New Jersey Mortgage and Refinance Rates

As of Saturday, July 24, 2021, current rates in New Jersey are 3.01% for a 30-year fixed, 2.36% for a 15-year fixed, and 2.63% for a 5/1 adjustable-rate mortgage (ARM).

Bankrate has offers for New Jersey mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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New Jersey mortgage overview

By Zach Wichter

Interested in buying a home in the Garden State? As the nation’s most densely populated state, New Jersey has a large mortgage market, and you can expect home prices to trend generally higher than the national averages. The state’s proximity to two pricey Northeastern cities — New York City and Philadelphia — keeps demand for housing strong.

The median sale price for a single-family home in New Jersey in September 2020 was $359,000, which is about $16,000 more than the national median of $313,000 across all types of homes.

Even in a hot housing market, lenders are tightening credit, so New Jersey buyers should make sure to get preapproved for a mortgage before they begin shopping.

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, government-backed mortgages. Programs include:

  • 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 may be eligible for this type of mortgage. Qualified buyers who meet income and purchase price restrictions can get a competitive interest rate on a 30-year, fixed-rate mortgage through an NJHMFA participating lender. The mortgage comes with government-backed insurance. Properties in certain neighborhoods, called Urban Target Areas or UTAs, are eligible for higher income limits.
  • NJHMFA Down Payment Assistance Program: This program can provide $10,000 to use for a down payment or closing costs. It is structured as an interest-free second loan with no monthly payment, and it is usually forgiven after five years. The down payment assistance must be paired with an NJHMFA first mortgage. To qualify, homebuyers need to meet household income restrictions and purchase price limits.
  • 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) may be eligible for competitive mortgages and refinancing loans through this program. You don't need to be a first-time homebuyer to qualify. The purchased property must be your primary residence, and the loans can be used for one- or two-family residences and condos.

New Jersey mortgage refinancing

New Jersey homeowners wishing to refinance should be aware that you can either work with your existing mortgage lender or shop around for better rates from other lenders. If you have a credit score of 620 or higher and are refinancing the mortgage on your primary residence, you may want to apply for this government-backed refi program:

Stay At Home Streamline Refinance Program

New Jersey homeowners looking for favorable refinancing terms can apply for the Stay At Home Streamline Refinance Program. It offers government-insured, 30-year fixed-rate loans. The home that is being refinanced must be your primary residence, whether that’s a single-family home or a two- to four-unit property that has a unit occupied by the owner.

New Jersey mortgage resources