Current Mortgage Rates in Monmouth, New Jersey

Compare mortgage rates and fees for leading lenders in Monmouth, 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 Monmouth.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monmouth. Plus, shopping lenders is free and there is no obligation.

Mortgage Rates in Monmouth, NJ as of September 19, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.


How Do Today's Monmouth, NJ Mortgage Rates Compare?

September 19, 2020

The current average rate for a 30 year fixed rate mortgage in Monmouth 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%

Mortgage Program
Monmouth, NJ Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Monmouth, New Jersey?

Below we provide helpful information on the real estate market, home prices and housing affordability in Monmouth. Understand how much you need to earn to afford a home in Monmouth, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monmouth fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Monmouth is right for you.

The median home value for Monmouth, NJ is $474,168

Based on current mortgage rates and a 10% down payment, you need to make $85,338 per year to buy the median priced home in Monmouth

With this income, you could qualify for a $426,751 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Monmouth is $1,976

The median household income for Monmouth, NJ is $96,823

Based on this income, you can afford a home valued at approximately $537,986

The home price you can afford to buy based on household income in Monmouth is 113% of the median home value which means housing prices are average. Monmouth ranks 15 out of 21 counties in New Jersey and 2,903 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Monmouth, NJ is average


Loan Limits for Monmouth, New Jersey

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monmouth below.

Conforming loan limits for Monmouth, NJ

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

FHA loan limits for Monmouth, NJ

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

VA loan limits for Monmouth, NJ

1 unit: $765,600

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