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Newark

Current Mortgage Rates in Newark, New Jersey

Compare mortgage rates and fees for leading lenders in Newark, 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 Newark.

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

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Mortgage Rates in Newark, NJ as of December 11, 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 Newark, NJ Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Newark 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
Newark, NJ Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Newark, New Jersey?

The median home value for Newark, NJ (Essex County) is $396,852

The median household income for Newark, NJ (Essex County) is $59,119

Based on current mortgage rates and a 10% down payment, you need to make $73,629 per year to buy the median priced home in Newark

The home price you can afford to buy based on household income in Newark is 80% of the median home value which means housing prices are expensive

Newark (Essex County) ranks 21 out of 21 counties in New Jersey and 3,089 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Newark, NJ is expensive

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Loan Limits for Newark, New Jersey

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Newark (Essex County) below.

Conforming loan limits for Newark, NJ

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

FHA loan limits for Newark, NJ

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

VA loan limits for Newark, NJ

1 unit: $726,525

Additional Mortgage Resources for Newark, 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