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Passaic

Current Mortgage Rates in Passaic, New Jersey

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

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Mortgage Rates in Passaic, NJ as of March 31, 2020
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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.
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How Do Today's Passaic, NJ Mortgage Rates Compare?

March 31, 2020

The current average rate for a 30 year fixed rate mortgage in Passaic 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
Passaic, 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 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 $375,669

Based on current mortgage rates and a 10% down payment, you need to make $67,611 per year to buy the median priced home in Passaic

With this income, you could qualify for a $338,102 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 $1,566

The median household income for Passaic, NJ is $66,800

Based on this income, you can afford a home valued at approximately $371,164

The home price you can afford to buy based on household income in Passaic is 99% of the median home value which means housing prices are expensive. Passaic ranks 19 out of 21 counties in New Jersey and 2,997 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

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

FHA loan limits for Passaic, NJ

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

VA loan limits for Passaic, NJ

1 unit: $765,600

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