What is the current mortgage refinance rate in New Jersey?

The average 30-year mortgage rate in New Jersey is currently around 6.95%. Refinance rates typically run 0.1%–0.2% higher than purchase rates. Actual rates depend on your credit score, LTV, and lender. On the New Jersey median loan of $404,000, that is a monthly payment of $2,674.

How much can I save refinancing in New Jersey?

Dropping 1% on a $404,000 loan in New Jersey saves $265/month. Closing costs of about $10,100 (2.5% of loan) means you break even in 39 months. Over 30 years, you save $85,321 in total interest.

When does refinancing make sense in New Jersey?

Refinancing makes sense in New Jersey when you can lower your rate by at least 0.75%–1%, you plan to stay in the home past the break-even date (typically 39 months for a 1% rate drop), and your remaining loan balance justifies the closing costs. Property taxes in New Jersey average 2.49% of assessed value — factor that into the total housing cost calculation.

Not Financial Advice. CalcMoney provides calculators for educational and planning purposes only. Results are estimates and do not constitute financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Terms apply.

CALCMONEY // MORTGAGE REFINANCE // NJ

New Jersey Mortgage Refinance 2026

New Jersey average rate: 6.95%. On the median loan of $404,000, a 1% rate drop saves $265/month and breaks even in 39 months.

Calculate Your Refinance

Avg 30yr Rate

6.95%

Median Home Price

$505,000

Monthly Payment (80% LTV)

$2,674

Estimated Closing Costs

$10,100

Refinance Scenarios for New Jersey Homeowners

BASED ON NJ MEDIAN LOAN: $404,000 — CLOSING COSTS: $10,100

New Rate	New Monthly	Monthly Savings	Break-Even	30yr Savings
6.45% (save 0.5%)	$2,540	$134/mo	6yr 4mo	$38,135
5.95% (save 1.0%)	$2,409	$265/mo	3yr 3mo	$85,321
5.45% (save 1.5%)	$2,281	$393/mo	2yr 2mo	$131,401

Refinancing in New Jersey: Key Factors

NJ MARKET CONTEXT

The median home price in New Jersey is $505,000. At 80% LTV, the typical loan is $404,000 at the current 6.95% average rate, producing a monthly P+I payment of $2,674. Total interest over 30 years at this rate: $558,737.

Property taxes in New Jersey average 2.49% of assessed value, or $12,575 per year on the median home. This adds $1,048/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.

New Jersey residents can deduct mortgage interest on state income tax returns for primary residences, subject to state-specific limits. The federal mortgage interest deduction applies on loans up to $750,000.

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