Today’s Refinance Rates in New Jersey
Updated: January 18, 2024
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Current Refinance Rates in New Jersey
To help you stay up-to-date, MoneyGeek compiled current refinance rates in New Jersey. These will help you find the best offer for your refinancing needs. Our table below shows the most recent mortgage refinance rates in the state.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in New Jersey?
Based on economic data from the Federal Reserve Bank of St. Louis, current refinancing rates in New Jersey are lower than the national averages. For example, the national mortgage rate for a 15-year FRM is 4.45%, while New Jersey's is 4.26%. Similarly, refinance rates in New Jersey are 5.02% for a 30-year FRM and 4.10% for a 5/1 ARM, compared to 5.30% and 4.10% for the same loan types in the nation.
Refinancing your home loan allows you to lock in a lower interest rate. It's necessary to keep in mind, though, that a "good" rate is subjective. When determining your rate, personal information like your loan amount, creditworthiness and income are all taken into account.
You can find the best rate for your situation by comparing quotes from several lenders. Refinance rates in New Jersey can vary quickly, so be sure to act fast once you find a deal you like.
Estimate Your New Monthly Mortgage Payment
You can use the current refinance rates in New Jersey to estimate your new monthly mortgage payment. To do this, simply enter your mortgage information into MoneyGeek's refinance calculator. We'll then show you how much you'll pay every month based on the current going rates in New Jersey.
Again, these rates change daily and may vary based on your credit score, debt-to-income ratio, loan term and other personal factors.
Frequently Asked Questions About Refinance Rates in New Jersey
MoneyGeek answers some of the most frequently asked questions regarding mortgage refinance rates in New Jersey.
A "good" refinance rate in New Jersey depends on your loan type, credit score or current market conditions. You can generally expect a lower interest rate if you have a higher credit score.
A "bad" refinance rate in New Jersey is one that's significantly higher than the current market rate. You may get a bad rate when the market conditions change unexpectedly or your credit score drops.
In New Jersey, the average refinance rate for a 30-year fixed-rate mortgage is 5.02%. Rates below this are considered good. Note that borrowers with excellent credit scores in the state will likely get the best deals.
Today, the average refinance interest for a 15-year fixed-rate mortgage in New Jersey is 4.26%. Any rate in line with this figure would be considered good and save you money over time.
A 5/1 adjustable-rate mortgage in New Jersey has an average interest of 4.10%. This rate is lower than the national average of 4.19%. A lower interest rate on your current loan will likely save you money.
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.