Mortgage Rates in New Jersey

Compare today's average mortgage rates in the state of New Jersey. Bankrate aggregates mortgage rates from multiple sources to provide averages for New Jersey.

New Jersey Mortgage Interest Rates Sunday, January 17
Loan Term Interest Rate Change 1 Day Rate Last Week
30-year fixed mortgage rate 2.93% -- 0.00% 2.93%
15-year fixed mortgage rate 2.44% trend-up-red 0.01% 2.43%
5/1 ARM mortgage rate 3.17% trend-up-red 0.01% 3.18%
30-year fixed jumbo mortgage rate 2.96% trend-up-red 0.01% 2.97%
30-year fixed refinance rate 2.98% trend-up-red 0.02% 3.00%

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to help consumers in their mortgage process. To learn more about the different rate averages Bankrate publishes above, see Understanding Bankrate's Rate Averages.

Today's 30-year fixed rate:

Current rates in New Jersey are 2.93% for a 30-year fixed, 2.44% for a 15-year fixed, and 3.17% for a 5/1 adjustable-rate mortgage (ARM).

Learn more about today's mortgage rates.

New Jersey mortgage overview

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.