixed average rose 12 basis points to 7.30% on November 10, 2026 (CNBC, November 11, 2026). HousingWire's rate center had 30-year FHA loans at 7.22% that day, up 6 basis points from a week earlier (HousingWire).
- Freddie Mac's weekly survey put the 30-year fixed average at 7.11% on November 12, 2026, down from 7.18% a week earlier. That is a conventional benchmark. Freddie Mac does not report an FHA rate (Freddie Mac PMMS, November 12, 2026).
- FHA's minimum required investment is 3.5% of the adjusted value for borrowers with a credit score at or above 580 (HUD Handbook 4000.1).
- West New York's townhouse-condo median was $520,000 for January to August 2026, with 113 units for sale in August (NJ REALTORS, West New York, August 2026).
1. Where Were FHA Rates in Early November 2026?
Two surveys tell the story of the week. The MBA's weekly survey for the week ending November 6, 2026, showed the FHA rate below 7% and more than 20 basis points under the conforming rate. MBA's Joel Kan said that "helped first-time home buyers currently in the market," and FHA purchase applications showed particularly strong growth that week (CNBC, November 11, 2026).
On November 10, after the consumer price index rose 0.4% in October against a 0.3% forecast, Mortgage News Daily's 30-year fixed average rose 12 basis points to 7.30% (CNBC, November 11, 2026). HousingWire's Mortgage Rates Center put 30-year FHA loans at 7.22% that day, up 6 basis points from a week earlier, and 30-year fixed loans at 7.35%, down 3 basis points from a week earlier.
For a conventional benchmark, Freddie Mac's weekly survey, released November 12, 2026, put the 30-year fixed average at 7.11%, down from 7.18% on November 5. Freddie Mac's survey does not report an FHA rate, so it is not an FHA figure. The FHA rates above come from MBA and HousingWire.
These are national averages from different surveys. Your rate depends on your credit, your down payment, the property and the day you lock.
2. How Much Down Does an FHA Loan Require?
HUD Handbook 4000.1 sets the rules lenders follow:
- Minimum required investment of 3.5% of the adjusted value, the lower of the price or the appraised value, with adjustments, for borrowers with a minimum decision credit score at or above 580.
- Scores from 500 to 579 are limited to a maximum loan-to-value ratio of 90%, which means at least 10% down.
- The seller cannot fund your 3.5%. The handbook bars the minimum required investment from coming from the seller or anyone who benefits from the sale. Seller contributions toward closing costs are a separate item, capped at 6% of the price.
FHA loans also carry an upfront and an annual mortgage insurance premium. Ask your lender to show both on your Loan Estimate, because they change the payment and the cash you need.
3. What Do the West New York Numbers Show?
Source: NJ REALTORS Local Market Update, West New York, August 2026, current as of September 9, 2026 (member report); NJ REALTORS Local Market Update, Hudson County, September 2026 (public PDF). Town figures rest on small samples.
Measure | Figure |
|---|---|
West New York townhouse-condo median sale price, January to August 2026 (change from a year earlier) | $520,000 (+48.6%) |
West New York townhouse-condo units for sale, August 2026 (change from a year earlier) | 113 (+41.3%) |
West New York townhouse-condo months of supply, August 2026 | 8.6 |
West New York townhouse-condo percent of list price received, January to August 2026 | 98.5% |
Hudson County townhouse-condo months of supply, September 2026 | 6.1 |
West New York had more townhouses and condos for sale in August 2026 than a year earlier, with 8.6 months of supply, and sales closed at 98.5% of list price on average from January to August. Across Hudson County, townhouse-condo supply reached 6.1 months in September 2026 (NJ REALTORS Hudson County report, September 2026). For a first-time buyer, that means more units to compare and more room to ask questions before an offer.
The town's January to August median jumped 48.6% from a year earlier, on 105 closed sales, so read it as a reference point, not a price trend. See the West New York town guide for more on the town.
4. A Worked Example on a West New York Condo
Example only, not a quote or prediction. Principal and interest only, before mortgage insurance, property taxes, homeowners insurance and association dues.
Take a $520,000 condo, the West New York townhouse-condo median for January to August 2026 (NJ REALTORS).
- 3.5% down: $18,200, leaving a base loan of $501,800 before any upfront mortgage insurance premium is added.
- At 7.22% (HousingWire 30-year FHA average, November 10, 2026): about $3,413 a month in principal and interest.
- At 7.35% on the same loan amount (HousingWire 30-year fixed average, same day): about $3,457 a month.
That is about $44 a month on the same loan amount. The bigger difference between FHA and conventional loans usually shows up in mortgage insurance and down payment rules, so ask your lender to compare full Loan Estimates for both, side by side, on the same day.
5. What Should You Check on the Building Before You Offer?
A condo has to qualify for the loan, not just the buyer. HUD keeps a searchable list of FHA-approved condominium projects. Ask your lender early whether the building you like qualifies, and ask for the association's budget, reserve information and rules before attorney review ends.
Also budget for cash beyond the down payment. Our down payment guide for Bergen and Hudson County covers closing costs, and first-time homebuyer programs in New Jersey covers assistance options. When you are ready, search current listings.
Check It Yourself
- MBA weekly survey for the week ending November 6, 2026, as reported by CNBC on November 11, 2026
- HousingWire Mortgage Rates Center, November 10, 2026
- Freddie Mac Primary Mortgage Market Survey, November 12, 2026 (conventional benchmark, no FHA rate): freddiemac.com/pmms
- HUD Handbook 4000.1, minimum required investment and interested party contributions
- HUD FHA condominium project search
- NJ REALTORS Local Market Update, Hudson County, September 2026 (public PDF)
Frequently Asked Questions
What is the minimum down payment on an FHA loan?
3.5% of the adjusted value, for borrowers with a credit score at or above 580, under HUD Handbook 4000.1. Scores from 500 to 579 need at least 10% down.
Were FHA rates lower than conventional rates in early November 2026?
Yes, for the week ending November 6, 2026. MBA said the FHA rate was more than 20 basis points under the conforming rate that week, and HousingWire had FHA at 7.22% against 7.35% on November 10.
Can the seller pay my FHA down payment?
No. HUD bars the seller and anyone who benefits from the sale from funding your 3.5%. A seller can contribute up to 6% of the price toward eligible closing costs.
Can I use an FHA loan on any West New York condo?
Not always. The condominium project generally has to be FHA approved, though HUD Handbook 4000.1 also allows single-unit approval in some projects. Check HUD's condominium search and ask your lender before you offer.
How much is 3.5% down on a West New York condo?
On $520,000, the January to August 2026 townhouse-condo median per NJ REALTORS, it is $18,200, before closing costs.
Sources
- CNBC, November 11, 2026 (MBA weekly survey, week ending November 6, 2026; Joel Kan quote): https://www.cnbc.com/2026/11/11/mortgage-rates-jump-sharply-higher-after-easing-for-4-straight-weeks.html
- Calculated Risk, "High Frequency Data: Inventory Up, Demand Down Year-over-year," November 11, 2026 (MBA release text): https://calculatedrisk.substack.com/p/high-frequency-data-inventory-up-2f9
- HousingWire, November 10, 2026 (30-year FHA 7.22%, 30-year fixed 7.35%): https://www.housingwire.com/articles/mortgage-rates-ease-buyers/
- Freddie Mac, Primary Mortgage Market Survey, November 12, 2026 (30-year fixed 7.11%, conventional benchmark; the survey does not report an FHA rate): https://www.freddiemac.com/pmms
- CNBC, November 10, 2026 (October CPI): https://www.cnbc.com/2026/11/10/cpi-inflation-report-october-2026.html
- HUD Handbook 4000.1, issued and last revised August 12, 2026 (Minimum Required Investment, credit score LTV limits, MRI source rules, Interested Party Contributions): https://www.hud.gov/sites/default/files/Housing/documents/40001-hsgh-Update-18.pdf
- HUD FHA Condominiums search: https://entp.hud.gov/idapp/html/condlook.cfm
- NJ REALTORS Local Market Update, West New York, August 2026, current as of September 9, 2026. Member report. Not publicly available.
- NJ REALTORS Local Market Update, Hudson County, September 2026: https://njar-public.stats.10kresearch.com/docs/lmu/x/HudsonCounty
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Scott Selleck Broker / Sales Associate | The Selleck Group | KW City Views Realty SRES® (Seniors Real Estate Specialist®) | e-PRO® | Licensed since 1993. Over 500 transactions closed. 2200 Fletcher Avenue, Suite 502, Fort Lee, NJ 07024 Cell: (201) 970-3960 | Office: (201) 592-8900 Email: [email protected] Website: SelleckSellsNJ.com Request an appointment: meet.sellecksellsnj.com AI assistant: https://www.delphi.co/scottselleck My story: coverstory.sellecksellsnj.com | Verified career record: record.sellecksellsnj.com
Licensure does not imply endorsement. Keller Williams City Views Realty and Keller Williams Boca Raton Realty. Each office is independently owned and operated. Broker compensation in New Jersey is fully negotiable and is not set by law or by any board or association of REALTORS®. This article is general information only and is not legal, tax, or financial advice. Confirm your own costs with your real estate attorney, tax professional, or lender. Equal Housing Opportunity.
Rates quoted are national averages on the dates shown and change daily. They are not a quote or a rate offer. I am a real estate agent, not a lender; confirm FHA eligibility, mortgage insurance and costs with a licensed loan officer. Town figures describe past sales and are not a prediction of any price or outcome.
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