A magnetic latch (10) for an appliance is disclosed for use with a strike plate (12). The latch includes a body (16) having two oppositely disposed side walls (18) and a bottom surface or wall (20). The body defines a magnet recess (26). An elongated handle (40) is pivotally coupled to the body. A spring loaded plunger pin (34) biases the handle. A magnet assembly (44) is positioned within the body. The magnet assembly includes a magnet (46) having a peripheral edge (48), and a pair of metal plates (54). The magnet has a peripheral cushioning sleeve (58) extending about the peripheral edges of the magnet. The peripheral sleeve is generally rectangular in shape having two oppositely disposed end walls (60) which include a cushioning projection (68). A pivot pin (74) extends through the magnet assembly to allow rocking motion.