»
»
Ocean City

Current Mortgage Rates in Ocean City, New Jersey

Compare mortgage rates and fees for leading lenders in Ocean City, 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 Ocean City.

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

%
Mortgage Rates in Ocean City, NJ as of October 22, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact

%
Get Personalized Mortgage Quotes for Ocean City, NJ

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.

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 Ocean City, NJ Mortgage Rates Compare?

October 22, 2019

The current average rate for a 30 year fixed rate mortgage in Ocean City 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
Ocean City, 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 Ocean City, New Jersey?

The median home value for Ocean City, NJ (Cape May County) is $315,456

The median household income for Ocean City, NJ (Cape May County) is $64,238

Based on current mortgage rates and a 10% down payment, you need to make $58,527 per year to buy the median priced home in Ocean City

The home price you can afford to buy based on household income in Ocean City is 110% of the median home value which means housing prices are average

Ocean City (Cape May County) ranks 16 out of 21 counties in New Jersey and 2,939 out of 3,142 counties in the United States for housing affordability.

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

orange-simple-house
ruler

Loan Limits for Ocean City, New Jersey

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

Conforming loan limits for Ocean City, NJ

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Ocean City, NJ

1 unit: $414,000
2 units: $530,000
3 units: $640,650
4 units: $796,150

VA loan limits for Ocean City, NJ

1 unit: $484,350

Additional Mortgage Resources for Ocean City, 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

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