Today's Mortgage Rates in New Jersey

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Updated: July 16, 2024

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Today's 30-year mortgage rate in New Jersey sits at 6.71%, which is close to the national average rate of 6.90% for the same type of mortgage. In New Jersey, homebuyers can access programs like the First-Time Homebuyer and NJHMFA Down Payment Assistance to potentially reduce the costs of their mortgage.

Exploring today's 30-year mortgage rate in New Jersey can help with your home-buying journey. With insights on loan types, how interest rates compare to APR and the effects of your credit score on the rates you can get, you'll be equipped to navigate the mortgage process. You'll also discover state-specific mortgage programs that could offer financial benefits.

MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for New Jersey. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in New Jersey

The current mortgage rate in New Jersey for a 30-year fixed-rate mortgage is 6.71% as of July 2024, showing a slight uptick from the previous month's 6.49%. This increase of 22 basis points could mean an additional $10,465 in total interest on a $250,000 loan with a 20% down payment, not accounting for extra expenses like property taxes or HOA fees.

Small changes in your mortgage rate can have a substantial effect on the interest you pay over the life of your loan. The line chart offers a clear visual of how the rates have trended, allowing you to see the pattern over recent months.

Current Mortgage Rates in New Jersey (Jan to May)

Understanding the current mortgage rate in New Jersey can assist you in creating a budget as these rates often change every day. Factors like economic events and Federal Reserve policies can cause rates to adjust.

Who Needs to Know Current Mortgage Rates in New Jersey?

Understanding today's mortgage interest rates in New Jersey can benefit first-time homebuyers and those looking to refinance in the current housing market:

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    First-time homebuyers

    Knowing current mortgage rates helps first-time homebuyers in New Jersey understand what rates to expect and check if they're competitive.

    homeowner icon

    Homeowners with mortgages

    Homeowners in New Jersey can benefit from knowing current mortgage rates to evaluate the potential savings of a mortgage refinance.

Purchase rates and refinance rates for mortgages can be different. If you’re looking at the current mortgage rate for a 30-year fixed mortgage in New Jersey, it's at 6.71% — meanwhile, if you're considering refinancing, the average APR climbs to 8.17%.

Current Mortgage Rates in New Jersey by Loan Type

A 30-year fixed-rate mortgage in New Jersey typically comes with a higher interest rate than a 15-year fixed-rate mortgage. Lenders face more risk over the extended time of 30 years — more time for interest rates to shift and the possibility of loan default. The length of your mortgage heavily influences the rate you're offered in New Jersey.

You might want to use a mortgage calculator to explore how different rates impact your monthly payments. To see what's available, check out the mortgage loan types in New Jersey. This gives you a clear overview of rates across various loan products and can guide your decision on choosing a mortgage that aligns with your financial strategy.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.77%APR5.93%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage represents the annual cost you pay to borrow money from a lender. In New Jersey, you're looking at an average mortgage interest rate of 6.64% for a 30-year fixed-rate mortgage.

The APR differs from the interest rate as it includes the mortgage interest rate and any other charges or mortgage points linked to your loan. New Jersey's average APR for a 30-year fixed-rate mortgage is currently at 6.71%, indicating the total annual cost of your mortgage.

Current Mortgage Rates in New Jersey by Credit Score

In New Jersey, if you have a solid credit score of 740 or above, the average APR for a 30-year fixed mortgage is 7.22% when you put down between 5% and 20%. With a credit score below 680, the average APR increases to 8.09%.

Your credit score impacts the mortgage rates you may see in New Jersey. Discover your personal rate options with our interactive table: just select your credit score and down payment range to see the specific rates you might qualify for:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.85%
15-year FixedAPR6.24%
20-year FixedAPR6.91%
30-year FixedAPR7.12%
5-year ARMAPR7.79%
7-year ARMAPR7.62%

Mortgage Types in New Jersey

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in New Jersey. Knowing your mortgage options helps you make an informed decision that can impact your finances for years to come. Below you'll find a table of mortgage loan types available in New Jersey:

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in New Jersey

Conventional Loans

A conventional loan is a mortgage not backed by the government available in New Jersey.

Conventional loans typically offer competitive rates based on creditworthiness and market conditions.

6.71%

FHA Loans

An FHA loan is a government-backed mortgage designed for lower credit scores in New Jersey.

FHA loans can have lower interest rates for borrowers with less than perfect credit.

7.08%

VA Loans

A VA loan offers military-affiliated borrowers benefits and is backed by the government in New Jersey.

VA loans often feature lower rates due to government backing and no down payment requirement.

6.56%

USDA Loans

USDA loans support rural homebuyers with financing backed by the U.S. Department of Agriculture in New Jersey.

USDA loans may provide lower rates due to government backing aimed at rural development.

currently unavailable

Jumbo Loans

A jumbo loan exceeds the conforming loan limits set by FHFA in New Jersey.

Jumbo loans might carry higher rates due to the larger loan amounts and increased lender risk.

6.89%

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MORTGAGE RATE STRUCTURES IN NEW JERSEY

Mortgage rates in New Jersey fall into two categories: fixed and adjustable rate mortgages.

  • Fixed mortgage rates offer stability with the same rate throughout the term, leading to consistent monthly mortgage payments.
  • Adjustable mortgage rates may start lower and adjust over time, potentially lowering monthly mortgage payments when rates drop.

As of July 2024, the average annual percentage rate (APR) for a 30-year fixed mortgage in New Jersey is 6.71%, and for a 7-year adjustable rate mortgage, it's 7.64%.

Mortgage Lenders in New Jersey

Truist, Lower and Rocket are solid options for securing a mortgage in New Jersey, filtered by state availability, Better Business Bureau accreditation, and the offer of homeowner assistance programs. Keep in mind that other lenders not featured on our list might suit your requirements too.

The mortgage rate you get in New Jersey can change based on the lender you choose. Each lender provides different mortgage options and loan terms, influencing the rates offered. By comparing multiple lenders, you can find the best possible deal and potentially save money on your mortgage.


  • Truist
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours

    Truist provides a range of mortgage products in New Jersey. It offers conventional loans and VA loans, among others, catering to a broad range of borrowers. The minimum credit score and down payment required is not specified publicly, but it mentions down payments can be as low as 3%. This lender does have a robust customer service platform, which operates Monday to Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET, with support accessible via phone, social media, and in-person interactions.

    Additionally, it supports homeowners through various assistance programs such as doctor loans, construction to permanent loans and affordable lending options to help meet different needs. These options indicate a commitment to serving a diverse customer base. The Better Business Bureau rates it with an A+, suggesting a high level of customer satisfaction and trustworthiness in its operations.

    Pros

    • Unique mortgage products, including doctor loan
    • Online amortization calculator available
    • Payment assistance for affordable loans

    Cons

    • Limited mortgage info without professional consultation
    • No mortgage payment relief options
    Truist

  • Rocket
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours

    Rocket offers a variety of mortgage options in New Jersey, ranging from FHA to conventional and even VA loans. With mortgage choices to fit different needs, it provides flexibility for first-time buyers and seasoned homeowners alike. For those interested in conventional or FHA loans, the minimum credit score requirement is set at 620 and 580, respectively. The minimum down payment is equally borrower-friendly, with FHA loans requiring as little as 3.5% and conventional loans 3%.

    Rocket provides customer service from Monday to Friday, 8:30 a.m. to 9:00 p.m. ET, and on Saturdays, from 9:00 a.m. to 4:00 p.m. ET, via phone or chat channels. Homeowners can also benefit from assistance programs like ONE+ and the Freddie Mac BorrowSmart Access, designed to help make homeownership more achievable.

    Pros

    • Allows online prequalification
    • Offers unique downpayment assistance program
    • Provides expert advice, including Sundays

    Cons

    • No physical branches available to potential home buyers
    • Does not offer USDA loans
    Rocket

  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    If you're exploring mortgage options in New Jersey, Lower presents online-only access. Lower offers a spectrum of choices, such as conventional loans and FHA Loans, with the minimum credit score for these products starting at 580. Service support is accessible via phone or text, Monday to Friday, 9 a.m. to 5 p.m. ET. For homeowners looking for additional leverage, Lower has been acknowledged as the top HELOC lender for most states by MoneyGeek's analysis.

    Borrowers looking to engage with Lower can benefit from programs like Buy Before You Sell, which provides flexibility when transitioning between homes. Lower requires a minimum down payment, which is yet to be disclosed, but aims to facilitate the mortgage process with its service offerings. With a BBB rating of A+, Lower maintains a focus on customer satisfaction and trusts in delivering quality assistance to future homeowners.

    Pros

    • Online prequalification available
    • BBB A+ accredited
    • Extensive financial FAQ section

    Cons

    • Might require phone call with loan advisor
    • No exclusive mortgage sorts
    • In-person support unavailable
    Lower.com

Mortgage Programs in New Jersey

Owning your home brings hidden costs that can impact your budget. It's not just about the monthly payment. If you're in New Jersey, you have access to assistance through the New Jersey Housing and Mortgage Finance Agency. They provide mortgage programs to support you.

Program
Description

First-Time Homebuyer

New Jersey's First-Time Homebuyer program offers a 30-year fixed-rate mortgage for those who haven't owned a home in the past three years. It adjusts income and purchase price limits to fit your location and family size. Plus, you can get up to $15,000 in down payment assistance to cover initial costs.

HFA Advantage

The HFA Advantage program provides a 30-year fixed-rate conventional loan for New Jersey's first-time buyers. It requires a minimum FICO score of 620 and pairs well with Down Payment Assistance, helping to purchase various types of properties.

NJHMFA Down Payment Assistance

For those eyeing homeownership in New Jersey, the NJHMFA Down Payment Assistance program gives up to $15,000 for down payment and closing costs. Offering an interest-free loan with no monthly payments, it's forgivable after five years. Combine this with a competitive NJHMFA mortgage if you're a first-time homebuyer planning to occupy your new property.

Homeward Bound Program

Targeting first-time buyers and veterans, the Homeward Bound Program in New Jersey presents a 30-year fixed-rate mortgage with up to $15,000 down payment assistance. With the requirement to occupy within 60 days, it helps buyers quickly transition into homeownership.

Police and Firemen’s Retirement System

The Police and Firemen’s Retirement System mortgage caters to New Jersey's service members, covering up to 85% of a property's value. Applicable for one- or two-family homes, it features attractive rates and requires residency for the duration of the loan.

FAQ: Mortgage Rates in New Jersey

Understanding today's mortgage rates in New Jersey is important for anyone looking to purchase a home. We addressed commonly asked questions borrowers may have about mortgage rates.

What are the current mortgage rates in New Jersey?
How do mortgage rates in New Jersey compare to national rates?
How does my credit score impact the mortgage rates I get in New Jersey?
Are there any special mortgage programs in New Jersey to help homebuyers?
How can I get the best possible mortgage rate in New Jersey?
What are today's mortgage refinance rates in New Jersey?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

sources
  • New Jersey Housing and Mortgage Finance Agency. "Homebuyers." Accessed July 16, 2024.
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