The average rate on a 30-year mortgage has decreased to 6.60%. In New Jersey, the median home price is $550,000, requiring a 20% down payment of $110,000, resulting in a monthly payment of $2,810. With a 10% down payment of $55,000, the monthly payment rises to $3,161. These payments do not include taxes and insurance. Compared to the peak rate of 7.79% in October 2023, monthly payments are now $354 and $399 lower for 20% and 10% down payments, respectively. Pre-approval for a mortgage is recommended to understand affordability.
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