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Compare Current Monmouth, New Jersey Mortgage Rates
Compare Monmouth, NJ mortgage rates and fees from top lenders. 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 lowest 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.
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Monmouth, NJ Mortgage Rates as of December 2, 2023
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
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Compare Today's Monmouth, NJ Mortgage Rates
December 2, 2023
Current mortgage rates in Monmouth, NJ are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Monmouth, NJ Rates
National Average
Comparison
30 Year Fixed Rate
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7.440%
15 Year Fixed Rate
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6.760%
5/1 Adjustable Rate Mortgage
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6.750%
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 $568,182
Based on current mortgage rates and a 10% down payment, you need to make $118,532 per year to buy the median priced home in Monmouth
With this income, you could qualify for a $511,364 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 $2,745
The median household income for Monmouth, NJ is $109,577
Based on this income, you can afford a home valued at approximately $525,256
The home price you can afford to buy based on household income in Monmouth is 92% of the median home value which means housing prices are expensive.
Monmouth ranks 15 out of 21 counties in New Jersey and 2,890 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 expensive
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:$1,089,300
2 units:$1,394,775
3 units:$1,685,850
4 units:$2,095,200
FHA loan limits for Monmouth, NJ
1 unit:$1,089,300
2 units:$1,394,775
3 units:$1,685,850
4 units:$2,095,200
VA loan limits for Monmouth, NJ
1 unit:$1,089,300
Additional Mortgage Resources for Monmouth, NJ Residents