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Best Mortgage Rates in New Jersey — April 2026

Compare current New Jersey mortgage rates across loan types. The average home price in New Jersey is $510,000 with a property tax rate of 2.47%. Find the best rate for your New Jersey home purchase or refinance.

Avg Home Price
$510,000
Property Tax Rate
2.47%
Median Income
$89,296
Population
9.3M

Current New Jersey Mortgage Rates

Updated April 2026. Rates shown are averages — your rate depends on credit score, down payment, loan amount, and lender.

Loan TypeRateAPRMonthly P&I*
30-Year Fixed6.92%7.04%$2,694
20-Year Fixed6.69%6.79%$3,089
15-Year Fixed6.22%6.30%$3,492
10-Year Fixed6.02%6.09%$4,534
FHA 30-Year6.52%6.67%$2,585
VA 30-Year6.32%6.42%$2,532

*Monthly payment based on $408,000 loan (20% down on $510,000 avg home price). Does not include taxes or insurance.

Estimated Monthly Payment in New Jersey

Full PITI breakdown for a $510,000 home with 20% down at 6.92%:

Principal & Interest$2,694
Property Taxes$1,050
Homeowners Insurance$149
Total Monthly (PITI)$3,892

New Jersey First-Time Homebuyer Programs

NJHMFA First-Time Homebuyer

The NJ Housing and Mortgage Finance Agency offers programs to help first-time buyers in New Jersey achieve homeownership. Benefits typically include:

  • Below-market interest rates for qualifying borrowers
  • Down payment assistance (up to 3-5% of purchase price)
  • Closing cost assistance programs
  • Homebuyer education and counseling
  • Compatible with FHA, VA, USDA, and conventional loans

Income limits, purchase price limits, and credit score requirements apply. Contact the NJ Housing and Mortgage Finance Agency directly for current program details.

Popular Cities for Homebuying in New Jersey

🏠Newark
🏠Jersey City
🏠Paterson
🏠Elizabeth
🏠Edison

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New Jersey Mortgage FAQs

What are current mortgage rates in New Jersey?+
As of April 2026, average mortgage rates in New Jersey are approximately 6.92% for a 30-year fixed, 6.22% for a 15-year fixed, and 6.52% for an FHA 30-year loan. Rates vary based on your credit score, down payment, loan amount, and lender. Use our mortgage calculator to estimate your specific payment.
How much house can I afford in New Jersey?+
With the average home price of $510,000 in New Jersey and a median household income of $89,296, affordability depends on your debt-to-income ratio, down payment, and current rates. A general rule is your monthly payment (including taxes and insurance) should not exceed 28-33% of gross income. At current rates, a $510,000 home with 20% down would cost approximately $3,892/month.
What is the property tax rate in New Jersey?+
The effective property tax rate in New Jersey averages 2.47%. On the average home price of $510,000, that's approximately $12,597 per year or $1,050/month. Property taxes are a significant part of your monthly housing cost and vary by county.
Are there first-time homebuyer programs in New Jersey?+
Yes! New Jersey offers the NJHMFA First-Time Homebuyer through the NJ Housing and Mortgage Finance Agency. This program typically provides below-market interest rates, down payment assistance, and closing cost help for qualifying first-time buyers. Income limits and property value caps apply. Contact the NJ Housing and Mortgage Finance Agency for current program details and eligibility.
Should I get a 15-year or 30-year mortgage in New Jersey?+
A 15-year mortgage in New Jersey currently offers rates around 6.22% vs 6.92% for 30-year, saving you significantly on interest. On a $408,000 loan, the 30-year payment is $2,694/month while a 15-year is $3,492/month. Choose 15-year if you can afford the higher payment; choose 30-year for more cash flow flexibility.
What credit score do I need to buy a home in New Jersey?+
In New Jersey, conventional loans typically require a 620+ credit score, FHA loans require 580+ (or 500+ with 10% down), and VA loans have no official minimum but lenders usually want 620+. Higher credit scores get better rates — a score of 760+ qualifies for the best rates in New Jersey, potentially saving thousands over the life of the loan. The NJ Housing and Mortgage Finance Agency programs may have specific credit requirements.

New Jersey Mortgage Tools

🏠Mortgage Calculator🔄Refinance Calculator🏡HELOC Calculator📖Mortgage Guide

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