Mortgage Rates in Cherry Hill, New Jersey — March 2026
Updated March 2026 | Based on Cherry Hill market data and regional lending conditions
Cherry Hill is a growing city in New Jersey with a population of 74,553. The current 30-year fixed mortgage rate in Cherry Hill is 6.89%, which is 0.24% above the national average. With a median home price of $429,000 and a 20% down payment of $85,800, homebuyers can expect a monthly principal and interest payment of approximately $2,258.
Current Mortgage Rates in Cherry Hill, NJ
Below are the current average mortgage rates available in the Cherry Hill area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.89% | 6.65% | +0.24% |
| 15-Year Fixed | 6.1% | 5.89% | +0.21% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.57% | 6.25% | +0.32% |
| VA | 6.32% | 6.05% | +0.27% |
| Jumbo | 7.14% | 6.85% | +0.29% |
Cherry Hill Housing Market Overview
The Cherry Hill housing market reflects moderate demand with prices near the national average. The median household income in Cherry Hill is $93,600, and the cost of living index is 119.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $130,157 to comfortably afford the median-priced home in Cherry Hill, which exceeds the current median household income.
Monthly Payment Breakdown for Cherry Hill
Based on the median home price of $429,000 with 20% down ($85,800), here is what you can expect to pay monthly in Cherry Hill:
15-Year vs. 30-Year Mortgage in Cherry Hill
Choosing a 15-year mortgage in Cherry Hill at 6.1% instead of a 30-year at 6.89% would save you $288,180 in total interest over the life of the loan. However, your monthly payment would be $2,915 instead of $2,258 — an increase of $657 per month.
Calculate Your Cherry Hill Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Cherry Hill
What are the current mortgage rates in Cherry Hill, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Cherry Hill, New Jersey is 6.89%, while the 15-year fixed rate is 6.1%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.24% above the national average of 6.65%.
How much is a monthly mortgage payment in Cherry Hill?
Based on the median home price of $429,000 with 20% down, the estimated monthly mortgage payment in Cherry Hill is $2,258 for principal and interest. Including property taxes of $779/month, the total monthly housing cost is approximately $3,037.
What income do I need to buy a home in Cherry Hill?
Using the 28% rule, you would need an annual income of approximately $130,157 to afford the median-priced home in Cherry Hill at $429,000. The median household income in Cherry Hill is $93,600. This means most households would need to either earn above the median or consider homes below $429,000.
Is Cherry Hill a good place to buy a home in 2026?
Cherry Hill has a moderate cost of living with a cost of living index of 119.1 (national average = 100). The property tax rate in New Jersey is 2.18%, which is above the national average. Cherry Hill has a population of 74,553 and offers a balanced lifestyle.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cherry Hill, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.