Today's 30-year mortgage rate in New Jersey is 6.40%, lower than the national average rate of 6.83%. New Jersey homebuyers can access programs like the First-Time Homebuyer and HFA Advantage to help reduce their mortgage costs.
Mortgage
Today's Mortgage Rates in New Jersey (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
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).
This data was last updated in December 2024.
Current Mortgage Rates in New Jersey
As of December 2024, the average 30-year fixed-rate mortgage rate in New Jersey is 6.40%, down from the previous month's 6.70%. On a $250,000 loan with a 20% down payment, this reduction can mean a decrease of around $9,033 in total interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on New Jersey's current rates to calculate your potential monthly payments and budget effectively.
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 homeowners looking to refinance their property.
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in New Jersey understand what to expect and decide if the rates are competitive.
Homeowners with mortgages
Homeowners in New Jersey should know the current mortgage rates to evaluate the potential savings of a mortgage refinance.
In New Jersey, the current average rate for a 30-year fixed mortgage is 6.40%, while refinancing has an average APR of 6.55%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in New Jersey by Loan Type
A 30-year fixed-rate mortgage usually has a higher rate than the 15-year option. Lenders face a higher risk of non-payment and rate fluctuations with longer loan terms.
Compare mortgage types in New Jersey to find one that works best with your budget. A mortgage calculator can help you understand how rates affect your monthly payments.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 5.73% | 5.93% |
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. New Jersey's average interest rate is 6.33% for a 30-year fixed-rate mortgage.
The APR (annual percentage rate) 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 6.40%, indicating the total annual cost of your mortgage.
Current Mortgage Rates in New Jersey by Credit Score
In New Jersey, if you have a credit score of 740 or above, the average APR for a 30-year fixed mortgage is 7.04% when you make a down payment between 5% and 20%. With a credit score below 680, the average APR increases to 7.88%.
Your credit score affects the mortgage rates you qualify for. Use the interactive table below to explore rates based on your credit score and down payment.
Data filtered by:Results filtered by:
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Credit Score Range:680 - 740
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Down Payment:5% to 20%
| 10-year Fixed | 5.57% |
| 15-year Fixed | 6.19% |
| 20-year Fixed | 6.48% |
| 30-year Fixed | 7.13% |
| 5-year ARM | 7.95% |
| 7-year ARM | 8.32% |
Mortgage Types in New Jersey
In December 2024, VA loans have New Jersey's lowest average APR for 30-year fixed-rate mortgages at 6.28%. Knowing your mortgage options helps you make an informed decision that can impact your finances for years.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in New Jersey |
|---|---|---|---|
Conventional Loans | Conventional loans in New Jersey are not insured by government agencies and are offered by private lenders. | Conventional loan rates can vary widely based on credit score and down payment. | 6.40% |
FHA Loans | FHA loans in New Jersey are government-backed loans aimed at helping low-income homebuyers. | FHA loans typically have lower interest rates for borrowers with less savings or lower credit scores. | 7.86% |
VA Loans | VA loans in New Jersey offer benefits to veterans and active service members with no down payment. | VA loans usually offer competitive rates due to government backing, which reduces lender risk. | 6.28% |
USDA Loans | USDA loans in New Jersey support rural development by offering low-interest loans with no down payment. | USDA loan rates are often lower because the program aims to encourage rural homeownership. | currently unavailable |
Jumbo Loans | Jumbo loans in New Jersey exceed the conforming loan limits and are designed for higher-value properties. | Jumbo loan rates can be higher due to the larger loan amounts and increased lender risk. | 6.63% |
MORTGAGE RATE STRUCTURES IN NEW JERSEY
Mortgage rates fall into two categories: fixed and adjustable.
- Fixed-rate mortgages offer consistent monthly mortgage payments, which is great if you prefer stability. Your borrowing experience remains predictable with minimal surprises.
- Adjustable-rate mortgages may start lower and adjust over time, potentially lowering monthly mortgage payments when rates drop.
As of December 2024, the average APR for a 30-year fixed mortgage in New Jersey is 6.40%, and for a seven-year ARM, it's 7.20%.
Mortgage Lenders in New Jersey
Truist, Lower and Rocket Mortgage are New Jersey's top mortgage lenders due to their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Other lenders may also meet your mortgage needs.
Mortgage rates can differ between lenders due to varying options and terms. To secure the best rate, compare offers from multiple lenders.
- 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 various mortgage options, including conventional, VA, FHA and jumbo loans. FHA loans typically require at least 580 for a 3.5% down payment. Conventional loans may require higher scores but can offer down payments as low as 3%, depending on creditworthiness.
Customer service via phone, social media or in person is available weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 8 a.m. to 5 p.m. ET. Truist supports homebuyers with programs like the Doctor Loan and Affordable Lending Options. For new home construction, it offers streamlined financing through Construction-to-Permanent Loans.
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
- 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 Mortgage provides various loans for homebuyers, including FHA and conventional loans. FHA loans require a minimum credit score of 580, while conventional loans require 620. Down payments start as low as 1% for the ONE+ program, with the lender covering an additional 2% or 3.5% for FHA loans.
Phone and chat support is available Monday through Friday from 8:30 a.m. to 9:00 p.m. ET and Saturday from 9:00 a.m. to 4:00 p.m. ET. Rocket supports California homeowners through programs like ONE+, HomeReady and HomePossible, making homeownership more accessible.
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
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates exclusively online and offers a range of mortgage options, including conventional and FHA loans. While the minimum credit score to qualify is 580, the minimum down payment is not publicly disclosed. Lower is also recognized as a leading home equity line of credit (HELOC) lender in most states.
Lower offers various loan products and homeowner assistance programs, such as the Buy Before You Sell program, which helps you purchase a new home before selling your current one. Customer service is available by phone or text on weekdays from 9 a.m. to 5 p.m. ET.
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
Mortgage Programs in New Jersey
Owning your home brings hidden costs that can impact your budget; it's not just about the monthly payment. You can get support through the mortgage programs offered by the New Jersey Housing and Mortgage Finance Agency.
Program | Description |
|---|---|
First-Time Homebuyer | 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. You can get up to $15,000 in down payment assistance to cover initial costs. |
HFA Advantage | Provides a 30-year fixed-rate conventional loan for first-time buyers. It requires a minimum FICO score of 620 and pairs well with Down Payment Assistance, helping purchase various property types. |
NJHMFA Down Payment Assistance | Offers up to $15,000 for down payment and closing costs. Its interest-free loan has no monthly payments and is forgivable after five years. If you're a first-time homebuyer planning to occupy your new property, combine this with a competitive NJHMFA mortgage. |
Homeward Bound Program | Provides a 30-year fixed-rate mortgage, especially to first-time buyers and veterans, with up to $15,000 down payment assistance. The requirement to occupy within 60 days helps buyers quickly transition into homeownership. |
Police and Firemen’s Retirement System | Caters to service members, covering up to 85% of a property's value. It applies to one or two-family homes, features attractive rates and requires residency for the loan term. |
FAQ: Mortgage Rates in New Jersey
Understanding today's mortgage rates in New Jersey is important for anyone buying a home. We addressed common questions borrowers may have about mortgage rates.
What are the current mortgage rates in New Jersey?
Current average APRs for New Jersey vary by loan type and other factors. As of December 2024, a 30-year fixed conforming loan has an average APR of 6.40%, while a seven-year ARM jumbo loan averages 7.15%.
How do mortgage rates in New Jersey compare to national rates?
Comparing New Jersey's current mortgage rates to national averages, a 30-year fixed rate is 6.40%, lower than the national average of 6.83%. The same is true for a five-year adjustable-rate mortgage of 7.15%, lower than the national average of 7.79%.
How does my credit score impact the mortgage rates I get in New Jersey?
Your credit score is a significant factor in the mortgage rates you receive. Higher scores often secure low mortgage rates because lenders perceive them as less risky.
Are there any special mortgage programs in New Jersey to help homebuyers?
Yes, there are mortgage programs in New Jersey, such as First-Time Homebuyer, HFA Advantage and NJHMFA Down Payment Assistance, designed to aid residents in purchasing homes.
How can I get the best possible mortgage rate in New Jersey?
To secure the best mortgage rate in New Jersey, consider making a larger down payment, maintaining a high credit score and shopping around to compare rates from different lenders.
What are today's mortgage refinance rates in New Jersey?
Today's refinance rates in New Jersey are 5.92% for a 15-year fixed loan and 6.55% for a 30-year fixed loan.
How do I calculate my mortgage payments?
To calculate your mortgage payments, use a mortgage calculator for New Jersey, which will help you estimate monthly payments based on various loan details.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- New Jersey Housing and Mortgage Finance Agency. "Homebuyers." Accessed December 13, 2024.