»
»
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.

%
Mortgage Rates in Newark, NJ as of September 29, 2020
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
PERSONALIZED MORTGAGE QUOTE

$
LEADING LENDERS ● LOW RATES ● FREE ● NO SSN

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

September 29, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Newark, New Jersey?

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

The median home value for Newark, NJ (Essex County) is $413,917

Based on current mortgage rates and a 10% down payment, you need to make $74,494 per year to buy the median priced home in Newark

With this income, you could qualify for a $372,525 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 Newark is $1,725

The median household income for Newark, NJ (Essex County) is $60,499

Based on this income, you can afford a home valued at approximately $336,157

The home price you can afford to buy based on household income in Newark is 81% of the median home value which means housing prices are expensive. Newark (Essex County) ranks 21 out of 21 counties in New Jersey and 3,083 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

orange-simple-house
ruler

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: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

FHA loan limits for Newark, NJ

1 unit: $765,600
2 units: $980,325
3 units: $1,184,925
4 units: $1,472,550

VA loan limits for Newark, NJ

1 unit: $765,600

Additional Mortgage Resources for Newark, NJ Residents

Mortgage Rates for New Jersey Cities

Atlantic City Mortgage Rates

Bergen Mortgage Rates

Burlington Mortgage Rates

Camden Mortgage Rates

Jersey City Mortgage Rates

Lakewood Mortgage Rates

Monmouth Mortgage Rates

Morris Mortgage Rates

New Brunswick Mortgage Rates

Newark Mortgage Rates

Ocean City Mortgage Rates

Passaic Mortgage Rates

Raritan Mortgage Rates

Somerset Mortgage Rates

Sussex Mortgage Rates

Trenton Mortgage Rates

Union Mortgage Rates

Vineland Mortgage Rates

Warren Mortgage Rates

Washington Township Mortgage Rates