Interest Rate
5.693%
APR*
5.79%
Average home price
$335.607

Securing the best mortgage rate possible is key when buying a home in New Jersey. Your credit score, the size of your down payment, your debt-to-income ratio, and your level of income all play a role in determining your rate.

Help yourself get the best mortgage rate in New Jersey by checking your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a reputable mortgage lender.

Here’s a quick look at current New Jersey mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 5.693% 5.79% -0.07%
Conventional 20 year fixed 5.711% 5.874% +0.05%
Conventional 15 year fixed 4.828% 4.957% -0.03%
Conventional 10 year fixed 4.679% 4.906% -0.24%
Conventional 7 year ARM 5.586% 6.418% Unchanged
Conventional 5 year ARM 5.5% 6.536% -0.1%
FHA 30 year fixed 5.65% 6.432% +0.09%
VA 30 year fixed 5.312% 5.621% Unchanged
VA 15 year fixed 5.333% 5.824% +0.39%
VA 5 year ARM 5.188% 6.365% -0.05%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in New Jersey

Thinking about buying a home in New Jersey? This could be a great time to find your dream home in the Garden State. Here’s what you need to know:
The state capital of New Jersey is Trenton. The state has a total population of nearly nine million people, and one in ten of those live in the biggest five cities:

  • Newark
  • Jersey City
  • Paterson
  • Elizabeth
  • Toms River

Next, find out how much home you can afford. New Jersey ranks 11th in US homes for sale at average price, and 5th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.

First-time Homebuyers

There are several first-time homebuyer loan programs through programs administered by the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
Mortgage assistance provides competitive terms on a 30-year, fixed-rate mortgage backed by the government, which can be combined with the agency’s down payment assistance.
NJHMFA’s Down Payment Assistance (DPA) program can provide you with $10,000 to use toward a down payment or closing costs. The funds come in the form of a five-year, forgivable second mortgage. There’s no interest charged on the loan, and you won’t have to make a monthly payment.

To qualify, borrowers must meet these requirements:

  • The first mortgage must be an NJHMFA loan.
  • You must be purchasing a primary residence in New Jersey.
  • You must not have owned a home in the past three years.
  • You must pay mortgage insurance if your down payment is less than 20 percent.

Refinancing in New Jersey

There are several options for buyers looking to refinance a home in New Jersey and take advantage of favorable New Jersey mortgage rates:

  • Refinance for a better interest rate
  • Refinance for a loan term that is longer
  • Refinance to cash-out built-up equity
  • Refinance to get out from under a private mortgage insurance (PMI) requirement

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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