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Current Mortgage Rates

While the poor economy has had several disastrous effects on the American people, one advantage of it has been that the government has continued to keep interest rates low on almost all different forms of loans and credit. This includes mortgages, which presently have the lowest rates that they have ever had before. Those looking to purchase a new home, or refinance an existing mortgage, could save thousands of dollars per year by taking advantage of the historically low rates.

While refi mortgage rates are incredibly low, those people living in New Jersey and other places in the United States may find that it is difficult to obtain the lowest rates available on mortgages. To get the lowest New Jersey mortgage rates, borrowers will need to meet a wide variety of different criteria.

One of the biggest hurdles to obtaining the lowest New Jersey mortgage rates on a mortgage refinance is having enough equity in your home. Similar to other areas of the country, housing prices in New Jersey have declined considerably over the past 5 years. For someone who bought a home in the past five or ten years and didn’t initially put forth a sizable down payment, getting a loan may be difficult due to not having enough equity in the home. In order to qualify for the lowest refi mortgage rates, you will need to have at least 10% equity in your home. If you have less than 20% equity, you will likely also be charged private mortgage insurance.

Beyond having plenty of equity in your home, in order to qualify for the lowest rates on your mortgage refinance, you will need to have a good credit score. During the sub-prime lending era, most banks were willing to offer mortgages to borrowers who had credit scores of at least 620. Since many of the borrowers with credit scores between 620 and 700 ended up defaulting on their loan payments, banks today place far more emphasis on a borrower’s credit score than they did a few years ago. Today, in order to qualify for the lowest rate on a mortgage, you will need to have a score of 740 or better. Any worse and you will likely have to pay a premium on the interest rate and be charged higher origination fees.

4.25% 30 Year Fixed Rate
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