Written by
Jeff Ostrowski
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Edited by
Laurie Richards
Edited by
Laurie Richards
On Tuesday, September 10, 2024, the national average 30-year fixed mortgage APR is 6.44%. The national average 30-year fixed refinance APR is 6.38%, according . to Bankrate's latest survey of the nation's largest mortgage lenders. Read more
On this pageComparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page Jump toAs of Tuesday, September 10, 2024, current interest rates in New Jersey are 6.38% for a 30-year fixed mortgage and 5.68% for a 15-year fixed mortgage.
While there has been some relief with mortgage rates dropping below 7 percent, housing affordability is still a factor many New Jersey homebuyers are navigating. Single-family home prices surged by more than 10 percent between June 2023 and June 2024, according to data from the New Jersey Realtors Association. Condos and townhomes — often seen as a more affordable option — experienced an even bigger increase: The median sales price jumped by more than 15 percent.
If you managed to lock in a rate during the record-low days at the beginning of 2021, replacing your mortgage at today’s refinance rates isn’t an appealing proposition. However, you may have much more tappable equity now due to the state’s rising home values. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.
Learn more: Why and how to do a cash-out refinanceMortgage rates seem poised to fall when the Federal Reserve makes a rate cut — a move that looks increasingly likely at the next Fed meeting in September.
While lower interest rates will provide some relief for prospective buyers in the Garden State, there are still some homebuying hurdles to overcome. Homes in the state are selling for well above their list price — over 60 percent of home sales were over list price in June 2024, according to data from Zillow.
Learn more: Latest mortgage rate forecast| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.39% | 6.44% |
| 15-Year Fixed Rate | 5.74% | 5.81% |
| 5-1 ARM | 6.01% | 7.14% |
| 30-Year Fixed Rate FHA | 6.48% | 6.52% |
| 30-Year Fixed Rate VA | 6.65% | 6.68% |
| 30-Year Fixed Rate Jumbo | 6.63% | 6.68% |
Rates as of Tuesday, September 10, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.34% | 6.38% |
| 15-Year Fixed Rate | 5.75% | 5.82% |
| 5-1 ARM | 5.95% | 6.95% |
| 30-Year Fixed Rate FHA | 6.67% | 6.70% |
| 30-Year Fixed Rate VA | 7.37% | 7.40% |
| 30-Year Fixed Rate Jumbo | 6.38% | 6.43% |
Rates as of Tuesday, September 10, 2024 at 6:30 AM
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.
New Jersey’s proximity to two pricey Northeast hubs — New York City and Philadelphia — keeps demand for housing strong. Here are some statistics about mortgages and the housing market in the state:
Sources: New Jersey Realtors, Zillow, U.S. Census Bureau
If you’re looking to get a mortgage in New Jersey, there are several options:
First-time homebuyers in New Jersey can take advantage of several programs offered through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). These provide down payment assistance and affordable, government-backed mortgages:
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
Rating: 3.6 stars out of 5Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate's take Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more Min. credit score requiredNationwide availability Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia
Min. down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loansRecent Customer Reviews
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Rating: 4.98 stars out of 5 Rating: 4.39 stars out of 5 Caret DownState License: 4965
Rating: 4.5 stars out of 5Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate's take Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered Conventional, FHA, VA, refinancing and more Min. credit score required Nationwide availability All U.S. states except New York Min. down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loansRecent Customer Reviews
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Rating: 4.94 stars out of 5 Rating: 4.39 stars out of 5 Caret DownWritten by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Laurie Richards, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.
