Mortgage Rates in Elizabeth, New Jersey — March 2026
Updated March 2026 | Based on Elizabeth market data and regional lending conditions
Elizabeth is a growing city in New Jersey with a population of 137,298. The current 30-year fixed mortgage rate in Elizabeth is 6.7%, which is 0.05% above the national average. With a median home price of $395,000 and a 20% down payment of $79,000, homebuyers can expect a monthly principal and interest payment of approximately $2,039.
Current Mortgage Rates in Elizabeth, NJ
Below are the current average mortgage rates available in the Elizabeth 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 | 6.7% | 6.65% | +0.05% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.3% | 6.25% | +0.05% |
| VA | 6.1% | 6.05% | +0.05% |
| Jumbo | 6.9% | 6.85% | +0.05% |
Elizabeth Housing Market Overview
The Elizabeth housing market reflects moderate demand with prices near the national average. The median household income in Elizabeth is $42,250, and the cost of living index is 115.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $118,543 to comfortably afford the median-priced home in Elizabeth, which exceeds the current median household income.
Monthly Payment Breakdown for Elizabeth
Based on the median home price of $395,000 with 20% down ($79,000), here is what you can expect to pay monthly in Elizabeth:
15-Year vs. 30-Year Mortgage in Elizabeth
Choosing a 15-year mortgage in Elizabeth at 5.94% instead of a 30-year at 6.7% would save you $255,960 in total interest over the life of the loan. However, your monthly payment would be $2,656 instead of $2,039 — an increase of $617 per month.
Calculate Your Elizabeth 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 Elizabeth
What are the current mortgage rates in Elizabeth, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Elizabeth, New Jersey is 6.7%, while the 15-year fixed rate is 5.94%. FHA loans average 6.3% and VA loans 6.1%. These rates are 0.05% above the national average of 6.65%.
How much is a monthly mortgage payment in Elizabeth?
Based on the median home price of $395,000 with 20% down, the estimated monthly mortgage payment in Elizabeth is $2,039 for principal and interest. Including property taxes of $727/month, the total monthly housing cost is approximately $2,766.
What income do I need to buy a home in Elizabeth?
Using the 28% rule, you would need an annual income of approximately $118,543 to afford the median-priced home in Elizabeth at $395,000. The median household income in Elizabeth is $42,250. This means most households would need to either earn above the median or consider homes below $395,000.
Is Elizabeth a good place to buy a home in 2026?
Elizabeth has a moderate cost of living with a cost of living index of 115.5 (national average = 100). The property tax rate in New Jersey is 2.21%, which is above the national average. Elizabeth has a population of 137,298 and offers a balanced lifestyle.
Mortgage Rates in Other New Jersey Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Elizabeth, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.