Mortgage Rates in Morristown, New Jersey — March 2026
Updated March 2026 | Based on Morristown market data and regional lending conditions
Morristown is a growing city in New Jersey with a population of 19,438. The current 30-year fixed mortgage rate in Morristown is 6.46%, which is 0.19% below the national average. With a median home price of $525,000 and a 20% down payment of $105,000, homebuyers can expect a monthly principal and interest payment of approximately $2,644.
Current Mortgage Rates in Morristown, NJ
Below are the current average mortgage rates available in the Morristown 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 | 6.46% | 6.65% | -0.19% |
| 15-Year Fixed | 5.7% | 5.89% | -0.19% |
| 5/1 ARM | 5.96% | 6.15% | -0.19% |
| FHA | 6.06% | 6.25% | -0.19% |
| VA | 5.86% | 6.05% | -0.19% |
| Jumbo | 6.66% | 6.85% | -0.19% |
Morristown Housing Market Overview
The Morristown housing market is competitive with prices well above the national median. The median household income in Morristown is $72,000, and the cost of living index is 132 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $156,814 to comfortably afford the median-priced home in Morristown, which exceeds the current median household income.
Monthly Payment Breakdown for Morristown
Based on the median home price of $525,000 with 20% down ($105,000), here is what you can expect to pay monthly in Morristown:
15-Year vs. 30-Year Mortgage in Morristown
Choosing a 15-year mortgage in Morristown at 5.7% instead of a 30-year at 6.46% would save you $326,160 in total interest over the life of the loan. However, your monthly payment would be $3,476 instead of $2,644 — an increase of $832 per month.
Calculate Your Morristown 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 Morristown
What are the current mortgage rates in Morristown, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Morristown, New Jersey is 6.46%, while the 15-year fixed rate is 5.7%. FHA loans average 6.06% and VA loans 5.86%. These rates are 0.19% below the national average of 6.65%.
How much is a monthly mortgage payment in Morristown?
Based on the median home price of $525,000 with 20% down, the estimated monthly mortgage payment in Morristown is $2,644 for principal and interest. Including property taxes of $1,015/month, the total monthly housing cost is approximately $3,659.
What income do I need to buy a home in Morristown?
Using the 28% rule, you would need an annual income of approximately $156,814 to afford the median-priced home in Morristown at $525,000. The median household income in Morristown is $72,000. This means most households would need to either earn above the median or consider homes below $525,000.
Is Morristown a good place to buy a home in 2026?
Morristown has a higher cost of living than average with a cost of living index of 132 (national average = 100). The property tax rate in New Jersey is 2.32%, which is above the national average. Morristown has a population of 19,438 and offers a balanced lifestyle.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Morristown, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.