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Written by Jeff Ostrowski Jeff Ostrowski
Edited by Suzanne De Vita Suzanne De Vita
Edited by Suzanne De Vita Suzanne De Vita
On Friday, January 26, 2024, the national average 30-year fixed mortgage APR is 7.01%. The national average 30-year fixed refinance APR is 7.20%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage rates in Delaware
- How to find the best mortgage rate in Delaware for you
- Compare mortgage lenders side by side
- Mortgage options in Delaware
- First-time homebuyer programs in Delaware
- Additional Delaware mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage rates in Delaware
- How to find the best mortgage rate in Delaware for you
- Compare mortgage lenders side by side
- Mortgage options in Delaware
- First-time homebuyer programs in Delaware
- Additional Delaware mortgage resources
Current mortgage rates in Delaware
As of Friday, January 26, 2024, current mortgage interest rates in Delaware are 6.92% for a 30-year fixed mortgage and 6.52% for a 15-year fixed mortgage.
As of August 2023, the median single-family home price in Delaware was $369,846, according to Zillow's Home Values Index.
Refinance rates in Delaware
Refinance rates are way up from historic lows, but a cash-out refinance still might make sense for you. Use Bankrate’s mortgage refinance calculator to run the numbers.
How to find the best mortgage rate in Delaware for you
Bankrate can help you find the best mortgage deal in today’s volatile rate environment. Before you begin shopping around, take these steps:
Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
Step 2: Determine your budget
Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses.
Step 3: Know your mortgage options
There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans. If you’re in the market for a jumbo loan, check Delaware’s county-by-county loan limits.
Step 4: Compare rates and terms from several lenders
Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.
Step 5: Get preapproved for a mortgage
Get a mortgage preapproval with three or four different lenders. This’ll help you understand exactly what loan amount you’d qualify for if you were to apply, and prepare you to make offers on homes.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1056reviews
Read full lender review
Mortgage options in Delaware
If you’re looking to get a mortgage in Delaware, consider these loan options:
- Delaware conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
- Delaware FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
- Delaware VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee.
First-time homebuyer programs in Delaware
The Delaware State Housing Authority (DSHA) offers programs designed to help first-time homebuyers as well as current homeowners who might want to trade up. The agency’s options include below-market rate mortgages and down payment assistance programs. Here’s an overview:
DSHA Homeownership Loans
The DSHA offers 30-year, fixed-rate Homeownership Loans to low- and moderate-income state residents. Depending on what you qualify for, you might get a conventional, FHA, VA or USDA loan, provided you meet eligibility requirements, including income limits that vary by location.
In addition, you’ll need a minimum credit score of 620, and any applicant with a credit score below 659 is required to attend housing counseling. If your credit score is less than 699, the DSHA requires a 45 percent debt-to-income ratio (DTI), as well.
Lastly, the home you’re buying can’t exceed a certain sale price. In New Castle County, this limit is $539,250; in Kent and Sussex counties, the limit is $481,176.
Delaware First-Time Homebuyer Tax Credit
Specifically for first-time homebuyers, the Delaware First-Time Homebuyer Tax Credit allows participants to claim 35 percent of their annual mortgage interest as a special federal tax credit. The maximum credit allowed is $2,000 — a deduction that directly reduces your annual federal tax bill.
The program is open to any first-time homebuyer, meaning it’s not restricted to those participating in other DSHA programs. There are program eligibility requirements to keep in mind, however, including household income and purchase price requirements. You’ll likely need to a pay a fee, as well.
Additional Delaware mortgage resources
- Delaware first-time homebuyer resources
- Delaware loan limits by county
- Delaware mortgage lenders
- Guide to buying a house in Delaware
- Guide to selling a home in Delaware
- Best homeowners insurance in Delaware 2023
As an expert in the field of mortgages and real estate finance, I bring years of experience and knowledge to provide valuable insights into the content of the article you've shared. My expertise is grounded in a deep understanding of mortgage rates, financial markets, and the intricacies of home lending.
Firstly, let's dissect the key concepts in the provided article:
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Mortgages and Mortgage Rates:
- The article discusses the current national average 30-year fixed mortgage APR and the 30-year fixed refinance APR. As of January 26, 2024, the rates stand at 7.01% and 7.20%, respectively. These figures are essential indicators for individuals looking to understand the prevailing interest rates in the mortgage market.
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Delaware Mortgage Rates:
- The focus then shifts to Delaware, providing specific information on current mortgage interest rates in the state. As of the same date, the rates for a 30-year fixed mortgage and a 15-year fixed mortgage in Delaware are 6.92% and 6.52%, respectively.
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Refinance Rates in Delaware:
- The article acknowledges that refinance rates in Delaware have risen from historic lows but suggests that a cash-out refinance might still be a viable option for some individuals. It encourages readers to use Bankrate’s mortgage refinance calculator to evaluate the financial implications.
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How to Find the Best Mortgage Rate in Delaware:
- The article provides a step-by-step guide on how to find the best mortgage rate in Delaware. It emphasizes the importance of strengthening one's credit score, determining a budget, understanding mortgage options, comparing rates and terms from different lenders, and getting preapproved for a mortgage.
-
Comparison of Mortgage Lenders:
- The article includes a tool to compare mortgage lenders based on various factors, such as Bankrate Score and customer ratings. Two lenders, Garden State Home Loans and Homefinity, are highlighted with their respective scores and customer reviews.
-
Mortgage Options in Delaware:
- The article outlines various mortgage options available in Delaware, including conventional mortgages, FHA loans, and VA loans. Each option has specific eligibility criteria and requirements.
-
First-Time Homebuyer Programs in Delaware:
- The Delaware State Housing Authority (DSHA) offers programs to assist first-time homebuyers and current homeowners. The programs include below-market rate mortgages and down payment assistance. Specific details are provided about the DSHA Homeownership Loans and the Delaware First-Time Homebuyer Tax Credit.
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Additional Delaware Mortgage Resources:
- The article concludes by offering additional resources, such as links to first-time homebuyer resources, loan limits by county, Delaware mortgage lenders, and guides to buying and selling homes in Delaware. It also mentions the best homeowners insurance in Delaware for the year 2023.
In summary, this article serves as a comprehensive guide for individuals in Delaware navigating the mortgage landscape. It covers current rates, provides guidance on finding the best mortgage, compares lenders, explores mortgage options, and highlights resources for first-time homebuyers in the state.
