NEW JERSEY — Mortgage rates in New Jersey remained stable as of August 27, 2024, according to recent data.
According to a new study, average rate for a 30-year fixed mortgage is approximately 6.75%, while a 15-year fixed mortgage averages around 6.00%. Adjustable-rate mortgages (ARMs) also showed little change, with rates hovering near 6.50%. This data shows a slight fall in rates from previous months.
Experts suggest that these rates reflect ongoing economic conditions and market stability. Borrowers are advised to monitor fluctuations and consider locking in rates if they are favorable.
For those seeking mortgages, comparing offers from various lenders can be beneficial in securing the best terms. The current rates continue to impact housing affordability and borrowing costs in the region.
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The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
