Mortgage rates in New Jersey
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
New Jersey homeowners pay the highest median property-tax bill in the nation.
Mortgage rates today by loan type
These are national averages. Lenders in New Jersey price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
New Jersey mortgage calculator
The calculator starts from New Jersey's median list price, 20% down, the state's 1.90% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the amortization table. To see how New Jersey's property tax and insurance compare with every other state, try the PITI calculator by state.
New Jersey vs. the U.S.
New Jersey's median list price is 33% above the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $732 a month more. Home values rose faster than the national average over the latest year, which builds equity sooner and can let PMI come off earlier on a low-down-payment loan. Five-year price growth here was the fastest of 51 jurisdictions.
| Measure | New Jersey | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $550,000 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $2,981 | $2,249 |
| Average home-purchase loanHMDA 2025 | $530,899 | $404,828 |
| Average closing costsincl. transfer taxes | $5,410 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.63% | 6.50% |
| Mortgage approval rateHMDA 2025 | 75.9% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +5.4% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +58.3% | +41.3% |
What New Jersey borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every New Jersey home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, New Jersey borrowers paid 0.04 percentage points above the market benchmark at lock, the 16th-highest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateNJ · U.S. | Over benchmarkNJ · U.S. | Closing costsNJ · U.S. | Paid pointsshare of loans | Median downequity on refis · NJ |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)22,908 loans | 6.63%6.50% | +0.04+0.02 | $6,458$5,476 | 41.5%53.2% | 25% |
| Jumbo 30-yr fixed (20%+ down)645 loans | 6.50%6.63% | −0.12+0.00 | $10,501$10,251 | 28.1%38.4% | 20% |
| FHA 30-yr fixed7,260 loans | 6.38%6.25% | +0.56+0.42 | $14,740$11,291 | 51.5%59.3% | 3.5% |
| VA 30-yr fixed2,469 loans | 6.25%6.13% | −0.28−0.36 | $8,379$6,554 | 51.3%59.3% | 0% |
| Conventional rate-and-term refinance4,593 loans | 6.13%6.38% | −0.09−0.06 | $4,972$4,390 | 41.3%45.4% | 31.8% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in New Jersey and what their borrowers paid.
New Jersey's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in New Jersey by 2025 purchase loans, out of 626 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in NJ | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| CrossCountry Mortgage | 4,3236.5% | 6.63% | +0.17 | $2,265 | 51%$3,138 | 25% |
| Guaranteed Rate (Rate) | 2,9374.4% | 6.58% | +0.02 | $1,640 | 32%$1,573 | 25% |
| Rocket Mortgage | 2,5393.8% | 6.50% | −0.04 | $3,500 | 50%$3,035 | 25% |
| United Wholesale Mortgage | 2,4893.8% | 6.62% | +0.09 | $6,074 | 34%$2,339 | 25% |
| Chase | 2,0613.1% | 6.38% | −0.23 | $1,415 | 58%$2,043 | 25% |
| loanDepot | 1,6292.5% | 6.63% | +0.01 | $1,590 | 29%$1,425 | 25% |
| OceanFirst Bank, National Association | 1,2601.9% | 6.38% | −0.22 | $820 | 0%— | 25% |
| Advisors Mortgage Group, L.L.C. | 1,2271.9% | 6.63% | +0.06 | $1,395 | 24%$2,406 | 25% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in New Jersey. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: New Jersey lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in New Jersey
On a home at New Jersey's median list price of $550,000 with 20% down, the financed amount is $440,000, or about $2,981 a month in principal and interest at the 7.18% 30-year average.
What makes New Jersey different is the cost around the loan. Its 1.90% effective property-tax rate adds roughly $871 a month, and homeowners insurance — at the state's median 0.28% of home value — about $126 more, bringing the all-in estimate to $3,978. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the how-much-house calculator.
Payment at the $550,000 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $3,978P&I $2,981 | — | $115,410 | $170,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,639P&I $3,353 | $289 | $60,410 | $199,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,841P&I $3,540 | $305 | $32,910 | $207,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,922P&I $3,614 | $311 | $21,910 | $211,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $4,793P&I $3,553 | $243 | $24,660 | $205,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $4,626P&I $3,629 | — | $5,410 | $198,000 |
Monthly = principal and interest + property tax (1.90% effective) + homeowners insurance (about $126/mo — New Jersey's median premium, 0.28% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + New Jersey's average closing costs ($5,410). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in New Jersey's biggest counties
Home prices, and so the loan you need, vary more inside New Jersey than rates do. The table covers the largest county markets and the high-cost counties where the conforming limit is higher. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Ocean County2,800 homes for sale · Sep 2026 | $527,000-4.2% | $475,5547,532 loans | $1,209,750$1,512,187 | Conforming$421,600 loan | $3,811at 7.18% | |
| Bergen County1,801 homes for sale · Sep 2026 | $759,675-4.4% | $758,0806,818 loans | $1,209,750$1,512,187 | Conforming$607,740 loan | $5,494at 7.18% | |
| Middlesex County1,783 homes for sale · Sep 2026 | $575,000+2.3% | $496,4296,174 loans | $1,209,750$1,512,187 | Conforming$460,000 loan | $4,158at 7.18% | |
| Monmouth County1,634 homes for sale · Sep 2026 | $809,725+1.2% | $633,0976,725 loans | $1,209,750$1,512,187 | Conforming$647,780 loan | $5,856at 7.18% | |
| Hudson County1,432 homes for sale · Sep 2026 | $604,725-1.5% | $700,8184,027 loans | $1,209,750$1,512,187 | Conforming$483,780 loan | $4,373at 7.18% | |
| Atlantic County1,263 homes for sale · Sep 2026 | $407,470-5.1% | $385,8073,062 loans | $832,750$1,040,937 | Conforming$325,976 loan | $2,947at 7.18% | |
| Camden County1,130 homes for sale · Sep 2026 | $375,000+5% | $336,9465,303 loans | $832,750$1,040,937 | Conforming$300,000 loan | $2,712at 7.18% | |
| Burlington County1,126 homes for sale · Sep 2026 | $404,975+0.1% | $385,0905,108 loans | $832,750$1,040,937 | Conforming$323,980 loan | $2,929at 7.18% | |
| Essex County971 homes for sale · Sep 2026 | $592,500-1.3% | $704,4005,314 loans | $1,209,750$1,512,187 | Conforming$474,000 loan | $4,285at 7.18% | |
| Cape May County899 homes for sale · Sep 2026 | $849,968+3.7% | $700,8902,197 loans | $832,750$1,040,937 | Conforming$679,974 loan | $6,147at 7.18% | |
| Morris County857 homes for sale · Sep 2026 | $699,900+0.1% | $607,8124,562 loans | $1,209,750$1,512,187 | Conforming$559,920 loan | $5,062at 7.18% | |
| Mercer County842 homes for sale · Sep 2026 | $449,900+0.5% | $431,7893,476 loans | $832,750$1,040,937 | Conforming$359,920 loan | $3,254at 7.18% | |
| Union County715 homes for sale · Sep 2026 | $599,450+0.1% | $670,9643,878 loans | $1,209,750$1,512,187 | Conforming$479,560 loan | $4,335at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), New Jersey's 1.90% effective property tax and its median insurance premium (0.28% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in New Jersey
Rates are national, but the rules around the loan are not. These New Jersey specifics can change your payment, your closing or your protections as a borrower.
Three-day attorney review of sales contracts
A New Jersey sales contract prepared by a real estate licensee must include an attorney review clause giving buyer and seller three business days after delivery of the fully signed contract. During that window an attorney can propose revisions or void the contract, so buyers can negotiate or exit before it becomes final.
Source: nj.govANCHOR relief follows the October 1 owner-occupant
New Jersey's ANCHOR relief goes to homeowners who owned and occupied the home as their main residence on October 1 of the application year; second homes are excluded. A home bought after that date doesn't count for that year, so closing timing affects when relief starts.
Source: nj.govSellers must answer flood-risk questions
New Jersey sellers must answer flood-risk questions, including flood-zone status and past flooding, on the property condition disclosure before the buyer becomes obligated under the contract. Standard homeowners policies exclude flood damage, so the answers can signal whether you need separate flood insurance.
Source: njconsumeraffairs.gov30-day notice before New Jersey foreclosure begins
New Jersey lenders must give residential mortgage borrowers at least 30 days' notice before starting a foreclosure or other legal action to take the home, and the notice can't be sent more than 180 days earlier. Lenders also file a copy with the state, so borrowers get a set window to respond.
Source: nj.govChecked against official sources on October 18, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How New Jersey buyers finance their homes
New Jersey leans conventional: 86.6% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 10.2% and VA 3.1% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in NJ | U.S. share | Approval in NJ | Avg loan in NJ |
|---|---|---|---|---|
| Conventional | 86.6% | 78.0% | 75.9% | $422,919 |
| FHA | 10.2% | 13.2% | 74.4% | $427,202 |
| VA | 3.1% | 8.2% | 79.2% | $467,769 |
| USDA | 0.1% | 0.6% | 83.3% | $91,959 |
The average New Jersey home loan in 2025 was $424,371 — 20% above the U.S. average of $352,861, the 8th-largest of 51 jurisdictions. Home purchases accounted for 58.0% of those loans (U.S. 64.2%); cash-out refinances for 21.8% (U.S. 17.1%), so owners here tapped home equity more often than most.
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
New Jersey loan limits for 2026
12 of New Jersey's 21 counties are high-cost areas for 2026, with one-unit conforming limits above the $832,750 baseline — highest in Bergen County ($1,209,750), Essex County ($1,209,750), Hudson County ($1,209,750). Everywhere else in the state the cap is $832,750, so the same loan amount can be conforming in one county and jumbo in the next. See the full national grid in our 2026 conforming limits table, and if you are over the line, what changes with jumbo mortgage rates.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in New Jersey
Average closing costs in New Jersey are about $5,410 including transfer taxes (No. 13 of 51, highest first). On a home at the median list price of $550,000:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $110,000 | $16,500 |
| Average closing costs | $5,410 | $5,410 |
| Cash to close (estimate) | $115,410 | $21,910 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in New Jersey
In New Jersey the seller pays a graduated Realty Transfer Fee on every sale. Since July 10, 2025, sellers of homes over $1 million also pay a Graduated Percent Fee on the whole price — 1% up to $2 million, rising to 3.5% above $3.5 million — a cost that buyers paid before the change. Source: nj.gov
Getting approved in New Jersey
Federal HMDA lending records show New Jersey lenders originated 178,220 home loans in 2025 and denied 56,618 applications — an approval rate near 75.9% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our state approval-rate study, and how New Jersey ranks for mortgage complaint patterns (20,440 on record).
Shopping for a loan? See the most active mortgage lenders in New Jersey, ranked by federal HMDA volume.
Down-payment help in New Jersey
You rarely need 20% down. These are the main programs from NJHMFA, New Jersey's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
NJHMFA Down Payment Assistance
The New Jersey Housing and Mortgage Finance Agency's homebuyer programs, including a First Generation program for buyers whose parents didn't own a home, provide up to $22,000 toward the down payment and closing costs with an NJHMFA first mortgage.
Source: njhousing.govChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with NJHMFA or a participating lender.
No state mortgage credit certificate in New Jersey
NJHMFA's homebuyer programs are mortgage and down-payment assistance programs; none is an MCC. Which states still issue MCCs.
Check current terms at NJHMFA, see how a smaller down payment changes your number with the down payment tool, or compare first-time buyer programs nationwide.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (New Jersey vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in New Jersey reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our editors. Full sources and formulas: how we source our data.
New Jersey mortgage FAQ
What is a good mortgage rate in New Jersey right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, New Jersey's conventional buyers paid a median 6.63%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in New Jersey than in other states?
Slightly. In 2025 HMDA records, New Jersey's median conventional 30-year rate was 6.63%, against 6.50% nationally.
Against the benchmark for each loan's lock week, which counts points and fees, New Jersey loans priced 0.04 percentage points above it (the 16th-highest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in New Jersey?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, New Jersey's jumbo buyers paid a median 6.50%. A loan is jumbo above the $832,750 conforming limit, or above $1,209,750 in New Jersey's highest-cost counties.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $440,000 loan (20% down on New Jersey's median list price), a 30-year at 7.18% costs $2,981 a month and a 15-year at 6.57% costs $3,850.
The 15-year saves about $380,088 in interest but needs $869 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $440,000 loan (20% down on New Jersey's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $2,981 to $3,284, or $303 a month.
Over 30 years that is about $109,164 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, New Jersey's conventional rate-and-term refinances closed at a median 6.13% and purchases at 6.63%, partly because refinances bunch up when rates dip. Refinances priced 0.09 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a mortgage on a $550,000 house in New Jersey?
About $3,978 a month with 20% down at 7.18%: $2,981 principal and interest, $871 property tax at New Jersey's 1.90% effective rate and $126 homeowners insurance. With 10% down, PMI adds about $289 and the total is near $4,639.
New Jersey's property tax runs above the U.S. median (1.90% vs 0.91% of value), and insurance below the U.S. median (0.28% vs 0.40% of value).
How much do you need to make to afford a $550,000 house in New Jersey?
About $170,000 a year with 20% down, so the $3,978 monthly payment stays within 28% of gross income — or about $199,000 with 10% down once PMI is added.
Car, student-loan and card payments count too: conventional loans generally cap all monthly debts at 45% of income (50% with an automated approval), FHA at 43% (up to 57% with compensating factors).
What down payment assistance is available in New Jersey?
NJHMFA, the state housing finance agency, runs NJHMFA Down Payment Assistance, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with NJHMFA or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.