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Monmouth

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 May 23, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Monmouth, NJ Mortgage Rates

May 23, 2022

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
%
5.250%
15 Year Fixed Rate
%
4.430%
5/1 Adjustable Rate Mortgage
%
4.080%

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 $541,120

Based on current mortgage rates and a 10% down payment, you need to make $88,660 per year to buy the median priced home in Monmouth

With this income, you could qualify for a $487,008 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 $2,053

The median household income for Monmouth, NJ is $111,189

Based on this income, you can afford a home valued at approximately $678,621

The home price you can afford to buy based on household income in Monmouth is 125% of the median home value which means housing prices are average. Monmouth ranks 15 out of 21 counties in New Jersey and 2,840 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

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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: $970,800
2 units: $1,243,050
3 units: $1,502,475
4 units: $1,867,275

FHA loan limits for Monmouth, NJ

1 unit: $970,800
2 units: $1,243,050
3 units: $1,502,475
4 units: $1,867,275

VA loan limits for Monmouth, NJ

1 unit: $970,800

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