Mortgage Rates in Franklin Township, New Jersey — March 2026
Updated March 2026 | Based on Franklin Township market data and regional lending conditions
Franklin Township is a growing city in New Jersey with a population of 67,698. The current 30-year fixed mortgage rate in Franklin Township is 6.72%, which is 0.07% above the national average. With a median home price of $454,000 and a 20% down payment of $90,800, homebuyers can expect a monthly principal and interest payment of approximately $2,348.
Current Mortgage Rates in Franklin Township, NJ
Below are the current average mortgage rates available in the Franklin Township 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 | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.97% | 6.85% | +0.12% |
Franklin Township Housing Market Overview
The Franklin Township housing market reflects moderate demand with prices near the national average. The median household income in Franklin Township is $76,500, and the cost of living index is 130.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $138,729 to comfortably afford the median-priced home in Franklin Township, which exceeds the current median household income.
Monthly Payment Breakdown for Franklin Township
Based on the median home price of $454,000 with 20% down ($90,800), here is what you can expect to pay monthly in Franklin Township:
15-Year vs. 30-Year Mortgage in Franklin Township
Choosing a 15-year mortgage in Franklin Township at 5.97% instead of a 30-year at 6.72% would save you $294,660 in total interest over the life of the loan. However, your monthly payment would be $3,059 instead of $2,348 — an increase of $711 per month.
Calculate Your Franklin Township 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 Franklin Township
What are the current mortgage rates in Franklin Township, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Franklin Township, New Jersey is 6.72%, while the 15-year fixed rate is 5.97%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in Franklin Township?
Based on the median home price of $454,000 with 20% down, the estimated monthly mortgage payment in Franklin Township is $2,348 for principal and interest. Including property taxes of $889/month, the total monthly housing cost is approximately $3,237.
What income do I need to buy a home in Franklin Township?
Using the 28% rule, you would need an annual income of approximately $138,729 to afford the median-priced home in Franklin Township at $454,000. The median household income in Franklin Township is $76,500. This means most households would need to either earn above the median or consider homes below $454,000.
Is Franklin Township a good place to buy a home in 2026?
Franklin Township has a higher cost of living than average with a cost of living index of 130.6 (national average = 100). The property tax rate in New Jersey is 2.35%, which is above the national average. Franklin Township has a population of 67,698 and offers a balanced lifestyle.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Franklin Township, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.