Current refinance rates in New Jersey

Mortgage rates are based on a combination of your personal financial situation and broader market conditions.
Personal factors include your credit score, loan amount, down payment amount, and the length of the loan. Economic factors also play a role, such as the Federal Reserve rate, the prime rate, the overall economy, and the state of the housing market.

Note: We’re showing our current mortgage rates for demonstration purposes. Your actual mortgage rate can differ from the rates shown.

Sometimes—refinance rates can be slightly higher than purchase rates because refinance loans may be priced differently. However, the gap varies by lender, loan type (rate-and-term vs. cash-out), credit score and loan-to-value ratio (LTV).

Yes, refinance rates can depend on your home equity because it affects your loan-to-value ratio. In general, more equity can qualify you for more favorable rates, while less equity may lead to higher rates or additional costs. Your credit score, debt-to-income ratio, loan type, and market rates also play major roles in the rate you get.

Closing costs are the main refinancing expense. The exact amount varies by lender, but it’s usually about 2% to 6% of your loan amount. However, it may be possible to refinance without paying upfront closing costs. Some lenders allow you to roll these costs into the loan, charge a higher interest rate, or some combination of both.

There is no one-size-fits-all approach when it comes to what credit score you need to refinance your mortgage. Requirements vary depending on the lender and what type of refinance you’re looking to do. However, your credit score plays a significant role in the interest rates a bank offers you.