September 25, 2026 • About 4 minutes to read

Somerset County • Morris County • Mortgage Rates • NJ Down Payment Assistance

If you're thinking about buying or selling a home in Somerset or Morris County, there are two stories to watch right now.

Local housing inventory has changed only a little.

Mortgage rates are a very different story. The rate market has moved quickly over the last few days, and the rate you may see in a national headline may already be behind the market.

Here's what you need to know.

Somerset County: Inventory Dips Slightly

Somerset County has 862 active homes for sale, down 18 from the prior week.

Single-family inventory fell to 486 homes. Condo and townhome inventory also moved slightly lower.

The latest August data from NJ REALTORS showed a median single-family home price of $789,306, down 4.6% from a year earlier.

Homes had a median 32 days on market, with about 2.6 months of supply.

Condos and townhomes had a median price of $470,000, up 4.4% from last year.

What does that mean?

Buyers have choices, but there is still not a large supply of homes.

A well-priced home in a popular area can still move quickly. Buyers should have their financing ready before they find the house they want.

Morris County: Prices Remain Strong

Morris County has 1,105 active homes for sale, down just six from the previous week.

August data showed a median single-family sales price of $843,750, up 10.3% from a year earlier.

Homes spent a median 24 days on market, with about 2.2 months of supply.

Condos and townhomes had a median price of $592,500, up 10.1% from last year. Supply was even tighter at about 1.9 months.

For buyers, that means being prepared can still matter when the right home comes on the market.

Mortgage Rates: Don't Let Yesterday's Headline Fool You

This week's mortgage-rate story needs a little explaining.

Freddie Mac announced Thursday that its average 30-year fixed mortgage rate had moved to 7.03%, up from 6.95% the week before.

But there's something important to understand about that number:

The Freddie Mac survey looks backward.

It is a very useful way to follow mortgage rates over time, but the weekly number is based on rates collected during the days leading up to the announcement. That means it may not show a major market move happening right now.

And we have had a major move.

A separate daily mortgage-rate index from Mortgage News Daily showed the average 30-year rate at 7.26% on Wednesday and 7.45% on Thursday.

That is a big change in a short period of time.

The bond market, which has a major influence on mortgage pricing, weakened sharply. That pushed mortgage rates higher.

Why does this matter if you're buying a home?

The rate you saw online a few days ago may not be the rate available today.

It also works in the other direction. If the bond market improves, mortgage pricing can improve before that change shows up in Freddie Mac's next weekly report.

That's why I watch the mortgage market every day.

If you're shopping for a home, don't make a decision based only on a national rate headline. Let's look at the actual numbers available for your loan, your credit, your down payment and your situation.

Mortgage Program Spotlight: NJ Down Payment Assistance

Here's another important message for New Jersey buyers:

You may not need as much money saved as you think.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers down payment assistance to help qualified homebuyers with their down payment and closing costs.

Depending on the program and your qualifications, assistance may be available with features such as:

• No monthly payment on the assistance

• 0% interest

• Forgiveness after meeting program requirements

• Help with down payment and closing costs

• An NJHMFA first mortgage paired with the assistance

There are also additional opportunities for certain eligible first-time and first-generation homebuyers.

There are rules, including income, purchase price, property and occupancy requirements. That's why the best first step is finding out what you may qualify for before you start shopping.

Thinking About Buying? Let's Run the Numbers

A pre-approval can do more than tell you how much home you may be able to buy.

We can look at your estimated monthly payment, down payment, closing costs and mortgage programs that may fit your situation.

And with mortgage rates moving as quickly as they have this week, having someone watching the market can make a difference.

Richard L. Bolt
Mortgage Loan Officer | Cornerstone First Mortgage
NMLS #222703 | Company NMLS #173855

Mobile Office: 908-332-8575
Email: rbolt@cfmtg.com

Ready to take the next step?

Get Pre-Approved Online or Schedule a 20-Minute Call With Richard to talk about your homebuying plans.

Mortgage rates can change without notice and vary based on loan program, credit, property, down payment and other factors. Down payment assistance programs are subject to eligibility requirements, availability and program guidelines. This information is for educational purposes and is not a commitment to lend.