Today's NJ Mortgage & Refinance Rates

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Buying a home in New Jersey

Mortgage term	Average mortgage interest rate	Average refinance interest rate

This information has been provided by
Zillow. See more
mortgage rates on Zillow

According to Zillow, the typical home value in New Jersey is higher than the typical value of $357,544 across the US. The typical home value in New Jersey is $472,932, and home values have increased 10.7% over the past year.

Historic mortgage rates for New Jersey

By looking at the average mortgage rates in New Jersey since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:

Seeing how today’s rates compare to historic New Jersey mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.

Mortgage calculator

Use our free mortgage calculator to learn about how today’s rates will affect your monthly payments.

Mortgage Calculator

$1,161
Your estimated monthly payment

Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months

By clicking on “More details,” you’ll see how rates can impact your long-term finances, too.

New Jersey first-time homebuyer programs

Down Payment Assistance program: You can get up to $10,000 for down payment or closing cost assistance from the New Jersey Housing and Mortgage Finance Agency. This loan is forgivable after five years, and there’s no interest or monthly payments.
First-Time Homebuyer program: If you live in Trenton, you can get a loan for up to $15,000.
Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan.
United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.
Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.

Refinancing your mortgage in New Jersey

Mortgage refinance rates are at historic lows, so it could be a good time to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.

You may decide to refinance with the same lender that gave you your initial mortgage, but consider doing some research to make sure it’s still the best fit. A different lender may offer you a better deal this time than your original lender. Shop around for a company that will offer the best interest rate and charge relatively low fees.

How to get a low interest rate on your mortgage

Here are some tips for landing a good interest rate on your mortgage:

Save more for a down payment. With a conventional loan, you may be able to put down as little as 3%. But lenders reward a higher down payment with a better interest rate. Mortgage rates should stay low for a while, so you may have time to save a bigger down payment.
Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But you can land a better interest rate with a higher score. The most important factor for boosting your score is to pay all your bills on time.
Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less for a conventional mortgage, but a lower DTI can result in a lower rate. To improve your DTI, pay down debts or consider opportunities to increase your income.
Choose a federally backed mortgage. If you’re eligible, you might consider a USDA loan (for low-to-moderate-income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. As a bonus, you won’t need a down payment for USDA or VA loans.

Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.