Where rates sit right now
A recent read on financing across our lender partners:
| Product | Rate |
|---|---|
| 30-Yr Conventional | ~6.625% |
| 30-Yr FHA | ~6.125% |
| 30-Yr VA | ~6.000% |
| 30-Yr Jumbo | ~6.875% |
| 15-Yr Fixed | ~5.75% |
Rates in the low-to-mid 6s aren't the 3% of a few years ago — but they've also stopped being the moving target that froze buyers in place. Predictability is its own kind of relief.
The math that actually matters
On a $700,000 home with 20% down ($560K financed) at ~6.625%, principal-and-interest runs roughly $3,585/month before taxes and insurance. Drop the rate even half a point and you save real money over the life of the loan — which is exactly why "marry the house, date the rate" has become the operating phrase: buy the right home now, refinance if and when rates ease.
FHA at ~6.125% and VA at ~6.0% remain meaningfully cheaper than conventional for buyers who qualify — worth a conversation before you assume conventional is your only path.
Why waiting isn't free
With Northern NJ sold prices still rising year over year (+1.4% to +4.6% by county), waiting for lower rates often means buying at a higher price — and competing against everyone else who waited. The buyers winning right now are the ones running the real monthly math on a specific home, not the headline rate.
Bottom line
Rates are stable, prices are firm, and well-priced homes are still selling fast. If the monthly number works for the right home, the financing environment is no longer a reason to sit out.
Want us to run the real numbers on a specific home and town? Reach out and we'll connect you with a trusted local lender.
