What Are the Mortgage Rates in New Jersey?
The average mortgage rate in New Jersey is currently 3.55% for the 30-year fixed loan term.
Here are the interest rates offered to New Jersey residents looking to buy or refinance a home as of 03/07/2023:
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- 30-year fixed purchase: 3.55%
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- 30-year fixed refi: 7.3%
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- 15-year fixed purchase: 5.96%
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- 15-year fixed refi: 5.39%
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What Are Current Mortgage Rates?
Mortgage rates dipped this week amid economic uncertainty caused by the bank failures of Silicon Valley Bank and Signature Bank last weekend. The average fixed rate on a 30-year mortgage fell to 7.04% as investors struggle to price in the Federal Reserve’s next move.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates were widely expected to fall throughout the course of 2023, but instead surged above 7% just ahead of the busy spring homebuying season. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 16:
30-year fixed: 7.04% (down from 7.16% a week ago).
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- 20-year fixed: 6.85% (down from 6.97% a week ago).
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- 15-year fixed: 6.27% (down from 6.29% a week ago).
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- 10-year fixed: 6.2% (down from 6.32% a week ago).
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- 5/1 ARM: 5.78% (down from 5.8% a week ago).
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- 7/1 ARM: 5.91% (down from 5.93% a week ago).
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- 10/1 ARM: 6.16% (down from 6.18% a week ago).
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- 30-year jumbo loans: 7.09% (down from 7.26% a week ago).
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- 30-year FHA loans: 6.15% with 0.05 point (down from 6.27% a week ago).
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- VA purchase loans: 6.37% with 0.05 point (down from 6.48% a week ago).
New Jersey homebuyers can get favorable mortgages and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers with a credit score of 620 or above.
- Income limits: Vary by county.
- First-time homebuyers only?: Yes.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: You can use this along with the NJHMFA Down Payment Program for up to $10,000 in assistance.
- Available to: First-time homebuyers using an NJHMFA first mortgage loan.
- Income limits: Vary by county.
- First-time homebuyers only?: Yes.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Provides $10,000 toward a down payment and closing costs. It’s an interest-free, five-year forgivable second loan with no monthly payment.
- Available to: Active members of the New Jersey Police and Firefighter Retirement System with one year of creditable service.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: N/A
Our Mortgages Methodology
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best New Jersey Mortgage Lenders of 2023
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