Current New Jersey Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Current 30 year-fixed mortgage rates are averaging: 6.92% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.28% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

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Refinance rates in New Jersey

• Rate-and-term refinances allow homeowners to pay off a current mortgage and replace it with a new one. The new loan may have a better interest rate or loan term, which is why this type of refinance is called a “rate-and-term” refinance. If you want the lowest mortgage payment possible, consider lengthening your loan term or lowering your interest rate.
  → Refinance rates are usually higher than purchase mortgage rates.
• Cash-out refinances offer a way to replace your current home loan with a new mortgage, while also accessing a portion of your home equity.
  → Cash-out refinances usually have higher rates than regular refinances because they involve borrowing additional funds.
• Conventional refinances are loans that aren’t part of a government loan program.
  → Conventional refinance rates are typically higher than government-backed refinances.
• FHA refinances are insured by the Federal Housing Administration (FHA) and are usually easier to qualify for than conventional loans.
  → FHA refi rates are typically lower than conventional refinance rates. Currently, New Jerseyans can expect to see FHA refinance rates that are over a full percentage point lower.
• VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and offered only to qualified military borrowers. VA loans come with some of the best loan terms and most accessible requirements you can find.
  → VA loan rates are usually much lower than conventional and other refinance programs. Right now, it’s not unreasonable to expect to see VA loan rates that are around 1.19 percentage points lower than conventional loan rates, and about 0.22 percentage points lower than FHA loan rates.

Current 30 year-fixed mortgage refinance rates are averaging: 7.15% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.68% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

See whether refinancing makes sense for you using our mortgage refinance calculator.

On this page

• Mortgage rate trends
• How to get the best mortgage rate for a New Jersey home loan
• 2024 New Jersey home loan programs
• Learn about different types of NJ mortgage loans
• Featured resources

What is the current mortgage rates forecast for 2024?

After a long slog through 2023 — which served up an unrelenting nine months of rising interest rates — potential homebuyers may finally get a break in 2024. The current mortgage rates forecast is for 30-year rates to remain between 6% and 7%, with some potential for a drop below the 6% threshold once the Federal Reserve begins cutting its benchmark rate. That’s expected to happen later in the year, though there are of course no guarantees.

How do I get the best mortgage rate for my New Jersey home loan?

If you’re unclear on which factors determining mortgage rates are in your control, it’s time to study up so you can get the best mortgage rate possible in 2024. Below are some of the best steps you can take to pull those levers and push your rate down.

1. Boost your credit. Credit scores are a weighty factor when lenders assess your loan application, and they decide what interest rate to offer you. If you can push that number up even a little bit, you’re likely to see significant savings in interest charges over the life of your loan.
2. Lower your debt-to-income (DTI) ratio. Another key factor in your application is your DTI ratio. This is a number that compares your gross monthly income to your debt, and lenders see a high DTI as a risk factor. That’s why, if you can lower your DTI, you’re likely to see lower interest rate offers.
3. Buy a single-family, site-built home. Lenders also consider certain property types to carry more risk than others. If you’re buying a manufactured home, a property with more than one unit, a vacation home or an investment property, you should be prepared to pay a little more in interest.
4. Pay mortgage points.Mortgage points allow you to reduce your interest rate, so they can be quite attractive when mortgage rates are high. Purchasing one mortgage point typically reduces your interest rate by 0.25 percentage points.
5. Compare offers from multiple lenders. There’s no way to know that you’re getting the best deal unless you do some comparison shopping. Get quotes from three to five lenders — it can save you thousands of dollars, according to LendingTree data.

When should I lock in my mortgage rate?

Once you’ve identified your best loan offer, it’s smart to request a mortgage rate lock. Your lender will essentially freeze the rate that you were quoted in your loan estimate. That way, as you head toward closing, you’ll have assurance that even as the market inevitably continues to fluctuate, your rate won’t.

2024 New Jersey first-time homebuyer programs

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) runs several programs for first-time homebuyers who are purchasing property anywhere in the state of New Jersey.

Who qualifies as a first-time homebuyer?

People who have never owned a home
People who haven’t owned real estate in the last three years

NJHMFA mortgage loans

This program offers fixed-rate, 30-year loans with reasonable interest rates. You’ll have to work with an approved lender, but you can choose from several loan types — conventional, FHA and VA loans are all available. The best part? Once you have an NJHMFA loan, you may be able to qualify for the agency’s additional down payment assistance programs. Read on to find out more.

Who qualifies

Borrowers must:

Be first-time homebuyers
Purchase in the state of New Jersey
Earn no more than NJHMFA’s income limits, which vary by county*
Purchase a property within NJHMFA’s price limits, which vary by the number of units and location*

*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits

NJHMFA Standard Down Payment Assistance Program

This program gives New Jersey buyers up to $15,000 in funds that can be used toward a down payment or closing costs. The money comes as an interest-free loan that doesn’t require any monthly payments, and it won’t have to be repaid as long as you stay in the home for five years.

Who qualifies

Borrowers must:

Use an NJHMFA mortgage loan to purchase a home
Be first-time homebuyers
Purchase in the state of New Jersey
Earn no more than income limits, which vary by county*
Purchase a property within price limits, which vary by the number of units and location*

*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits

NJHMFA First-Generation Down Payment Assistance Program

This program provides up to $7,000 of assistance for a down payment or closing costs, and the funds can be used on top of standard NJHMFA down payment assistance. Together, these programs can offer first-generation New Jersey buyers up to $22,000, and it won’t have to be repaid.

Who qualifies

Borrowers must:

Be a first-generation homebuyer, which means that everyone in the household as well as the borrower’s parents must currently qualify as first-time homebuyers (people who have been placed in New Jersey foster care are also eligible)
Use an NJHMFA mortgage loan to purchase a home
Purchase in the state of New Jersey
Earn no more than the program’s income limits, which vary by county*
Purchase a property within price limits, which vary by the number of units and location*

*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits

Learn about different types of NJ mortgage loans

→ New Jersey conventional loans. You’re probably familiar with conventional loans, as they’re a very common home loan choice. However, conventional borrowers have to meet minimum requirements, which in most cases are set by Fannie Mae and Freddie Mac.

→ New Jersey FHA loans. If conventional loan requirements are a difficult bar to reach, you may want to look into FHA loan requirements instead. FHA guidelines are more flexible, allowing you to qualify with a credit score as low as 500 with a 10% down payment or a 580 score with a 3.5% down payment.

→ New Jersey VA loans. VA loan requirements are the most flexible of all and are designed to put homeownership in reach for military borrowers. If you qualify, VA loans offer exceptional loan terms and you can get into one without making a down payment or paying for mortgage insurance.

→ New Jersey streamline refinances are available as FHA streamline refinance loans or VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because you won’t have to file as much paperwork or wait as long to close as you do with other refinance programs. However, you’ll have to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan.

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