Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
New Jersey Mortgage Overview
New Jersey is known as the Garden State and borders the two amazing states of Pennsylvania and New York. It's a popular state with 8.8 million people living there! If you want to be one of them, expect an average home price of $545,000, which is higher than the national average.
If you're thinking of living in New Jersey, here are your loan options, but NJ lenders often have stricter requirements than other states.
New Jersey conventional loans
You need great credit and a max 36 percent debt ratio for the conventional loan. First-time homebuyers can get by with a 3 percent down payment and subsequent homebuyers need 5 percent down. If you put down less than 20 percent, you'll pay Private Mortgage Insurance until you owe less than 20 percent of the home's value.
New Jersey FHA loans
FHA loans have more flexible guidelines with a minimum 580 credit score and a 3.5 percent down payment. Borrowers may have a 45 - 50 percent debt ratio, but some lenders are stricter than others. FHA loans require mortgage insurance for the loan's term in exchange for the more flexible guidelines.
New Jersey VA loans
If you serve or are serving in the military you may secure 100 percent financing from a VA lender. You'll need at least a 620 credit score and enough income to cover the mortgage, consumer debts, and daily living costs. You don't need a down payment. VA loans don't require mortgage insurance, but there is an upfront funding fee most veterans pay.
New Jersey USDA loans
If you don't qualify for the above loans, the USDA loan may be a good option if your household income is less than 115% of the area's median income. You'll need at least a 640+ credit score to qualify. USDA loans provide 100 percent financing and have low interest rates and low mortgage insurance for the life of the loan.
First-Time Homebuyer
Programs in New Jersey
First-Time Homebuyer Program
This program offers a competitive 30-year fixed interest rate if you make less than 140 percent of the area's median income. You may also include down payment assistance to make the loan even more affordable.
Down Payment Assistance Program
Borrowers may receive up to $10,000 in down payment assistance. This is a second loan with no interest and is forgivable after 5 years. You are only eligible if you use the First-Time Homebuyer Program. Not all NJ lenders are offering this program during the pandemic, so shop around.
Police and Fireman's Retirement System Mortgage
Program
Active police and fireman (one-year o service) may qualify for this low-interest 30-year fixed loan program for loans up to $548,250.
New Jersey mortgage FAQ
- What mortgage loan options do New Jersey buyers have?
- New Jersey buyers can use conventional loans, which call for strong credit, a maximum 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans accept a 580 credit score with 3.5 percent down. VA loans provide veterans 100 percent financing with a 620 score, and USDA loans offer zero-down rural financing. Keep in mind NJ lenders are often stricter than in other states.
- Which first-time buyer programs are offered in New Jersey?
- The First-Time Homebuyer Program offers a competitive 30-year fixed rate for buyers earning less than 140 percent of area median income, and it can be paired with the Down Payment Assistance Program, an interest-free second loan forgiven after 5 years. Active police and firemen may also qualify for the Police and Fireman's Retirement System Mortgage Program, a low-interest 30-year fixed loan.
- What credit score do you need for a mortgage in New Jersey?
- FHA loans set the lowest bar at a 580 credit score with 3.5 percent down. VA loans require at least 620 for eligible military borrowers, and USDA loans look for 640 or higher. Conventional loans demand great credit and a debt ratio of 36 percent or less, and New Jersey lenders often apply stricter requirements than lenders in other states.