New Jersey mortgage and refinance rates for March 2026

Current mortgage rates in New Jersey

As of Thursday, March 19, 2026, current interest rates in New Jersey are 6.44% for a 30-year fixed mortgage and 5.90% for a 15-year fixed mortgage.

Mortgage rates in New Jersey — and nationwide — have fallen in recent months, but they’re still much higher than they were during COVID. After peaking near 8% in late 2023, they’re now hovering slightly above 6%. Although mortgage rates change often and are difficult to predict, Fannie Mae forecasts that they’ll remain in this range for the rest of the year and into 2027. 

Refinance rates in New Jersey

If you managed to lock in a rate during the record-low days at the beginning of 2021, replacing your mortgage at today’s refinance rates might not be an appealing proposition. According to Realtor.com, more than half of all mortgageholders have a rate below 4%. 

On the other hand, if you took out your mortgage when rates were closer to 8%, it might make sense to refinance now. As of Thursday, March 19, 2026, New Jersey's refinance rates are at 6.15% for a 30-year fixed-rate loan and 5.22% for a 15-year fixed-rate loan. You won't be alone in reaching for a lower rate: Refinance applications in New Jersey were up more than 11% year-over-year in October, according to real estate data provider ATTOM. 

You may also have a significant amount of equity in your home due to New Jersey’s rising home values. In fact, ATTOM reports that more than 52% of New Jersey homeowners are equity rich, meaning they own at least 50% of their property. If you own more than 20% of your home, you may be able to fund large expenses, like home improvements and education, with a cash-out mortgage refinance.

New Jersey mortgage rates by loan type

New Jersey housing market statistics and trends

The median sales price for a home in New Jersey is much higher than the national median. But the state’s proximity to two major Northeast hubs — New York City and Philadelphia — keeps demand strong despite the high (and increasing) prices. Home sales were up by 2.4% in January over the prior year. Meanwhile, the number of homes that sold above list price decreased by 4.8% during the same period. 

• Median home sales price, Jan. 2026: $535,000
• Median home value, Jan. 2026: $545,400
• Median down payment, Aug. 2025: $120,000
• Median days on market, Jan. 2026: 58
• Percentage of homes sold above list price, Jan. 2026: 41%
• Percentage of homes with price drops, Jan. 2026: 14.6%
• Homeownership rate, Q4 2025: 65.3%

Source: ATTOM, Redfin, New Jersey Realtors, U.S. Census Bureau

Mortgage options in New Jersey

If you’re looking to get a mortgage in New Jersey, there are several options:

First-time homebuyer programs in New Jersey

First-time homebuyers in New Jersey can take advantage of several programs offered through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). These provide down payment assistance and affordable mortgages, including:

• NJHMFA's First-Time Homebuyer Mortgage Program: If you’re buying a primary residence in New Jersey and haven’t owned a home for at least three years, you might be eligible for this type of mortgage. You’ll be limited to buying a home within a certain purchase price range, and your income can’t exceed specific thresholds. (You can find the latest on the NJHMFA website.)
• NJHMFA Down Payment Assistance Program: This interest-free, forgivable second mortgage can provide up to $15,000 to use for a down payment or closing costs. The assistance must be paired with an NJHMFA first mortgage. If you’re a first-generation buyer or were part of the foster care system, you might qualify for an additional $7,000 in assistance.
• Police and Firemen's Retirement System Mortgage Program: Police officers and firefighters who are members of the New Jersey Police and Firemen's Retirement System (PFRS) with at least one year of creditable service could be eligible for competitive mortgages through NJHMFA. You don't need to be a first-time homebuyer to qualify.

Additional New Jersey mortgage resources