current mortgage refinance rates nj guide for homeowners

What drives today’s numbers

In New Jersey, lenders price refis off benchmarks like Treasuries and MBS, then adjust for credit score, equity, loan size, and occupancy. Local taxes and insurance can affect APR, even if the note rate looks low.

Smart way to compare

Don’t chase the headline. Compare APR vs rate, points, and total costs over the time you’ll keep the loan. A slightly higher rate with lower fees can win if you plan to move soon.

1. Check quotes the same day from 3–5 NJ lenders and one credit union.
2. Request a written Loan Estimate and verify points and credits.
3. Calculate break-even: costs divided by monthly savings.
4. Ask about rate locks, float-downs, and extension fees.
5. Review prepayment penalties and condo overlays common on the Shore.

For timing, watch inflation data and Fed meetings; volatility can shift offers intraday. If the numbers meet your goal, lock, then keep documents ready to close fast. Clear, local appraisals and taxes can speed underwriting.