Mortgage Rates in Cedar Grove, New Jersey — March 2026
Updated March 2026 | Based on Cedar Grove market data and regional lending conditions
Cedar Grove is a smaller New Jersey community of 49,493 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.82% (0.17% above the national average). The median home price of $555,000 translates to roughly $4,112/month with 20% down — requiring an income of about $176,229, which exceeds the local median of $79,500.
Current Mortgage Rates in Cedar Grove, NJ
Below are the current average mortgage rates available in the Cedar Grove 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 | 6.82% | 6.65% | +0.17% |
| 15-Year Fixed | 6.05% | 5.89% | +0.16% |
| 5/1 ARM | 6.29% | 6.15% | +0.14% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.07% | 6.85% | +0.22% |
Cedar Grove Housing Market Overview
Cedar Grove's housing market is competitive — median prices of $555,000 put it well above the national median of ~$400,000. Buyers here face higher barriers to entry, but the local economy (median household income: $79,500) may not fully support current asking prices.
Monthly Payment Breakdown for Cedar Grove
Based on the median home price of $555,000 with 20% down ($111,000), here is what you can expect to pay monthly in Cedar Grove:
15-Year vs. 30-Year Mortgage in Cedar Grove
Choosing a 15-year mortgage in Cedar Grove at 6.05% instead of a 30-year at 6.82% would save you $367,380 in total interest over the life of the loan. However, your monthly payment would be $3,759 instead of $2,900 — an increase of $859 per month.
Calculate Your Cedar Grove 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 Cedar Grove
What are the current mortgage rates in Cedar Grove, NJ?
As of March 2026, the average 30-year fixed mortgage rate in Cedar Grove, New Jersey is 6.82%, while the 15-year fixed rate is 6.05%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.17% above the national average of 6.65%.
How much is a monthly mortgage payment in Cedar Grove?
Based on the median home price of $555,000 with 20% down, the estimated monthly mortgage payment in Cedar Grove is $2,900 for principal and interest. Including property taxes of $1,212/month, the total monthly housing cost is approximately $4,112.
What income do I need to buy a home in Cedar Grove?
Using the 28% rule, you would need an annual income of approximately $176,229 to afford the median-priced home in Cedar Grove at $555,000. The median household income in Cedar Grove is $79,500. This means most households would need to either earn above the median or consider homes below $555,000.
Is Cedar Grove a good place to buy a home in 2026?
Cedar Grove has a higher cost of living than average with a cost of living index of 125.5 (national average = 100). The property tax rate in New Jersey is 2.62%, which is above the national average. Cedar Grove has a population of 49,493 and offers a balanced lifestyle.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cedar Grove, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.