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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

New Jersey Mortgage Rates

Comparing New Jersey Mortgage Rates with National Rates

In order to help you see how New Jersey mortgage rates compare with National rates, check out the following rate table from the industry website These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in New Jersey

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New Jersey

In order to qualify for the best mortgage rates in New Jersey it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this article about qualifying for a mortgage.

 Mortgage Resources for New Jersey

New Jersey is the eleventh most populous US state. According to the US census, as of 2017, there is an estimated population of over 8.9 million residents, which represents 2.8% of the US population. According to the 2015 HMDA statistics only 4% of New Jersey mortgages were VA loans, versus a 10% national.  The NY Federal Reserve reported that the average mortgage balance for households with a mortgage was $153,300, more than $28,000 than the national average. About 25.8% of New Jersey households had a mortgage, which was similar to national figures. 

Here are some outside resources that can help you understand the New Jersey mortgage environment:

  1. FHA loan amounts in New Jersey: (note:set the table to New Jersey) There are 21 counties in the state of New Jersey of which 58% of the single family units meet the Highest loan limit, currently at $636,150. 37% of the counties are at the Standard loan limit, currently at $275,665. The remaining 5% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for New Jersey and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 53% of the counties that fit this category. None of the counties have the Highest Loan limit of $636,150. The remaining 47% are between those two limits.
  3. New Jersey First Home Buyer Programs: The New Jersey Housing and Mortgage Finance Agency (HMFA) offers a number of programs to help purchase affordable homes. Their programs include  down payment assistance programs, such as the New Jersey HomeSeeker Program which “provides $16,000 for first-time homebuyers and veterans to use as down payment and/or closing cost assistance when purchasing a home in Atlantic, Camden, Essex, Gloucester, Passaic or Union County”, the Smart Start Program that “provides first-time homebuyers with up to 4% of their mortgage amount to use as down payment and/or closing cost assistance, when purchasing a home in a Smart Growth Area” and the Homeward Bound Homebuyer Mortgage which “is open to first-time homebuyers, trade up and trade down borrowers.” There are income, credit, and property value restrictions to the programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for New Jersey

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in Two areas in New Jersey:

  • Mortgage Rates for Conventional Loans in Two MSAs in New Jersey
  • Mortgage Fees in Two MSAs in New Jersey
  • Loan Amount in New Jersey for Two MSAs
  • LTV over 90% in Two MSAs in New Jersey


Mortgage Rates for Conventional Loans in Two MSAs in New Jersey"


Mortgage Fees in Two MSAs in New Jersey


Loan Amount in New Jersey for Two MSAs


LTV over 90% in Two MSAs in New Jersey for Two MSAs

Recent Best
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  • 35x35
    Aug, 2014
    These rates are very helpful. I would recommend locking in long duration (30 year fixed rates) loans if you plan to live in your home for an extended period of time.
    1 Votes

  • GM
    May, 2013
    Are rates rising, and should I lock in a rate in the current low mortgage rate environment?
    2 Votes

    • BA
      May, 2013
      Mortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.
      3 Votes

  • NR
    Sep, 2012
    Cars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.
    2 Votes

  • MC
    Jan, 2012
    Playa Del Rey, CA
    Are mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!
    0 Votes

    • BA
      Jan, 2012
      Mortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.
      2 Votes

  • KH
    Nov, 2011
    Palm Bay, FL
    I went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?
    0 Votes

    • BA
      Nov, 2011
      I doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.
      0 Votes