Compare mortgage rates and fees for leading lenders in Lakewood, NJ. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Lakewood.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lakewood. Plus, shopping lenders is free and there is no obligation.
December 9, 2019
The current average rate for a 30 year fixed rate mortgage in Lakewood is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Lakewood, NJ (Ocean County) is $299,172
The median household income for Lakewood, NJ (Ocean County) is $67,782
Based on current mortgage rates and a 10% down payment, you need to make $55,506 per year to buy the median priced home in Lakewood
The home price you can afford to buy based on household income in Lakewood is 122% of the median home value which means housing prices are average
Lakewood (Ocean County) ranks 14 out of 21 counties in New Jersey and 2,855 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lakewood, NJ is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lakewood (Ocean County) below.
Conforming loan limits for Lakewood, NJ
FHA loan limits for Lakewood, NJ
VA loan limits for Lakewood, NJ
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index