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New Jersey Mortgage and Refinance Rates

On Tuesday, March 28, 2023, the national average 30-year fixed mortgage APR is 6.91%. The national average 30-year fixed refinance APR is 7.02%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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New Jersey mortgage overview

As of Tuesday, March 28, 2023, current interest rates in New Jersey are 6.83% for a 30-year fixed mortgage and 6.05% for a 15-year fixed mortgage.

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 average home value for a single-family home in New Jersey in December 2022 was $474,699, which is about $117,000 more than the national median across all types of homes, according to Zillow.

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.

Top 5 Bankrate mortgage lenders in New Jersey

  • Garden State Home Loans
  • Fairway Independent Mortgage Corporation
  • Cake Mortgage
  • Rocket Mortgage


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Garden State Home Loans

Garden State Home Loans is based in New Jersey and lends in nine states, giving borrowers access to a variety of loan options, including cash-out refinancing for homeowners wanting to tap their equity.

Strengths: Garden State Home Loans’ chat feature can connect you to a loan officer easily, and closings with the lender can take as little as 20 days.

Weaknesses: Garden State Home Loans is only available in some states (Connecticut, Delaware, Florida, Maryland, Michigan, New York, New Jersey, Pennsylvania and Virginia).

Read Bankrate's Garden State Home Loans review.

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation offers mortgages in all states and has over 700 branch and satellite locations.

Strengths: Fairway Independent Mortgage Corporation’s built-out educational resources can be valuable for borrowers, and the lender offers a convenient app with the ability to submit loan documents electronically.

Weaknesses: Fairway Independent Mortgage Corporation doesn’t post mortgage rates on its website or offer home equity lines of credit (HELOCs).

Read Bankrate's Fairway Independent Mortgage Corporation review.

Cake Mortgage

Cake is a California-based mortgage lender that promises a tech-based approach with a human touch.

Strengths: Cake Mortgage says it offers competitive rates and a customer-friendly experience.

Weaknesses: Cake Mortgage doesn’t have any branch locations for in-person consultation.

Read Bankrate's Cake Mortgage user reviews. is a San Diego-based lender that promises quick underwriting and transparency around rates and closing costs.

Strengths: The mortgage lender automates its approvals but promises to stay in close contact with borrowers throughout the lending process.

Weaknesses: doesn’t have physical locations.

Read Bankrate's user reviews.

Rocket Mortgage

Rocket Mortgage is the largest home lender in the U.S. The lender gained prominence in recent years by adopting technology that allows borrowers to apply for loans completely online.

Strengths: Rocket Mortgage boasts a broad product offering, including a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years.

Weaknesses: Rocket Mortgage doesn’t have physical offices.

Read Bankrate's Rocket Mortgage review.

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 refinance rates from other lenders.

New Jersey mortgage resources