Market Update: Mortgage Rates Drop Below 6% — What This Means for Bergen County Buyers & Sellers

The Gill Group
Jan 29
3 min read

Updated: Feb 23

Mortgage rates have officially dipped below 6%, and the Northern New Jersey real estate market is already responding.

According to Laura Gill, Founder of The Gill Group, this shift could signal a strong and competitive spring market across Bergen County and surrounding communities.

https://www.youtube.com/watch?v=KbPYFMFscsc

A Strong Finish to 2025 — And Momentum Into 2026

First, we want to thank our clients for making 2025 another successful year. Your trust and confidence allow our team to continue delivering results across Bergen County and Northern New Jersey.

Looking ahead, 2026 is already shaping up to be an exciting year for real estate.

Mortgage Rates Under 6%: Why This Matters

Interest rates influence affordability — and when rates drop, buyer activity often increases.

Since mortgage rates moved below 6%, we’ve already seen:

A 30% increase in mortgage applications
Increased buyer inquiries
Early signs of spring market activity ramping up

Lower rates can improve purchasing power and bring more buyers back into the market.

What Buyers Should Expect

When rates decline, competition often follows.

If you're planning to buy in Bergen County, Ridgewood, Franklin Lakes, Glen Rock, or surrounding Northern NJ towns, you may notice:

More buyers entering the market
Faster-moving listings
Stronger offer competition
Limited inventory pressure

Preparation is key. Getting pre-approved early and working with an experienced local real estate team can give you a strategic advantage.

What Sellers Should Know

For sellers, increased mortgage applications are typically a positive signal.

More buyers entering the market can mean:

Higher showing activity
Competitive offers
Stronger pricing opportunities
Shorter time on market

If you’ve been waiting for the right moment to list your home in Bergen County, this rate shift could create favorable conditions.

Why Spring 2026 Could Be Competitive

Historically, spring is already one of the busiest seasons for real estate in Northern New Jersey. When you combine:

Seasonal demand
Lower mortgage rates
Pent-up buyer demand

… the result is often a more active and competitive market.

As Laura mentioned — buckle up for an exciting spring.

Frequently Asked Questions

Are mortgage rates really below 6% right now?

Mortgage rates recently dipped below 6%, which has contributed to a measurable increase in buyer activity and mortgage applications. Rates fluctuate daily, so it’s important to speak with a lender for current figures.

Why do lower interest rates increase home buyer activity?

Lower rates improve affordability. Even a small rate decrease can significantly reduce monthly payments or increase purchasing power, encouraging more buyers to enter the market.

Is now a good time to buy in Bergen County?

If rates are lower and inventory remains limited, acting sooner may help buyers avoid increased competition later in the spring market. The right timing depends on your personal financial readiness and goals.

Should I sell my home while rates are below 6%?

Lower rates can bring more buyers into the market, which may create favorable selling conditions. However, pricing strategy and home preparation remain critical factors.

What areas does The Gill Group serve?

The Gill Group serves buyers and sellers throughout Bergen County and Northern New Jersey, including Ridgewood, Allendale, Franklin Lakes, Wyckoff, Glen Rock, and surrounding communities.