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Whether you’re searching for a new home or planning to refinance, understanding mortgage and refinance rates is essential to navigating New Jersey’s housing market. That said, interest rates aren’t set in stone, and they fluctuate based on economic factors, like 10-year Treasury yields, market conditions, inflation and Federal Reserve policy.

We summarized the current New Jersey mortgage and refinance rates to help you understand these fluctuations and choose the right time to lock in a mortgage rate. Our team also compared New Jersey’s rate trends to nationwide rates to help you choose the right time to buy or refinance a home. Even a small change in rates can impact the overall cost of borrowing, and understanding New Jersey mortgage and refinance rates may help you save.

Today’s Mortgage Rates in New Jersey

New Jersey’s average APR on a 30-year mortgage slipped 0.048 points to 6.27% over the past week, according to data from the Mortgage Research Center. The rate is down 0.564 points over the last 90 days and down 0.259 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage rose 0.026 points to 5.292% over the past week. Over the last 90 days, the rate is down 0.569 points; it’s down 0.242 points over the last 30 days.

The average APR for a 30-year jumbo mortgage dropped 0.046 points to 6.533% since last week. It’s down 0.499 points over the last 90 days and down 0.216 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.27%.
• Last week. 6.318%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.292%.
• Last week. 5.266%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.533%.
• Last week. 6.579%.

Today’s Refinance Rates in New Jersey

New Jersey’s average APR for the benchmark 30-year fixed refinance mortgage fell 0.031 points to 6.365% compared to a week ago. The rate is down 0.539 points over the last 90 days and down 0.227 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage climbed 0.026 points to 5.271% weekly. Over the last 90 days, the rate is down 0.576 points over the last 90 days; it’s down 0.258 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR fell 0.048 points to 6.609% week-to-week. It’s down 0.516 points over the last 90 days and down 0.21 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.365%.
• Last week. 6.396%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.271%.
• Last week. 5.245%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.609%.
• Last week. 6.657%.

New Jersey Mortgage Rate Trends

Understanding mortgage rate trends can help you make more informed home-buying decisions. They can also help you decide when to refinance your current mortgage or lock in a rate for a second mortgage. Depending on your other qualifications as a borrower, analyzing New Jersey mortgage rate trends may also help you reduce borrowing costs over the life of your mortgage.

New Jersey’s mortgage rates have trended downward over the last three months, as have national rates.

New Jersey Mortgage Rates vs. National Mortgage Rates

Although state mortgage rates generally follow changes in the national average, they do vary by state.

Today’s average mortgage rate in New Jersey is 6.27%, while the national average rate is 6.275%. That’s -0.005 percentage points lower than the national average.

New Jersey’s mortgage refinance rate today is 6.365% versus the national average of 6.371% – 0.006 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in New Jersey

Buying a home in New Jersey can be an exciting adventure. The Garden State’s diverse cities and regions makes it easy to find a house or neighborhood that meets your needs. Whether you want to be close to a bustling downtown or in a quiet rural area, knowing the local real estate market and home-buying process is important. Working with a local real estate agent can make it easier to find and buy your perfect home. Staying informed about the market and local rules will also help to make your home-buying journey a breeze.

How to Get the Best Mortgage Rates in New Jersey

Securing the best mortgage rates in New Jersey requires a bit of planning and research. Start by understanding the current interest rates and trends in your area, as these vary by region. It’s also crucial to shop around and compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

Maintaining a strong credit score, providing a substantial down payment and having a stable financial history can help you qualify for more favorable rates. A local mortgage broker or financial advisor who knows the New Jersey market can provide valuable insights and help you navigate the process efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.