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New Jersey Mortgage and Refinance Rates

On Thursday, May 23, 2024, the national average 30-year fixed mortgage APR is 7.08%. The national average 30-year fixed refinance APR is 7.11%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in New Jersey

As of Thursday, May 23, 2024, current interest rates in New Jersey are 7.13% for a 30-year fixed mortgage and 6.25% for a 15-year fixed mortgage.

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

While mortgage refinance rates have more than doubled since the pandemic, 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.

Learn more: Why and how to do a cash-out refinance

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.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.03% 7.08%
15-Year Fixed Rate 6.43% 6.51%
5-1 ARM 6.55% 7.84%
30-Year Fixed Rate FHA 6.96% 7.00%
30-Year Fixed Rate VA 7.09% 7.13%
30-Year Fixed Rate Jumbo 7.14% 7.19%

Rates as of Thursday, May 23, 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, Dec. 2023: $462,000
  • Median single-family home sales price, Dec. 2023: $515,000
  • 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 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) premiums, 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.

Learn more: Types of home loans

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.
  • 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.

Learn more: New Jersey first-time homebuyer assistance programs

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 or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

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

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita