New Jersey Housing and Mortgage Finance Agency

Current Interest Rates

All rates are as of April 8, 2021 and are subject to change without notification.

The actual rate used in financing may be higher or lower than the rates shown below. The developer is responsible for interest rate risk prior to interest rate lock at bond pricing, as the positive or negative change in the interest rate will have the effect of increasing or decreasing the mortgage amount that the project can support while remaining in compliance with the HMFA’s MF underwriting criteria.

Type of Financing Interest Rate
Long Term (up to and including 32 years) Taxable 4.30%
Long Term (up to and including 32 years) Tax-Exempt 3.55%
20 year Term Taxable 3.90%
20 year Term Tax-Exempt 3.20%
Mini-Perm (up to and including 3 years) Taxable 1.75%
Mini-Perm (up to and including 3 years) Tax-Exempt 1.45%
Construction Only (up to and including 2 years) Taxable 1.35%
Construction Only (up to and including 2 years) Tax-Exempt 1.15%

Please note that these rates are based on current market conditions and are subject to change until the time of financing. All developers should be informed that the actual mortgage rates used in the financing may be higher or lower than the rates shown here.