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.
October 14, 2019
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%
The median home value for Monmouth, NJ is $440,677
The median household income for Monmouth, NJ is $94,614
Based on current mortgage rates and a 10% down payment, you need to make $81,759 per year to buy the median priced home in Monmouth
The home price you can afford to buy based on household income in Monmouth is 116% of the median home value which means housing prices are average
Monmouth ranks 15 out of 21 counties in New Jersey and 2,893 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
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
FHA loan limits for Monmouth, NJ
VA loan limits for Monmouth, 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