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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.980%APR 7.019% | 0 pts$0 | $1,918/moP&I $1,918 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.068%APR 6.841% | 0 pts$0 | $1,910/moP&I $1,775 · MI $135 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.208%APR 6.265% | 0 pts$0 | $1,770/moP&I $1,770 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.938%APR 6.978% | 0 pts$0 | $1,910/moP&I $1,910 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.713% | 0 pts$0 | $2,044/moP&I $2,044 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.208% | 6.265% | 0 pts ($0) | $2,470/mo | $50,416 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.125% | 6.183% | 0 pts ($0) | $3,071/mo | $69,192 |
Condo 10% Down | 10% | 720 credit score | 7.309% | 7.483% | 0 pts ($0) | $2,230/mo | $78,502 |
Conventional 10% Down | 10% | 720 credit score | 6.801% | 6.963% | 0 pts ($0) | $2,119/mo | $73,525 |
Conventional 20% Down | 20% | 740 credit score | 6.980% | 7.019% | 0 pts ($0) | $1,918/mo | $59,549 |
Conventional 5% Down | 5% | 700 credit score | 7.124% | 7.610% | 0 pts ($0) | $2,310/mo | $80,949 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.428% | 7.470% | 0 pts ($0) | $2,507/mo | $86,354 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,137/mo | $72,388 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.839% | 7.218% | 0 pts ($0) | $2,292/mo | $82,797 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.938% | 6.978% | 0 pts ($0) | $2,387/mo | $81,019 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,979/mo | $71,031 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.068% | 6.841% | 0 pts ($0) | $2,141/mo | $75,302 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,187/mo | $76,576 |
FHA Streamline Refi | 0% | 640 credit score | 6.263% | 7.039% | 0 pts ($0) | $2,265/mo | $80,187 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.082% | 7.330% | 0 pts ($0) | $2,301/mo | $83,602 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,259/mo | $44,223 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.713% | 0 pts ($0) | $1,917/mo | $61,095 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,946/mo | $60,811 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,099/mo | $64,369 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.433% | 7.212% | 0 pts ($0) | $2,225/mo | $79,193 |
Second Home 10% Down | 10% | 720 credit score | 6.076% | 6.654% | 0 pts ($0) | $1,964/mo | $66,436 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,899/mo | $58,713 |
VA 0% Down | 0% | 700 credit score | 6.089% | 6.336% | 0 pts ($0) | $2,232/mo | $73,907 |
VA Cash-Out Refi | 0% | 640 credit score | 6.076% | 6.447% | 0 pts ($0) | $2,229/mo | $73,763 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.085% | 6.240% | 0 pts ($0) | $2,231/mo | $73,862 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,987/mo | $62,850 |
Frequently Asked Questions
What are today's mortgage rates in 08347, , NJ across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 08347, , NJ is 6.980% (with an estimated monthly payment of $1,638). Active program rates also include FHA 30-year fixed loans at 6.068% and VA 0%-down fixed loans at 6.089%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 08347, , NJ?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 08347, , NJ have fluctuated between a low of 6.869% and a high of 7.121%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 08347, , NJ?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $361,032 in 08347, , NJ, a standard 20%-down Conventional loan requires an upfront cash down payment of $72,206 but keeps your monthly payment lower at $1,638/mo (at 6.980% interest) with no monthly PMI. In comparison, an FHA loan requires only $12,636 (3.5% down) but has an estimated payment of $1,829/mo (at 6.068% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $348,396 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 08347 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 08347 is $806,501. With a typical local home value of $361,032 in , a standard 20%-down mortgage requires a loan size of $288,826. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 08347, , NJ impact estimated mortgage payments?
The median home value in 08347, , NJ is estimated at $361,032. Buying a typical home here with a standard 20% down payment ($72,206) translates to an estimated starting monthly mortgage payment of $1,638 (principal and interest). Compared to the local area median household income of $81,923 ($6,827/mo), this basic housing payment represents approximately 24.0% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.