New Jersey Mortgage Rates
New Jersey Mortgage Rates: Rates Slightly Increase This Week
January 18, 2011 (FreeRateUpdate.com) – New Jersey mortgage rates have seen an increase of .125 percent this week over last week. The current conforming 30-year fixed mortgage rate is 4.625 percent and 4.000 percent for a 15-year fixed conforming mortgage. The mortgage rate for an 5/1 adjustable rate mortgage has not changed and is 3.125 percent. The best qualified borrowers can attain these mortgage loans at these low mortgage rates with only 0.7 to 1.0 origination points. The best qualified loan applicants would have a pristine credit history, a credit score above 580 (sometimes upwards of 620,) reliable income sources, and enough financial reserves to cover a down payment of at least 10 percent, which is verified by bank statements. The Federal Housing Administration typically has more relaxed standards. However, recently FHA has tightened the reins on underwriting standards and more closely mimics the qualification guidelines of conforming mortgage loans. FHA mortgage rates, just as the conforming rates, have also experienced a slight increase. The current FHA 30-year fixed mortgage rate is 4.500 percent. This is an increase of.125 percent over the previous week. The current FHA 15-year FHA mortgage rate is 4.000 percent, which is .250 percent higher than last week. For an 5/1 adjustable rate FHA mortgage loan the mortgage rate is steady at 3.000 percent. Prospective New Jersey home loan borrowers may notice that FHA mortgage loan rates are slightly higher than the conforming mortgage rate. This is primarily due to higher closing costs, such as the upfront mortgage insurance premium, the annual mortgage insurance premium, and additional residential appraisals, which are directly charged to the borrower.
New Jersey jumbo mortgage rates have remained steady over last week’s mortgage rates. For a 30-year jumbo mortgage the mortgage rate is 5.125 percent and 4.750 percent for a 15-year jumbo mortgage loan. 5/1 jumbo adjustable rate mortgages are also unchanged over last week at 3.875 percent. Keep in mind that jumbo mortgage loans are those mortgages that exceed the conforming loan limit, which varies depending on the New Jersey County of residence. For a majority of the United States, the limit is $417,000 for average areas and $729,250 for higher cost areas, such as New York City and Washington D.C.
A primary factor in the slight increase in New Jersey mortgage rates is the pessimism amongst New Jersey homebuilders regarding the recovery of the housing market. This has a ripple effect. Mortgage back securities were down today, which caused mortgage rates to increase because they move in opposite directions. As construction continues to struggle and speculation abounds, mortgage rates are not expected to dip any time soon.
Click here for current New Jersey mortgage rates.
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FHA Mortgage 101
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- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference