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Any Difference Between PA & NJ Mortgage Rates?

Posted by  on Jun 17, 2009
 

Q: I just got offered a new job in Philadelphia, and many of my co-workers commute from neighboring towns in New Jersey and Pennsylvania. Is there a huge difference between PA mortgage rates and NJ mortgage rates?

A: Philadelphia's a challenging real estate market. I should know, since I live here! Mortgage rates on either side of the Delaware River tend to stay within a few hundredths of a percent of each other. The abundance of shore property in New Jersey tends to skew the state average a little higher, while central Pennsylvania's agricultural land pulls that state's average down just slightly. Properties within the city may seem cheaper, but come with higher wage and property taxes than the suburban towns.

Happily, mortgage rates in both states remain at historic lows, even though property values here are a little less volatile than in other parts of the country. Instead of worrying too much about comparing PA mortgage rates with NJ mortgage rates, use an online mortgage calculator. It will help you shop rates and figure out how much home you can afford with your current savings and with the salary from your new job. Factor any local taxes and commuting expenses into your monthly budget to find out which neighborhood will save you the most money.



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