Updated: November 13, 2024
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Today's 30-year mortgage rate in New Jersey is 6.70%, lower than the national average rate of 7.15%. New Jersey homebuyers can access programs like the First-Time Homebuyer and NJHMFA Down Payment Assistance to potentially reduce their mortgage costs.
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 on November 2024.
As of November 2024, the average 30-year fixed-rate mortgage rate in New Jersey is 6.70%, up from the previous month's 5.9%. On a $250,000 loan with a 20% down payment, this increase can mean an additional $41,296 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.
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 can benefit from knowing 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 6.70%, while refinancing has an average APR of 6.66%.
A 30-year fixed-rate mortgage usually has a higher rate than the 15-year option. With longer loan terms, lenders face a higher risk of non-payment and rate fluctuations.
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.
| 5.81% | 5.99% |
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 6.63% 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 6.70%, indicating the total annual cost of your mortgage.
In New Jersey, if you have a credit score of 740 or above, the average APR for a 30-year fixed mortgage is 7.41% when you make a down payment between 5% and 20%. With a credit score below 680, the average APR increases to 8.18%.
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.
| 10-year Fixed | 5.57% |
| 15-year Fixed | 6.31% |
| 20-year Fixed | 6.48% |
| 30-year Fixed | 7.35% |
| 5-year ARM | 8.11% |
| 7-year ARM | 8.32% |
In November 2024, 30-Year Fixed Rate VA loans have New Jersey's lowest average APR for 30-year fixed-rate mortgages at 6.32%. 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 the government and are standard mortgage options. | Your credit score and down payment size influences the rates on a conventional loan, potentially leading to varied interest rates. | 6.70% |
FHA Loans | FHA loans in New Jersey are backed by the Federal Housing Administration and typically have lower entry barriers. | FHA loans offer lower rates due to government backing, but may include additional mortgage insurance costs. | 6.79% |
VA Loans | VA loans in New Jersey are secured by the Department of Veterans Affairs for eligible military members. | VA loans often have competitive rates due to government backing and no requirement for mortgage insurance. | 6.32% |
USDA Loans | USDA loans in New Jersey, backed by the US Department of Agriculture, target rural home buyers with specific income levels. | USDA loans usually have lower rates for qualified rural homes but might need mortgage insurance. | currently unavailable |
Jumbo Loans | Jumbo loans in New Jersey exceed conforming loan limits, used for more expensive properties. | Jumbo loans can have higher rates due to larger loan amounts and increased lender risk. | 6.80% |
Mortgage rates fall into two categories: fixed and adjustable.
As of November 2024, the average APR for a 30-year fixed mortgage in New Jersey is 6.70%, and for a seven-year ARM, it's 7.24%.
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 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
Cons
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
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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
Cons
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 of 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. |
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.
Current average APRs in New Jersey vary based on loan types and other factors. For instance, as of November 2024, a seven-year ARM has a rate of 7.24%, while a 30-year fixed-rate jumbo loan is at 6.80%.
New Jersey's current average APRs are 6.70% APR for a 30-year fixed-rate loan and 6.79% APR for a 30-year FHA loan, lower than the national averages of 7.15% and 7.40%, respectively.
A higher credit score typically helps you qualify for low mortgage rates in New Jersey, since it indicates a lower risk to lenders.
Yes, New Jersey offers various mortgage programs such as First-Time Homebuyer incentives, NJHMFA Down Payment Assistance and the Police and Firemen’s Retirement System.
To secure the best mortgage rate in New Jersey, consider making a larger down payment, maintaining a strong credit score and shopping around with multiple lenders.
As of November 2024, today's refinance rates in New Jersey are 6.04% for a 15-year fixed refinance loan and 6.66% for a 30-year fixed refinance loan.
You can calculate your mortgage payments using mortgage calculator for New Jersey, which can help you estimate monthly expenses based on different loan terms and interest rates.
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.
