New Jersey Mortgage and Refinance Rates

As of Friday, January 28, 2022, current rates in New Jersey are 3.68% for a 30-year fixed, 3.03% for a 15-year fixed, and 2.94% 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.

Higher rates are on the way

Get ahead of anticipated rate hikes in 2022 and lock in a new refinance rate now.

Countdown to Fed day

-- Days
-- Hours
-- Minutes
-- Seconds

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

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.

Top 5 Bankrate mortgage lenders in New Jersey

  • – Best online lender
  • Garden State Home Loans – Best for refinancing
  • Fairway Independent Mortgage Corporation – Best for first-time homebuyers
  • Cardinal Financial Company – Best for low-credit score borrowers
  • AmeriSave Mortgage Corporation – Best non-bank lender


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. - Best online lender is an online-only lender that offers mortgages in 46 states along with Washington, D.C.

Strengths: offers fast mortgage preapprovals — three minutes — and 21-day closings, on average, as well as the Better Price Guarantee of $100 if it can't match a competitor's offer.

Weaknesses: offers conventional and FHA loans, not government-insured VA or USDA loans, and the Better Price Guarantee is only available via the lender's website.

Read Bankrate's mortgage review

Garden State Home Loans – Best for refinancing

Garden State Home Loans is based in New Jersey and lends in eight 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 typically take 30 days.

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

Read Bankrate's Garden State Home Loans review

Fairway Independent Mortgage Corporation – Best for first-time homebuyers

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

Cardinal Financial Company – Best for low-credit score borrowers

Cardinal Financial Company offers mortgages in all 50 states.

Strengths: Cardinal Financial Company offers a wider range of loans for first-time homebuyers compared to some competitors, including FHA, VA and USDA loans, and a quick loan process overall.

Weaknesses: Cardinal Financial Company doesn’t advertise mortgage rates or its fees on its website, and doesn’t offer home equity lines of credit (HELOCs) or home equity loans.

Read Bankrate's Cardinal Financial mortgage review

AmeriSave Mortgage Corporation – Best non-bank lender

AmeriSave Mortgage Corporation provides mortgages in nearly all U.S. states (except New York) and Washington, D.C.

Strengths: AmeriSave Mortgage Corporation provides personalized rate quotes in just minutes online, often without pulling your credit report.

Weaknesses: AmeriSave Mortgage Corporation doesn’t operate from any branch locations, or offer a first-time homebuyer program.

Read Bankrate's AmeriSave Mortgage Corporation 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 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