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.
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%
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
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
FHA loan limits for Ocean City, NJ
VA loan limits for Ocean City, NJ
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