Compare Current Mortgage Rates in New Jersey
If you’re comparing purchase or refinance loan options across Newark, Jersey City, Paterson, Elizabeth, Lakewood, or other New Jersey communities, start by reviewing today’s mortgage rates. With multiple loan choices available, you can identify the best monthly payment plan and loan term to make your homeownership goals a reality.
Get a quoteAll rates, APRs, monthly payments, and discount points listed are current as of today and can change at any time based on market conditions. Calculations assume a borrower with a FICO® Score of 780 or higher and the specific down payment amount indicated below for each loan product. Each scenario assumes a single-family primary residence, and that the borrower purchases up to one mortgage discount point to secure a lower interest rate. Speak with a mortgage loan officer for more information about points and how they can reduce your rate.
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Purchase rates
Conventional Fixed Rate Loans
A conventional fixed-rate mortgage provides consistent monthly payments and a stable interest rate for the entire loan term — commonly available in 15-, 20-, or 30-year options. Borrowers usually make a 3%–20% down payment, with private mortgage insurance (PMI) required when down payments are below 20%. Lenders evaluate credit score, closing costs, and property appraisal as part of the approval process.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable-rate mortgages (ARMs) feature interest rates that adjust over time, typically starting lower than fixed-rate loans. Borrowers enjoy smaller initial payments but should plan for possible increases if rates rise. ARMs are well-suited for homeowners who plan to sell, refinance, or relocate before the adjustment period begins.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, help borrowers with lower credit scores or smaller savings for a down payment. With a required minimum down payment of 3.5%, FHA loans are ideal for first-time homebuyers. However, borrowers must pay mortgage insurance premiums to safeguard lenders.
Veteran Affairs (VA) Loans
VA loans, backed by the U.S. Department of Veterans Affairs, are available to qualified veterans, active-duty members, and surviving spouses. These loans offer no down payment, no PMI, and competitive rates, making homeownership more accessible and affordable for those who have served our country.
Jumbo Loans
Jumbo loans finance properties that exceed conforming loan limits, commonly found in higher-value housing markets. These loans often require larger down payments, stronger credit scores, and more documentation. Since they are non-conforming, interest rates can be slightly higher, but they are ideal for purchasing luxury or high-priced homes.
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Refinance rates
Conventional Fixed rate loans
Refinancing into a conventional fixed-rate mortgage gives homeowners long-term payment stability and the ability to lock in consistent interest rates. To eliminate private mortgage insurance, at least 20% equity is typically required. Lenders assess factors such as credit history, closing costs, and property value during the approval process.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming ARM refinance offers lower introductory rates, making it appealing to homeowners planning to sell or refinance before the adjustment phase. Monthly payments may fluctuate when the interest rate resets, so borrowers should ensure they’re comfortable with potential changes in future payments.
Federal Housing Administration (FHA) Loans
FHA refinance loans help existing homeowners lower monthly payments, access home equity, or switch to fixed-rate terms. Even borrowers with moderate credit can qualify due to the FHA’s government-backed structure. These loans do require ongoing mortgage insurance premiums as part of the repayment terms.
Veteran Affairs (VA) Loans
VA refinance loans — including the Interest Rate Reduction Refinance Loan (IRRRL) — are designed for qualified veterans and service members seeking lower rates or shorter loan terms. These loans retain the same benefits as VA purchase loans, such as no PMI and no down payment requirement.
Jumbo Loans
Jumbo refinance loans are suitable for homeowners with high-value properties above standard conforming limits. They allow borrowers to lower their interest rate, access equity, or change loan terms. Due to higher loan amounts, lenders generally require strong credit and substantial financial documentation.
Frequently asked questions about mortgage rates
1. How do mortgage rates in New Jersey compare to other states?
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2. What impacts my eligibility for a lower mortgage rate?
3. Are New Jersey jumbo loans harder to qualify for?
4. How often can I refinance my home loan in New Jersey?
5. What is a good credit score for securing the best mortgage rates?
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