Compare Current Passaic, New Jersey Mortgage Rates

Compare Passaic, NJ mortgage rates and fees from top lenders. 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 lowest mortgage rates in Passaic.

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

Passaic, NJ Mortgage Rates as of December 1, 2023
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details. Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Passaic, NJ Mortgage Rates

December 1, 2023

Current mortgage rates in Passaic, NJ are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Passaic, NJ Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Passaic, New Jersey?

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

The median home value for Passaic, NJ is $452,635

Based on current mortgage rates and a 10% down payment, you need to make $94,427 per year to buy the median priced home in Passaic

With this income, you could qualify for a $407,371 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 Passaic is $2,187

The median household income for Passaic, NJ is $76,531

Based on this income, you can afford a home valued at approximately $366,852

The home price you can afford to buy based on household income in Passaic is 81% of the median home value which means housing prices are expensive. Passaic ranks 19 out of 21 counties in New Jersey and 2,995 out of 3,142 counties in the United States for housing affordability.

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


Loan Limits for Passaic, New Jersey

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Passaic below.

Conforming loan limits for Passaic, NJ

1 unit: $1,089,300
2 units: $1,394,775
3 units: $1,685,850
4 units: $2,095,200

FHA loan limits for Passaic, NJ

1 unit: $1,089,300
2 units: $1,394,775
3 units: $1,685,850
4 units: $2,095,200

VA loan limits for Passaic, NJ

1 unit: $1,089,300

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