Today's 30-year mortgage rate in Delaware averages 5.91%, lower than the national average of 6.4%. Delaware homebuyers can access mortgage programs to reduce costs, including the Smart Start Home and the Delaware Diamonds Home Loan.
Mortgage
Today's Mortgage Rates in Delaware (October 2024)
Updated: October 16, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Delaware. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on October 2024.
Current Mortgage Rates in Delaware
In October 2024, Delaware's average APR for a 30-year fixed-rate mortgage decreased to 5.91% from 6.09% the previous month. For a $250,000 loan with a 20% down payment, this rate drop could save about $9,165 in total cost over the life of the loan, excluding property taxes and HOA fees.
Rates change daily due to economic events and Federal Reserve actions. The line chart below shows the rate trends over the recent months.
Even a small shift in percentages can affect your finances. Understand the current mortgage rates in Delaware so you can budget effectively for a home purchase.
Who Needs to Know Current Mortgage Rates in Delaware?
Today's mortgage interest rates in Delaware are crucial for two borrower types:
First-time homebuyers
Knowing current mortgage rates in Delaware can help first-time homebuyers anticipate rates and gauge their competitiveness.
Homeowners with mortgages
Homeowners can benefit from current rates in Delaware by comparing them with their own. If today's rates are lower, a mortgage refinance makes a better option.
Purchase and refinance rates aren't the same. Delaware's current rate for a 30-year fixed mortgage on a new home purchase is 5.91%, while refinancing has an average APR of 5.65%.
Current Mortgage Rates in Delaware by Loan Type
A 30-year fixed-rate mortgage often has a higher interest rate than a 15-year one. The longer loan term presents more uncertainty and risk for lenders, including potential non-payment and changing interest rates.
Compare mortgage types in Delaware to find one that works best with your budget. A mortgage calculator can help you understand how rates affect your monthly payments.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
| 5.03% | 5.16% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the yearly cost of borrowing money for a mortgage. Delaware's average interest rate for a 30-year fixed mortgage is 5.84%.
The APR (annual percentage rate) factors in the interest rate, mortgage points and other fees. Delaware's average APR for a 30-year fixed mortgage is 5.91%, showing the actual annual loan cost.
Current Mortgage Rates in Delaware by Credit Score
Your credit score and down payment impact the mortgage rates for which you may qualify. If your credit score is 740 or higher and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in Delaware is 6.48%. With a credit score below 680, that figure increases to 7.13%.
Use the table below to check your potential rates:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 15-year Fixed | 5.43% |
| 20-year Fixed | 6.72% |
| 30-year Fixed | 6.48% |
| 5-year ARM | 7.90% |
| 7-year ARM | 8.28% |
Mortgage Types in Delaware
In October 2024, VA loans in Delaware have the lowest average APR for 30-year fixed-rate mortgages at 5.62%. Knowing your mortgage options can help you make a wise financial decision. Here’s a quick look at the mortgage types in Delaware:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Delaware |
|---|---|---|---|
Conventional loans | A conventional loan isn't insured or guaranteed by government agencies. | Rates vary by credit score, down payment and market conditions. | 5.91% |
FHA loans | An FHA loan is backed by the Federal Housing Administration. | FHA loans typically offer lower rates for borrowers with lower credit scores than conventional loans. | currently unavailable |
VA loans | VA loans are guaranteed by the Department of Veterans Affairs specifically for military members, veterans and eligible spouses. | VA loan rates can be competitive due to government backing, reducing lender risk and often requires no down payment. | 5.62% |
USDA loans | USDA loans are zero-down payment loans for rural and suburban homebuyers, backed by the U.S. Department of Agriculture. | USDA loans often provide low interest rates and reduced mortgage insurance costs for eligible properties. | currently unavailable |
Jumbo loans | Jumbo loans are for larger amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loan rates are higher due to the greater risk associated with large loan amounts. | 6.04% |
MORTGAGE RATE STRUCTURES IN DELAWARE
Mortgage rates come in two types: fixed and adjustable.
- Fixed mortgages lock in your interest rate, so your monthly payments stay the same over time, offering stability.
- Adjustable-rate mortgages (ARM) start with lower rates that may adjust over time, potentially lowering your payments when interest rates drop.
As of October 2024, the average APR in Delaware is 5.91% for a 30-year fixed-rate loan and 7.14% for a seven-year ARM.
Mortgage Lenders in Delaware
Bank of America, U.S. Bank and Lower are the top mortgage lenders in Delaware. They're known for their Better Business Bureau accreditation and homeowner assistance programs. This list isn't exhaustive; other lenders might better suit your needs.
Mortgage rates in Delaware vary by lender. Compare options and loan terms from different lenders to get the best rate.
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers various mortgage options, including fixed-rate and adjustable-rate mortgages, jumbo loans, FHA loans, VA loans and doctor loans. It features a 3% downpayment for the Affordable Loan Solution and no downpayment for VA loans.
Bank of America provides online, phone and in-person support Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturdays, 8 a.m. to 6:30 p.m. ET. Its assistance programs, such as America’s Home Grant® and Down Payment Grant, make homeownership more affordable.
Pros
- Unique mortgage options
- Payment support via Client Assistance Program
- Online calculators for financial planning
Cons
- Online profile required for prequalification
- Minimum credit requirement not disclosed
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
U.S. Bank is the top home equity line of credit (HELOC) lender for borrowers with bad credit in most states. It requires a minimum credit score of 640 for FHA loans and 660 for adjustable-rate and jumbo mortgages. Down payments are as low as 3% for conventional loans and 3.5% for FHA loans. VA loans have no down payment requirement for eligible veterans.
Customer support via video call, phone or in person is available Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. U.S. Bank also offers homeowner assistance programs, including forbearance, repayment plans, loan modification and payment deferral.
Pros
- Online prequalification
- Specialized loan options
- Detailed mortgage calculator
Cons
- BBB rating not provided
- Limited physical branches in 27 states
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower is the top HELOC lender in most states, offering online-only services and various mortgage options like conventional and FHA loans. To get started, you need a minimum credit score of 580.
Customer service via phone or text is available Monday through Friday from 9 a.m. to 5 p.m. ET. Lower also offers a Buy Before You Sell program for homeowners looking to buy a property before selling their existing one.
Pros
- Online prequalification
- A+ BBB rating
- Extensive FAQ for financial queries
Cons
- No unique mortgage options
- In-person support unavailable
- Loan advisor call required
Mortgage Programs in Delaware
Owning a home involves hidden costs on top of your regular mortgage payments. Get help from the Delaware State Housing Authority, which makes homeownership accessible and affordable through its mortgage programs.
Program | Description |
|---|---|
Smart Start Home | Helps borrowers, mainly first-time buyers, access mortgages at or below market rates. It offers conventional and government loans, with eligibility based on household income, credit scores and a maximum property sale price. Homebuyers with credit scores below 659 should consider housing counseling. |
Home Sweet Home Loan | Provides a zero-interest second loan of $12,000 for the down payment and closing costs on properties up to $285,000. It complements the Smart Start Home Loan, with the balance forgiven yearly over 10 years, leading to total forgiveness. |
Delaware Diamonds Home Loan | Provides a $15,000 zero-interest second loan for the down payment and closing costs to essential workers, including medical staff, military personnel and educators. The loan forgives 10% annually over 10 years, pairing well with the Smart Start Home Loan. |
DSHA First State Home Loan | Offers a zero-interest second loan that provides 4% of the total loan amount for down payment and closing cost assistance. The loan is deferred until the home is sold, refinanced or no longer the primary residence. |
First-Time Homebuyer Tax Credit | Allows up to 35% of mortgage interest as an annual tax credit, up to $2,000, and can be combined with other assistance programs. |
FAQ: Mortgage Rates in Delaware
Understanding today's mortgage rates can help you make informed homebuying decisions. We've covered the common questions about mortgage rates in Delaware.
What are the current mortgage rates in Delaware?
Current average APRs in Delaware can vary by loan type and other factors. As of October 2024, the average APR for a 30-year fixed conforming loan is 5.91%, while a five-year ARM jumbo loan has an APR of 7.04%.
How do mortgage rates in Delaware compare to national rates?
In October 2024, a five-year ARM in Delaware has an average APR of 7.36%, whereas the national average is 7.92%. For a 30-year fixed-rate mortgage, the state average APR is 5.91%, below the national average of 6.4%.
How does my credit score impact the mortgage rates I get in Delaware?
Your credit score significantly determines the mortgage rates you qualify for in Delaware. Higher scores generally lead to lower mortgage rates.
Are there any special mortgage programs in Delaware to help homebuyers?
Delaware offers several mortgage programs, such as Smart Start Home, Home Sweet Home Loan and Delaware Diamonds Home Loan, to assist homebuyers.
How can I get the best possible mortgage rate in Delaware?
To secure the best mortgage rate in Delaware, consider making a larger down payment, maintaining a strong credit score, and comparing rates from various lenders.
What are today's mortgage refinance rates in Delaware?
As of October 2024, the average refinance rate in Delaware for a 15-year fixed-rate loan is 5.2%. For a 30-year fixed-rate loan, it's 5.65%.
How do I calculate my mortgage payments?
Calculate your mortgage payments using a mortgage calculator for Delaware, which helps you estimate your monthly mortgage payments based on the home price, down payment, loan term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Delaware State Housing Authority. "Kiss Your Landlord Goodbye." Accessed October 8, 2024.