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Morris

Current Mortgage Rates in Morris, New Jersey

Compare mortgage rates and fees for leading lenders in Morris, 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 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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Mortgage Rates in Morris, NJ as of August 22, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

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

August 22, 2019

The current average rate for a 30 year fixed rate mortgage in Morris 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
Today's
Morris, NJ Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Morris, New Jersey?

The median home value for Morris, NJ is $483,208

The median household income for Morris, NJ is $110,306

Based on current mortgage rates and a 10% down payment, you need to make $89,650 per year to buy the median priced home in Morris

The home price you can afford to by based on household income in Morris is 123% of the median home value which means housing prices are average

Morris ranks 13 out of 21 counties in New Jersey and 2,849 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: $726,525
2 units: $930,300
3 units: $1,124,475
4 units: $1,397,400

FHA loan limits for Morris, NJ

1 unit: $726,525
2 units: $930,300
3 units: $1,124,475
4 units: $1,397,400

VA loan limits for Morris, NJ

1 unit: $726,525

Additional Mortgage Resources for Morris, NJ Residents

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Sources

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