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New Jersey Mortgage and Refinance Rates

On Monday, July 22, 2024, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed ... refinance APR is 6.89%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in New Jersey

As of Monday, July 22, 2024, current interest rates in New Jersey are 6.75% for a 30-year fixed mortgage and 6.24% for a 15-year fixed mortgage.

Cities like Newark and Jersey City have experienced rising home prices in the past year, according to ATTOM Data. Elevated mortgage rates continue to make housing affordability a challenge for New Jersey homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

Refinance rates in New Jersey

Since the COVID-19 pandemic, mortgage refinance rates have more than doubled. This makes knowing when to refinance a hard decision for many New Jersey homeowners. Due to rising home values, many New Jersey homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

New Jersey mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in New Jersey.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 6.85% 6.90%
15-Year Fixed Rate 6.29% 6.37%
5-1 ARM 6.43% 7.66%
30-Year Fixed Rate FHA 6.82% 6.86%
30-Year Fixed Rate VA 7.00% 7.05%
30-Year Fixed Rate Jumbo 6.94% 6.99%

Rates as of Monday, July 22, 2024 at 6:30 AM



Mortgage statistics for New Jersey

New Jersey’s proximity to two pricey Northeast hubs — New York City and Philadelphia — keeps demand for housing strong. Here are some statistics about mortgages and the housing market in the state:

  • Median home sales price, March 2024: $485,000
  • Median single-family home sales price, March 2024: $540,000
  • Average days on the market: 36
  • Homeownership rate, Q4 2023: 60.5%

Sources: 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:

  • New Jersey conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
  • New Jersey FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • New Jersey VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.
  • New Jersey USDA loans: If you’re buying a rural property in New Jersey, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

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:

  • 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 limit 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 can also 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) could be eligible for competitive mortgages and refinancing loans through NJHMFA. You don't need to be a first-time homebuyer to qualify, but the purchased property must be your primary residence, and the loan can only be used for one- or two-family residences (duplexes) and condos.

How to find the best mortgage rate in New Jersey

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks, credit unions and/or mortgage companies to score the best deal.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional New Jersey mortgage resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards