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Morris

Compare Current Morris, New Jersey Mortgage Rates

Compare Morris, 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 Morris.

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

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Morris, NJ Mortgage Rates as of March 29, 2024
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

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. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Morris, NJ Mortgage Rates

March 29, 2024

Current mortgage rates in Morris, 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
Morris, NJ Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

How Affordable is Housing in Morris, New Jersey?

Below we provide helpful information on the real estate market, home prices and housing affordability in Morris. Understand how much you need to earn to afford a home in Morris, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Morris 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 Morris is right for you.

The median home value for Morris, NJ is $566,833

Based on current mortgage rates and a 10% down payment, you need to make $118,251 per year to buy the median priced home in Morris

With this income, you could qualify for a $510,150 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 Morris is $2,738

The median household income for Morris, NJ is $124,757

Based on this income, you can afford a home valued at approximately $598,023

The home price you can afford to buy based on household income in Morris is 106% of the median home value which means housing prices are average. Morris ranks 13 out of 21 counties in New Jersey and 2,751 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Morris, New Jersey

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

Conforming loan limits for Morris, 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 Morris, 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 Morris, NJ

1 unit: $1,089,300

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