Mortgage Rates in Garfield, New Jersey — March 2026
Updated March 2026 | Based on Garfield market data and regional lending conditions
Garfield is a growing city in New Jersey with a population of 32,318. The current 30-year fixed mortgage rate in Garfield is 6.88%, which is 0.23% above the national average. With a median home price of $416,000 and a 20% down payment of $83,200, homebuyers can expect a monthly principal and interest payment of approximately $2,187.
Current Mortgage Rates in Garfield, NJ
Below are the current average mortgage rates available in the Garfield 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 | 6.88% | 6.65% | +0.23% |
| 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 | 7.13% | 6.85% | +0.28% |
Garfield Housing Market Overview
The Garfield housing market reflects moderate demand with prices near the national average. The median household income in Garfield is $80,100, and the cost of living index is 123.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $126,557 to comfortably afford the median-priced home in Garfield, which exceeds the current median household income.
Monthly Payment Breakdown for Garfield
Based on the median home price of $416,000 with 20% down ($83,200), here is what you can expect to pay monthly in Garfield:
15-Year vs. 30-Year Mortgage in Garfield
Choosing a 15-year mortgage in Garfield at 6.1% instead of a 30-year at 6.88% would save you $278,640 in total interest over the life of the loan. However, your monthly payment would be $2,826 instead of $2,187 — an increase of $639 per month.
Calculate Your Garfield Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Garfield
What are the current mortgage rates in Garfield, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Garfield, New Jersey is 6.88%, while the 15-year fixed rate is 6.1%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Garfield?
Based on the median home price of $416,000 with 20% down, the estimated monthly mortgage payment in Garfield is $2,187 for principal and interest. Including property taxes of $766/month, the total monthly housing cost is approximately $2,953.
What income do I need to buy a home in Garfield?
Using the 28% rule, you would need an annual income of approximately $126,557 to afford the median-priced home in Garfield at $416,000. The median household income in Garfield is $80,100. This means most households would need to either earn above the median or consider homes below $416,000.
Is Garfield a good place to buy a home in 2026?
Garfield has a higher cost of living than average with a cost of living index of 123.7 (national average = 100). The property tax rate in New Jersey is 2.21%, which is above the national average. Garfield has a population of 32,318 and offers a balanced lifestyle.
Mortgage Rates in Other New Jersey Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Garfield, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.